New-York tribune., 1903-02-04
u. s. STEEL ALLOTMENT
Fully 45, 900 Shares, 1t Is BeheUed.
Go to Employees.

At the monthly meeting yesterday afternoon
of the board of directors of the United states
Steel Corporation the preferred shares SUD-
scribed for during the month of January by elh-
ployes of the corporation, under the provisions
of the profit sharing plan, were allotted. The ol-
rectors also adopted a minute outlining the
career and eulogizing the character of the late
Abran S. Hewitt member of the board from
its organization. and the first director who has
been removed by death. In regard to the boards s
action on preferred stock allotment, the follow
ing statement was issued by Chairman Gary
after the meeting:
The books for subscription to stock closed on
Saturday evening, January 81 ana the stoch
was subscribed for as follows: ,.
Twenty-seven thousand six hundred ana Ilil
ty-three men subscribed for 81 10 snares- CSS
E, composed of men who receive satares OF Sooo @
to 81, 500 year, subscribed Tor Z5'o1o SAf1e''
IA 260 men subscribing
Class F, which is composed of men who reeeIye I'VE
$500 or less in wages, subscribed lot lo'ooo
shares 1910 men subscribing.
The board of directors voted to allot 70 CldSs
F all the stock they subscribed for; TO lass lass F.
90 per cent; to Glass D. so per cent; TO CIass -,
20 per cent; to Glass B. so per cent, ana 70
Glass A. so per cent Of the stock for "hlcA
these respective classes subscribed
The total amount of stock allotted is not
stated but it is understood that it was fully
forty-five thousand shares When the pront
sharing plan was announced on New Years
in the lower ranks would scout the stock SUD-
scription offer, but the statement SHOWS Sld'
the Iaborers and skilled mechanics applied for
four-ffths of the subscriptions.
According to the profit sharing plan as an
nounced, the allotment of preferred stock 10
employees was to be at the rate of So 90 snare
and was to be limited to twenty-five thousand
shares excepting for the provision that each
subscriber would be assured Of receiving at least
one full share When it was found toward the
end of January that the employees were ASKING
for stock in amounts which would bring the
total subscription much above twenty-five thou
sand shares it was said uuoficially by mem
her Of the finance committee that the corpora
ton would go into the market. if necessary, to
get additional stock for the employees. United
States Steel preferred closed yesterday at $50
share.
After the meeting Chairman Gary made the
following statement in regard TO the business
of the corporation:
.'The subsidiary companies Of the United
States Steel Corporation at the present time
have orders on their books for over 100000
tons, which are the largest unllleo DooklhSs
they have ever had.
The stocks of the United States Steel Corpo-
ration advanced in yesterdays market on a re-
mort from Trenton that the New-Jersey Court of
Errors and Appeals had reversed -Chancel-
Ior Frnerv's decision against the corporation In
the Hodge suit to restrain the carrying into
execution of the bond conversion plan The
rumor could not be SubStantfated here. j. 2.
Morgan & Co and the counsel for the corpora
tion had had no advices concerning it.
Another report in Wall Street was that the
steel corporation had closed negotiations for
the purchase of the Jones & Laughins Steel
Company of Pittsburg. leading director of
the United States Steel Corporation declared
this story to be perfect rot