New-York tribune., 1910-12-21
STEEL'S CHRISTMAS GIFT
cornoration Announces Bonus OF
So, 700, 900 to Employees.
TRUST COMPANIES LIBERAL
One Gives $50,O00-Cotton Elk
changes Fund To Be Larg-
est Yet Collected.

Christmas bonuses to employees aSgre-
eating $2,75O,001 were announced yesterday
in Wall Street. showing that, although II
has been lean year in the stock market
and business generally has been below the
average, Santa Claus is going to be very
much on the job in the financial district
The United States Steel Corporation and
the Central Trust Company will be the dis
tributers of the amount named, the steer
Corporations bonus being s., ,oo0. Wh1ch
is 500 900 larger than last years distrlbu-
ton, notwithstanding that it has been
dull year in the steel trade, and that OF the
trust company $4,000. which is the same as
last Christmas. Each employe of the Cen
trail Trust Company will get 80 per cent of
the amount of his yearly salary as his
share of the bonus.
The Astor Trust Company announced a
bonus of 10 per cent of the annual salaries
of its employees.
The Steel Corporations bonus is part
cash and part common stock. and. as
usual, the amount was determined by the
annual earnings. It will be paid 60 per cent
in common stock at 20 and 40 per cent in
cash, the recipients being the officers and
employees of the corporation and its sub
sidiary companies Last year the bonus
was paid 60 per cent in cash and 40 per
cent in preferred stock at 124. or common
stock at go. in accordance with the wishes
of the recipients, so far was practicable
and convenient.
May Subscribe for Stock.
EX-Judge E. H. Gary. chairman of the
United States Steel Corporation, who gave
out the Christmas bonus announcement,
also stated that the usual opportunity
would be given to the employees of the cor
poration to subscribe for 2oGaN shares of
the capital stock on basis of Ia for the
preferred and 20 fer the common. Sub
scriptons to either class of stock will be
optional with the employees of the corpora
ton who take advantage of the offer. Last
year the employees got an offer of pre-
ferred stock only, the subscription price
being ia. The price at which the employees
are permitted to subscribe to the stock is
always fixed under the market value at the
time the announcement is made. 1ester-
days closing figures for Steel common and
preferred We're 1914 and 1875. respectively
With the exception of the three companies
mentioned and the Standard Oil Company,
which has already let it be known that 1t
will give its usual Christmas present in the
shape of increase in salaries ranging
from 81 TO 500 month to its deserving
employees, none of the other leading indus
trial companies banks and trust companies
in Wall Street have announced what their
Christmas distributions to their employees
will be this year Most of the financial
institutions wait until the end Of the year
before distributing bonuses to their en-
ployes and it is probable they will follow
the same custom this year.
The banks and trust companies will give
almost as much as usual, it is understood
ready stated in The Tribune, are not eX-
pected to do much for their employees in
the way of Christmas bonuses this year.
because Of the long continued dulness in the
stock market.
The Christmas funds for the employees of
the various exchanges are being collected
and while those Of the New York Stock
Exchange and the Consolidated Stock Ex-
change are expected to be smaller than last
years, the Cotton Exchange fund, it is
said will be the largest in the history of
the institution. Last year 1t was s3,500,
while already this year nearly $4,000 has
been subscribed.
The cotton market has not suffered from
the slump that has affected the stock mar
has been very active. and as a result most
OF the cotton brokers have made money.
The curb fund is also being generously
subscribed TO this year and it is said will
exceed last years total of about $1,000.