Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1905-01-05

salaries form only small part of their
annual incomes.
Il Men of sufficient ability to gain the
! controlling position in prominent Wall
street banks are sought for as direc-
Itors in trust companies and other finan-
cial institutions, to say nothing or the
number of reorganization committees
on which they are asked to serve.
James Stillman, the president or the
National City bank, is director IN
more than forty different corporations.
All of these positions pay well and take
up but little time, being in most in
stances of an advisory nature, and
without onerous duties. In this way
the annual incomes of the presidents
of prominent Wall street banks are
largely increased.
! The largest salary paid any railroad
president in the United States is $751;
900. There are at least three presi-
dents who are understood to draw this
salary-A. J. Cassatt, of the Pennsyl-
vania; James J. Hill. of the Great
Northern; and l.. F. Loree of the Rock
Island. who recently retired. There
are quite a number of other railroad
presidents who draw annual salaries
Iof $4,000
Three years ago F. D. Underwood
was the general manager of the Balti-
more & Ohio. when one day he was re-
quested by James ]. Hill to make an
examination of the Erie railroad and re-
port on the possibilities of the system.
After Mr.. Underwood had made the
examination, he one day received q
message from J. P Morgan, asking him
to call on him at his office. Mr.. Morgan
asked him what he had found as the
result of his inspection of the Erie.
Mr.. Underwood replied that with free
sway he could save 20 per cent of the
cost of operating the company, and put
it on 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 $4,000 a
year. His terms were accepted.
In the matter of salaries the larger
industrial corporations appear to be
more liberal than the railroads. S. c.
T. Dodd, the general solicitor of the
Standard Oil company. probably re-
ceiveS as large a salary as any other
person in this country. He is said to
draw a salary of s25O,000 a year. When
Charles NJ Schwab was president of
the United States Steel corporation
he drew an annual salary of 100000.
When Mr.. Schwab resigned the salary
of the president of the corporation was
reduced to $4,000 a year. This reduc-
ton was made because of the fact
that many of the duties that Mr..
Schwab had performed as president
were turned over to various committees
after his resignation In addition to
his salary of $4,000. William E. Corey
makes commission on the volume of
the business of the company. In this
way his income probably averages over
100000 year.
The late S. r. Galloway, who was the
president of the American Locomotive
company, was said to have drawn sal
airy of 100000 a year To accept that
position Mr.. Galloway resigned the po-
sition of president of the New York
Central. Henry o. Havemeyer. presi-
dent of the American Sugar Refining
company. is understood to draw a sal
airy of 100000 year. c. A. Colvin, of
the General Electric company, is un-
derstood to draw salary of $4,000 a
year.
The head officials of the more import
ant life insurance companies receive
large salaries. President Mccall, of
the New York Life Insurance company
is said to draw salary of $150,OOO a
year. There are said to be at least
five other officers of the company that
make as much as $4,000 a year. The
other prominent life insurance compan-
les pay equally as liberal salaries, the
head officials of all of the large COM
panies receiving as much as 500, 700
year.