Evening journal., 1914-01-03
READY 10 ENCOURAGE INDUSTRY.


THE Wilmington Development Company has been in
corporated in Dover. It has an authorized cap
ita of $10000OO almost 100000 Of which already has
been subscribed The list of incorporators includes
many of the most prominent in our city. The
fact that they interested in the enterprise pro-
mote the industrial welfare of Wilmington will bring
to the new corporation a Of public conf
dence that should make for success
1t is the plan to have the new corporation make
loans at fair interest rates and to establish industries
which will build and operate plants here The charter
authorizes the company to endorse the or guar
antee the obligations Of individuals partnerships or
corporations and to underwrite issues or portions OF
issues of stocks bonds other securities Of corpora
tions lt also empowers the company to acquire the
goodwill, rights and property and to take the
whole or any part Of the assets liabilities Of any
person, firm corporation and hold OF dispose Of
the property purchased It also ray conduct and
manage any such business, and deal in real estate
merchandise, rights, inventions, improvements and
processes under letters patent or copyrghts
to operate and develop the and carry on any
business, manufacturing otherwise. necessary,
directly indirectly, to enectuate those objects,
or any Of them. The charter gives the company
the right to guarantee purchase hold sell, assign.
mortgage pledge. otherwise dspoee OF the capital
stock and bonds securities evidences of indebted
Of other and exercise all rights m
cident to such ownership control In short it is
be able do all the thing needed &c enable it to
perform its work Of Industrial promotion for the
benefit Of this city and State The charter will expire
years hence and It spec hcally provides that the
private property OF the Stockholders shall not be sub
ject to the payment the corporate debts any
tent whatever board OF directors will direct the
financial operations Of the companly. but no money
obligation in excess Of $1,000 shall be created except
by the affirmative vote Of two-hirds of all the di-
rcctors The total amount of the obligations of the
company shall not exceed, at any time, fifty
cent its capital stock actually subscribed and sub
scripons to the capital stock shall not be assigned
except with the approval the board directors but
the directors with the the creditors Of the
corporation, may approve of the assignments of sub
scripons the release of compromise subscriptions
The charter specifically provides that the directors
shall not upon the shares of stock of the
poration a sum of money in of one per cent
Of the par value of said shares of stock in any
month"; unless such additional is necessary
to meet by the corporation, to meet
obligations of the corporation due and unpaid
shall the total Of the monthly of per
cent each exceed 10 per Of the par vale of such
shares Of stock. unless such additional assessment is
necessary incurred by the corporation
to meet obligations Of the corporation due and un-
paid
In other words. everything has been done that could
be done to protect the subscribers to the stock of the
company without mpairng its efficiency indus
trial promotion agent In our community The new
corporation which has the endorsement OF the Cham-
Der of Commerce and leading banking interests has
been launched under conditions which augur we'll for
It's success.