The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-01
ALL SHARE IN PROFITS
The Steel Trust Proposes to Its
Workmen That They Become
Stockholders.

New York, Jan. LIN a double circu
lar, one to the stockholders and the other |
to the officers and employees, the United
States Steel corporation announces its
intention to install a system whereby the
humblest workman on its rolls may, II he
desires become permanent stockholder
and share in the profits of the corpora
ton. q. -: i
The scheme is the result Of months Of
preparation by the finance committee Of
the corporation, and the circulars are
signed by George w. Perkins, chairman.
The plan is said to have originated with
Mr.. Perkins.
| The circular to the stockholders points
out the apparent advantage of the plan,
which was devised with equal fairness
| to every man, from the president Of the
steel corporation to the man with pick
and shovel working for one Of the Sub
sidiary companies" 4
The circular goes on to say that there
are 5000 stockholders who, it is believed,
would feel a great sense of security in the
corporations earning power il they knew
that officers and managers generally were
willing to enter into a contract by which
part Of their compensation for services
rendered will be paid after the realization
of $4,000, 900 Of profits This represents
interest on bonds, dividends on stocks and
reserve for sinking funds. :,
| The plan OF inviting officers and en-
ployes to participate Is divided into two
parts. Part one prescribes that from the
earnings Of the corporation during the
year 1902 there will have been set aside at
least 3d. 00, 900, and as much more as II
d needed for, the purchase 1of at least $4,000
shares Of preferred stock, which will be
offered as follows to employees of the cor
operation and constituent companies.
At present the corporation and subsid-
larry companies employ about 1ss, 900 men,
whom it is proposed to divide into the six
classes:
Class "A" will include all those who re-
ceive salaries Of $4,000 or over; Glass
'B," from $40, 900 to $40, 900; Glass CO.
| from $4,000 to 10000; Class d. from
| $4,000 to $4,000; Glass e. from $500 to
$4,000; Glass ''F." Of $500 year or less
The preferred stock will be offered to
any employe during January at $3.50 per
, share. Qts closing price to-day was
3s5.s7h.)
Employees can subscribe for an amount
OF stock not exceeding the sum repre-
scented by a certain percentage of their
annual salaries as shown in this table:
Class 3D." s per cent; Glass &C." 10 pei
cent; Glass "D.' IL per cent; Class "E, y
> is per cent; Glass e." 20 per cent.
In part of the plan it is explained tina,
the corporation has been and Is now max
ing changes in the salaries of men occu'
Z pyins official or semiofhcial positions and
d the directors have approved the recon-
:, mendations Of the finance committee.
Whenever $50, 900 900 and less than 800, 900, oot
= IL earned during 1903, per cent shall be Sc
O aside
:; whenever $ao, 600. 600 and less than 100000,
- Cue IL earned during 1903, LIZ per cent shall b.
set aside. g.
whenever 800, 600, 900 and less than $4,000,
u 600 is earned during 1903, IA per cent shall b
e set aside.
) whenever s1Jo. ooo, 900 and less than 1920. ooo
II 900 is earned during 1903 lie per cent shall b
l. Whenever $4,000 900 and less than $3.50, ooo
:. 600 is earned during 1909 1.s per cent shall b
" set aside.
600 is earned during 1908, per cent shall be sc
aside. t-~
Is whenever $40, 600 600 and less than $3.50, 900
l. 600 is earned during 1908. ~ per cent shall
ID Whenever $3.50 eOo. 900 and less than $1eo, 900
l. 900 is earned during 1903, ~ per cent shall b
"a set aside.
i The question Of what constitutes profit
Of Is to be determined entirely by the financ
Id committee, which, It is said. will hav
t. no interest in the profit sharing plan.
m $50, Oo0, 900 is earned in the coming veal
$500, 900 will be set aside, one-half to b
re distributed in cash quarterly, the othe
W half to be reserved until the end Of tn
year; invested in preferred stock; tn
1e stock thus purchased to be divided one
half to employees entitled thereto, TIL
Ill other, half to remain with the treasure
Mt Of the corporation. 10y *-a.< 1T:
The Provisions.
Each shareholder is to receive cer
tificate for his interest containing thes
provisions:
; First-Thst II he remains continuously IN tt
es service Of the corporation or of one or another
til subsidiary companies for Ave years, the sto<
shall be delivered to him and he may do as
likes with It. 49,. : sEssi. Is: .-g.tss
IN second-That il he dies or becomes totally a,
"a permanently disabled while in the employ Of Il
corporation Of one or another Of its subsidia
20 |companies the stock y i'll be delivered to HIS
n tate or to him. -: z-'E 81
IN Third-That he can draw the dividends d
r clared on the stock while 1t Is held Tor his
nd count and he remains in the employ Of the corp
to ration, or Of, one or another Of Its subsidia
he companies. # .i.
- voluntarily shall have quilted the service 81 t
- - corporation or Of its subsidiary companies,
= snail forfeit MI right to this stock, and in su
!" case It will be- held In a fund, which at the e
n 81 i've YEARS will be divided among such employ
at as shall have complied with all the conditions
he Thus e6 per cent Of all the money s.
I'LL aside in this profit -shA ring plan will ]
he held for ave years and will be given on
on to those who, at the end Of that perio
ed will have been in the employment Of IL
e. corporation or Of one or another Of i
n, subsidiary companies from and sin
up Jan. 1, 1908. ss 4
on LACKAwANsA WAGES INCREASED.
a New York, Jan. 1.-Begnning to-day,
Il fn<o