Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1922-08-01
HARBOR, LOAN
LION SUBJECTS
CONTINUED From Page on.)

/ lows. j. wales Davis, chairman O.
A. wedler. c. NJ. spargo. A. W
Benderoth and Clayton Fisher. VIII.
liam p. white. OF the Rotary Club
was guest al the luncheon and gave
several selections on his harmonlca
Charles M Banks. former cit,
treasurer. doomed the harbor
scheme and George c. Herring. secre-
tary-treasurer OF the State League OF
/ Building and Loan Associations. gave
interesting data on the growth OF the
own your own home" movement In
the city.
Mr.. Banks was warmly applauded
Tor his efforts In behalf Of sdvertis-
Ing wnmington's new Marine Ter
minal. He said In part:
Il can point out but one mistake.
as I see Il, regards the building Of
the new Terminal. that mistake be-
ing that Il was not completed in
1903 on Whereabouts Instead OF 1928.
Had II been built 20 or % years
ago. I am absolutely sincere. when I
say that / believe Wilmington. in
stead OF being a city OF 10000 peo-
pie. would have had perhaps 200,-
900 or more
Gentlemen. after all. f. the trial
not at least worthwhile2 By put
ting forth our best efforts In this
proposed campaign. we have for the
least all 10 gain. whereas. by allow
ing this great opportunity 10 pass.
unheeded and unheralded. We have
all TO lose. with little hope or gain.
Look at Il from the most pessimistic
angle you may. the result can only
be this; To raise and spend with
In your own borders that amount
which you may raise. he II 500. 900.
more or less. you will entertain al
least the population OF your own
city. namely, 10000 people at
cost or less than 81 each. You will
also have the satisfaction Of know
Ing that YOU did your best. and that
you placed the amount Of money
spent In circulation through a differ
ent channel. only in a short while
to again return to the Golfer from
which II came.
Mr.. president and men. I have
the utmost confidence and trust for
the future in the City OF Whining
ton and her citizens. The permit
ting. without protest. Of an expendi-
ture OF two and one-half millions o.
dollars OF the city's funds with no
source OF revenue in return from
such an outlay. through the utter lax
OF properly advertising your prod
uct Is nothing short OF criminal. No
sound business concern would make
such an outlay Of money. without
AZ the same time providing simple
funds TO market their product. Two
and one-half million dollars at 6
per cent Interest. means an outlay
annually OF $4,000.
In the new Terminal Whining
ton has, as see Il. marketable
product "A better and cheaper ar
ticle than It's strongest competitor:
Lut, in order 10 market that prod
uct. you must show 10 the world it's
advantages. through a campaign OF
advertising. be the character OF that
campaign as It may. do not mean
that the outlay should not have
been made. do not mean that the
Harbor Commission should have
provided funds for the maintenance
or marketing OF the plan OF the Ter
minal. but I mean the merchants
and manufacturers OF wilmington.
who are to derive the benefit. should
approve OF and back up the propo-
sition. by providing funds 10 place I
the new Terminal on a paying ba-
sis"
Mr.. Herring reviewed the develop
ment OF the building and loan idea In
since 1921. when there .
were only six associations actively
engaged In business with combined .
resources OF only S1.777.495, and told .
Of the benefits OF the new building 4
and loan association code. drafted by
State Bank Commissioner George L. .
Medill and enacted by the Legisla-
lure OF 1921.
with this law on our statute
books" said Mr.. Herring. the peo-
pie OF the city are being taught the
services rendered by these associa-
lions, which may be best summed I
up as follows: Provide for saving
money usually squandered: provide
IN easy way 10 procure a home;
provide a fund for chlldrens educa-
ion: provide the capital to use in
business; provide a reserve fund for
I'D age or adversely; provide high
v remunerative repositories for saw
ngs: provide absolute security un-
Ter state supervision.
Since the formation OF the build
ng and Loan Information Bureau"
continued Mr. Herring. there have
,een formed nine new building and !
oan associations, each OF which Is A.,
low doing business. These associ-
.tions were incorporated at $780,
90 each. giving them authority TO
ell $500 shares with a maturity value
T 5000 per share. Two OF the new
the first two to be form ]
d since the movement. have each
ad to amend their charter and in
rease the plumber OF authorized 5
nares. As a result OF the forma- =
on OF these new associations and {
he renewed activities among the /
ID associations caused by the re- {
mt movement. the number OF out
anding building and loan shares In Il
,e city has already been increased a
y fifty per cent. and plans are now v
nder way to start new drive for $
creased shareholders in both the old n
nd new associations. p
I'm forming these new sssocia- Z
ons the Bureau endeavored to in Il
rest for directors public-spirited I
items who were representative of a
/ community groups and not only s
49,, hfo from, a husfneeg qfandnofnf
It also willing TO subordinate TO c
certain extent their direct finan- b
al benefit to the public welfare, a