Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-02-28
SAVINGS PLAN FOR
. IS. c. EMPLOYEES
Concern Puts Aside $500
Shares of Stock to Be Pur-
chased by Workers.

The Public Service Corporation has
devised plan of savings and in
Vestment for its employees. the prin-
: clple being to identify the employee
: with the welfare of the corporation.
: With this end in view $500 shares
or Public Service stock have been
set aside to be offered to the officers
: ana employees of the Public Service
ana It's subsidiary companies and to
= thofe of the Fidelity Trust Company
ana us allied institutions at a fixed
rate Of s115 per share.
Inc purchase may be made by in
= staiments of $l.50 per month after
nrst payment of So The payment
on a share of stock equals + cents
per day for nine months of the year
SO that the smallest wage-earner en-
ployed by the company will be able
10 subscribe. The payments will ma
lure in about eightysseven months.
In case Of resignation or discharge
the stock is to be repurchased by the
company at the price it was sold
Tor, and in case of death, the rela-
tlves are to be paid the balance due
on the stock and the surplus will be
paid to the purchaser legal repre-
sentatives. The circular issued by
President Thomas N McCarter yes
terday is as follows
:. To the officers and employees of Pub
nc Service Corporation of New Jersey,
and Of its subsidiary companies
-. The corporation, acting with the Fidel-
lily Trust Company has purchased fifty
three hundred $4,000 shares of the CAPT.
tal stock Of the corporation, portion of
which will be offered to employees of
the Fidelity Trust Company and its allied
banking Institutions, and the balance the
corporation now offers to its officers and
employees and those of the corporations
In which 1t is interested at the price of
one hundred and fifteen dollars t(S115)
per share, subject to the following con-
ditions:
First-All subscriptions shall be made
upon the express condition that the de-
cision of the welfare committee of the
corporation shall, at all times, be maj
with respect to rights or interests of such
officers and employees subscribing for
said stock, or any question relating to
the same.
second--All subscriptions shall be for
not less than one or more than one hum
bred shares. Subscriptions will be ac-
cepted with the understanding that there
may be allotted to the subscriber all or
any part OF his subscription; as the vel
ence will be given to small subscriptions
In making allOtments.
Third-Subscribers shall pay on or be-
fore April 1. 1913, FIVE dollars $50 for
each share allotted. The corporation has
arranged with the Fidelity Trust Com
pany to loan to purchasers the balance
of one hundred and ten dollars tS11O)
interest at the rate of 5 per cent. A
stock certificate will be issued to the
purchaser on Cor about April l and de-
posted with the Fidelity Trust Company
as collateral for such loan.
Fourth-Purchasers shall pay the
treasurer of the corporation, on or before
the last day of each month, an amount
equal to one dollar and fifty cents (S1.50)
for each share purchased and shall au
thoriZe the treasurer to deduct same from
his OF her wages If not paid by such date.
Said payment or deduction of one dollar
and fifty cents per share, per month S,aI
ity Trust Company on account of princi-
pal and to pay monthly interest. On
this basis the loan will be paid in full
and certificate returned to the purchaser.
AS each purchaser becomes at once a
stockholder, dividends after April l, 1913,
present rate of 6 per cent the dividend
Will equal every third month"; the amount
paid for that month.
Fifth-As officers and employees are
peIHltueu " puIrndSe ototh ou the apOfC
easy terms, and as the purpose of the
corporation is to benefit only those di
rectly interested in the upbuilding and
prosperity of the corporation, purchasers
will enter into an agreement authorizing
the corporation, or its agent, in the event
of the purchasers failure to make pay
ments for any one month, or of pur-
chaser's death, resignation or discharge.
to sell or repurchase stock so bought at
the price of one hundred and fifteen dol
lars per share. In such case the corpora
tion will pay the balance due on share
holders loan, and the surplus to the
shareholder; or, if deceased, to share
holders legal representatives. In the
event of purchasers death. however. the
right to repurchase. given the corporation
shall not be exercised within the sixty
days next ensuing during which period
have the right to pay the balance due on
the loan and take up the stock
This offer to officers and employees Is
made by the corporation In the belief
that it will prove beneficial to its bust
ness to have such employees become
shareholders, and that many will desire
to avail themselves of an opportunity
to become shareholders under conditions
which are not financially burdensome.
This offer seems, to present a certain
means of saving aid an investment which
It is believed will become more profitable,
beneficial and gratifying as the years
go by.
Subscriptions will close on March D.
diately thereafter allowing subscribers
time to make initial payments and sign
necessary papers before April l.