Waterbury evening Democrat., 1905-06-24

| DsAs SiS uoA1S anu llAAt lES ElSk. 1uul
 was not contrary to its rules. for il
 was given a small participation ir
 some of these syndicates. The simple 1 truth is that they preferred to make
 these several profits themselves.
 Mir. Hyde and associates raise the
 point that the society did not lose by
 the purchase of these bonds. but that is
 no excuse for them If the market
 went down the society wogld have lost,
 and Il it went up the society should get the profit. They were trustees. Their 1 first obligation was to the trust es- tate which they represented. They should not be permitted to make money for themselves at the loss or even at the risk of the society. The profits which they and each of them realized belong to the society. Mir. Hyde and Mir. Alexander seem to have thought so or were so advised by their counsel after the trouble began. for one of these gentlemen turned over to Mir. Murray as trustee all and on the other large part of his profits from these l transactions. All of these men should be compelled to pay back to the so- | ciety these several amounts with inter- est. This is only very mild punish ment. And the affiliated companies should also pay to the society the sev- eral amounts received by them less any portions thereof which the society has received in the form of dividends" Salaries.
 Referring to salaries. the report says:
 An examination of the society's sal ! ary lists convinces me that the ordina- " clerks and employees are not over paid. So far as I have been able to learn or observe they are faithful and competent and earn their money The extravaganza and waste in the form of personal compensation appear in the salary list of the high executive officers and their immediate and favored as- sistants.
 'The following schedule shows the total amounts paid for salaries to ex- ecutive officers since 1900:
 tso0. s3so100 1918 ....... S5s s<D ia9l ............ 422, 3Jo is4 .......... 6l36l0 1902 2............ 4sl.loo
 Mir Hyde was advanced in salary the most rapidly. He graduated from college in 1898 at the age of twenty two. In 1900 he drew salary of S3O,- GOO. also in 1901; in 1902 his salary was advanced to s75,00O. and in 1903. at the age of twenty seven, it was jumped to an even s100,0O0.
 The salaries of the president and vice president were fixed by the exec utive committee. In this case the mat ter of these salaries was referred to subcommittee composed of the Hon. Chauncey NJ. Depew and Valentine P. Snyder.
 Tt should be borne in mind that in addition to this salary which Mir Hyde has been drawing from the Equitable society he has been drawing a salary of S12.000 from the Equitable Trust company. s2.5O0 from the Commercial Trust company of Philadelphia. SIP. 800 from the Mercantile Trust company and S1,000 from the Mercantile Safe Deposit company-all told. s12S.0O0 year, although he has spent several months in each year in Europe
 Tn passing it may not be inappro- priate'to mention little matter, of, d, rectors' and committees fees Mir Mcintyre says he is a director in thir- teen corporations. A director in the Equitable society who is on the execu- tive committee receives S25 for each meeting. of which there are three each week. amounting to $500 year. He is on other committees, which all told make his fees from the society s4,4S0. His committee fees from six of the so- ciety's affiliated companies. three of them in the Equitable building and all in New York city. amount to s3.960. making total of Ss.440 from the soci- ety and its affiliated companies. The ordinary pslicy holder, I imagine. would consider this a pretty fair in- come
 .Mr. Hyde is director in about if ty corporations. and if he attends to his duties his fees would amount 10 many thousands of dollars per annum
 MT. Hyde prepared a verified sste- ment of his directorships in different corporations. with the dates of his cleo tions. It appears from this paper that he Is member of the boards of a number of the great railroad corpora tions of the country. in the most of which he states he is not a stockhold- CT. Mir. Hyde is not an expert in rail- road matters. haying had no training in that direction. has had no wide er- perience and has never demonstrated his ability as business man, and con seguently 1 conclude that the great railroad managers did not put him on the directorate of their companies for either of these reasons. and the infer ence Is that he has been put on these boards for the reason that he was the financial head of great insurance corporation whose assets were SO large and whose ready money was always available for the purchase of securi- ties which these great corporations are largely in the market to sell.
 Expenses of Officers.
 ~Nr. Hyde's expense account ap- pears as follows: Nineteen hundred. s7.17ss2: 1901. ss.e71-sa: 1872. s2.5ss.- q: Ia03. s21.51TNa: 1904. sI5.2 TO.