New-York tribune., 1905-06-22

TIE fcgo-t o. the Superintendent of Insurance
dated Albany June 20 after rehearsing the details
of the Equitable controversy from the beginning
and telling hcw lie TO make his i3VeStlsatloh
goes en- TO tell OF the founding Of the society by
Henry B. Hyde. saying;
Under his direction and management the society
grew n pubc confidence. and before ms dea1h Il 1t
became one o. the largest and most EXTENSIVE IN.
1eglec. his own interests or those of his immediate
associates ana dependents in the soclety As nqSl Isl
tPeasT and me real & or a oq 6nsrnetng or
buying Office buildings in the large: cities IN ms
country also in Europe They We're GAINED -, 10
be useful advertising medium in iT1presssing s the the
policyhoiders ana genera! p0nc VIII me sae
f rffs isfittition Rt they incidentally served
other and more selfish purpose
THE MERCANTILE SAFE DEPOSIT CO
The present home office building, at No. 20
Broadway New-York City. was the first OF these.
and il Occurred to Mr.. Hyde that its lower floor
Io1a he q convenient and desira bic place for safe
deposit vaults and that such business would oe
1arv / 1916, organized a corporation known as the
Mereante SAFE DEPOSIT Sompayi an fnfe ana MTca9te on
Safe Deposit Company rooms and aceonTnooasiosns . s
twenty-sse years frern January !. 1si6, until Jan.
Ienevnp Il for T Veses more @ at the eX
piration Of that period The annual rent reserved
tenant net rental for said vaults, safes, places
to the iaiord the the seeond s % az went to the ten
ant, ard the balance equally divided between
This lease was executed on tie part of the so
SieIy by II. 3: HYDE, president and attested by
January 9. 1888. seventeen years before the ex-
made a new lease with this same tenant. with no
apparent reason. unless il may be 10 extend the
term and have another officer than H B, HYDE
execute Ii en- the part OF the society This second
lease provides for the same rent AMI contains
substantially the same conditions the for
which il was substituted 1t was 10 terminate on
the opton Of the lessee Of fifty years eee5 Which
viii continue it until the year 2OJl. the Same
This lease was signed the part Of the society
lam Alexander. secretary.
Thereafter. and on April Il 1855. the socie-
> leased TO this same tenant several additional
no additional rent. This instrument was executed
on the part Of the society by James W. Alexander
Tice-aresdent and William Alexander secretary.
AGAIN ana on October s. 1850 the
tenant which was really the exercise Of ar res
newal option contained in the former lease, This
eiety by James w Alexander president, and
George I. Wilson, th- vce-p president The Safe
ioPo5a & ooilt1a.S IS row IN POSSESSION uRdeT Snls
and clean the premises. and inc:r ali expenses for
care ana maintenance. Yet ii receives only one
half Of the rental from the vaults boxes and
may be i claimed that the safe I5 Deposit Company
ran some risk in agreeing to pay SO coo per annum
net rents received by it from these vaults. etc,
e Sg s e nde s5 'f5I @ te %as aq ' Besde
the landlord paid ali expenses so that there was no
Of the
From the year 1871 10 1904, both inclusive. the
Mercantile Safe Deposit Company paid to the So
cetv as rent the of S03 S45 46, in annual pay
rsents ranging from Sc. .1o7 9. the lowest. TO S46
bS5 o. tie highest. The statements which we re-
oeived from the society do not show the payments
made or expenses incurred for alterations In and
additions 70 the premises occupied by the Mer-
cautile Safe Deposit Company prior to september
II 1890 but theyF6o show outlay by the society
the vaults, boxes. rooms, etc, leased by this
tenant from September II. 1890, December 81 1904
inclusive of S79 9 45 The rents received from the
safe deposit company for the same period were
S4Ss 372 ga showing balance in favor of the land
lord CT only s3. .as3 49. But when take into ac-
count expenses for heat light. water, Janitors
watchmen. cleaning, elevators 1t Is nianlIeSt
gentlemen interested in the safe deposit company
have been reaping enormous profits. The capital
stock Of S5e0.0o1 has been paying q per cent ulVi
dends all at Jhe expense Of the parent company
and this will continue for nfnetysix years TO come
THE SECURITY SAFE DEPOSIT COMPANY.
Manifestly Eenry B. Hyde was pleased with the
safe deposit business and concluded to extend and
improve it, Tho Equitable society. therefore, bought
erected a building in Boston and leased an ad-
for the OF the society. He and his associates
organized a corporation under the laws OF MasSa-
chuseIts and named il the Equitable Safe Deposit
Company and January /. 1886. the Equitable
Life Assurance Society leased TO this company an
outfit of rooms vaults boxes and general accommo-
datlons for safe deposit business partly in the
building which Z owned and partly in the building
which il leased This lease is bettersl6.900 year
hetteT-to the tenant than thu to the Mer-
camille Safe Deposit Company.
BY it the safe deposit company rents cut sub
and pays all expenses incurred in the same. The
balance net rental is divided follows: The