Rensselaer Journal, Volume 10, Number 41, Rensselaer, Jasper County, 21 March 1901 — Million a ear Salary. [ARTICLE]

Million a ear Salary.

If the reports are correct Charles M. Schwab is to receive, a salary of sl,•00,000 a year for five years as president of the United States steel corporation. This is beyond comparison much the greatest salary ever paid except to men who have become kings or emperors. What i? still more remarkable Is the fact that the directors of the eorporation are practically unanimous In the opinion that Mr. Schwab will more than earn the million a year, which he is to be paid. J. Pierpont Morgan is quoted as declaring that Mr. Schwab will save for his employers at least 15,000,000 a year by consolidating offices and cutting down running expenses in other ways. In that view of the case it would appear that the million dollar president is rather under than over paid. If a man is able to save $5,000,000 a year, it is certainly as legitimate to pay him one-fifth of his savings as to pay SI,OOO a year to a

man whose earning capacity Is five times that amount A few years age Mr. Schwab was working for $2 a day as a rodman for the Carnegie company. His rise since that time ha* been meteoric. With each step in the consolidation of the steel industries of the country his earning capacity has become greater, and his salary has correspondingly Increased. In his present position he will not only enjoy the largest salary ever paid in the business world, but he will have the largest possible field in which to show his ability as an organizer and manager.