Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-03

Enormous Salaries That Seem b He Paid for
Very Little Effort.

Enofmous Salaries That Seem 30 He Paid for
Worry Little Effort.
From the New York sun
Some Of the people in the financial and COM
mercial circles are telling Of movement among
certain employers and heads of great houses to
cut down salaries FOR the ensuing year. This
line Of policy has been dictated, it is said, by
the events Of the last few months, and II has
opened up most interesting discussion about
the big salaries paid here.
Chauncey Depew has always been very rets-
cent as to his salary as president Of the New
York Central, but others who appear to be
familiar with his income say that he certainly
receives from The Nsw York Central e75, 900 .
year and that he makes from his outside legal
practice an additional cas-. 900, making his
total income el00, 900 year. This may seem
an exorbitant sum TO pay to man whose
one Of unalloyed pleasure. But Mr.. Depew
does not receive the e75, 600 from the New York
Central In remuneration for any severe manual
strain on his part but for his comprehensive
knowledge Of the affairs Of that company and
his ability TO direct them with the least posi-
BILE friction. Mr.. Depew's office from early
morning TO late at night Is filed with all sorts of
people, with all sorts of questions, and the man
who receives the big salary he does must be
able to answer them most satisfactorily, and
always in the interests Of the New York Gen.
trail.
Then take some Of the salaries Of other New
Workers: H. d. Hyde, president Of the Equita-
BILE Life Assurance Society, receives $50 600;
S Sames W. Alexander the vice president, s40,-
0O0, and John A. Mccall. the controller, $685.
goo. R. A. McCurdy, president of the Mutual
Insurance Company, receives $50 000 and r.
A. Grannis, the vice president. receives $50 600
W. II. Beers, president Of the New York Life
Insurance Company, receives 10000 and DR..
Tr1ak ft,a "a sI1r IDt,
II. Hedgeman, the vice president of the Metro
politan Insurance Company, receives s35. 600
ID. o. Heald. president Of the Home Fire Insur-
ance Company, gets sS5, 900, and John W. Muir
ray, the vice president of the German-Ameri-
can Company, S35. 900.
Then look at some Of the salaries paid to the
chief officers Of banks and trust companies
Frederic 2. Olcott, president OF the Central
Trust Company, receives $50 900: Richard King
president of the Union Trust receives $50 900;
Gen. Louis Fitzgerald, president of the Mercan-
Tile Trust Company, receives s30. 600: John A.
Stewart president of the United States Trust
Company, tOddles along with go. 900, and Col.
W. L. Trenholm, president of the American
Surety Company, receives $50, 600 President
Williams Of the Chemical Bank and President
Perkins Of the Importers and Traders, each re-
ceive go 900, and the average salary of other
bank presidents in New York is from Sl0, 900 to
el5,000. There is long string of such sala-
ries. and the general opinion is that the men
The interests Of these vast companies are
all under the minute observation Of the COM
handing officer. These interests extend over
all the globe and require the greatest judg-
men; and the most skillful knowledge of affairs
Many OF these officers, by their keen knowl-
edge OF affairs of state and nations, save their
companies annually ten times the salary they
receive. They are provided against almost
every system Of blackmail by reason of their
vast experience In the conduct Of their COM
ktatr
Up in the dry goods district the big man of
the Claflin Company. Tefft, Weller d Co. and
other firms Of that caliber receive on an
average $4,000 to 10000 a year. There are
several exceptions where buyers and others
run their incomes up from sl6, 600 to go 600 a
year. This Is in the dry goods jobbing branch.
because in the dry goods commission branch
the average salary Of an employee is from
o., 500 to IS 900 year. There are exceptional
people who receive 81, 500. All of these people
necessary to buy goods successfully and to
keep in touch with the vast competition Of the
| present day is certainly worth liberal income
Then the selling of goods requires an extended
acquaintance, much persona! outlay and the
| temperament Of diplomat
Looking over these few facts and figures the
| salary Of the President Of the United States
comes in for consideration. The President re-
| ceives $4,000 q year, and from the day he
enters the White House until the hour he
~
earns his money. There can be no adequate
rule Of compensation applied to his case The
vast army Of Office holders and Office seekers
| who besiege him ought to make the place
worth $500, 200 year At the least. But possibly
the compensation for the place is eked out
| by it's great honor and the hurrahs and cheers
which greet the President. no matter how I'M
popular he may be, wherever he goes The
salhtes OF the great cruisers, the bands playing
| Hail to the Chief the great personal honors
shown the holder Of the Office, no doubt are in
tended to make up the compensation. which
cannot be represented by his salary of $4,000
year. The cabinet officers receive $1,000 a
year. Senators and Congressman receive
each $1,000 a year. Gov. Hill receives
s10, 900 o year and the senators and assembly
| men receive 81, 200 q year. One has only to
| look at the difference in the figures received by
men in public life and those paid to men who
reach the pinnacle in business life in New York
to observe the great difference and to wonder
at it. The wonder is that men of the personal
abilities at the head of the national and state
governments should consent to accept the sala-
ries paid to them. But then comes the uni
| versal statement that the honors of the places
held by them, in q measure, must make up for
this vast difference in the pecuniary compensa-
| ton.