Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-03-16
NO COMPROMISES EBERT TELLS BERLIN
PUT MILLION IN
HOME BUILDING
FOR WORKERS
Officials of Lafayette Motors
Company Aim to Relieve
House Famine.
WIDE EFFECT LIKELY

WIDE EFFECT LIKELY
Articles of incorporation for mil
lion dollar housing corporation to
erect homes for workers at the new
Lafayette motors factory we're filed
with the secretary of state this after
noon.
The company is to be known as
the Lafayette Building Company
Elmer w. Stout, NJ. J. Moore and L. c.
Huesmann signed the incorporation
papers.
This is the first definite step toward re-
lievins the housing situation in Indian
apolis and the men behind the project ex-
pcct it to have far reaching effect on
the future of the city.
When the Lafayette Motors Company
swings into full production the plant will
bring hundreds of skilled workmen TO
he city. They must have homes.
Actuated by civic impulse as well as
for the welfare of the factory, the La
Fayette company, after a survey of hous-
ing conditions, decided on the home build
ing project.
PROPERTY NEAR
FACTORY BOUGHT.
A beautiful tract Of property just west
of the factory in the southwest portion
Of the city has been obtained and here
win be established the Lafayette com
Inunity 1t is proposed to erect sub
stantiaI homes which will be available at
minimum costs for the workers. Here
whey will find easy access to their place
Of employment. 1t is expected the plan
will make that section Of the city one OF
the most attractive for new manufactur-
ing enterprises.
Associated with the Lafayette Build
ing Company in the housing program are
the Fletcher American Company, Meyer
Kiser bank, Breed Elliott and Harrison,
the City Trust Company and the Hauei-
sen and Jewett Company. The company
itself has taken $4,000 worth of stock.
The company will go into the building
project substantially, with an initial is
sue OF 100000 common and S3OO,o0O pre-
ferred stock Orders soon will be placed
for materials and work viii be started
without delay in building houses
The Lafayette company came TO the
city in September of last year, with a
paid-in capital of 100000. Already
much progress has been made toward
turning out Lafayette cars in great num-
bers.
ALL CONTRACTS
FOR 1920 LET.
Officials of the company reported to-
day that all contracts for maUrials for
1920 have been let, all forging dies are
ready, virtually all machinery has been
installed and tools and other equipment
purchased. One of the designers models,
which was exhibited at the New York
and Chicago automobile shows, attracted
wide interest As the result there has
been clamor for agencies for the prod
uct throughout the country. Already
many agents and distributors have been
contracted with.
Hundreds of applications have been re-
ceived by the company from skilled
workmen who are willing to move to In
dianapolis II they can be assured housing
accommodations, according to NJ. ].
Moore, secretary and treasurer Of the
company.
1t is the plan Of the Lafayette Build
ing Company to erect homes that may
be sold to employees at cost-plus, the ac-
tual carrying charges Of the money In
volved In the building of the houses. II
be needed and it is proposed to build at
least $50 of them as soon as possible.
The Fletcher American Company and
other companies have agreed to under
write the issue of preferred stock, which
viii return Z per cent annual dividends,
payable quarterly, under the condition Of
the issue that, for every dollar of pre-
ferred stock issued by the corporation,
there will be 81 of actual value IN COM
mon stock, so that the preferred stock
viii be issued only as the common stock
is paid in in cash or in land at an actual
appraised value.
PAYMENT PLAN
FOR HOUSES.
1t is expected that upon the construc-
ton OF the houses the company will be
liquidated within seven years by the com
pletion OF all installments on sales Of
houses to members of the Lafayette or
ganization.
Upon completing a house the company
proposes to sell it on the basis of a sub
stantial down payment and a monthly
payment equal to 1 per cent of the un-
paid balance. In this way the purchaser
win have the house half paid for within
four years, and then can make a straight
mortgage and pay off the company If
he wishes; or, il he prefers to continue
his payments, the entire debt will be
liquidated in approximately seven years.
This is virtually the plan followed by
successful building and loan associations
throughout the country.
There are already approximately fifty
homes in the neighborhood of the plant,
but the new homes to be built will be
Of modern type, embodying all of the
Improvements which will be appreciated
by the skilled type of men which the
Lafayette company will attract.
knowing that men who appreciate
fine work also appreciate fine homes"
said E. c. Howard, vice president of the
Lafayette company, "it is our hope and
intention that the community center to
he developed in the vicinity of our plant
shall be better than the majority of sub
divisions, in attractiveness of layout and
architecture and wholesome living condi-
tions. In no sense Of the word will it be
what is commonly known as an indus
ttisl community 1t is the intention Of
son OF the officers of the company and
division heads ultimately to make their
haIfes in this section.
We have many applications from men
Il the cities in the million population
isss who are anxious to come to In
CONTINUED On Page Five.)