Evening journal., 1918-01-11
-Cnnlinned Frnm page No.

Continued From Page TNvo)
which. OF course. must be paid IN
WAGES. Uncomfortable housing condi-
lions must also he compensated by
higher wages, then we have the M
health. immortality and crime resulting
almost inevitably from poor living
conditions. The world cannot be made
safe for democracy until wage oarners
homes have been made nc for de-
uocracy. What may be called the by
products OF the war are receiving in
ereaslng consideration The training
on the soldiers has resulted I'm new
regard for health and recreation. The
shortage of food has led TO conserve
ton and saving Of waste Requirements
II thrift are changing habits and
economies Of people i'm many directions,
o it is with homes unique oppor-
unity Is presented TO Wilmington
For The first time IN iis history,
hundreds, perhaps thousands of houses
are to be built under conditions that
make possible the use 90 the very hest
methods. controlled by the best ideas
and motives. These benefits, however,
cannot be secured unless the people
OF the, city arise as unit and pro-
vide. through a great cooperative ef-
fort. the necessary capital. land. ma
ierials. the initiative, the energy and
the ideas that are required 20 nut
over this far reaching movement The
lob Is no easy one, but neglect OF it
Hiil bring the business interests OF
%
harder tasks than good housing
movement Involves. There Is chal-
icnge-act. and act promptly. No ono
who knows The people OF Wilmington
nnd has observed the achievements of
recent years can doubt the sped and
energy with which the necessary ac-
lion viii be taken Nature has given
Wilmington a winning hand All the
city needs 90 do is TO play The game
Housing Company Plan.
Tie resolution offered by Mr. Marvel
providing for The organization of
housing company here was as follows
and It was approved by those present:
Whereas. 10 is proposed Go incor-
DOrate and organize under the laws of
the State Of Delaware 20 corporation TO
be known as the Wilmington Housing
Co. or some other appropriate name,
with capital stock of 100000 with the
right to increase 90 such further
amounts of authorized capital stock as
may be deemed wise from time to
time. and
Whereas The purpose OF said cor
poralion Is Co secure land and construct
dwellings thereon lo be rented or sold
- Industrial workers OF the city OF
Wilmington and vicinity, me nrsl offer
of same proposing Go be made t0 those
Industrial workers engaged in The
building of ships or shipbuilding ma
icrial fgr Che uses of The United States
Z Government and
Where's, Tho corporation proposes
80 secure o loan from the United states
Government of $4,000 for every 5000
300 Of capital provided by said cor
poration, upon the following terms, 90
wit.
"la) That said loan Is 10 be made TO
FIRST lien upon an OF the property OF The
corporation
"(bl That soil loan Is TO be made TO
said corporation In insiallments from
time "a time or so per cent. Of the total
cost of land and construction OF each
particular house or lot of houses as
poration, that said installmonts OF said
loan to be made as the construction pro-
reeds as follows
4. When the cellar or cellars are
dug.
. When the FIRST floor jolsls are IN
place.
g. When the second floor loists arc
m place.
3 When the roof Is on
3. Upon the completion Of the build
ing
and the amount of lnslallment 20 be
be loaned upon the basis aforesaid 20
be absolutely fixed by the certificate
Of the architect or other supervisor
M charge of said construction. whose
estimate OF eighty per cent OF the cost
Of land and construction at the par
tlcular periods aforesaid shall be final
and binding upon both the government
and the corporation
lc) That said loan shall bear inter-
est at the rate OF = per cent.
d That said loan shall Doe repaid 90
ihe government of the United states
AZ q minimum rate of per cent. per
mum. with total repayment 20 be
competed on or before hfteen years
rom the Gate tnereOi
el That in the detailed agreement
10 be entered into between The gov
snment and the said corporation pro-
vision shall be made whereby The gov
srnment will agree 10 release indiyid-
nal houses from the lien of said mort
-ags upon the payment to the govern
nent Of such portion of said mortgage
Is may at the time, be pro-rated upon
aid house amoriized on the basis set
'trlh herein
"lf) That the corporation shall have
DE right OF liquidaiing ai any time on
~ before fifteen years from the date
hereof, and upon said liquidation it be-
ng agreed that after payment 90 stock
folders, Of an amount equal 20 the par
ialue Of the amount OF stock subscribed
md six per cent. OF the amount Of said
subscription from the date thereof t0
be date Of liquidation. The corporation
,hall pay to the United states Govern
uent the entire sum loaned as aforesaid