The New York herald., 1921-01-04
STEEL EMPLOYEES
GET STOCK AT SS1
United States Corporation Of
fers Workers Common at 1-2
Point Under Last Sale.
PAID FOR IN INSTALMENTS
Price Is Fixed at Quotation of
Final Transaction on Ex-
change on Dec. 81.
PAID FOR IN INsTALMENTS

The employees of the United States
Steel Corporation viii be permitted to
subscribe to It's common stock for SS1
"a share, according to announcement
made yesterday by the corporation.
This is half a point under the closing
price on the New York Stock Exchange
yesterday. The usual nominal amount
OF $4,000 shares is offered for subscrip-
tion by the corporations employees,
but 1t is expected that, as in former
years, full allotment Will be made of
all stock subscribed for Last year the
total was in excess Of 10000 shares.
For many years the corporation has
been purchasing in the open market
its own shares and selling them to its
employees on a partial payment plan.
The price usually fixed at which the
employees get the stock is an average
OF the price which the corporation pays
in acquiring the shares. Sometimes 1t
Is considerably higher than the market
value on the day that the subscription
price is announced. and at other times
1t has been below the market Yes
terday's announcement fixed a price
equivalent to that ct which the stock
closed on the Exchange last Friday
and only half a point under yester-
days close.
The terms of the offer will not differ
materially from those of previous years.
Under those terms payment IS to be
made in monthly instalments to be
deducted from the wages or salary OF
a subscriber, the first deduction to be
made from. the April pay. No less than
81 share shall be deducted monthly
and no more than quarter OF that
months salary. Interest at the rate
of per cent. will be charged on de-
ferred payments and the dividends ac-
cruing on the stock will be credited to
the subscribers account. At the pres
ent dividend rate of 5 per cent. the IN
terest charges and dividends will offset
each other. A bonus OF 30 year q
share for five years is given the sub
scriber for keeping his stock Tor that
period.
The amount of stock for which an
employee may subscribe ranges from
share to fifteen shares, depending on
the salary or wage received py the sur
scriber. An employee receiving $3.50
year or less is entitled to subscribe
FOR only one share, but one whose sal
arv exceeds S1O.21250 is permitted to
subscribe to not more than 1ilteeh
shares.
The price announced yesterday was
the lowest subscription price since lSl4
and was $25 under the price OF slVo a
share charged last year. These annuai
offerings of stock have continued slnce
1909 the year after the Steel Corpora
lion was formed. Until 1908 they were
confined to offerings OF preferred stock,
then for a few years both classes Were I,
purchased for the employees. In 1919
no stock was offered, but beginning in
1916 and continuing to the present the
annual offering has been in common
shares. The lowest price at which the
common was ever offered was $50
share in 1909. In 1914 the price was S57.
THE price of the 1921 subscription is the
lowest since the beginning of the war.
The prices since 1915 have been as fol-
lows: 1916, So; 1917, 1o7; 1918, 90; 1919,
90: 1920, 106.
| The following table shows the prices
for which the corporation stock has
been offered since the plan was in
| augurated and the number of shares
/ taken annually: