South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-02-12

either the individual home builder.
SPECTATOR. subdivision men, or
homes-building companies. and, as a
balance wheel TO the whole propo-
sition. there must be created a civic
homes building company with a large
capital stock subscribed 10 by the
people and corporations OF the COM
munity, so that II all the other ele-
ments should not prove equal TO
building the homes needed then that
civic company will be the means
OF filling the gap that must be
bridged IN the full realization OF the
required number OF homes for the
community.
Leaving out OF consideration the
question of your duty as citizens. and
taking a cold business view OF the
proposition. the civic homes building
company activities, when called
upon. would quite naturally favor
those people or corporations who
participated in loaning their money
10 the organization, and locate homes
contiguous. or as near as practicable.
to such plants. for the convenience
Of the men in getting TO and from
work
'In order to be Of great service
IN the movement. IL therefore be-
comes necessary for all people 10
join in this organization which. If
properly handled. experience has
shown same can be made a source
OF profit but should not be encour-
aged I'm that direction, but rather
the borrowers should have every ad-
vantage in building a home at
minimum and as near a cost basis
as possible. Under such organiZa-
tons activities the cost has been
found TO be less by 10 percent, or
more. as compared with individual
efforts.
1.-The people who Will be asked 10
participate in this movement, unlike
past campaigns for local affairs.
must realize they are not asked to
give anything, but TO loan 10 such
an organization their money or Sc
curities. which may be used as col
! lateral for money for a limited
period. at a reasonable rate OF in
terest. secured and sefeguarded by
]
mortgage securities
General Recommendations.
"I will not attempt TO say just
what the general plan or form such
! an organization should definitely as
sumo. but merely make general
recommendations Based upon the
knowledge 1 have acquired as TO cost
Of homes, loaning possibilities
through banks. building and loan
/ associations, individuals, and other
wise. fund OF $4,000 should be
aimed for, taking subscriptions for
/ that fund, in cash, TO be paid for in
/ installments as the money Is needed:
| the full subscription in. any event
would not be required in much less
| than over n period of two years, and
therefore larger subscriptions should
be expected from our people. 1 have
in mind TO suggest. If practicable. the
means that should bring the greatest
amount of SUI descriptions to this COM
pany and that is. the liberty bonds
in our community TO be accepted for
use at their par value. the company
! TO pay TO the money subscribers D
/ percent on their cash payments from
date OF their receipt; 10 the liberty
bond depositors. the rate of interest
which their bonds call for until their
bonds are disposed Of or used for
the company's building purposes. at
which time the rate of interest to
them shall likewise be 5 percent on
par value, and not market value.
Many people, following so close upon
the liberty loan drives Will not have
the cash they would like 20 loan the
company, but will gladly turn over
their bonds for such a cause, par
ticularly in the face OF their realiz-
ing a greater rate of interest and a
/ higher value than the bonds are
now quoted on the market. BY en-
/ listing the aid OF the last liberty
loan local organization, and other
means suggested, 1 feel safe in pre-
dieting that this $4,000. 900 in sub
scriptions should be secured in a
short time.
] The banks who have agreed 70