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 operate them on the basis of attempting to pay five to six per cent dividends after the payment of all maintenance and fixed charges, and the setting aside of the proper depreciation fund.

4.—That in carrying out this purpose the Company engages the services of some architect who is expert in tenement house construction, and preferably one who is generally recognized as an architect interested in the housing of working men.

5.—That a tract of land be secured which is within walking distance of the largest number of industries and that this tract be of sufficient size to provide for modern dwellings with ample light and air space, playground, and opportunity for the erection of additional houses later.

6.—That the Company be organized on the basis of one hundred shares of stock at par value of $1000 each, and that for each share of stock paid for, the stockholder shall be entitled to have first claim on one apartment for rental to a wage-earner in his employ.

7.—That the rental of these apartments be restricted to wage-earners.

The whole subsequent seven years' history of the Bayonne movement was a struggle to attain these enlightened standards in practice. To that end, early in the year 1918, and only a few months after the special Committee of the Bayonne Chamber of Commerce had rendered its first report, the Bayonne Housing Corporation was organized, although the date of official incorporation is April 2, 1919.

The Bayonne Housing Corporation operates under the usual New Jersey charter for business corporations. In this case, in order not to handicap the work of pioneering, the charter was purposely drawn to give it the broadest possible powers, particularly with reference to real estate operations and building construction. However, the social and public-spirited side of the undertaking is clearly expressed in Article III of the By-Laws, which limits the dividends on the common stock to six per cent.

Originally the capital was $250,000, consisting of one thousand shares of cumulative five per cent preferred stock of $100 par, and one thousand eight hundred shares of common. In March, 1924, the capitalization was changed to $2,000,000, entirely of common stock. Stock is held in the name of the individuals and the industrial organizations.

The Bayonne Housing Corporation has the usual corporate organization, with officers and directors. Since it is an