Page 647 - Bruce Ellig - The Complete Guide to Executive Compensation (2007)

632 The Complete Guide to Executive Compensation

1860s Jay Gould makes a fortune by “watering stock” (issuing huge numbers of new
shares) of companies he controls
1862 J. D. Rockefeller and J. P. Morgan pay $300 to not serve in the Civil War
1872 J. P. Morgan starts up company focused on U.S. government and foreign
exchange securities and also expands from shipping into railroads
1863 Jay Cooke makes $3 million a year in commissions on bond sales
1863 J. D. Rockefeller enters oil business, making kerosene in Cleveland, Ohio
1863 Thanksgiving becomes a national holiday (President Lincoln)
1868 Jay Gould and James Fisk make hundreds of thousands of dollars manipulating
the price of Erie Railroad stock
1870 Commodore Vanderbilt gives $1 million to set up Vanderbilt University
1870 The founder of the Standard Oil Company, J. D. Rockefeller, agrees to take no
salary, only dividends on his stock
1870 New Year’s day, Fourth of July, and Christmas become national holidays
(Congress)
1870 Stock ticker tape invented (Edison)
1873 Pay of the U.S. president (Grant) set at $50,000 a year
1874 Vanderbilt earns $20 million on dividends
1875 Pension plan of half pay at age 60 with 20 years’ service (American Express)
1877 Commodore Vanderbilt dies, leaving an estate of $100 million
1878 Disability and death benefits (White Savings)
1879 Coke coal baron Henry Frick is a millionaire
1880 Paid vacation of one week (Proctor & Gamble)
1882 Book value shares sold to employees (Carnegie Steel)
1882 Thrift savings plan (Miller Lock)
1883 Jay Gould Sells the New York World to Joseph Pulitzer
1884 Piece rate incentives (Taylor)
1885 J. D. Rockefeller earns $1 million in dividends
1886 Profit-sharing plan (Proctor & Gamble)
1889 J. D. Rockefeller’s net worth is $150 million
1890 Jay Gould earns $10 million
1892 J. D. Rockefeller’s net worth estimated to be $800 million
1892 Thrift plan (Miller Lock)
1894 Labor Day becomes a national holiday (Congress)
1895 Five-year fair market value stock options (General Electric)
1895 CEO pay should not exceed 20 times average worker pay (Morgan)
1895 Group incentive plan (Taylor)
1896 Dow Jones Industrial Average (DJIA) formed (Dow & Jones)
1896 Defined-benefit pension plan (Stetson)
1899 Theory of Leisure Class published (Veblen)
1900–1909
1900 DJIA at 70
1901 U.S. Steel formed by Carnegie sale to Morgan
1902 J. D. Rockefeller’s annual income close to $60 million
1902 Annual executive cash bonus plan (Bethlehem Steel)
1903 Nonrestricted stock awards (DuPont)
1904 Executive stock purchase plan (DuPont)