Perth Amboy evening news., 1919-06-25

to advise usual methods of financing
as largely as possible through the
banks n other institutions. 1t is
stipulated that homes to be construct
ed by this company shall be upon
real estate owned by the %organiza-
ton, such real estate to be purchased
at fair values or to be accepted at
such value in exchange for common
or preferred stock In the company.
II is the desire of the organization to
build houses in lots of approximately
20 and to borrow approximately so
per cent. of the total investment upon
G per cen first mortgage loans, such
loans desirably to run for a period
of five years with privilege of reduc-
ing at any semi-annual interest pay
ing period.
While the company is prepared to
build houses, the most important
function of the proposed organiZa-
ton will be the financing of the in
dependent construction by individual
citizens. Inasmuch as there is a
large numbe of vacan lots scattered
through portions of South Bend, the
committee desires to encourage own
ers of these lots to take action in
the line of Immediate improvement.
GAINESVILLE, Wis, decided on the or
ganization OF h GAINESVILLE Housing
Corporation. its three objects being
first, to provide attractive homes for
the citizens of GAINESVILLE upon UGH
terms as will enable them to live
comfortably at moderate cost; Sec
ond, to create a mean by which
manufacturing concerns can provide
housing accommodations for em-
ployees; and, third, to encourage
n foster building improvements of
a character that will cause rapid and
substantial growth of the city.
subscriptions to the capital tock
xrrR ,nnIA vRnxva Hlo nc aII4xrres Ufr~AV
ty per cent. upon organization, 40
per cent. upon order of directors, at
least 80 days later than first pay
ment; 40 per at least SO days
later than first payment. The direc-
tors are empowered to employ a gem
eral manager and such other en-
ployees as may be necessary. The
president also appoints executive
committee. the finance committee,
and various other necessary commit
tees, the personnel of which include
men specially fitted for the tasks as
signed to them.
Niagara Falls. N. Y, found a seri-
Gus shortage of dwellings, at the close
of the war. Eccording to estimates.
1000 houses will be needed within
ten years. To meet present n flu
ture emergencies it empowered its
Industrial Housing Committee to
study conditions and make recon-
mendations. The committees report
which was adopted, recommended
the organization of a housing cor
poration and presented three meth
DDS of financing building: First, by a
straight Dan from a bank or indi-
vidual secured by first mortgage, the
corporation taking a second mort
gage for the difference etween the
loan and the cost of the dwelling,
the second mortgage to be paid in
---ALI s-afa ooDnnd a lnAn
from a loan association secured by a
first mortgage, payable in install
ments, on which the company would
take a second mortgage payable at
the end of a term of years and ma
turing when the first mortgage Is
sufficiently reduced to absorb the sec
| ond mortgage; third. a loan for the
full value of the building, the bor-
rover giving back a first mortgage
for an amount which would render
It marketable at once, this mortgage
being payable at the end of a term OF
years, by the alance of he loan be-
ing secured by a second mortgage,
payable by monthly installments.
Under any of these principles the
corporation would take up the differ
ence between the first mortgage and
: the cost of the dwelling. 1t was
recommended that the capital stock
of the corporation would be $3.50, 900,
all of which would be common STOCK,
with a par value of 800 a share
A plan hat has been tested a
number of years is h a of the Bill
lerica Garden Suburb Cnc.). OF Mas
sachusetts, incorporated in June,
1914. with a capital stock of $50. 200.
The scope of this company included
the building of desirable homes at
a moderate cost or rental, the pur-
chase of real estate, the remodeiing
and repairing of dwellings, and the
management of houses or other
buildings. The 5000 shares OF CON-
mon stock at $40 a share were issued
i'm small blocks, provision being made
for dividends at the rate of 8 per
cent. per annum. accumulative on all
shares outstanding at the time. The
! property, affairs. and business OF the
/ corporation are managed by a board
of directors.