Every evening, Wilmington daily commercial., 1922-08-01
BUILDING LOANS AND
HARBOR PROJECT
Discussed Before Lions Club
Today by G. c. Herring. Jr.,
and c. N. Banks.

associations, there being I'm 1921 but |
ak associations actively engaged In
business in the city proper. with COM !
tincd resources Of si.571,i ,is5.al. There
was. however. formed In the city dur
lng the latter part OF December. 1921.
temporary organization known as
the building and Loan Information
Bureau the purpose of which was 60
educate the people as 10 the value OF
building and loan associations and To
generally encourage thrift. systematic
saving and home owning by the prop
rr formation, development and adj
Xanccment OF mora wcll regulated
building and loan associations through
out tho city and State. The chief aim
OF the founders of this bureau was TO
Increase the available supply OF mort
case money, the lack of which has al
WAYS badly handicapped building. and
especially prcverltcd tho increase of
homo ownership and development in
Wilmington. The bureau Is being sup
ported by "A subscription budget con-
trihuted by certain business men who
are Interested In the civic development
md building activities Of the city. An
organization was perfected for year
with Charles Warner a. chairman.
Previous to this movement and
with its possibilities IN view. the
legislature in l92l enacted a new
building and ldau association code.
which was drafted nv S,aie Bank
Commissioner George l.. Mcdill and
was designed Tot the purpose OF pro
vidlng proper supervision and regula-
ton OF building and loan associations
and to encourage and strengthen the
activities OF surh domestic institu-
tions in the State and 10 bar from
operating in the state foreign COM
panies with their various schemes Of
obtaining money from the public II
was also provided thau the associa-
tlons doinE business in the state can
not speculate IN stocks. bonds and
real estate. bat can only loan their
money on real estate and on paidup
stock OF the association itself. The
banking department. Is also requiring
that an uf the officers who handle the
funds of these aSsoCia uons must hc
under bond. Tht services rendered hy
these associations may hc best sum
med up as follows: Provide Tor saNinG
money usually sQuanderCd; provide an
easy way 20 prorurc a home; proVid,
fund for ChildrCn's education. pro
vide the capital 20 use In business: pre-.
vide a reserve fund for cid age or aC
ycrslty; provide highly remunerati'
repositories for savingsi provide a
soiute security under State sup'
vision.
since the formation OF the Bu'
.ng and Loan Information But,
there have been formed nine
building ANA loan associations. each
which Is doing business. These as,
Citations were Incorporated al $500
each. giving them authority 10
(. 800 shares with maturity value
5000 per share. Two ot the new 81
soclations, and the first two 10
formed since the movement. nave Q,
had 20 amend their charter and
crease the number 0t authoTl@
shares.
The Building and loan InforI
tlon Bureau win he succeeded 10y
state League ~ Building and Lon
Associations. recently formed. ".
charles Warner of Wilmington as %
rrst chairman. lThirty-one OF the
associations in the state have Join,
this league and it Is the intention d,
the officers 20 Have convention
least once a year whereby members g.
she respective ASSOCIATIONS may inter
change ideas and methods Of manage
ment ard also Yirovide for legislatiN
committees rom time 10 time 10 FOR
mulate legislation which may b'
necessary for the proper development
OF building and loan associations.
Marine Terminal.
"The permitting without protest O
the expenditure OF two and a hal
million dollars OF the City's fund
without any soutce OF revenue in re
turn from such an outlay through
the utter laxityt OF advertising you
product IL nothing short Of criminal.
said Mr.. Banks. IN discussing IN
marine TERMINAL celebration project
NO sound busrless concern woul
make such an outlay Of money with
out. at the same time. providing ampl
funds TO markell their product. Tw
and a half mill ION dollars at 6 pc
cent interest mtans an outlay an
nually OF $3.50 .00u.
"ln the new terminal Wilmington
ns ] see IL. has a marketable produc
"a better and cheaper article than II
strongest competitor. But in orde
GO market that product you must sho'
TO the world its advantages throug
campaign OF advertising. be the char
uCter OF that canApaign what IL may
Gentlemen. is the trial not at leas
worth while? Ef putting forth ou
best efforts in this campaign we hav
for the least all 10 gain and moth
inr 40 lose. where, by allowing this. a
see Il. great opportunity 10 pass VI
needed and unh#ralded we have a
60 lose and little 10 gain. Look a
81 through the mpst pessimistic angl
you may, the result can only be this
To raise and spend within the yea
that amount which may be raised /
81 100000, more or less which ca
entertain at least the population
your own city. nameiy 10000 peopl