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Story
July 18, 1930
Douglas Daily Dispatch
Douglas, Cochise County, Arizona
What is this article about?
In court, Grace testifies on his 1929 Bethlehem profits being ruled out, bonuses capped at 8% of net earnings by Schwab, and his $120,000 salary, causing laughter. (148 characters)
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Full Text
GRACE TESTIFYS
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so that any questions as to Grace's 1929 profits as president of Bethlehem were ruled out entirely.
The Eaton attorneys then made an effort to determine the basis of Bethlehem bonuses and learned they were set by Charles M. Schwab, chairman of the board and under the by-laws could not exceed 8 per cent of the consolidated net earnings after deducting all fixed charges and an amount equal to the annual dividends upon preferred stocks outstanding, but before deducting depreciation.
Grace testified Bethlehem has not always paid 8 per cent and never more than that.
When Grace answered the question relating to his present salary of $120,000 a year, a wave of laughter swept over the court room.
(Continued From Page One)
so that any questions as to Grace's 1929 profits as president of Bethlehem were ruled out entirely.
The Eaton attorneys then made an effort to determine the basis of Bethlehem bonuses and learned they were set by Charles M. Schwab, chairman of the board and under the by-laws could not exceed 8 per cent of the consolidated net earnings after deducting all fixed charges and an amount equal to the annual dividends upon preferred stocks outstanding, but before deducting depreciation.
Grace testified Bethlehem has not always paid 8 per cent and never more than that.
When Grace answered the question relating to his present salary of $120,000 a year, a wave of laughter swept over the court room.
What sub-type of article is it?
Historical Event
Biography
What themes does it cover?
Justice
What keywords are associated?
Grace Testimony
Bethlehem Bonuses
Charles Schwab
1929 Profits
120000 Salary
Courtroom Laughter
What entities or persons were involved?
Grace
Charles M. Schwab
Eaton Attorneys
Where did it happen?
Court Room
Story Details
Key Persons
Grace
Charles M. Schwab
Eaton Attorneys
Location
Court Room
Event Date
1929
Story Details
Grace testifies that questions on his 1929 profits as president of Bethlehem were ruled out; bonuses set by Charles M. Schwab not exceeding 8 per cent of consolidated net earnings after fixed charges and preferred dividends but before depreciation; Bethlehem has not always paid 8 per cent and never more; his $120,000 annual salary prompts courtroom laughter.