The Minneapolis journal., 1903-12-22

Soon after James g. Blaine re-
signed President Benjamin Harrison
sent for Chauncey M. Depew and Of
fered him the cabinet portfolio Of sec
the high compliment paid to him, Mr..
Depew declined the offer. ITO accept
this position he said, II will be
obliged to surrender an annual income
Of 100000, and I cannot afford to do
that just now"
Mr.. Depew was at that time presi-
dent Of the New York Central railroad
as we'll as president of the West Shore
road, and he held other lucrative posi-
tions, railroad and otherwise. His sal
ary as president of the New York Gen.
trail was $4,000 per annum. Since
that time Senator Depew has benefited
by some large legacies Including one
of 100000 from Cornelius Vanderbilt
and he has been successful in other
financial enterprises. He now holds
the office of chairman of the board of
directors of the principal Vanderbilt
roads, and he receives from that source
an income possibly a little less than
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 or the Penn.
sylvania railroad is now the best paid
railroad president in America. His
salary is 100000 per annum, and his
associates 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 ex-
press a desire to have 1T increased.
George j. Gould is probably the
poorest paid railroad president In the
business. His salary as president Of
the Manhattan Railway company is SIS
per year The elevated railroad sys-
TEN in New York is now controlled
and operated under a long lease by the
company which is building the subway
traction road, and the Manhattan COM
pany simply exists to preserve it's cor
porate rights. Mr.. Gould's salary as
president Of the Missouri Pacific sys-
tenn Is whatever he chooses to make
1t. The prevailing belief is that it is
now $4,000.
James J. Hill, president and princi-
pal owner Of the Great Northern rail-
way system, it is said, draws a salary
or $4,000. This figure also heads the
pay roll Of the Southern Railway COM
pany as the salary Of President Samuel
Spencer. George F. Baer, president
of the great Reading system, which
includes the Jersey Central road. and
W. B. Leeds, president 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 & Hart
ford in order to induce Charles S.
Nellen, the executive head Of the
Northern Pacific, to accept the presi-
dency 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 $32,500. Marvin
Hughitt, president of the Chicago &
Northwestern, draws a salary of $4O,-
600, and Horace G. Burt, president of
the Union Pacific, Is supposed to get
the same amount.
e.; H. Hartman, president of the
Southern Pacific railroad, receives
merely a nominal salary. He fixes
the amount himself, it is asserted, so
that it will cover his actual expenses
in his semi-annual inspection of the
road. This was Coils P. Huntington's
policy. One year Mr.. Huntington gave
up his salary entirely when un-
favorable business conditions impelled
him to retrench and cut down the sal
aries of all other officers and EN-.
ployes of the road When James J.
Hill became interested in the Erie rail
road he desired to have F. D. Under
wood take the presidency. Mr.. Under
wood was comfortably situated as vice
president of the Baltimore & Ohio, and
he had no wish to make any change
He was tempted, as common report
has it, to go to the Erie at a salary OF
$500 Melville E. ingalls, desired tc
relinquish the presidency of the Cleve.
land, Cincinnati Chicago & st. Louis
(Big Four) railroad a few years age
for the reason that he yearned for q
prolonged sojourn in Europe and 8
permanent residence in New York
His success as a business getter so i'm
pressed William K. Vanderbilt and J
Pierpont Morgan, who control this
road, that they added to their person
al solicitations a suggestion that he