The Wilmington morning star. [volume], February 01, 1946, Page 3, Image 3

About The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
1’our Wilmington Today:
Industrial Properties, Inc.
Invest In City’s Future
ole in the industrial and economic life of the Carolinas TiKs
account relates the part being played by a community organization
Industrial Properties, Inc., ini its effort to induce substantial indus
tries to this area, and what the organization has accomplished to
date-—Editor.
gy KEN R. NOBLE, Staff Writer
Industrial Properties, Inc., is no charitable organization
Nor, contrary to popular conception, is it a non-profit or
ganization. It is a chartered corporation with an authorized
Upital of $200,000. Its stockholders are Wilmington business
and professional men. They have invested tens of thousands
0f dollars in the organization with a two-fold purpose*
1—They want to pfovide the capital to supply in all
or in part, the physical plant for a limited number of sound
reputable industries which, in turn, will create payrolls to
Up spent hi
2—They want to make a
legitimate profit on their in
vestment. .
Many a person will lmme
diately ask why, if the indus
tries sought for here are sound and
T ---
reputable, it is necessary to off°r
inducements in the form of real
estate or physical plant?
To gain a full appreciation of
that problem would require infinite
study of banking regulations and
state and federal laws governing
corporate financing. But in brief,
a partial answer can be summed
up irj the following manner*
Banking Regulations
Investment money is cautious.
Banks and other private agencies
engaged in industrial investments
are held within rigid require
ments. The trend of the times—
and a trend accelerated by feder
al regulations governing issuance
of investment securities — has re
strained the previous flow of capi
tal into small business. Equities in
bonds or stocks of the larger,
nationally-known enterprises, have
a ready marketability upon the ex
changes, hence investors are less
prone to put their money into
smaller issues.
It is not so much a matter of
risk as it is convenience. Many a
small business yields a better re
turn than some of the largest cor
porations. But marketing the se
curities of the smaller companies
is the nub of the problem when
immediate, ready cash is needed.
Translated into every - day
terms, this trend, coupled with
and encouraged by governmental
regulation, has virtually strangled
the source of expansion capital for
the small businessman. Hence,
when the relatively little fellow
wants extra capital for expansion
or capital improvement he finds
himself up against an almost in
surmountable obstacle. So, when
he can get help with a minimum
financing charge, it is welcome.
Other larger and well financed
corporations seeking to expand
through the establishment of new
factories and who could finance
their own buildings much cheaper
than the rental charge of Indus
trial Properties, Inc., prefer to
pay the larger cost as they feel
that through the investment of lo
cal capital they are wanted here
and they thereby will become
more closely identified with, and
an integral part of the civic and
economic' structure of the city.
That’s where Industrial Proper
ties, Inc., comes into the picture.
It will supply the capital, at a
very nominal charge, for a plant
or factory. The person or firm ac-'
cepting the capital, in form of a
factory, must, in turn, meet rigid
requirements.
Rigid Regulations
First, Industrial Properties’ 15
man board of directors must be
satisfied that the prospective new
comer is a reliable and experi
enced manufacturer in whatever
line he is engaged. His past, or
his corporation’s past, is searched
with pains-taking care. His credit
standing is subjected to detailed
examination. His standing among
his competitors is ascertained, and
the worth of his product, in terms
of long-range marketing, is scruti
nized.
Satisfied of his credit standing
and financial worth, and con
vinced that his product has a rea
sonably long-term market, Indus
trial Properties then scans another
—and very important—phase of
the prospect’s standing in the in
dustrial world: his relations with
his employes. Has he been in
volved in labor troubles, and if so,
ovef what? Does his past record
indicate fair-dealing with employ
es? Do the wages he pays con
form with the average in his field?
The directors of Industrial Prop
erties are very insistent that they
want no part of a company whose
past indicates “sweat shop” prac
tices, or whose labor turnover has
been abnormally high. The rea
son? Unemployed workers form
breadlines at the community’s ex
pense.
Whether the prospective compa
ny operates on an open shop or
closed shop basis with its em
ployes is of no particular concern
to Industrial Properties. Bui the
company’s labor record, from
’way back, is of paramount con
cern. A bad labor record, or In
dication of sub-standard wages, is
a poor recommendation before the
board of directors of Industrial
Properties.
