Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-01

tircment of President schwab.
NEW YORK, December Gin a dou-
bic circular, one to the stockholders and
the other TO the officers and employees.
the United States Steel Corporation an
nounces its intention to inaugurate sys-
TEN whereby the humbiest workman on
| its roll may, If he desires become per-
| nlanent stakeholder and sharer In the
profits of the corporation. The scheme Is
the result Of months OF preparation by
| the Finance Committee Of the corpora
ton. and the circulars are signed by
George W. Perkins chairman.
The plan is said to have originated
with Mr. Perkins.
The circular goes on to say that at this
time there are about 5000 stockholders.
who. it is believed. would feel greater
sense of security in the corporations
earning power If they knew that Off
GERS and managers generally were willing
/ 20 enter into a contract by which! part Of
their compensation for services rendered
shall be only after the realization Of
$50. 900 600 OF profits This represents In
terest on bonds. dividends on stock, and
reserve for sinking fund.
Stock for Employees.
The plan inviting officers and EN-
rloyees to participate Is divided into two
parts. Part one prescribes that from
"a ruin nf a inn 1,,rir
the year 1852, there will have been set
aside at least S2.00o.Oo0. and as much
more as is needed for the purchase Of at
least $1,000 shares of preferred stock,
which will be offered as follows to en-
ployees Of the corporation and constit-
uent companies
At present. the corporation and subsi-
diary companies employ about l6S.co0
men, whom it is proposed to divide into
these six classes: Glass A will include
all who receive salaries Of 500 600 year
or over. Class B will include all those
who receive salaries of from $4,000 to
$4,000 a year Class will include all.
|, those who receive salaries Of from 5000
to $1,000 a year Glass d will include
all those who receive salaries OF from
So 500 to 5000 a year Glass E will in
clude all those who receive salaries OF
from $500 to $500 a year. Class F will
include all those who receive salaries OF
$500 a year or less.
The preferred stock will be offered to
any employee during January at S625o
per share Gts closing price .o-day was
sS5 S11s
of stock not exceeding the sum repre-
senteH by a certain percentage of their
annual salaries as shown in this table,
Glass 3. per cent; class c. 10 per cent
Class D IL per cent: class E. 10 per
cent; class F. 20 per cent.
In part two of the plan, it is explained
that the corporation has been. and is
now, making changes In the salaries OF
men occupying Official or semi official
positions. and the directors have approx
ed these recommends tons of the finance
committee.
Whenever. $50 00o.0 600 and less than $780,,
100000 is earned during 1888. per cent
shall be set aside: whenever s@hO'ooo
and less than 600 is earned during
1903 10 per cent shall be set aside: when
ever 500 100000 and less than Sl1oo0o.000
is earned during 1903. IL per cent. shall
be set aside: whenever s1I0.0o00Nl and less
than $40 0(0.000 is earned during AJrS
16 per cent shall be set aside; whenever
s120 5000 and less than Sl3o0N0.oD Is,
earned in 1903. is per cent shall be
set aside; whenever 900 and less
than SlittJt.UvU Is earned Outing 1919.
per cent shall be set aside; whenever
$40. 600 600 and less than $lo0.10n.Va0 is
earned during 1908 . ii per cent shall
be set aside: whenever S150VJo 900 and
less than $3.50. 600 600 is earned during LIS.
2 I-2 per cent. shall be set aside.
Question of Profits
The question OF what constitutes profits
is to be determined entirely by the fna1-
cial committee If $50 900 900 is earned
in the coming year. $500 600 will be set
aside one half to be distributed in cas,
quarterly, the other half to be reserved
until the end of the year; invested in pre-
ferred stock: the stock thus purchased
TO be divided one half. to employees en-
titled thereto. the other half TO remain
with the treasurer of the CORPORATE ton.
Each shareholder is to receive certifl-
cate for his interest containing these
provisions:
/ That if he remain continuously in
the service of the corporation. or of
one, or another of the subsidiary COM
parties. for I'VE years. the stock shall De
delivered to him and he may do as he
likes with If.
.. That if he dies or becomes totally
and permanently disabled While in the
employ of the corporation. or Of one or
another OF the subsidiary companies the
stock will be delivered to his estate or
to him.
8. That he can draw the dividends de-
clared on the stock while it is held for
his account and he remains in the en-
ploy OF the corporation. or Of one or
another Of its subsidiary companies.
A. That If without previous consent.
voluntarily he shall have Quilted the
service of the corporation, OF. one Of Its
subsidiary companies. he shall forfeit all
right TO this stock. and in such case ii
will be held in q fund which al the end of
I'VE years will be. divided among such
employees as shall have compiled with
all TIE conditions.
Thus. Is per cent of all the money
set aside in this profit-sharing plan Will
be held for FIVE years. and will be given
to such only as at the end of that period
shall be in the employ of the corporation.
or one or another of its subsidiary com
panies from and since January L. 1903.
Retirement of Schsvab.
High. officials OF the Steel Corporation
declined to-day to discuss the reported