The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-08-08

| question of the 100000 company We
would suggest that this company be
| incorporated, that books for subscrip-
| ton to its stock be opened and that
the opportunity be given to any citi-
zen of Gary, or elsewhere, male or fe-
male. white or black, Jew or Gentle.
American or foreign, to subscribe for
| this stock, paying cash for their SUBJ
scriptions should they desire. or pay
| ing at the rate of so cents or 81
week more as they desire But let
| the company sell stock up to the ex-
| tent of 100000 and the money is
received In payment of the stock of
| this company let it stand behind the
second mortgage bonds already issued
until the point has been reached where
there Is sufficient equity to satisfy the
buyers of the second mortgage notes,
and relieve the local guarantors of
| their guarantee the second mort
gage notes The working out of this
plan gives the small wage Garner the
opportunity to become a landlord on a
weekly monthly payment basis and
procure greater returns on his money
| than could be procured by letting 1T
stay with the banks at per cent in
terest, or even investing 1t himself In
mortgage securities.
Time alone can tell what the prof
its will be to this building company.
but / would hazard the opinion that
| they would probably run from to 10
per cent. The idea of the company as
outlined above must not be confused
with building and loan proposition
building and loan association is not
allowed to own real estate other than
! that taken over to secure the payment
of debts previously incurred. The
committee would further strongly
suggest that a live and energetic
building and loan association be start
ed by the representative business men
of Gary. building and loan associa-
ton can handle loans more cheaply
and more advantageously. than a bank
can. 1t can handle the small loans on
a much more economical basis than a
bank can handle them now and loan
up to a greater percentage on the
value of the property. In the develop
ment of the building plan as previous
| ly out lined would, of course come
| to the point of sales of the properties
| erected. These properties of course
we would expect to sell at a profit
| When sold on a small payment the
| balance due on the property could be
turned from the building company and
handled by the building and loan as
ISOLATION, thus giving the building
company an opportunity to re-fnvest
its funds in, new properties. The plan
IS outlined for the immediate build
Ing of an appreciate number Of
homes Is suggested on the unit basis.
j viz: on the stock company of 800, 600
capital.
| or~snixe n Second Company.
.Should 1t be the success we believe
a second unit company of $1,000 600
could be started. the capital stock
| OF the original company increased by
100000. AS before stated, we do not
| claim perfection as yet for, our plan
The actual working out of the prob
| lem Will wear away the rough edges.
but we do believe thatA our plan is
feasible, and we strongly recommend
that immediate steps be taken look
ing toward the putting into operation
| of the plan.
Respectfully submitted
IS. ]. WATSON, Chairman.
| &C. E. WRIT
| H. Is yOSSLER
| &C. d. DAVIDSON