Too, Industrial Properties is
cognizant that too many of one
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; ie, 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: “Is it
too big for the city at the present
time?’’ Such a deliberation actual
ly 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 cocked
hat, so the proposition was turned
down.
Obligation Recognized
“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 Prop erties contracted
was the France Neckwear compa
ny. It will give steady year-around
employment to approximately 200
men and women engaged in mak
ing neckties., scarfs and sport
shirts. Its average woman em
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
a plant for the France company
at 13th and Marstellar streets. In
dustrial Properties is putting up
$60,000 of the building capital; the
France company nearly that much
again, and Industrial Properties
will receive a 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 dollar* 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,
manufacturers of Mojud Hosiery,
through its local subsidiary corpo
ration, Port City Hosiery Mills,
Inc. A large plant 1* now under
construction between Seventh and
Eighth streets on Greenfield, just
opposite one section of the Lake
Forest housing development. The
plant wfll cost well in excess of
the $100,000 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
its own taxes, insurance and guar
antee to keep the building in A-l
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
of them will materialize into pay
roll dollars to be spent in Wil
mington.
no oasy -rasa
It has been no easy 5°t>, this
matter of organizing a corporation
of strictly local capital and then
deciding upon the course which
would be most beneficial to Wil
mington. Nearly a 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 Relieve their’s is the
right course. Each of them, a
glance at the organization’s board
of directors and officers reveals,
already has a 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> J. L. Sprunt, Thornton,
C. Van Leuven, E. L. White and
Frederick Willetts.
These men, together with ap
proximately 100 other Wilming
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
suffer a relapse similar to that
which all but knocked it out fol
lowing World War I.
“You bring us the prospects;
we’ll give them a hand in getting
a sound start in our city,” says
Thornton.
He sounds convincing, too.
(In Sunday’s Stai-News the
next of this series of articles
will tell of another outgrowth
of the Wilmington Associates,
and how an idea germinated
into a plan—ana then into ac
tion — whereby the whole eco
nomic life of the community
may soon undergo a gradual
change toward making Wil
mington a No. 1 contender for
the title of North Carolina’s
most progressive city. It is
about the Economic Develop
ment committee—Editor.) 1
There are 490 miles of streets in
New York’s Borough of Manhat
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Wilmington's Larg est Credit Jewelers
FATHER PRAYS FOR ATTACK VICTIM
KISSING THE HAND of his little 7-year-old daughter, Rosalie, as she lies
in a Detroit hospital, Jacob Giganti prays for her recovery. The youngster
was slashed and attacked by an assailant who left her to die near her
home. Police are holding grocer Frank Lobaido, 29, as a suspect after
Rosalie pointed him out from her bed as the man who knifed her. She
is unable to talk because of her slashed throat. (International)
NO ERROR FOUND
IN MURDER CASE
RALEIGH, Jan. 31.—(U.R)—The
State Supreme court today found
no error in the appeal of Walter
Hightower, Negro, of Wilkes coun.
ty, convicted last August of mur
der.
The dicision automatically sets
his death date for Feb. 15.
Twenty-four opinions were hand
ed down at the final session o$ the
fall term of court.
Hightower was convicted of stab
bing to death with a hand-made
knife William Bunker in a Wilkes
county prison camp, where both
men were inmates. In writing the
opinion, Associate Justice M. V.
Barnhill said, in part:
“Counsel assigned to defend this
prisoner have presented his cause
with that degre of diligence and
fidelity the public has come to ex
pect from members of the legal
profession of this state. They have
pointed out and sought review of
every possible criticism of the
charge. These exceptive assign
ments of error as well as the case
as a whole have received consi
deration commensurate with the
gravity of the case. No cause for
disturbing the verdict is made to
appear.”
In another opinion, the court
found no error in the case of Ken
neth Petry, Raleigh man, convict
ed last June of assaulting a young
girl employe of a photograph shop
here with intent to commit rape.
By virtue of the decision, Petry
must serve from 12 to 15 years in
prison.
Other opinions:
State vs. Robinson, Mecklenburg,
new trial.
State vs. Jackson, Pender, error
and remanded.
