South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-04-05
HALF Of HOUSING
STOCK SOLD At
MEETING FRIDAY
Partial Payment Plan to be
F0IIOWed-ExpIain Pur-
pose of Company.

formed 10 dAd south benA IN meet
ing its housing situation. was sub
scribed IN the Rotary room Of the
oliver hotel In less than 90 minutes
friday afternoon.
Fifty thousand dollars OF this
stock was taken by number OF
prominent men uf the city immedi
ately upon the stock being thrown
upon the market The other $50
600 Of stock was subscribed hy the
members Of the Retail Merchants
Bureau during the meeting TO be
divided among members Of the bu-
Yeau
The stock is purchased on the
partial payment plan adopted by the
officers Of The corporation. Ten
percent OF the amount or stock pur-
chased IS payable in 80 days. 10 per
cent payable i'm another so days.
and the balance TO be paid at the
rate OF 20 percent monthly. making
six months in which 10 pay the pur-
chase price.
The meeting Friday afternoon at
which the 100000 I'm the common
stock OF the company was sub
Fred a Bryan OF the Chamber Of
Commerce executive committee. The
company is capitalized AT 100000,
the stock being divided into $4,000
in preferred and 100000 I'm com
mon stock.
The plan Of the company is 20 sci!
The common stock at once in order
10 raise the necessary funds with
which 20 carry on the purpose for
which the company is formed. This
purpose is 10 aid home building in
South Bend.
Company To Earn Profit.
Mr.. Bryan explained that the cor
pOratiOn is in no sense a charitable
institution, but that it is 70 be con-
Quoted purely upon business lines.
and that IL will endeavor to earn a
legitimate profit on its investments.
Mr. Bryan pointed out the financial.
advantages TO be derived by those
holding stock in the company. He
declared that no one would be
forced 20 buy stock, but that il
would be put up TO everyone as a
purely business proposition.
purpose Of the company. He said
that the committee who had formed
the corporation had gone over the
ground carefully and had come TO
the conclusion that what South
Bend needed TO meet the housing
problem was not one large company
10 build houses. He said that the
real estate men and building con-
tractors who had experienced many
lean months in South Bend should
be allowed 10 try their hand at the
building. but that the purpose of the
new company was TO assist these
real estate men and building con-
tractors in financing their projects
TO the end that sufficient homes
would be provided TO take care OF
the coming increase in the city's
population.
Mr. McInerny said that the COM
mittee believes that the present con-
tines Of the city should he built up
before any further territorial eX-
psnsion is made He said that there
are at least 4 200 vacant lots in the
present city limits that can be built
ON. and that at least 1000 OF these
lots are in improved territory. thus
making IL unnecessary for the city
20 go to any great expense i'm eN-
tending the sewer and street paw
ing system for sometime
Second Mortgages Good.
Mr. McInerny declared that South
Bend is one OF the best improved
cities i'm the state, and that the COM
mittee believes that advantage
should be taken OF this condition.
Tie said that the purpose Of the
company Is TO aid those who need
financial help i'm carrying on legiti-
mate building projects. lie gave
several Illustrations OF how the stock
in the company viii be an excellent
investment. pointing out that many
building contractors would be more
than willing go sell equities in
property when 10y so doing they will
obtain sufficient money with which
30 operate other projects thus turn
ing over their money. and making a
profit for all while 40 the same time
providing more homes for South
Bend. He also dwelt ON the second
mortgage phase Of the housing
problem showing that second mort
cages are excellent assets 20 q COM
psuy
Following Mr. NcIuernys talk.
christ Fassnacht announced that he
had prepared % sets OF plans for
moderately priced homes. and that
these plans would be I'm the hands OF
the company
Tells Terms OF sale.
Mr. BRYAN announced that the
common stock of the company
would bee placed on sale. explaining
upon what terms Fred A. Dennis
WAS appointed secretary and Abe
Frank assistant secretary 20 re-
cCivc subscriptions Tn less than 80
minutes $4,000 OF the stock had
been subscribed by individuals pres
ent I'M she room. and the announce
meut was made that the Retail
Merchants bureau had just held a
meeting and had voted 20 subscribe
$4,000 more Of the stock. making
the total subscriptions Go the com
mon stock OF the company at the
meeting reach the 100000 mark
The committee will have subscrip-
ton lists With Abe Prank az the