The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-02
The PHILADELPHIA Way OF Making
Men HOuSehOl(leFS.

The chief circumstances favoring are
the illimitable area OF level ground
which surrounds the original city, the
system Of ground rents-a legacy from
the days Of William Penn-and the co:
operative building associations, of which
there are hundreds in successful opera
ton, When poor man, earning small
days wages, determines to secure himself
u home, he goes to the extreme suburbs
OF the city, about three.quarters of an
hours ride by street car from the State
House, and buys u lot Is feet front, on a
fifty foot street, and 30 feet deep, Tor
two hundred dollars, without paying Tor
it, by entering into an obligation to pay
u yearly rental OF Sl2, or per cent.
As long as this interest on the purchase
money is paid annually, the ground-rent
landlord, as he is called, cannot demand
the principal. lie now joins u building
association, and takes, say, five shares.
On each share 81 is paid monthly, and,
and, rs there are 1000 shares, each month
$1,000 is paid into the association. Then
the money so paid is put up at auction
among the members, and the bidding
mounts up from per cent. premium 10
perhaps 20, ut which it is knocked down
to him. lie agrees to pay besides his 81
per month per share--say 50 per month
the interest on $1,000, plus $500, 90 per
cent. premium, amounting to $500
per annum. With this $1,000 he con-
tracts with competent builder, who puts
him up house lIl feet front, leaving
Il passage Of 81 feet on his lS-foot lot. His
house is to be OF brick, - feet deep, with
a well and pump, and shed over them,
and his lot surrounded by fencing seven
feet high. His house will be entered by
front door, opening on parlor, having
one window in front and one on the side.
Passing through the parlOr,a door opens
on small entry, from which straight
stairs rise to the second story. On the
opposite side Of the entry door opens
into the dining.room, lighted with one
window, and through this passes to his
kitchen, in which is good range. At
the kitchen door stands, under the shed,
the pump. Behind this again, IL the
garden lot, 50 by Is. The financial
result stands rs follows: lie pays ground
rent per annum, q per cent on S2OO-Sl9.
Building association 81 per month,
amounting to $50. Taxes, 81 per 500
on valuation Of house-say $500, SIG; to.
tai, $3.50. II is in effect u mortgage which
never natures unless there is a failure to
pay the interest; or it may be described as
rental which gives the renter perma.
nCnt possession Of the estate ii he prompt.
ly pays the rent. So familiar and popular
has this mode Of conveyance become that
all the quotations OF vacant lots are based
upon this annual rent, or interest ON the
principal sum. One Of the important elC-
ments in this transaction is the building
association. The relation Of the labOrGr
to this organization is thus stated lie
bOrrows $1,000 cash, agreeing to pay
$1,000 and the interest; he stands charged
with $1,000. Paying $50 per nnnum, il
would take him 20yGars to pay up $1,000,
But at the end Of the time, his shares be.
ing worth $1,000, he stops paying, and the
house is his own. In fact, however, he is
u participant in the profits; the premium
and the interest he phys going to REIN.
bursC himself, and it only takes in prac-
tiCe ten or twelve years to put him in alb.
s0lutc possession Of his home.