Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1905-07-07

VI lnc uGL IShldl Al Jill tbC
boxes and places of deposit, whereas it
| should receive all. 1t may be claimed
that the Safe Deposit company ran
some risk I'm agreeing to pay $lo,OOO
per annum in any event. Not so. 1t
took no chances, for the net rents re-
ceived by il from these vaults, etc,
during the first year were $66,474.92,
and the lowest net rental since that
time was $41, 414.1S. Besides the land
lord paid all expenses. SO that there
was no chance TO lose and every
chance to win on the side of the tenant.
"From 1877 to 1904, both inclusive,
the Mercantile Safe Deposit company
paid to the society as rent the sum of
81, 033, S4G.46 in annual payments rang
ing from $23. TOT.09, the lowest, to $46,-
535.04. the highest The statements
which we received from the society do
not show the payments made or eX-
penses incurred for alterations in and
additions to the premises occupied by
the Mercantile Safe Deposit company
prior to Sept. II, 1890, but they do
show an outlay by the society on the
vaults, boxes, rooms, etc, leased by
this tenant from Sept. II, 1890, to Dec.
81, 1901, inclusive, of $479,9O9.45. The
rents received from the Safe Deposit
company for the same period were
1888 ,3T2.94, showing a balance in IA
Yor of the landlord of only So 463 10.
But when we take into account the ex-
penses for heat, light, water, janitors.
watchmen, cleaning, elevators, etc, ii
is manifest that the society suffered a
great loss, whereas the gentlemen in
terested in the Safe Deposit company
have been reaping enormous profits.
The capital stock of $500, 900 has been
paying % per cent dividends, all at the
expense of the parent company, and
this will continue for ninety-six years
to come"
Good Thing Extended.
The report then goes on to tell how
Mr. Hyde, becoming pleased with the
safe deposit business. extended the
system TO Boston and st. Louis, and
the Equitable footed the bill. The
Equitable society bought building
in Boston and leased an adjoining
building for its use. Mr.. Hyde. with
his assistants, Oh Jan. l, 1880, organ
lied II corporation under the laws of
Massachusetts and named it the Equi-
table Safe Deposit company. The
lease TO this company is $4,000 a
year better TO the tenant than the one
to the Mercantile Safe Deposit COM
pany. About Nov. s. 1888, another
corporation known as the Security Safe
Deposit company was organized I'M
der Massachusetts laws and succeed
ed to the rights of the Equitable Safe
Deposit company. The Equitable had
constructed a new building in Boston.
Therefore" says Mr.. Hendricks. ION
Nov. s. 1855. the society entered into
a new lease OF the basement and
ground floor Of the new building in
addition to the space already occupied
by the Equitable Safe Deposit COM
pany. The Equitable society simply
added the ground floor and basement
to the space occupied under the old
lease without receiving or apparently
asking any additional rent or com
pensation. This lease was executed
on the part of the society by James
w. Alexander. president, and William
Alexander. vice president
No one would anticipate that such
eAA 40 go IL NOuih kllONC
TO the society. and the expected has
happened. According to a statement
furnished US by the officers OF the so
ciety. the receipts of rent from the
Equitable Safe Deposit company and
the Security Safe Deposit company, its
successor, from the year 1878 to the
year 1904. both inclusive, amounted
TO $16s. 2S5.26. This statement con-
tains no items Of expenditure prior TO
Jan 2, 1891, but the expenditures and
payments made by the society on &C
count Of alterations and additions In
and for the Security Safe Deposit com
pany from that date to and including
May l6, 1904. was $162. 04596. very
much more than the rent received dur
ing that period. The Safe Deposit
company has received SI6S, 2S5 &c, the
same as the Equitable society, and the
additional sum of $4,000 a year since
Jan. i, 1880. amounting 10 500, 900, or
j total Of $+es. 2s5. 20, while the Equi-