The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-11-12
New York Herald Special Service.

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New York Herald Special Service. 49, 3
New York, Nov. 1f.-Salaries of
500, 900 and $3.50, 900 are not too high,
in the opinion Of E.sE. Gary. AS chair
man of the board Of directors OF, the
billion dollar United States Steel cor
poration, he draws salary Of $780,
900, and he thinks J. P. Morgan would
be, a bargain at $1,000,O00 a year to
any big bank. The steel trust has two
men drawing 100000 each, and pays
annually $125,ooo,ooo in wages and sal
aries. b.. '." !.
; lit is not that the salaries paid to
the heads of great business corpora
lions today are too large; the Question
is whether the right men are drawing
the salaries, - said MI. Gary.
80 Insurance, for Instance. ~
- emo man acquainted. with the re,
sponsibllties arising out. of modern
business methods and conditions will
say that 100000 is too, large a salary
Of the president Of the New York. Life
or that $4,000 is an unusual salary of
the president Of the Mutual Life
Some corporations handle. millions of
dollars and slight errors Of judgment
might cost them sums SO large as to
make such salary seem trifing by
comparison. 24iEs r IN - ~
:. The tendency of the business worl6
just now is not to search for men who
will take Re low salaries, but to find mer
who will deserve high salaries. It il
the policy Eof the steel corporations ani
1t is the policy Off all other fourishine
bunness enterprises. NV II az sGlTs
4 = The question Of the size of the sal
airy is a small matter as compared n
the right man in; the right place, One
man. may sbeo cheapaat 100000 a wear
Whlie another martin the same positio1
might be dear,at < 1900 sa5year.s ; -
z" Morgan ats 4 Million j . 81! =.
...Hin looking over the capable and suc
eessful-me Of the world for LARGE TO fie
| uress one naturally thinks. FOR insf All IL 5
ofRJs Pierpont Morgan. lCan We ; Jo,,b,
| that any of the great banks % o 4ht
world could we'll afford, as a matt t 'n nt
s so nna business, to pay Mr.. Morgan
$1,000 900 for his undivided services es
In my Judgment, Mr.. Morgan !
services, viewed from the comm ercia
! STANDPOINT, would make a salary 3.
| $l,O00,OO0 year look small, vet som,
other man filing the same place: q
trying to fill it, might not be wortj
$oo,90O or even $4,000 a year.
| lake such a man as President Cas-
salt OF the. Pennsylvania Railway com
pany, who has had to determine tn
] expenditure git Of $3.50 100000 in a com
Paratiyeiy short time. Think of tn
knowledge. experience and good Judo
mlrent required to deal with problem
Ike that-not only the main policy. bu
the complex details upon which. tn
main policy must rest.
... What IF He Blundered?
TO get at a co1nmon-sense view n
MT. Cassatt g salary, try to imagin
what it would cost his company If HI
policy in spending that $3.50, 100000 wa
unsound, or if he over estimated O
under estimated the future market am
borrowed the money at the wrong time
! 90 not know what Mr.. Cassatt'
salary is, but suppose that all the stock
holders Of the Pennsylvania Railwa
company were to be called together an
told that their president would no
continue to serve them unless his sal
airy were doubled, have you any doub
what their reply would be9 @a;tSf,
;, Mr.. Cassatt is the right man i
the right place and the size Of hi
salary would never induce the owner
OF the pennsylvania railway to cor
sent to his retirement. s~f'7 $
And There Is Hughitt.
/ "a man like Marvin Hughitt. pres
dent of the Chicago & North W ester
railway-do you not think stock holder
OF that enterprise would rather .doubl
4 his salary than lose his services9 g
81 meet a good many business me
and this question of salary is NATURAL
a common subject of discussions; BIZ
| do not find that business men, the
capitalists, that property owners, con
plain of salaries. Their one idea is t
get hold of the right man.. They reaiz
that that makes all the difference b,
tween going ahead and backward, b,
tween success and failure.
sThe truth is that the. America
capitalist is generous. He is willin
, to pay for success. That is one {
the great secrets Of the success {
l American industry and commerce. y