In 1931 Universal Oil Products co-founder Carbon Petroleum Dubbs was elected Village President. At the time that he took office, the village was approaching bankruptcy. To stabilize its finances, Dubbs cut the village's budget and refused his salary. In 1932, despite the onslaught of a national depression, Dubbs was able to finish construction on Lochmoor, his Phillip Brooks Maher-designed lakefront mansion located along Wilmette's Michigan Avenue. Construction of the residence cost him $200,000. On January 27, 1934 the village celebrated the opening of its own water plant that was completed largely due to Dubbs' commitment to the project. The village had previously been purchasing its water from Evanston. Not only did Wilmette start pumping its own water, but by the year 1938 Wilmette was selling water to Glenview. By the end of Dubbs' tenure as Village President in 1935, Wilmette had become fiscally solvent.