The Washington herald., 1906-11-27
CHARITY PAYS COIN
Yet Sanitary Housing Com
pany Is in Need of Funds.
WILL SOLICIT STOCK SALES
Gen. Sternberg Says He Cannot See
Why Washington Capital Takes So
Little Interest in Philanthropy
Paying Per Cent on the Invest
ment-COmPRny May Borrow Money.

Directors and stockholders of the Wash
ington Sanitary Housing Company di-
rected its president last night to appoint
a committee OF six stockholders to solicit
sale OF stock in the company sufficient to
realize $4,000. with which to build fifteen
new houses and increase the operations
or the company to that extent. This ac-
ton was taken after a full and free
discussion Of the affairs Of the company.
The meeting was held at the call Of the
president, Gen. George NJ. Sternberg, at
his home, 1905 Massachusetts avenue
northwest, and was attended by about
twenty of the promoters Of the enterprise.
Secretary DT. George NJ KOber's report
shows that the company had assets
amounting to S6,9S2. with cash balance
Of SS2434 The assets represent twenty
houses on Van street and in other places,
all rented to the poorer class OF wage
earners- The report further showed that
tls> investments Of the company had in
two years paid I per cent interest on the
investment. and after the declaring Of a
semi-annual dividend. on October 30, a
surplus Of 1898 was placed to the credit
Of the company.
Philanthropy Pays 4 Per Cent.
Gen. Sternberg stated that the affairs
Of the company were at a crisis. where
there are few subscriptions TO the stock,
and that while the investment was paying
4 per cent II is impossible to go on and
realize the purposes OF the company with
ont errfd Ia
had been somewhat disappointed at the
apparent indifference OF the people to the
support Of d philanthropy which paid for
itself. He had supposed there would be
greater public interest in the scheme. and
yet believes that with proper publicity
more money will come 10 the treasury
Gen. Sternberg said the company is only
seeking to do the working classes good
by providing them with sanitary homes in
place Of those that were unfit TO live in
supplied by private greed.
Gen. Stenrberg said there were three
things the company can dO-"stand pat"
and 90 on with Its present resources, ask
Congress 10 change its charter and make
the investment pay per cent. OF sell out
to the Washington Sanitary Improvement
Company, a similar concern paying 5 per
cent on the money invested.
Gen. Sternberg's statement was dis
cussed by John W. Foster. Thomas w.
Smith. c. J. Bell, Richard H. Horner.
Gen. W. II. Forwood. Dr. H J. Rhett
and Dr. George y. Kober.
May Borrow Money.
Among the suggestions offered was one
by Mr.. Smith, that the company borrowed
money sufficient TO put up a few more
houses, letting the rents pay the invest
ment. Mr.. Foster suggested the appoint
ment of the committee Of six to raise
5000 each by soliciting subscriptions to
;he stock Of the company. This sugges-
tion was adopted, and President Stern
berg will appoint the committee later.
\ statement by Mr. Bell, as to the rea-
sons why there was not greater response
to the call for subscriptions TO the stock,
was that the wealthy men OF Washing
ton are much lacking in civic spirit He
said he knows Of but one project that
calls forth any thing ike enthusiasm
from Washingtonians. and that is sub
scriptions to the Inaugural ball
Mr.. Bell suggested that the company,
with its good showing. should not be dis
cOUraged under the circumstances. but
should endeavor TO raise more money and
go on.
After the meeting. those present were
served with light refreshments by Mrs.
Sternberg.