The San Francisco call., 1903-12-19
Salaries Of MagnateS.

BY Earl. r. BERRY
CFormer Railroad Editor New York Times ana
Kew York SUM
(Copyrght. 1903. by Joseph B. Bowles)
Soon after James q. Blaine resigned
President Benjamin Harrison sent for
Chauncey N. Depew and offered him
the Cabinet portfolio Of Secretary Of
State. Although impressed by the high
compliment paid TO him. Mr.. Depew de-
cIined the offer. ITO accept this posi-
ton" he said, Il viii be obliged TO sur
render an annual income Of 100000,
and / cannot afford TO do that just
now"
Mr.. Depew was at that time president
Of the New York Central Railroad, as
well as president Of the West Shore
road. and he held other lucrative posi-
tions, railroad and otherwise. His sal
airy as. president Of the New York Cen
tral was $4,000 per annum. Since that
time Senator Depew has benefited by
some large egacies-including one Of
500. 900 from Cornelius Vanderbilt-and
he has been successful in other finan-
ciaI enterprises. He now holds the Of
rectors of the principal Vanderbilt
soads and he receives from that source
IN income possibly a little less than the
amount paid him as president of the
New York Central President William
II. Newman Of the New York Central
and the Lake Shore railroad companies
is said to receive an annual salary Of
$4,000.
President A. J. Cassatt Of the Penn
sylvania Railroad is now the best paid
railroad president in America His sal
airy is $4,000 per annum, and his asso-
ciates in the management Of the great
railroad system Of which he is the head
say that his compensation would be
much more if he should express a de-
sire 10 have IL increased.
George J. Gould is probably the poor
est paid railroad president in the bust
ness. His salary as president Of the
Manhattan Railway Company is IS per
year. The elevated railroad system in
New York is now controlled and oper-
ated under q long lease by the COM
pany which is building the subway
traction road, and the Manhattan COM
pany simply exists 10 preserve its cor
porate rights. Mr.. Gould's salary as
president Of the Missouri Pacific sys-
TEN is whatever he chooses to make it.
The prevailing belief is that it is now
$4,000.
James J. Hil, president and prin-
cipal owner of the Great Northern
Railway system, it is said, draws a
salary Of $4,000. This figure also
heads the payroll of the Southern
p.af1 ny he lar rf
President Samuel Spencer. George F.
Baer, president Of the great Reading
system, which includes the Jersey
Central road, and W. B. Leeds, pres
ident Of the Rock Island system, it is
understood, each receive a like
amount
In most instances the salaries Of
presidents of important railroads
range from $4,000 to $4,000. 1t is
a topic Of Wall street gossip that the
New York. New Haven and Hartford,
in order TO induce Charles S. Mellen,
the executive head Of the Northern
Pacific, to accept the presidency of
the New England system, offered him
an increase Of $500 above his salary
as president Of the Northern Pacific.
This would make his present salary
s32,5OO. Marvin Hughitt, president
Of the Chicago and Northwestern,
draws a salary Of $4,000, and Hor-
ace C. Burt, president Of the Union
Pacific, is supposed to get the same
amount
z. II. Hartman, president Of the
Southern Pacific Railroad, receives
merely a nominal salary. He fixes
the amount himself, it is asserted, so
that il viii cover his actual expenses
in his semi-annual inspections Of the
road This was Coils p. Hunting
tons policy. One year Mr.. Hunting
ton gave up his salary entirely when
unfavorable business conditions i'm
PEELED him to retrench and cut down
the salaries Of all other officers and
employees Of the road When James
J. Hill became interested in the Erie
Railroad he desired TO have F. D. I'm
derWood take the presidency. Mr..
Underwood was comfortably situated
as vice president OF the Baltimore and
Ohio. and he had no wish TO make
any change. He was tempted, as COM
mon report has it. to go TO the Erie
at a salary OF $4,000. Melville z.
Ingalls, desired 10 relinQuish the presi-
dency of the Cleveland, Cincinnati,
Chicago and St. Louis Chg Four)
Railroad a few years ago for the rea-
son that he yearned for a prolonged
sojourn in Europe and a permanent
residence in New York. His success
as a business getter so impressed VIII
liam K Vanderbilt and J. Pierpont
Morgan, who control this road. that
they added to their personal solicita-
tfOns q SUGGESTION that he mama bis
own salary. Mr.. ingalls, has declined
TO say what figure he marked, but
close friends of his say that he ex-
pressed content with $4,000. Sam
uel Sloan served for several years as
president Of the Delaware, Lacka-
wanna and Western Railroad for sIO,-
600 per annum, His successor, VIII
liam H. Truesdale. is said to receive
$4,000.
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