Page 646 - Bruce Ellig - The Complete Guide to Executive Compensation (2007)

Chapter 11

The Past, Present, and Future

T he philosopher Toynbee cautioned that he who has not learned from the past
is likely to make the same mistakes. This chapter show some of the highlights
of executive pay, dating back to the beginning of our country.

THE PAST

To 1800
1789 Pay of the U.S. president (Washington) set at $25,000 a year
1790 First stock exchange (Philadelphia) opens
1792 New York Stock Exchange opens
1794 First profit-sharing plan (Gallitin Glass Works)
1800–1849
1801 John Jacob Astor becomes a millionaire as a fur trader and an investor in
New York City property
1817 Seat on the New York Stock Exchange costs $25
1830 Christmas recognized as holiday (Alabama)
1838 Job evaluation plan (U.S. Senate clerks)
1848 Astor dies, leaving an estate valued at one-fifteenth of all personal wealth in
America—over $30 million
1850–1899
1850 Accidental disability coverage (Franklin Health Assurance)
1850 Commodore Vanderbilt’s net worth estimated at $10 million from shipping
profits

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