The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-01-18

| There was a sharing of profits at the
Scranton Stove works yesterday after.
| noon for the first time, when between
| S3,5O0 and $4,000 was divided among 16i
of the 275 employees of the works. About
| 40 were not eligible to share in this
division of profits.
At o'clock, after the days work was
completed, the men assembled in a
| large room adjoining the Offices and
| President j. A. Lansing delivered q
| short address to the men, during which
| division of profits of the works during
| the year 1901.
! One year ago I read to you II proposition OF
| profit sharing which we would put into force for
the year 1O0l 1t is my pleasure TO report to you
today that Treasurer Fuller is prepared TO pay
you the dividends AS per the proposal made and
results shown for the year.
We regret that all OF our employees do not come
under the provisions of our propostion-only Y
those continuously in our employ from June to
December receive this present, or dividend
As stated to you one year ago, our proposal
was an entirely new and original one. We had
no other establishments experience to guide us
as to the plan and prospective results Manu-.
faoturcrs with whom the officers of this com.
pany discussed this project advised against it,,
stating that it would be received with suspicion
and ii no profits or dividends were made, the
general impression would be that we had deceived
our employees.
You will doubtless remember that stated to
you that unless the business and profits were
larger than the year 1900; there would be moth
ing to divide. The margins in the stove manu-
featuring business are never large. The product
I've capacity OF this industry in normal times
are in excess OF the demand or consumption OF
stoves This you can readily see by referring
back to the weeks and months OF idleness each
year in most foundries Besides, we are face to
face with this problem: An ever increasing de-
mand for oil, gasoline and gas stoves for cook
ing, and steam and furnaces for heating. An
over-prodnction always means a breaking down
OF price and profits. The year Just closed showed
the largest business i'll our history. Had we been
able to have produced more goods it would have
been much larger.
referring to the working out and the more
harmonious relations in our shop under this new
experiment, we cannot say that the result has
been altogether satisfactory. While many ON.
ployeS (and there is not one connected with this
company who is not employe) nave given the
company the most loyal fidelity and support.
many have not done SO, not only to their own eln-
barrassment and loss but to the loss of ALL
Perhaps we were too confident and expected too
much and it might be faircr to say that We are
rather surprised that so many took us at our word
and did their very best. At any rate, We bear
all good will and compliment YOU on receiving
something, which if not large or handsome, is
extremely useful to have around the house.
THERE TWENTY YEARS.
Mr.. Lansing said that on Feb. 1 it
will be twenty years since he and the
treasurer, y. G. Fuller, cast their for
tunes with the Scranton Stove Works
and many of their employees have been
with them almost from that time until
the present. During these twenty
years they paid out millions of dollars
in wages and had never once defaulted
in their weekly payments.
The directors have not vet passed
upon the question of continuing the
profit sharing arrangement for 1902, he
said, and he could not say what they
will do with reference to it. He con-
cluded by wishing his employees a
happy and prosperous year and as he
finished he was heartily cheered.
The names of those entitled to a
share in the profits were read by Treas
urer Fuller and the cashier turned
over to the men the sums they We're en-
titled to. Some received as high as
$40. i
1t is unique system that was en-
ployed in the profit sharing at the
stove works and it originated with
President Lansing. Out OF the net prof |
its of the company dividend of per
cent was declared on the working cap
ltal and the balance was the fund to |
be divided. The amount earned by |
each employe during the year was |
added to the capital and on this he |
received his pro ratio share of the |
over and above the five per |
cent. dividend in the same manner as
The stockholders. the workman's dollar
1f earnings having exactly the same
value as the dollar of the stockholder.
THOSE WHO SHARED.
Only those who We're employed con-
inuously in the stove works from at
east the first of last July until the end
If the year We're entitled to a share in
he profits. The floaters who come and
30 had no part in it. One of the OBJ