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Show STEEL TRUST J HAS SCHEME . NEW YORK, Jan. Lin a public clrcu-y clrcu-y lar. one to the stockholders and the other : to the offloers an employees, the United : States Steel corpojtion announces its in-; in-; tention to Inaugurate a system whereby the humblest workman on its rolls may. If he desires, become a permanent stockholder stock-holder and share la the profits of the corporation. cor-poration. . The scheme la the result of months of preparation by the finance committee of ( the corporation, and the circulars are signed by George W. Perkins, chairman. The plan is said to have originated with ' Mr. Perkins. The circular to the stockholders points vi w DPrent advantage of the plan, which, was devised "with equal fairness . to every man, from the president of the steel corporation itself to the man with ? (tnd ,hovel working for one of the subsidiary companies." ..Thalrcular "oe" on y that at this time there are about 66,000 stockholders, who. it Is believed, would feel a greater sense of security In the corporation's : earning power if they knew that officers and managers generally were willing to enter into a contract by which part of v T. compensation for services rendered ' , ,'JLEvPld only tLtter the realisation of $30,000,000 of profits. This represents interest in-terest on bonds, dividends on stocks and leaerve for sinking fund. ! The plan inviting officers and employees to participate la divided Into two parts. , Part I prescribes that from the earnings of the corporation during the year lwa ! there will have, been set aside at least -,000,O00. and as much more as is needed ! for the purchase of at least 25,000 shares i of preferred stock, which will be offered t to employees of the corporation and con-stltuent con-stltuent companies: 'At present the cor- ) poratlon and subsidiary companies em- ploy about 168,000 men. The question ot what constitutes profits ; Is to b determined entirely by the finance j committee, who. It is stated, will have I no Interest In the profit-sharing plan. If AO00.O0O is earned In the coming year, A V"0.0u0 will be set aside, one-half to be ."distributed In cash quarterly, .the other half to be reserved until the end of the ; year, Invested In preferred stock, the i stock thus purchased to be divided one-; one-; half o employees entitled thereto, the , other half to remain with the treasurer . of the corporation. Each shareholder is i to receive a certificate for his interest, I containing these provisions: t First That if he remains continuously j In the service of the corporation or of one or another of its subsidiary com-j com-j ranles- for five years, the stock shall be delivered to him and be may do as he likes with It. . Second That if he dies or becomes totally to-tally and permanently disabled while In the employ of the corporation or of one Of another of its subsidiary companies, the stock will be delivered to his estate or to him. r Third That he can draw the dividends declared on the stock while it Is held for his account and he remains in the employ em-ploy of the corporation or of one or another an-other of its subsidiary companies. Fourth That if without previous con-sent. con-sent. voluntarlIy be shall have quitted the service of the corporation or of its subsidiary sub-sidiary companies, he shall forfeit all rlrht to this stock, and In such case it will be held In a fund which, at the end . of five years, shall be divided among such employees as shall have compiled with all . the conditions. High officials of the steel corporation declined today to discuss the reported approaching ap-proaching . retirement of President Dchwab. . . . . , |