Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1917-03-30
ADOPTS
COOPERATIVE PLAN
PLOYES OF BIG TIRE COM
PANY ACCEPT STOCK.

Eleven thousand, or more than 80
per cent of the 1850 employees Of
the Firestone Tire & Rubber COM
pany of Akron, O., have responded
to the stock distribution plan just
closed by the company, according to
an announcement made by President
H. S. Firestone this week, thereby
writing what is considered to be a
most important page in the history
of American business, inasmuch as
the plan is the first one evolved
which does not discriminate between
classes of employees.
The plan is unique and differs
from the ordinary "profit-sharing"
scheme in that every employee SUBJ
scribing Immediately becomes a reg
istered stakeholder of the company,
while the stock allotted, approx
mately $3,000,O0O, was distributed
on a basis of length Of service, not
on the usual basis Of salary earned.
In short, the sweeper or the shoveler
got more than the high executive If
he had served longer, up to a period
Of five years. All who had been en-
ployed more than five years were on
an equal basis.
i Payable in Small Installments.
To carry out this arrangement, an
adjustment of longtime payments
was made to enable those making
the lowest salaries to get the maxi
mum amount of stock. Cash pur-
chase may be made by those who de-
sire and who can, of course, but the
minimum installment necessary on
a thousand-dollar purchase, for in
stance, is $3.50 per month. The
stock was sold to employees at 500
a share, though the market quota
ton is $145.
President Firestone had been
working toward this accomplish.
ment for a long time. At the an.
4 nual meeting last fall the directors
and stockholders ratified his careful.
ly planned proposition. On Janu.
airy / the subscription was opened
On March 8 it was closed. And
with it's close showing over 80 pei
cent acceptance, including every di.
vision of employees, Mr.. Firestone
has the satisfaction of having real
ICED a long-cherished ideal. He hat
demonstrated the confidence of his
company in it's employees. He hal
demonstrated the employees conf.
dence in the company and it's fu'
] ture.
i But Mr.. Firestone has done more
The has established q precedent Of
broad and deep significance in in
dustrial relations. The enviable
position of the Firestone Tire &
Rubber Co. In the business and
financial world; its record Of safe
sane conservative policies; til
growth In II years to a dominating
place In the rubber industry; itt
volume Of business, conservatively
placed 1T sixty million dollars this
year; these are the things that give
weight and power to this example
of providing 80 largely and 20 sound.
ly for the workers interest
Means Loyal Workers.
It indicates sthe determination OF
the FhestDne company to produce
tires and other products for the pub.
lie which have in them all the merit
that confidence and interested, loyal
workers can put into them. They
have acquired stock which at time
Of purchase is quoted at nearly hall
again what they will pay for IT.
! They have this stock in company
capitalized at $4,000, 0OO. the Ger.
titled assets of which run over 1884,
100000, the surplus already listed
being $18,OOO,000. All of which
means that they will profit not only
through their work in the future
and the company's further growth
but that they profit through theil
good work In the past.
While the unique liberality of this
stock distribution plan is the move
of greatest significance to Business
in general, stin it is only the latest
achievement Of a long program OF
cooperative measures which form
Mr.. Firestone's plan as q whoae.
/ Only last year the $360.0oe Fire
stone Club house was opened. About
the same time ''Firestone Park" wa
lOQcu0Us IuA0 UCA08 al OASOcAsO oSA~
beautifully situa1ed home-buildtne
Iplat. Then the Rubber City Savings
Bank WIS established, near the great
Tirestone factories.
/ A fund of $1,00o.e00 has been eel
aside for benefits to employees. In
GLIDING assurance. pensions and the
like. These policies and others con-
sistent with them, place the Fire
stone company in a position OF lead.
ership in the march Of industrial
!. progress. 1t is an example Of wha'
harmony of interests between fac
| tory and public can be established
and sustained when men OF real ca
pacity approach the problem Will
the right intent.
The Washington Union Coal com
pany Of Tono has announced that Il
II u,iI1 call tho curfacn rightR on ttI