The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, 1946-02-01
board of directors Of Industrial
Properties.

kind of industry could easily up
set the community's economy and
result in a condition as bad. if
not worse, than no new business
at all. So safeguards are provided
in that respect. It is the policy OF
Industrial Properties not to extend
its facilities; lie, financial aid, to
any type of industry that would
be in direct competition with any
organized business operating here
now.
There are other considerations
weighed when a prospect is on the
table of discussion, such as one
that was recently studied: rs it
too big for the city at the present
timer" Such deliberation actual
Ny took place, and with a negative
decision toward extending assist
ance. The particular enterprise
would have required several thou
sand workers, almost all of who,
by nature Of their work, would
have had to be imported. The in
flux would have knocked the COM
munity's balance into a cooked
hat, so the proposition was turned
down.
Obligation, Recognized
1--WE feel an obligation to be par
ticular," J. G. Thornton, bank
president and president of Indus
trial Properties says.
The first enterprise with which
Industrial P p critics contracted
was the France Neckwear compa-
ny. 1t will give steady year-around
employment to approximately 200
men and women engaged in max
ing necktieA, scarfs and sport
shirts. It's average woman en-
ploye, it is estimated, will receive
more than $25 a week for her
work. Some specialists, and many
Of the men, will receive consider
ably higher wages.
Industrial Properties is building
plant for the France company
at 18th and Marstellar streets. En-
dustrial Properties is putting up
$50, 1000 OF the building capital; the
France company nearly that much
again, and Industrial Properties
will receive reasonable rental,
under a 10-year-lease. The compa
ny has indicated, but with no COM
mittments, that it would like to
buy the building before the lease
expires. The investors in Industri-
al Properties will receive a
modest yield on their money. And
Wilmington will benefit by a pay
roll running into the scores of
thousands Of dollars a year. Too,
the city and county will benefit
from increased value OF property
in the form of tax receipts.
Another Industrial Properties
contract is that with the Mock,
Judson, Voehringer company,
manufac turers Of Mould Hosiery,
through it's local subsidiary corpo-
ration, Port City Hosiery Mills,
Inc. A large plant is now under
construction between Seventh and
Eighth streets on Greenfield, just
opposite one section of the Lake
Forest housing development. The
plant VIII cost well in excess of
the 100000 Industrial Properties
is investing in it. Its title will re-
main with Industrial Properties,
and the mills will pay an annual
rental based on the Properties in
vestment. In addition, and like the
France company, the mill will pay
it's own taxes, insurance and guar
antee to keep the building in Al
repair. It expects to employ about
200 workers with an average pay
of $25 a week, or better.
These two projects are under
way. There are others under con-
sideration, and undoubtedly some
lof them will materialize into pay
roll dollars to be spent in Will
mington.
No Easy Task
It has been no easy Job, this
matter of organizing a corporation
Of strictly local capital and then
deciding upon the course which
would be most beneficial to Will
mington. Nearly score Of men
have given time to it which, if
recompensed in dollars, would
amount to thousands. Not one,
however, has submitted a bill or
asked for a cent. Nor will they.
They are men who have implicit
faith in their community, and who
have demonstrated that faith with
dollars. They believe theirs is the
right course. Each of them, a
glance at the organization board
of directors and officers reveals,
already has substantial invest
ment in Wilmington.
The officers are, besides Thorn
ton: Harriss Newman, vice-presi-
dent; E. A. Laney, secretary, and
J. K. Paul, treasurer. Directors
are Warren Bell, W. A. Fonville,
c. M. Harrington, w. M. Hill,
Warren S. Johnson, Laney, W. D.
McCaig, Newman, Paul, Howard
A. Penton, ]. L. Spruat, Thornton,
c. Van Leuven, E. l.. White and
Frederick Willetts.
These men, together with ap-
proximately 100 other Whining
tonians as stockholders. are de-
termined to make a success out
of Industrial Properties, Inc, and
to insure, if human effort is re-
warded, that Wilmington doesn't