The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-03
RUMFORD employees.
Resolutions by DIR. Horsford's Operatives
Who Were Benefited by the Annuity

RESOLUTIONS by DIR. Horsford's Operatives
Who Were Benehted by the Annuity
Plan.
"A series OF resolutions were this morn
ing adopted by the employees of the Rum
ford Chemical Works, which show how
highly DIR. Horsford, whose death was
announced In the News yesterday, stood
In the esteem OF those with whom his
business relations were most intimately
associated.
AT the meeting OF the employees today
these resolutions were adopted:
ResoiUed, That It Is with sense Of
the "eeprst regret aud sorrow we
realize his death and our loss. That
his life. which has been pre-emi-
nent Tor honor and uprightness, has
ever been TO us an incentive TO good
and noble living. an example of honor aud
benevolence. That in his death we eacn
feel the distinct loss Of Que whose per-
sonal interest in every individual, aud es-
pecially kind feeling toward each en-
ploye has dvne much TO sweeten life. Belt
hcsotued, That copy OF this testi-
moni i be forwarded TO the family, and
be published In the daily papers OF Pro
vidcnce.
A prominent characteristic of Prof.
sfNs "es MS hPPhSSiotAOu VI IVY
and faithful service, ana he was ever on
the alert for opportunities OF expressing
that appreciation In some practical manner
beneficial TO the recipient Of his at Q tions.
This phase of his character wa, made
especially prominent to the employees OF
the Rumtord Chemical Works. of which
he was president, by the adoption by that
corporation, six years ago, OF the plan
known TO them AS the " Annuity Plan"
but which has been often designated AS a
profit sharing" plan. Ii was in reality
plan for the reward OF faithful service
and received the hearty and earnest sup
port of Prof. Horsford
The so-called profit sharing plan en-
braces an annual gift to the various en-
ployes at Runford and Providence
who have rendered efficient aud faithful
service for term OF ten years and up
ward. Th" gifts being determined by the
amount OF wages annually paid to each
employe.
To those whose wages amount to 81 200
per year, or less, the gift is:
len per cent OF the wages earned by
one who has been in employ 10 years aud
less than Is years.
Fifteen per cent for Is years. service
and less than 90 years.
Twenty per cent for twenty years.
service aud less than twenty-five.
twenty-five per cent for twenty-five
years service and over.
To those whose wages amount TO more
than 81 20 per year, the gift is one-half
of the above percentages Tor correspond
ing terms of service.
To illustrate the methods of arriving
at the sum that is received by different
employees, take the supposed case of John
Doe, whose wages amount to $500 per
year. aud who has been in srrvice III
years. The gift to him is 10 per cent OF
500, which is $50. Ii John Doe has con-
tinued In service 10 years, aud is earning
at the time 500 per year. tnen the gift to
him is Is per cent OF $500 which is s75.
The list OF employees is revised each
year. thus placing each one in his proper
place. This does not effect the wages
earned These are fixed by the skill and
efiic ency of the individual employees.
This plan is but one form of the profit
sharing principle already adopted by sew
eral extensive concerns throughout the