New-York tribune., 1903-01-01

remain continuously in the employ of the cor
poration or of one or another of the, subsidiary
companies. and to have the same interest in the
business that "a stockholder or working partner
would have. the following offer is made:
If he will not sell part with the stock, put
will keep it. and in January of each year lor
five years. commencing with January. l9u4 VII
exhibit the certificate to the treasurer or MS
company. together with a letter from proper
official TO the effect that he has been contlnu-
ously in the employ of the corporation or OF one
or another of its subsidiary companies during
the preceding year and has shown a proper IN
terest in its welfare and progress, he Will during
each of such five years receive checks at tee
rate of 81 a share per year. If he shall remain
continuously in the service of the corporation
of one another of its subsidiary companies
for five years. at the end of the fifth year the
corporati ton intends that he shall receive sun
further dividend. which cannot now he ascer-
tanned or stated. but which viii be derived from
a fund made up of the s. per share per year
which would have been paid to each subscriber
who meanwhile shall have discontinued his pay
ments upon the stock bought in January. l9t3
the amount of this fund
If however q subscriber shall have died or
shall have become disabled while faithfully
serving the corporation or one or another OF IT'S
subsidiary companies in the course of the hNe
years period, the money heretofore PAID ny
him on account of the stock he was purchasing.
If he has fully paid for it, the cert1hcate OF
his estate or him. together with a sum of 50
per share for each of the five years not then eX-
pired.
A SIMILAR OFFER NEXT YEAR.
If the plan is received favorably, it is an
nounced similar offer will be made at the
close of 1903 except that the price at which the
stock will be offered will be, at present, about
the market price.
The second feature of the plan has to do with
the sharing with the stockholders by the men
who occupy official and semi-offcial positions
and who are engaged in managing and directing
the affairs OF the corporation and of its sub
sfdiary companies in any profits made after a
certain amount of annual net earnings shall
have been reached. The aggregate disburse-
.nents of the corporation for interest, dividends
and sinking fund requirements. as already
noted. are about $40, 100000. The finance COM
rnittee has recommended and the board of di-
rectors decided that whenever SS01000o0 and
less than 10000. is earned in 1903. | per
cent or a minimum of SSo0000 shall be set aside
as profit sharing fund; whenever S90.eO0.o00.
and less than S10000000o. is earned IL per
cent; S10OOOOOO0 and less than S11o.ooOo0,
ii ner cent: S110000.000 and less than S12O.-
600 GOO 16 per cent; S120,000,o00 and less than
3O0o0O00. Is per cent; $130000Go0 and less
than S140ooO000, , per cent; $14oo0o0oo and
less than s150OO0,000. "a per cent; s150.Oo0.e0
and less than $160,VA,000. 2la per cent.
The Finance Committee which it is announced
will have no interest whatsoever directly or in
directly. in the profit sharing plan, is 10 make
the final selection of the men who are to share
in the distribution. and is to determine solely
and finally the question of what constitutes
profits.
Any profits distributed under this schedule
will be paid out as follows, for example: If $780,
100000 be earned in the year 1903, then SS00,0oO
would be the sum set aside for distribution 1t
is rroposed to distribute one-half of this sum in
cash quarterly in the year; reserve the other
half until the end of the year and then invest II
in preferred stock; divide the amount of stock
thus purchased distributing cne-half to the en-
ployes who are entitled TO it. and holding the
other half in the hands of the treasurer OF the
corporation, giving each man certlhcate Tor
his interest the certificate to recite among other
things: .,- :; A.
First-That if he remains continuously IN Lhe
service of the Corporation or OF one OF aIotneI
of it's subsidiary companies for hVe years, the
stool, shall be delivered to him and he may 90
as he likes with it, secondly. that II ne dles OF
becomes totally and permanently dlsaoeu wine
in the employ of the corporation OF oi olI u
another of its subsidiary companies, the sto,
Will he delivered to his estate or to hlIn thlIuS'
that he can draw the dividends declared on lhe
stock while it is held for his account ana ne re-
,oa;ns in the enDov of the corporation or OF one
or another of its subsidiary companies fouTlhS,
that if without previous consent EolunIarlly ne
shall have Quilted the service OF the coIpo
~ Of its subsidiary companies, he shall 1orlelI
all right to this stock and IN such case II WIN p
held in a fund which at the end OF hVe years
viii be divided among such enPloyes at;c aS
have complied with all the conditions. o
THE sixth quarterly dividend of l per cent was
,oid a Gav or two ago to the holders OF common
of the Steel 6 % receiVed checks in
Sa1+en,her 1901 when the first dividend was
naid The preferred stockholders on AusuSe :.
1901 when the first DIVIDEND Cas pdu III " Sotnr1
cass Of the stock numbered lSo69 on oo no
her II 1902 dividend checks were sent 10 zo-oo
holders of the preferred: the corpor d'i'ii ii0'
therefore about "a 900 shareholoers'