The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-08-08
GARY COMMERCIAL CLUB
MAKES BUILDING REPORT

The following g. report was made last
night by the house building commit |
tee of the Gary Commercial club, APP
pointed some time ago by President II.
S. Norton.
AT the regular monthly meeting of
the Gary Commercial club on June 5,
1912. a motion prevailed that the chair
appoint a committee of five, whose
duty Il would be to present to the club
some practical method that would pro-
duee results desired. viz: procure more
homes for Gary. The above motion
was the result Of an interesting ses-
sion at which ways and means We're
discussed for the building up of our
city at a more rapid rate than the
present, and bringing 10 our mer-
chants. our business men, profess
sional men and our bankers profits
they were entitled to and to be de-
rived from the enormous amounts of
money that Is being carried away by
some $500 men, now employed in Gary
but who cannot live here owing to the
small number of available homes or
apartments for rent.
1T is perhaps needless to remind
the members of the Commercial club
that Gary is but six years old and has
a population of some 80, 600 people.
Our development has been wonderful
on both sides of the river. The devel-
opment north of the river in the
building OF factories has not been kept
pace with by the home building devel-
opment south OF the river.
Homs-1"iiding Hard Problems.
billion dollars manufacturing
corporation can lay it's plans and car
ry them out to much greater advan-
tage than the work of a great many
individual investors. The corporation,
realizing the need of homes in Gary
as built through its subsidiary compa-
MES in the neighborhood of 1000
homes. The first homes that were
built were built by the Gary Land
company, followed by the :. J. & E.
railroad. Last year and this year the
development Of the Ambridge district
by the American Bridge company and
the building of the concrete houses by
the Tin Plate company has gone for
ward. This has been but a drop in
the bucket to the demand. But 1T has
been an enormous help to Gary from
a manufacturing, not home building
corporation.
The development of home building
in Gary has been hard problem. In
the early days the investor would
take mortgages at a high rate OF in
terest and long commission. but on
~ 35 or 40 per cent of values. Today
that condition has been relieved and
loans may be procured on practically
any legitimate type of building up to
around IS per cent OF the value with a
comparative low rate of commission.
Bankers Rates Not High.
The banker of Gary has often been
criticized on the commissions charged
for procuring loans. For the banking
fraternity 1 wish to say in a personal
way that the general public does not
appreciate the difficulty the banker
has labored under. Many is the loan
the Gary banker has taken without
one cent of profit to himself. and / do
not hesitate to say that l do not be
ieve the Gary banker has averaged
much more than one, probably one and
one-half per cent, commission on the
loans he has placed. L have always
felt that the excellent revenue to be
procured from Gary property was such
that the matter of commission, if in
reason. should be a secondary consid-
GRAFTON to the borrower, and l can as
sure you that 1T is the bankers desire
to lessen, rather than raise, the COM
mission rate and thus aid in the de-
velopment of our city
Plans Develop, However.
This committee was appointed not
TO settle on the location of any build
ings to be built, nor on the type but
as we understand 1T, to devise ways
and means of putting up homes or
apartments for rent The home
building proposition a partial pay
ment basis has developed wonderfully
in the last year and practically all
home building operations where the
builder has 80 per cent OF the value of
the property can now be financed In a
satisfactory and economical manner
The proposition of building homes
for rent does not seem to be coming
through in a satisfactory manner The
problem of devising ways and means
for building such properties immedf-
ately and In appreciable number is a
serious one.
Suggests building Company.
THE committee after celebrating
the problem desires to report the fol-
lowing plan: We do not claim it per
feet, but we believe it practical The
working out of the plan will take
away Its rough edges and we believe
lead US to the desired result We
would suggest the incorporation of a
building company with capital we
will say of 100000 and large board
of representative business men to