Every evening, Wilmington daily commercial., 1921-11-23
TO BOOM BUILDING
INDUSTRY BY MONEY
LOANS TO CITIZENS
Contractors and Realty Men to
Form Building Loan As
sociation.
EASIER FOR MORTGAGES

l Frederick Martin, Philadelphia
attorney, and secretary of tho Eastern
tumhprmon's Association. at "A meet
lrF Vt the real estate and building In
i,rosts Of Wilmington, held last night
in pArlora \ and n of the Hotel du
ront, explained methods 20 stimulate
thc building industry In this city.
about Toe builders. contractors and
hnilding supply dealers attended the
npcilng.
committee of twelve, elected 70 in
Ntstignte the question of financing
huldlng operations, viii report back TO
subsequent mcetlng, 10 be held
paohahly within the next ten days.
Tho meeting last night was called
ionothCr by the managing committee
" tho real estate and building section
~ tho chamber OF Commerce. Guy
u Ford presided. Others 10 address
tho meeting and to help solve the
question at why cannot mortgage
money hc obtained on houses here as
in Philadelphia" were Charles Warner.
Uvorgp N Mcdll. state Banking Com
missioner. caleb Wurth,'al. :. NJ.
uulon. Carlton r. Bridgham and Fred
prlrk j llatg.
MIR Martin. who was tho principal
speaker, rptallcd the plan of organi2a- 10
tIon nnd methods OF making loans from
building and loan associations in
phlladrlphla, and offered many valu-
phlu suggestions regarding formation
ul similar associations IN Wilmington.
throurh which the man of moderate
munuH could obtain money on houses
Nflpr explaining that There were 21S3
auch organizations in Philadelphia,
Nh Martin expressed surprise az this
city having only SIX building and loan
organizations.
Nir Warner sugacstcd that tho "N-
nmplr ~ PHILADELPHIA ought 60 form
10 precedent for thos city lie pointed
oW that 800 lhllad lphA there are
"lN hundms and loan associations
with total assets of approximately
tHTaO NnO .Oon. and with savings paid
in un,h month of S6.o0O.ooo. large
portion eft which finds It's way back
into circulation through the purchase
uf humra n WAS further pointed out
that m Philadelphia. "a man can start
90 huy bis homo with only ten to M
tpun per rvnt ot Tho purchase price
in cash, Vet IN spite of the dcflatior
process durlug tho past two years
NnlN one uf the '.'S3 associations ~
Philadelphia failed. This. Mr. Warner
said, was evidence ot tho stability OF
huldlng and loan associations.
t'ur the purpose of investigating {
substantial plan fur establishing build
ina aud loan associations IN this city
the following committee was elected
Uny N. Ford. =. 81 Dillon. Charlc,
Warner, Joseph puscy. william G.
Taylor Clarence McCaullcy. Calol
nufvhonnl Eghcrt Nuttcr. lrving
Warner Morris ponrosc and James
itohhna.
several of The building contractors
last uinht registered complaint that
z la almost Impossible Co secure loans
go prosecute building operations. Sev'
ofai ct those present signlfiod theii
Willingness 90 purchase stock in
central building and loan association.
M Mcdill quoted ngurcs from hi
annual report. showing that rura
New castle county has nine building
and loan associations with assets q
over N,i0a.i524T, az compared witt
Wilmington which has six associa
tlons with si.aS5,}sS50 assets.
Tn tentative plan discussed las
nlrht involves the establishment q
other associations throughout tn
various wards or sections OF the cit
rouplvd with an educational campaig
~ acuuaint tho citizens In genera
with the advantage of investments i
building associations.
flrlhtko Go the building materis
dealers, Mr., Martin declared "the
must cell houses. They must he abb
"a show "a man who wants 10 build
home how 90 finance H."