Business: Confidences Published

  • Share
  • Read Later

(3 of 3)

Little known to the general public is John L. Pratt (G.M. income: $134,528) and General Motors is currently issuing no publicity about its executives. Mr. Pratt is in charge of Frigidaire and other nonautomotive activities.

One General Motors director received from the company no salary or other remuneration. He is Sir Harry Duncan McGowan, K. B. E., of London. Sir Harry has means of support other than General Motors. He is Chairman of Imperial Chemical Industries, Ltd., British counterpart of E. I. du Pont de Nemours.

Bethlehem Steel, SEC's announcement of Bethlehem Steel's salaries was dulled by the fact that Charles Schwab's $250,000 and Eugene Grace's $180,000 were already matters of record. New was the information that Quincy Bent (in charge of steel making, raw material) made $90,000, as did C. Austin Buck (in charge of mines).

SEC also disclosed the status of a stock-selling plan which Bethlehem inaugurated in 1930. The company sold to various executives 221,200 shares of common stock priced at $91.60, to be paid for in installments. At the end of 1934, there were 450 shares paid up, 10,890 shares canceled. On remaining shares there were unpaid balances totaling $11,114,000. Largest unpaid balance belonged to President Grace, who contracted for 67,500 shares on which he owed $5,206,000. Mr. Buck owed $1,489,000 on 15,750 shares and Mr. Bent owed $1,503,000 on 15,750 shares. Debtors paid 5% interest on balances but could also apply to them dividends (when declared) on the stock.

Other corporations and salaries included :

Standard Oil of New Jersey, to President Walter C. Teagle, $125,000; to Board Chairman William Stamps Parish, $112,500.

Sun Oil, to President J. Howard Pew, $62,303; to Vice President J. Edgar Pew, $79,747; to Vice President J. N. Pew Jr., $62,303; to Vice President Arthur E. Pew Jr., $26,532; to John G. Pew, head of Sun shipbuilding, $60,000.

McKeesport Tin Plate, to President Edwin Robert Crawford $173,750; to Vice President G. V. Parkins, $124,166.

Hershey Chocolate, to President William F. R. Murrie, $91,500.

  1. 1
  2. 2
  3. 3
  4. Next Page