Evening journal., 1921-12-07
CITY To HAVE
LOAN BUREAU
lcontInued prom rlrst Page.l

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tain the agency were promptly made.
1t is estimated that 5000 a month
will be required to operate the
bureau. Little dinculty is expected
in raising the remaining $500 in
pledges. campaign for which was
actively pushed today.
Twenty men were nominated and
voted on for the board OF directors
These with the vote they received
were as follows:
Charles Warner. 40; Morris Pen
rose. 2S; Clarence w. McCaulley. 36;
Caleb r. Burchenal, 37 Joseph II.
Hamilton. so; S. M. Dillon, AZ; Guy
r.. Ford. 80; Joseph NJ. Pusey. %;
Philip Burnet, 2S Frank n. over
deer. 90; John d. Thompson. Jr.,
so; Robert w Kramer, 20; Lewis
W. Brosius, sc; C. Morris White
side, 21; William C. Taylor, 2s;
Egbert Nutter. II; L. w. Syfrit. Il;
c. T. Bridgham, 23. and Thomas b.
Young, 81.
Three OF the nominees each had
2S votes. This tie was voted Off
former Mayor William G. Taylor
winning
The eleven successful nominees for
the board were then announced as
follows: Messrs. Warner, Dillon
Burchenal. Brosius, McCaulkey, Ham
ilton, Ford, Thompson, Pusey, Bur
net and Taylor. They organized inn
mediately after the conference
electing Mr. Warner chairman. Mr
Brosius vice chairman. and Mr.. Tay-
lor treasurer. A committee compris-
ing Messrs. Warner. McCaulley and
Dillon was named TO confer with
candidates for the post OF executive
secretary and report back to the full
board. The executive secretary will
be the only paid official. II is ten
tatively proposed his salary shall be
5000 a month.
Subscribers to the monthly fund
OF 5000 for support Of the bureau
who pledged themselves to more
than $500 a month last night were
as follows;
George +. Cornell. Charles War.
ner Company, Charles Warner per-
sonally, John w Morris. willard
Scott. James Pennetto, Continental
Life Insurance Company. e. clifford
Sutton, Charles w. Gooding. Nutter
& Green. John c. Sinclear, Llndley
c. Kent Company. Caleb f. Burche-
nal. Charles. f. Wentz. Victor OH
man. State Bank Commissioner
George NJ. Medil. c. w. Wenzing
Lewis w. Syfrit. Brosius & Smediey
Co, James r. Oberly, Edward r.
Pusey Co., Charles A. Eckman. Guy
r. Ford, Concord Lumber Company
Charles p Wilstat. Clarence w. Nc.
Caulley. Wilmington Sash and Door
Company and John ID. Thompson, Jr
In urging the formation OF tn,
bureau the investigating committee
said: 1T Is felt That the present con
ditions existing In Wilmington, tn
stagnation OF building, the lack o
an adequate supply and the mean
OF obtaining mortgage money. tn
lack OF proper announcement ane
convenient facilities for home own
ing and thrift on the part OF IL,
citizens. all retardlng the nnancia
and industrial development Of the
city, can be materially improved, il
determined and consistent action on
this carefully studied plan is pui
forth"
In a preamble to it's report. the
committee declared in part:
I'm order to meet the needs OF
real estate bargaining. ana to sup
ply funds for home buying. Il is es
sential that every community b.
/ adequately supplied with crcdi
facilities and a means Of accumu
} lating capital for this purpose.
, while the trust companies an
5 savings banks can to q certain eN
. tent assist in this problem. In man
communities such as Philadelphi,
modern building and loan associa
tions are the real instruments fC
accomplishing this great purpos
Their general functions are as 70
! lows.
| IN their operation, building an
\ loan associations are the most DEM
, cratic form Of financial organic
tions known. The stockholders
members, or subscribers, as they a
variously called. are on an ahsolut
= ly equal footing. Every members d
terest may be determined by
IS mathematical calculation based up
= the number of dollars put in null
r piled by the time OF the investmei
r Each has a voice in exact propo
? tion to his interest and an ECU
G right 30 participate in profits al
= draw upon the resources. In theo
they are constructed upon a perfe
principle OF equality and cooper
, ton.
This committee finds that the
I are 21S3 Buildin gand Loan Ass
( Citations in the City OF Philadelph
: and that they have about 500,0
shareholders who pay in abo
100000 in dues every mont
y one in every four citizens is a mel
ber OF a Building and Loan Associ
ton.
y "On the same relative basis {
u City OF Wilmington should ha
+ over 100 Building and Loan Ass
Il Citations instead OF 6. with month
e dues OF about $500, 900 inctead
$3.50 as at present
Is 1.-The freedom from failure a
's the good returns OF these Assoc
e tions in the past years Is a striki
example OF their stability.
The building and loan assoc
tions in Philadelphia deal largely
second mortgages and thus email
N home buyer to purchase his hoi
" with an initial cash payment OF frS
10 to 20 per cent.
1T is, therefore. broadly, {
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