A loan at 4% interest,
equal to the par value of the stock, can be made by employees, when
necessary, to purchase a limited amount of the stock. Ten per cent of
the wages of all such employees will be retained as needed, which, with
dividends actually earned by the stock, will be applied on the amounts
due for the purchase of stock and real estate for a home. The new model
town will be known as Harris-Ingram.
Two thousand acres of land near the mills will be properly allotted and
improved by the company for homes for the employees, and practical
architects have been secured. It is further the wish of the steel
company that each employee shall own a good home. The size of each lot
is 50 ft. x 200 ft. and the price per lot is $50 which is in proportion
to the original cost and improvement of the allotment, so that the
employees in advance will thus secure all the profits that result from
any increased value of the lots. This is only just.
A Stock and Building Bureau will be established, and money, at 4%, will
be furnished the employees to build comfortable homes. This bureau
created and officered by the employees will attend to the purchase and
sale of stock, lots, the construction of homes, and the payment for the
same.
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