Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-01-02
Employees of Homestead Plant
Are Opposed to Plan of
Profit Sharing
SAY 1T is NOT FAIR TO ALL
Majority of Workmen Limited to Only
Few Shares, and Stock is Not to
be Delivered Until Five Years After
Purchase, Making it an Improbable
Investment for Them.

Pittsburg. Pa, jan 2-Employes OF
the big Homestead plant of the United
States Steel Corporation, interviewed
today as to the scheme of the concern
to share its profits with it's employees,
expressed themselves as decidedly OPP
posed TO the proposition.
The Homestead works employ about
1000 men who are entitled to the profit
sharing by paying $3.50 for the pre-
ferred stock of the corporation. OF a
score of these workmen who We're
questioned, not one favored the move,
and each condemned it. Many reasons
were given why it would not be good
thing. One of these reasons is that
under the proposition submitted, the
amount of stock that the majority OF
the worklnen can buy is limited to a
few shares. For instance, according to
the circular, $1,000 employe can sub
scribe for but $3.50 worth of stock;
$1,000 employee can subscribe for but
$500 worth, and $4,000 man can sub
scribe but 1876. A $1,000 year man
can not subscribe for over one share.
The men declare that only the depart
ment and general superintendents. who
draw large salaries, will be able to pur-
chase enough stock to make an invest
ment worth the while.
Another objection raised is that stock
will not be delivered to the einpioye
for five years after he has purchased it,
and if the workman leaves the service
of the corporation before that time he
loses his stock.
The DIRECTORS claim that they assume
all of the risk, while the corporation
has the use of their money for five
years. They assert that the five year
provision is virtually a contract to hold
them in the companys service for that
length of time, as no man could afford
to quit and lose his stock. They assert,
also, that it would destroy their inde-
pendence III case of a dispute arising
and making a strike necessary.
Some of the opinions expressed by
the men are as follows:
G. O. Poster, who draws a salary of
$1,000: II believe that we can do bet
ter by leaving our money in savings
bank at 5 per cent than by putting a |
part of it in steel stock and not be able
to get the stock for five years. With |
our money in savings bank, we can
get 1t at any time"
Edward Cox, employed for twelve |
years at Homestead, said that the Car
legie company had always shown an
interest in its employees, but he did not
.hink it would be wise for them to
withdraw their money from the bank,
where it draws per cent interest, and
invest it in stocks for five years.
The majority of the employees object
ID TO the publication of their names,
out spoke in strong terms against the
declaring that it was only
lever move on the part of the corpora
ion to dispose of it's stock and keep its
vorkmen under their thumb, thereby
strikes or other labor trou-
lies.
The officials of the company, of
curse. approve the plan. A. G. Dinkey
of the Homestead mills
md a brother-in-law of C. NJ. Schwab,
lad had time to thoroughly consider the
natter. He objected to having any of i
hem interviewed.
John NJ. Molanphy, who was em-
'loyed at the Homestead works for
yer thirty years as a department. SUI
but who was retired on a
ension some months ago, said that he
bought the proposition was a good one
nd would be beneficial to the work.
len.