The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-22


twenty-five years. This lease was executed
on the part Of the society by II. b. Hyde
The annual rent reserved was az follows:
The first $4,000 received by the tenant
"a net rental for eaid vaults. safes. places
OF deposit, after the payment OF all ex-
penses. went to the landlord; tho second
$4,000 went to the tenant, and the balance
was equally divided between the landlord
and the tenant
In 1883, seventeen years before the ex-
piration OF the lease. the society made a
new lease with the same tenant with no
apparent reason unless 1t may be to ex.
tend the term and have another officer
than II. B. Hyde execute It on the part OF
the society," In 1883 the society leased TO
tho same tenant several additional rooms
and extra space Of large rental value with
no additional rent This lease was exc
c,ited on the part of the society by James
W. Alexander, president. and George T,
Wilson. third vice-president. The Safe
Deposit Company Is now In possession
under this lease
LEASE SHOWED AN ACTUAL LOSS
All these leases provide that the lessor
must make all improvements, alterations
aud repairs and must light heat, water,
janit or, watch and clean the premises and
incur all expenses for care and mainte.
nance. Yet it receives only one-half Of the
net rental from the vaults. boxes and places
OF deposit, whereas 1t should receive all.
From the year 1877 to 1904, both incu-
sive, the Mercantile Safe Deposit Com
pany paid to the society as rent the sum Of
81 .oao .s+s.4s in annual payments. ranging
from S23, 7O7 90. the lowest to 4e.53S.0+
the highest. The statements which we
received from the society do not show the
payments made or expenses incurred for
alterations in and additions TO the prem
ises occupied by the Mercantile Safe Deposit
Company prior to the 18th day OF Septem-
Der, 1900, but they do show an outlay
by the society on the vaults, hoyes. rooms.
&c, leased by this tenant from Sept. II.
1890, to Dec. 81. 1904 inclusive, Of f;79 .9ro IS
Tho rents received from the safe deposit
company for the same period were $751;
872.94 showing q balance in favor OF the
landlord OF only ss.4fs,+a. Bnt wien we
take into account the expenses for heat.
light, water. janitors, watchmen, cleaning.
&c, IL is ma nifest that the society
suffered great loss, whereas the gentle
pany have been reapinR enormous profits.
The capital stock OF $500 900 has been pay
ing 20 per cent. dividends. all at the ex-
pense Of the parent company, and this will
continue for ninety-siS years TO come
If IN NEW YORK, WHY NOT IN BOSTON,
Turning to the Security Safe Deposit Com
pany OF Boston. the report continues:
"Manifestly. Henry B. Hyde WAS pleased
with the safe deposit business and concluded
to extend and improve it. The Equitable
society. therefore, bought or erected a build
ing in Boaton and leased TO this company
an outfit OF rooins vaulta. boxes and gem
ernl sccommoda tons for sate deposit bust
ness"
For this floor space the safe deposit COM
rany paid SleOCO a year more than in the
case Of the Mercantile. The company
was reorganized under it's present name in
1888 The EGuitabl society had in the
mea n time erected a new building in Boston,
and ther&upon the society entered into new
lease OF the basement and ground floor Of
the new building, In addition to the space
already occupied by the old company. with
out receiving or apparently asking any adj
ditional rent or compensation. This lease
was executed on the part Of the society by
James W. Alexander, president, and William
Alexander, vice president. Again. in 1904,
the society, by a supplemental lease, added
some new space and accommodations to
the rooms and space occupied by the lessee
without any additional rent, and this instru-
ment al.o bore the signature of James W.
and William Alexander The report says
EQUITABLE LOST THERE. TOO
NO one would anticipate that such an
a arrangement would prove profita BILE to the
society, and the expected has happened.
According to a statement furnished us by
tho officers of the society, the receipts OF
rent from the Equitable Safe Deposit Com
pany and the Security Safe Deposit Com
pany it's successor, from the year 1878 to
the year 1904, both inclusive. amounted
TO s18s. 2s5.28 This statement contains
no items Of expenditure prior to the ninth
day Of January, 1891; but the expenditures
and payments made by the society on ac-
count OF alterations and additions In and
for the Security Safe Deposit Company
from that date to and including the six
teenth day OF May. 1901, was sIe2,o4s.ee
very much more than the rent received
during that period
The Safe Deposit Company has received
1888 ,2s5 20, the same IA the Equitable so
,iety, and the additional sum Of $4,000
year since Jan. 1. 1880, amounting to 500.
ZOO, or a total OF s46s ,2sS2a, while the Equi-
liable society has paid out many thousands
Of dollars for additions and improvements
In these vaults, safes, places OF deposit,
more than it has received, and has also
incurred all expense for light, heat, water,
elevator, janitors, watohmen, cleaning.
tc. With this sort Of jug handled Lease
Il Is not surprising that tho real estate
pays the society only LIS per cent. on the
whole building, while the stock Of the Sc
,urity sGfe Deposit Company pays its
owners IS per cent. on its capitalization OF
700 ,0oo.'
NEXT MOVE WAS IN Missouri.
Mr.. Hendricks then takes up the Miss souri,
Safe Deposit Company. THE late Henry B.
HYDE, who by this time had become firm
believer and an expert In the safe deposit
business, concluded he could improve
On the Boston lease by - 900 year in favor
>, himself and his friends and to the loss
II the society. Therefore, prior TO the
,th day Of November. 1888. he caused the
Equitable society to purchase an office
building in the city Of st. Louis, Mo, and
organized corporation under the laws OF