Bethlehem Bonuses

Arguing that Youngstown Sheet & Tube Co. stockholders have--in view of proposed merger--a right to know how much Bethlehem Steel Corp. pays its executives, last fortnight Cyrus Stephen Eaton's smart attorneys ferreted a phenomenal fact from Bethlehem's President Eugene Gifford Grace. In 1929 he received a salary of $12,000; a bonus of $1,623,000. Elated at this success, last week the Eaton attorneys went for bigger game. If Mr. Grace received $1,623,000, how much might not Chairman Charles Michael Schwab get? But while the figure was successfully disclosed, it proved no point. For Mr. Schwab's stipend is a modest $150,000 a year, less than is paid many a lesser tycoon. And he is entitled to no bonus. Together with Mr. Schwab's salary, the Bethlehem attorneys surrendered their company's complete bonus list for last year. In each case the bonus is determined on a sliding scale based on net earnings -- Mr. Grace's compensation amounting to 3.84% of total income. The 1929 bonuses and salaries were:

Bonus Salary

E. G. Grace, president $1,623,753 $12,000

H. E. Lewis, vice president 375,784 10,000

C. A. Buck, vice president 378,664 10,000

Quincy Bent, vice president 378,664 10,000

F. A. Shick, controller 216,729 6,000

R. E. McMate, vice president, secretary 134,538 6,000

J. M. Cross, vice president 110,077 6,000

J. H. Ward, vice president 54,305 3,000

C. R. Holton, director of purchases 48,923 10,000

J. M. Larkin, assistant to Mr. Grace 36,692 10,000

A. Johnston, secretary 24,462 10,000

W. J. Brown, treasurer and secretary 18,345 7,000

J. P. Bender, treasurer 18,345 7,500

W. M. Tobias, former director of purchases 6,025 6,000

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