When the company founded by Andrew Carnegie was taken over by the U.S. Steel Corporation in 1901 it acquired as one of its obligations a contract to pay the top Carnegie executive, Charles M. Schwab, the then unheard of minimum sum of $1,000,000. J.P. Morgan of U.S. Steel was in a quandary about it. The highest salary on record was then $100,000. He met with Schwab, sho…