R. R. Profit-sharing

The following interesting letter was first printed n the Official Railway Guide. It explains in clear and coccise language the practical marmer in which his plan of " profit-sharinsc" and stock allotment is administered by the Toledo, Ann Arbor & Northern Michigan Railway Co. It was written to correct an erroneous impressioD, and to explain that the " rule," which for a time seems to have been in force on the Philadelphia & Reading, was not at all like the comprehensive plan adopted by the Toledo & Ann Arbor Company : " The plan which our company has adopted is exactiy the opposite of the one put in force by the Pbiladelphia & Reading Railroad Company, in withholding a portion of the regular wsges paid its conductors. "The cash dividends which this company has agreed to pay to each and all of its employees is in addition to their regular wages. "The 'stock' to be delivered to each employee when retiring from this company's employ, sfter a service of twenty years, becomes his individual property on delivery, and he may (if be so elecl) sell it the very day he receives it. " All employees who may be disabled or lose their lives, while in the line of active duty, are entitled to an amount of stock which shall equal the wages paid them the year prior to their disability or death, which stock, they or their legal representatives may sell as any oiher property. "It is estimated that the cash dividends paid, in addition to the regular wages, will come from increased earnings, the result of care and economy on the part of employees. The stock is a ' bonus ' to those who may have remained with the compaDy for twenty years. "The company will provide at once for two hundred and fifty thousand dollars of ' stock ' to be retained in the treasury specially for the purpose named. Thia ' atock ' can only be issused as provided in the rules. "If the time should come when this ' reserved steek ' was all issued, ithe company must go into the market and purchase the stock or pay the employee in cash the market price of the stock, ns he may elect. " Respeeïfully,