The Intermountain Catholic. (Salt Lake City [Utah] ;) 1899-1920, 1903-03-14
THE NTERMoUNTAIN AND COLORADO CATHOLIC: a. 100

of comparison The steel trust has
| fixed S100, 900 as belonging to the office
| of president of the corporation itself
but has not more than fifty men who
will receive from $4,000 to $4,000 q
year, some 280who will get from $4,000
to $4,000, and about l. 500 who are com
| pensated at the rate of from $4,000 tc
| $4,000 annually, says the New York
! Evening POST
Although the railroads and banks
pay some high salaries, very few men
are compensated at $4,000 or more a
| year. A careful canvass of the rail
way high salary list, among friends OF
officers who know what they are paid
developed some Interesting facts. One
railroad president, "A. j. Cassatt of the
Pennsylvania, is generally credited
with receiving $4,000 a year. The pres
idents who receive $685. 900 a year or near
it are few in number Some of the
younger men brought east within the
last few years are among these and
are paid about this amount for the hard
work they have shown themselves ca
pable Of
When Frederick Z. Underwood was
talked of for president of the Erie
James J. Hill, it is said, told j. P Nor
J..
Underwood at the head of the latter
road. Mr.. Underwood, who had
strengthened the new Baltimore e Ohio
road as general manager under the re-
organization. made two inspections of
the Erie last year, and, according to
report, was called to Mr.. Morgan's Of
flee one day and asked what he had
found. 1t is understood that he said
that with free sway he could save 20
per cent and put it on a par with the
other trunk lines. He said that it
would take the hardest work of his life
and that he would stake his reputation
on it for $50, 900 a year. His terms were
accepted. William H. Truesdale was
wanted by the Lackawanna railroad
early in 1899. He had become so valua-
BILE to the Rock Island as first vice
president and general manager that the
directors bid to retain his services. The
Lackawanna, however, outbid the west
ern road and Mr.. Truesdale came here
with a corps of western lieutenants to
direct affairs of one of the greatest
coal roads and to make it also a great
passenger system at salary around
$4,000 a year.
Samuel Spencer. president of the
Southern railway which has spent mil
lions in developing the south receives
$4,000 a year. e. P. Ripley, president
of the Atchison, Topeka & Santa Fe
since its reorganization, whose policy
has practically built up the system to
its present strength from Chicago to
San Francisco, receives $4,000 a year,
it is understood generally Marvin
Hughitt, president of the Chicago &
Northwestern railway. since 1887, re-
ceives $4,000 a year and A. J. Earring,
president of the Chicago, Milwaukee &
St. Paul railroad, receives near that
figure. William H. Newman, president
of the New York Central, probably re-
ceives $4,000, since he succeeded S. r.
Galloway, who received $4,000, it was
understood. and accepted a much larger
sum, said to be 100000 a year, to be-
come the head of the American Loco
motive company. President Burt of
the Union Pacific. was offered flatter-
ing salary to leave the Northwestern,
and is understood to receive about $685.
600 a year, while no estimate can be
placed upon the several salaries of E.
H. Hartman in his official capacities in
Union Pacific and Southern Pacific
systems.
George B. Harris, president of the
Burlington road; is understood to re-
ceive $4,000 a year, and C. S. Mellen
of the Northern Pacific similar sum-.
James j. Hill, who is president of the
Northern Securities company, is under
stood to draw $4,000 a year and a
nominal salary as president of the
Great Northern railway. A. B. Stick
ney, who heads the Chicago Great
Western, probably draws a salary of
$35, 900 a year. HeF is the father of his
own road, as few other railway presi-
dents are in. thescountry. B. F. Yoak-
UNI, president of the st. Louis & San
Francisco System, which has been
branching out so widely in the last
year, is understood ito receive 49,, 900
year. Sir William Ivan Horn, the
head of the Canadian Pacific, probably
receives a salaryaef $35, 900 year since
becoming chairman of the board.
Charles NJ. Hays. vice president and
general manager of the Grand Trunk
road, was reported to have been Of
fered $4,000 a year to return to that
system when he left the Southern Pa
cific. Joseph Ramsey, jr., president of
the Wabash road, is credited with
drawing a salary of $40, 900 year.
George Gould is president of many
roads and through his control and that
CT the Gould family probably draws;
many salaries, which aggregate a very
large sum, chiefly made up of his sal
airy as president of the Missouri Pa.
cific road
Many presidents of large systems
draw smaller salaries also, rom oc-
cupying the nominal positions of pres
idents of several controlled OF sub
sidiary companies This adds to their
income and in the case of an officer
like E. P. Ripley, for example, is
consideration of keeping a man of
great ability at the head of a system
at a salary smaller than he might be
able to obtain somewhere else. Prob
ably several railway presidents re-
ceive combined salaries as great as
President Cassatt's in this way. Small
er roads pay from $4,000 a year up
ward, according to the Importance of
the line, it's mileage, territory and
whether it is established or requires
a master mind to develop it's resources
and the territory which it serves.
Many presidents positions are actually
nominal or merely executive, the poll
icy of their roads being directed from
higher UP.
In the great "one-man" power sys-
tenn which prevails generally on the
railways of America, and in the great
systems here the number of very large
offices is comparatively small.
So small, indeed, that, with an ex-
penditure for labor by the railways
last year of $610,O00,000, the 800 offic-
ers, including all officers of the rail-
ways, received an average of &c per
day (45,3 300 engineers getting an aver
age of S3.7S per day, the highest aver
age next to ''off1cers"), or only about
3.6 per cent of the payroll of the rail-
ways.
When New York bank presidents are
paid well their salary represents
but a small portion of their
total income. Men of sufficient abil-
ity to gain the controlling position in