South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-04-28
OPEN CAMPAIGN
FOR HOUSING CO.
SAL 300 Worth of Stock An
nOunCed Sold at First Meet
ing of Organization.

One hundred business men met at
the Chamber Of Commerce Friday
night and opened the campaign for
the proposed South Bend Homes
90. 20 relieve the housing situation
70 was announced that $4,000
worth Of the stock has been sold
This is almost half the amount that
is 20 be sold before the articles Of
incorporation are taken out. Eighty
six shares were subscribed for at
the meeting.
Scores Of workers viii jump into
the field during the next week IT is
believed that the 100000 worth Of
ne stock which is 10 be taken up
before the company is incorporated
will be disposed Of within a few
days
$4,000 BY Studebakers.
The largest subscriber Of stock so
far is the Studebaker corporation
which made the initial subscription
for $4,000. other subscriptions
ranging as high as $4,000, have
been received from firms and in
dividuals. The next meeting Of the
stock solicitors will be at noon Tues
DAY at the Oliver hotel
The purpose and organization Of
the company were explained at the
meeting Tuesday.
Arthur T. Hubbard presided and
introduced the speakers. Among
those who spoke were Judge Walter
Funk. William Happ, II. W. Ell
dredge. J. +. Neff, G.. g. Hanch. D..
T. Guilfoyle, T. NJ. Brandon and F..
+. Herring.
Says Situation Serious.
Mt. Happ explained the import
ance of good houses i'm a city and
pointed out the seriousness Of the
present situation in South Bend, de
claring that it would rapidly grow
worse unless some especial means
we're evolved to prevent IL. He urg-
ed the Importance Of the formation
Of the proposed company. and en-
phasized the success which has at
tended similar companies in other
places.
Mr.. Neff explained that the South
BEND Homes Co. is TO be "A corpora
ton Of S30O.00O capital. OF this
$500. 900 is in six percent cummula-
tive stock. 10000 common stock.
With every $50 share of preferred
stock sold one-half shares Of com
mon stock will be given. When
100000 worth Of preferred stock
IS subscribed for the company will
he incorporated. organized and made
ready 20 do business. The stock may
he paid for as follows: Twenty-Five
percent upon issuance Of certificates
OF incorporation, % percent every
three months thereafter until total
IS paid Upon the incorporation Of
the company the common stock will
he deposited with the trustees: FL
mer Crockett. Samuel Parker. Willis
Bugbee. Abe Livingston. and d. l..
Guilfoyle. for a period OF 10 years
20 hold and vote the same as they
shall deSm best for the company.
Answering questions put by Mar
vim Campbell as 10 why the com
pany was TO build houses TO sell
and not TO rent. G. c. Hanch. a
member Of the executive committee,
I'm a brief talk explained that the
experience I'm other cities was that
this is a much more feasible plan
than the plan 10 build 20 rent Mr.
Hanch said that he knew local cor
porations which were willing TO
place surplus funds at the disposal
of reliable employees who wish to
buy homes and that the terms which
could be offered these employees by
the company through the fact that
81 can build so cheap by wholesale
methods would mean little more
than average rent payments Asked