Pine Bluff daily graphic., 1920-02-08
HING MILL TO
 RE PR0FIT,L0SS IW|TH EMPLOYES
Plan is Put Into Elf hy Massachusetts
 Concern

Feb. 7-The Evening Tran
 avs announcement has been
 Winship, Bolt & O., pro-
 of the Harvard Knitting
 Wakefield, of profit-shar-
 for their $50 employees
 unique in the history of
 al operation in the country
 oh is characterized by cap
 industry and legal author
 the most revolutionary step
 ind vet taken in the manu-
 E world.
 bis plan each ennploye after
 r's service becomes mem-
 a body of "Employe-Part-
 who will practically share
 in the net profits of the bus
 1t is the purpose of the firm
 rmine each year, beginning at
 of 1920, the net profits and
 ]e 50 percent thereof to the
 of the Enploye-Partners.
 this 50 percent will be paid
 in cash on a basis of their
 $ for the year and the other
 ll be credited on the books az ployes' investment in the cap
 the industry. On this part, m will, in addition, pay inter- (ually at 6 percent. The plan, |re, gives to each employe of hrs Service, or more, quar- bach years net profits in cash huarter in what corresponds to n the company. As the firm Incorporated, this interest will |the form of interest-bearing :ates.
 Ratified by Employees.
 start the arrangement which ktified at general meeting |employes, each employe of one standing prior to January l ] year will receive certificates Ion 20 percent of his or her |arnings. Those of five years or more will receive an ad- Il one percent more for each |At the termination of the 1919 |ss year, the net profits of the ry will be ascertained and the distribution plan inaugurated. take a new employe one year ter in which to earn certifi- and two years in which to be- participate in the profit-shar- 'ision is made in the agree which will be signed individ- by each employe and the firm. ath and old age. Any employe ,ars or more in service who at he age of 60 may withdraw an- 50 percent of his or her hold Any employe wishing to re- om work may have his or her cates redeemed in full one fter giving notice of intent to If not in service five years, ploye's certificate must remain business until such period has l.
 vent of the death of an em- his widow or children, or the n of a widow w-employe, will be from the general business ac- in such manner as the proprts leem required, no child to re aid through either parent or an after reaching the age of [oldings of all employees will tected, so far as the statutes , from claims or attachments. agreement provides that the Ie-partners. as the profit-shar- nployes will be known, shall shop committee of five, who ike up with the proprietors at me questions of working con-
 or the financial affairs, but ill not vitiate their present % take up personal grievances, aully.
 1idaully as the proprietors g a means of equal share in 'ofits, the agreement likewise es that the employees partners t on the books shall bear in proportions any losses which ccur, but the proprietors quail is by agreeing to advance any equired, should the employees ' balance not show sufficient
 to meet such losses. Any so advanced by the firm will 2 a charge account against the 1es account until offset by rofits.
 agreement further provides at any time the total holdings employees shall exceed in val fair estimate of the value o1 roperty and earnings of the either side may petition for in. alton under the laws of Mas. 'etts. Capital stock would have value of $100 per share and all gs of both employees and the would be transferred.
 company reserves the right tt on the plan at the end of two II It appears to have failed ir .rpose, which purpose, as out. Tn the formal agreement is te 'e more cordial relations be, employer and employe, to in.
 the quality and quantity o1 itput, enable the employees tt se their living conditions, bet lucate their children, and, 1T ', elevate the standard of civ on.
 pF,rietors Shall Run Business. Iner provision is also made ir 'nduct of the business, which Y, shall be in the hands of tn, eto1rs, without let or hin Tn the questions of increas 'r decreasing the operatin. dlscharging employees for in 'ncy or other just causes, an. ,.ng the authority of minor cx