Perth Amboy evening news., 1919-06-25

In the Nationwide Own Your Own
Home campaign. conducted in coop
Grafton with the u. s. Home Regis
tration Service, Department of Labor,
the problem OF how best to finance
building operations has been solved
somewhat differently by various cities
according TO their special needs.
A few weeks before the armistice
was signed the Columbia Investment
& Mortgage Co. vas organized in
Seattle, Wash, to aid the small in
weston and make possible the proper
housing of workers engaged in war
industries. Its scope included the
buying, leasing and acquiring of real
estate and personal property, the
erection of dwellings and other build
ings, and the making of improve
ments of any kind on its properties.
Its objects as announced are compre-
hensive, and 1t obtained power ito
loan money on real estate secured by
first or later mortgages, leaseholds,
sale or purchase contracts, construc-
ton contracts or other interests in
land and buildings, or other
ties, and to negotiate, buy, sell, or
hypothecate all such mortgages or
evidences of indebtedness or interest,
whether by note bond, debenture, or
other form, and whether as a whole
III lll0ANAdudl II dGlAOhaA ahAe1a AAC
organization of a company author
Eed to deal in second mortgages and
IN real estate contracts where the lien
is a secondary lien was intended to
aid house builders who had no mar
ket for real estate contracts.
The corporation is enabled to ad-
vance to owners of vacant lots the
difference between the cost Of the
house and the amount of money that
could be loaned by insurance COM
panies or other l~oaning agencies. The
capital stock is 5000, 900, divided into
2,O0O shares of 500 each. The COM
pany was organized as a patriotic
and civic duty, and arrangements
were made with the Metropolitan
Building Co. to manage the affairs of
the new organization, which Is rep
resented by fifteen trustees.
st. Paul, Mimi, worked out a plan
for the organization of the Own Your
Home Financing Corporation, the OBJ
feet Of which Is ito assist wage earn
ers to the ownership of their homes
and to hat end to advance to them
not to exceed so per cent. of the
value of the property on which n
loan Is made, such advances to be re-
paid in monthly or other instalments
and to be secured either by mort
cages, land contracts or obligations
and evidences of Indebtedness. The
may borrow upon notes.
bonds, and debentures sueh sums OF
money as may be necessary for h
carrying on of business. Provision
is made for q loan committee con-
sisting>of the president, vice presi-
dent, and three members of h board
of directors, appointed by the presi-
dent. This committee must pass upon
all applications for money. and, upon
approval of an application. the form
Of security to be taken is determined.
Provision is made for the appoint
ment of q transfer agent and regis
trar of transfers.
South Bend, Ind, has outlined an
other plan through its projected
Home and Investment Co. A commit
tee of citizens, appointed to suggest
a method of relief for the serious
housing situation, reported in FAVOR
of a company to be organized under
the Voluntary Association Act, the
object being the borrowing and
loaning money, buying and selling
promissory notes. bills of exchange,
accounts, chooses In action, fees, and
all other evidence of Indebtedness
and buying, holding, owning, mort
gaging, leasing. and selling real es-
tate and personal property"
Provision is made for the buying
and selling of stocks n bonds. di-
ltCtll vi Willy Oh
otherwise, to the same extent as an
individual engaging in such business
might do. The company can loan
money to individuals. partnerships
and to Incorporated societies to assist
In the Improvement of real estate. II
has a capital stock of 100000 di-
vided into 10. 900 shares of $50 each
1000 shares are common stock and
5000 preferred.
The company will be able to stimu
late building on a scale which will be-
sufficient to cover the urgent need:
of the time. The plan was proposed
with a view to simplicity of methoo
and with an Idea of causing as LITTLE
interference as possible with regular
organized business, whether financial
construction or real estate. The pur'
nose has been to leave the proposed
owners and builders of property T
within reasonable limits. in h de
sign of the houses to be erected, ano