QUESTION: "Will there ever be an opportunity for Disneyland employees to purchase stock by payroll deduction?" EDITOR'S NOTE: More than 300 employees have asked this question.
ANSWER: "A number of you asked whether it would be possible to inaugurate a plan by which common stock of Walt Disney Productions could be purchased through payroll deductions.
"As promised, we have investigated and find out that such a plan can be arranged. Now we would like to know whether there is sufficient interested to warrant going ahead with it.
"The essential elements would be as follows:
1. You would authorize a deduction from pay, with a minimum of $2 and a maximum of $22 per week.
2. The money would be paid over to a trust administered either by an investment firm or a bank.
3. An account would be established for each individual and periodically the trust would purchase shares of Walt Disney Productions common stock in the open market and each individual's account would be then be credited with the amount of stock represented by his dollar contribution.
4. The Company would pay brokerage commissions on the stock purchases.
5. All dividends, including the value of fractional shares resulting from stock dividends or stock splits, would be accumulated and credited to the individual accounts in the trust.
6. Each individual would receive statements of his account on a monthly basis.
7. An individual could revise or terminate his or her payroll deduction at any time and discountinue the account in the trust at which time you would receive a certificate representing the number of full shares of Company stock which had been accumulated in your account up to that point.
8. The Company would reserve the right to revise the plan or discontinue it entirely at any time.
"It should be clearly understood that participation would be entirely voluntary.
"It is not a condition of employment.
"The Company does not recommend for or against participation for several reasons:
"Individual family financial circumstances vary widely and an additional program of savings through the accumulation of stock might be undesirable in some cases.
"The price of shares of stock go up and down based upon many factors including the state of the economy, world developments, the balance between the supply of stock available for sale and the demand to buy it, the earnings performance of the Company, the evaluation which investors place upon the Company's future prospects from time to time, and other factors.
"Our Company's stock has risen in price very substantially over the past few years and there is no assurance possible that it will continue to rise or that it will not decline. Obviously, the successful financial performance of the Company and a continued favorable evaluation of its future prospects would contribute to maintaining its value.
"Such a plan is not economically feasible unless a substantial number of meployees decided to participate. If you wish to do os, you will be receiving a notice with your paycheck giving you the details.
"When you receive this notice, kindly indicate your desire to participate in the plan and give the probable amount of your authorized weekly payroll deduction. All forms will be turned into the Personnel Department. If the final decision is made to go ahead, you will receive notification, together with the necessary documents.
"Thank you for your interest."
Donn B. Tatum, Chairman of the Board.
QUESTION: "Can you forsee a seven-day, year-round operation Disneyland?"
ANSWER: "Not in the near future." The reasons against a seven-day, year-round operation are:
1. Our crowds are not big enough during the winter months, and 2. Most of our major rehab is performed during the winter. However, at the present time, we do have the manpower and ride capacity to accommodate larger winter crowds if they do become bigger.
QUESTION: "What, where, and when will be the next planned attraction in the Park?"
ANSWER: That decision has not been made yet. Possibilities are: a continuation of Tomorrowland with a Space Mountain complex; a Liberty Square area such as Walt Disney World has; and Thunder Mesa - a table-top mountain resembling those found on Southwestern deserts that includes a pueblo-style village and a series of exciting adventures.
QUESTION: "Is it true that Disneyland is receiving an increasing amount of mail from guests in regards to the UNcleanliness of the Park and will steps be taken to bring our reputation back to snuff?"
ANSWER: No, this is not true. We have not received an increase of letters inferring that we have an unkempt Park. However, if you feel that we are becoming lax in our standards, please contact the Janitorial Department, one of their Supervisors, or Ron Dominguez.
Friday, December 19, 2008
You've Got Questions, I've Got Answers, Part 4
The third batch of questions relating to Disneyland and Walt Disney Productions, as posed by Disneyland employees in 1972 and published in the June 23, 1972 Disneyland Line. More details can be found in Part 1.