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 50 THE AMERICAN JOURNAL OF SOCIOLOGY

further sum is paid to them out of the pension fund sufficient with the wages paid them to make the total amount received equal to their former average rate of wages, but in no case may the sum withdrawn from the pension fund amount to more than 75 per cent, as above mentioned. The whole plan is an agree- ment between the company and its employes, and can be ter- minated at any time upon six months notice by either party. Thus far only one man has received a pension. The present condition of this fund is exhibited by the report of the trustees on February 3, 1896, which was as follows:

Balance on hand July 1895 $554-65

Received dividends on P. & G. stock 60.00

Received January 1896, semi-annual amount from employes, 250.00

Received January 1896, semi-annual amount from the P. & G. Co.. 250.00

$1,114.65 Paid for 2 shares P. & G. preferred, bought in August

1895 $310-00

Paid pensions to M. Collins 204.75

5M.75

Balance on hand $599.90

Total receipts since July 1 893 $3, 1 84.00

Paid for 14 shares P. & G. preferred $2,000.00

Paid pensions to date 575-1 o

Balance $599.90

TOTAL ASSETS.

1 4 shares P. & G. preferred $2,009.00

Cash 575-90

$2,608.90

No special effort is made by the Procter & Gamble Company to provide houses for its employes. Only twelve or fifteen fore- men and officemen whose continual presence at the works is required, live in houses of the company. Rents are cheap, and the company thinks that the people are more independent in houses rented or bought of outside parties, and that the company is better served. Employes are encouraged, however, to invest