The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-03
Company Will Loan Money at 4 Per
Cent. which Is B Per Cent. Less
than the Annual Dividend.
STEEL CORPORATIONS PLAN
SALARIES AND WAGES OF THE 1es,-
900 MEN 1T EMPLOYS.
Advances Granted by RaiIweys-Pen-
sion System Of the Reading COM
pany Explained.

NEW YORK, Jan. Notwithstanding and
other schemes to insure the loyalty of en-
ployes are becoming popular. Following
the protit-sharing announcement Of the
United States Steel Corporation comes the
statement that the Pressed Steel Car Com
pany, another great industrial corporation.
will share its profits with its employees.
Said a social economist to-day: "The ef-
feet Of this proht-sharing movement on
the labor unions will be watched with in
terest When the artisans and laborers
employed in great industries become own
ers of stock. thereby having direct and
pecuniary interest in the success of their
companies. will they go on sympathetic
strikes? Will they run the risk OF losing
their savings by quitting work on demand
or appeal of labor leaders? The corpora
tions evidently think not. 1t is possible this
plan may be the best solution OF the labor
problem-more effective than Cancellation
and arbitration boards. When great indus
tries are able to plan their operations for
years in advance without fear OF strikes
the millennium for capital and labor will
have come.'
The Pressed Steel Car Company's plan
Steel Corporations scheme The car COM
pany proposes to carry for each of it's en-
ployes who have been six months or more
in. its employ from one TO twenty-five shares
of the preferred stock, now paying per
cent. dividends. The men Will pay per
cent. down and the same amount II rnnaAk--
ly instalrnents thereafter. the company
charging per cent for money loaned to
carry the stock. AS the dividend is per
cent. the buyer will have the advantage OF
the per cent difference.
STEEL CORPORATIONS PLAN.
The stock of the United States Steel
Corporation is to be disposed of to its 16s.0o0
employees at $3.50 per share. Under the
proposed plan employees are divided into
six classes. Class A includes employees draw
ing $4,000 or over, and no restriction of the
amount OF stock they may purchase Is
made. Glass B includes those drawing from
$4,000 to $4,000 year and they may de-
vote per cent. OF their earnings TO the
purchase OF stock Class c employees re-
purchase stock with 10 per cent thereon.
Class includes men drawing from $500
to s. 900 a year, of which they may use 12
per cent in buying stock Class E includes
men receiving from $500 TO $500 per year,
of which they may devote Is per cent TO the
i purchase of stock Glass f comprises men
who get $500 or less. They may set aside 20
per cent. of their income for the purchase OF
stock. Figures which show the scale OF
follows:
Employees of the steel corporation. 1ssooo:
salary of president 500 900; twelve men re-
ceive annually $4,000; fifty men receive be-
tween $1,000 and $4,000: two hundred men
receive from 5000 TO $4,000; fifteen hundred
men receive from s25oo to 5000; estimated
1902 for buying stock, $2.000.0o0: number OF
shares purchased. 25.000; sum 10 be set aside
IN tbs fsos for qo m g m 90 men
In addition TO the purchase of stock the
corporation has announced that advances OF
the salaries OF employees will be made on the
basis of its earnings. Last year IL set aside
S2,000,O00 in this way. This year. when
over $50, ,000. 600 and less than sS0O00.000 is
earned. l per cent. shall be set aside. The
increase provided for thereafter Is two
tenths of l per cent for every $l0.0000o0
earned up 10 sl500o0.000. when the sum
set aside would be 21z per cent
ADVANCES IN WAGES.
Last year all the trades received ad-
vances in their wages. The demand for
workmen has increased to such an extent
that the different unions are contemplating
| making an advance I'm their wage schedule
at the expiration of the present agreements.
Many of the railroads have given out
statements indicating heavy advances In
the wages of their employees. The Chicago
| & Northwestern announced an increase OF
| 10 per cent Jan. for its engineers and flre-
| men. The advance affects 5000 men and
means an increase in the pay roll of $780,
/ 600 per year.
The new schedule of the Chicago. Mil
waukee & ST. Paul Railroad, which be-
| came effective yesterday, provided for an
| advance of 10 per cent. in the wages or
| 45O0 men, an increase OF 100000 annually.
| IL was announced at Los Angeles to-day
| that the locomotive engineers and nremen
| employed i'm the local Jurisdiction OF the
| Santa Fe & Southern Pacific system have
been granted an increase OF wages aver
| aging 10 per cent.
one of the heaviest advances that has
| been announced by any union or fraternal
| organization during 1902 came from the
] Order Of Railway Telegraphers. Grand
! Chief Teegrapher III. IL. Perham says he
/ has received schedules that have been ac-
cepted by twenty-six railroads, involving
| an advance in the wages OF operators OF
! 81 l27 900 annually. Mr.. Perham says his
/ negotiations with the companies have been
| exceptionally satisfactory and successful
/ He had been received, he said. with the
1 greatest courtesy, and every manager with
/ whom he had talked expressed the desire
TO advance the salaries of operators. as
/ they believed them to be deserving of an
\ increase at this time. The new schedules.
/ said Mr. Perham, Include railroads ex-
/ tending from the New York Central TO the
/ Pacific coast. They were acquired without
! any friction, and none OF the companies
! was threatened with strike. i consider
i this fact one Of the greatest arguments in
| favor of the making of schedules between
/ the railroads and the corporations"
Among the railways which advanced the
wages of employees on Jan. ] are the fol-
4 lowing. with the total amount OF increases:
Pennsylvania lines. -<5sl6.eo
/ New York Central. .............-......- sazeo
ai,s Ea,t,more e. i.sssoso
Missouri Pacinc ..-.--.......-...-.--- l4lovV
Union Paclnc .........--.......--.--... ltn.W0
/ Southern Pacific ....-----------.--.-.. 2l6o.e0
| Denver & Rio Grande. f5o.oc
! 2io Grande Western n............ $4,000
| Philadelphia * Readlng ...,,....-'-- iLs."v iLss.