South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-01-13
FACTORIES To Be
BROUGHT TO CITY
Plan of Aiding Manufacturers
is Announced by Cham
Der of Commerce.

Funds amounting to $4,000 TO be
used in moving factories 10 this city
will be raised by the industrial COM
mittee of the Chamber OF Commerce
the plans for getting the money hav-
ing been decided upon at a meeting
of the committee at the Chamber OF
Commerce Thursday morning. The
system will do away with the idea
of giving bonuses to industrial plants
that are brought here.
It is proposed to raise this $50
600 by taking notes. the first of
which will fall due on March 1.
1916. The subscriptions will be d.
vided into four equal payments. each
one falling due every three months
after March l. The funds are 10 be
placed in trust with the bank that is
selected by a bankers committee
Actual payments will be based on
the total amount of notes that are
secured Should only $4,000 be
subscribed the amount to be paid on
the notes that are taken will be in
proportion. The plan as explained
by a member of the comittee is as
follows: If a person subscribed So
500 and the total subscription were
only $4,000. he would be required
to pay only so per cent of the S2,5O0
or $4,000. There will be no reduc-
tons if the total amount equals or
exceeds the $4,000.
Following is the plan as adopted
by the industrial committee:
LIST. The fund will be used in
paying moving expenses and for the
erection of buildings, if necessary;
for the purpose of inducing manu-
featuring enterprises 10 come to
South Bend. which funds are to be
used at the discretion of the indus
trial bureal, subject TO the approval
OF the board of directors. All money
collected by the Industrial bureau is
70 be expended by the bureau only.
No portion TO be used for salary Of
officers, personal expense of inves-
tigators, or any other purpose what
soever except that above mentioned.
End. There shall not be expended
from this fund any sum that will eX-
coed the maximum basis for eXpend-
iture of $4,000 per year for three
consecutive years for each million
factory working hours, provided
during each of said three years. This
maximum basis TO apply. also. in the
same ratio for any lesser number OF
factory working hours. Any expendi-
ture required in excess of this maxi
mum basis must first be approved
by a vote of three-fourths of the
total number of subscribers to the
fund in a meeting called for this
specific purpose, each subscriber
thereto being entitled TO but one vote
to be cast by himself in person or
through proxy.
3rd. A bankers committee will
be composed of a representative
from each Of the banks hereinafter
named, said representative of each
bank to be named by the directors
of said institution. when the Cham
Der of Commerce has investigated
a factory proposition or industrial
proposition, all data will be given to
the bankers committee, who will by
majority vote of their board. sane
ton the signing of a voucher for the
eAAhbuiiN thH oENNAAANN W NAAN hAA NCtOA
Of the Cham Der of Commerce and
properly signed by their treasurer.
1t being understood that voucher is
not negotiable until il has the sigma
ture Of the treasurer of the Chamber
of Commerce and secretary of the
bankers committee. The banks TO
he represented are as follows:
American Trust company. Chaplin
State bank, Citizens National bank.
First National bank. Merchants Ma
tiOnal bank. St Joseph Loan q
Trust Co, South Bend National
bank, Union Trust company.