When for any reason, an employee desires to sever his connection
with the steel company, his stock in the company and his home, if sold,
must first be offered at a fair price to the Stock and Building Bureau.
By this scheme capital and labor will have equal interests in the
Harris-Ingram Steel Co., also an equal voice in the management of the
steel company's welfare. Should capital and labor disagree, then the
matter in dispute, with all the facts, and before any strike on the
part of labor shall occur, shall at once be submitted to arbitration,
and the decision of the arbitrators shall be final.
Signed by
George Ingram,
_President of The Harris-Ingram Steel Co_.
In eight months George Ingram had spent of the five millions at his
disposal three million dollars on the steel plant. A working capital of
$500,000 was deposited in four banks, and the balance of one and a half
millions was invested in call loans, and so held ready to loan in small
amounts at 4%, to aid employees in securing their quota of stock, a lot
and house.
In twelve months, the $2,500,000 stock of the company, allotted to
labor, had been subscribed for by the employees, over a thousand pretty
cottages, costing from $1,000 to $2,500 each, were built or in process of
construction, and nearly three thousand lots had been bought by the
workmen.
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