South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-02-07
,Sl2,OOO,OO FOR
HOMES IN YEAR
viii Launch Big Campaign to
Aid South Bends HouS-
ing Situation.
CcoNTNUED FROM PAGE oNE1

CONTINUED FROM PACE ONE.)
called by the Chamber Of Commerce
Tor discussion by the manufactur-
ing heads Of the city OF the labor
and housing problem confronting
them. Il was agreed at the meet
ing that the city's labor and housing
problems are IN reality one problem.
Reca pitalizatiOn Of the American
Homes & Investment Co., organized
sometime ago 20 aid in financing
home building here. is TO be made,
II the recommendations Of those In
terested in providing sufficient funds
with which 20 erect the required
number o. homes here are carried
out
The company is now capitalized
az 100000. The plans are 10 in
crease this 10 $1.5OO.OOO. Five hun
dred thousand dollars OF this stock
would be common. while the balance
would be preferred, bearing seven
percent accumulative interest IL
is recommended that $4,000 Of the
common stock OF the company be
sold at par and for cash TO the
business and professional men Of the
city. and that the $1,000, 900 of pre-
ferred stock be sold by the same
method employed in selling Liberty
bonds Those behind the plan Of
recapitalizing the company point out
that the $4,000 OF the common
stock must be sold before the cam
paign for selling tho $1,000 900 in
preferred stock on the partial pay
ment plan similar TO that used in
the Liberty loan campaigns is begun.
VIII Double Population.
The plan is 10 sell the preferred
stock 10 the wage earners Of the city,
pointing out 90 them that it is "A
good investment, and its purchase
an aid 10 the community in carry
ing out the industrial plans which
will at least double the city's popu-
lation The merits Of the preferred
stock as an investment, coupled
with civic pride. will be tho basis
cf the sale
The campaign for the sale Of the
preferred stock OF the American
Homes & Investment Co. and the
intensive campaign for home build
ing to be put on by the Chamber Of
Commerce. if the recommendations
TO increase the capital stock Of the
company from $500. 600 to 81, 500, 600
arc carried out may be merged into
one campaign. This, however, has
not been decided.
Manufacturing heads who met
a. the Chamber OF Commerce
Friday afternoon agreed that the
housing problem is an individual
problem inasmuch as il affects each
manufacturer.
Practice OF Manufacturers.
During the first part Of the meet
ing there was much discussion as TO
how the practice Of one manufacture
or taking away the workmen OF an
other through inducement of better
wages could be stopped Manufac-
turers generally admitted that this
practice is being carried on in South
Bend. and no defense OF il was made.
Pr was admitted to as an existing
condition. 10 was pointed out that
unless enough houses are built to
provide homes for the wOrkmen, 70
make their home conditions con-
genial the labor conditions here
viii remain as they are.
r T. Green. manager OF the
Chamber Of Commerce.. announced
that the plans for the 3O-day edu-
Cational and the 15-day intensive
campaigns are in course OF formula
ton. and he asked permission Of
the meeting 10 appoint a represen-
tative committee from the manu-
facturers present TO work with those
now in charge OF the proposed cam
paigns The permission was grant
ed. and Mr.. Green announced that
he would appoint the committee
later. after he had been given time
10 devote some thought 10 the per-
sonnet OF this committee.