EARNINGS: Security at Sears

In the Chicago office of Sears, Roebuck & Co., an employee gives workers the latest market price of the company's stock three times a day. Employees follow the ups & downs of the stock as eagerly as they follow prizefights or baseball games. There is a good reason for their interest: Sears workers own the biggest block of Sears stock.

Last week, Sears gave out the latest figures on employee ownership. Some 96,000 employees own 4,502,523 shares (19%) of Sears stock, all of it bought through the company's profit-sharing plan. Since 1916, when Sears, Roebuck first set up the plan, it...

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