Graham vs. Spaulding, Colum
bus, no error.
Harrison vs. Carter, Moore, re
versed.
State vs. Bennett, Guilford, nc
error.
State vs. Shoup, Guilford, no
error.
State vs. Stone, Robeson, no er
ror.
Patterson vs. Power Co., Guil
ford, reversed.
Hunt vs. High Point, Guilford
reversed.
Stansbury vs. Guilford county.
Guilford, reversed.
Smith vs. Paper Co., Guilford,
reversed.
Miller vs. McConnell, et. al.,
Ashe, modified and affirmed.
Gerringer vs. Gerringer, Alam
ance, reversed.
Ziglar vs. Ziglar, Forsyth, no er
ror.
Patterson et al vs. Brandon,
Alamance, affirmed.
In the matter of: Mrs. E. T.
Badgett, Admfx. of the state of
Elmer Thomas Badgett, Forsyth,
affirmed.
B. C. Remedy Co., vs. unem
ployment compensation commis.
sion, Durham, affirmed.
Vernon vs. Realty Co., Forsyth,
affirmed.
Benson vs. Roberson, et als.,
Forsyth, error and remanded.
Smith vs. Mariakakis, Orange,
affirmed.
New Bern Lions Hold
Annual Ladies’ Night
NEW BERN, Jan. 31—More than
60 members and guests of the
Lions club were present for the
organization’s annual party and
Ladies’ Night program Monday
at the country club. Special guests
were District Governor C. R. Gl«v.
er and C. R. Patton, both of Nash
ville, and Deputy District Governor
E. C. Sanderson of Wallace.
President J. Wesley Morton oi
the local club was presented by
Governor Glover with a master
key and membership card for pro
curing 12 new members in less than
a year. R. F. Allen spoke on Lion
ism. Wallace E. Jones was ir
charge of the program of briei
-alks, musicol numbers and enter
tainment features. A turkey sup
per was served.
Brooklyn has a population of
about 3,000,000.
Second Truman Rebuff
Now Gathering Momentum
WASHINGTON, Jan. 31.—(U.R)—
Another rebuff to President Tru
man appeared shaping up in con
gress today, this time on his plea
for the senate version of the full
employment bill.
A Senate-House Conference com
mittee is now seeking to adjust
differences between the bills pass
ed by the two chambers and some
members predict it will end up
by favoring the house version, and
possibly a watered-down version
of it. A report is expected next
week.
ACTION ON LOAN
MAY BE DELAYED
WASHINGTON, Jan. 31.—OJ.R)—
High congressional sources indi
cated today that it probably would
be at least 30 to 60 days before
Congress passes on the proposed
$3,750,000,000 loan to Britain.
Administration leaders in both
houses predicted ultimate ap
proval of the loan. Both demo
crats and republicans agreed,
however, that it should be studied
carefully to see that it is in the
best interests of the United States
and the world.
Legislation to implement the
loan was introduced in the house
yesterday shortly after President
Truman urged its approval ni a
special message. Senate demo
cratic leader Alben Barkley, Ky.,
hoped to get in a similar senate
bill today. x
House action on the loan was
expected to take at least 30 to 60
days—possibly even longer—de
spite President Truman’s request
for as much speed “as is consist
jyit with careful legislative con
sideration.”
■ Chairman Brent Spence, D., Ky.,
of the house banking committee
who introduced the house bill,
promised full and complete hear
ings.
The agreement would make
$3,750,000,000 (B) in U. S. credits
ivallable to Britain for purchase*
n this country or other dollar
needs. Repayments would begin
n 1951 at two per cent interest,
pie interest could be waived in
poor British export years.
DIPLOMA HAD TO WAIT
WILKES-BARRE, Pa.— (U.PJ —
John B. Keeler, of York, qualified
for graduation from high school in
1918—he received his diploma in
1946. Keeler said he applied late
for the certificate because he “for
got all about it’’ after he enlisted
in the Marine Corps during the
last war.
JOB HAZARD
PITTSFIELD, Mass.—(U.R)—Dur
ing his 28 years as water inspec
tor Frank A. Shepardson estimates
that he was bitten more than 20
times by vicious dogs.
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