, 1876-07-16

HBUHDMa AND LOAN ASSOCIATIONS AID
CHEAP HOMES"

"stockholder," opens IN article as follows
"The plan suggested for the securing of home.
by salartcd and 1abor1ng men In the most eco
nomic way Ag O. c. Gibbs in your issue OF Sun
day last is good in theory, and, could 1t be up,
piled to any extent, would meet my hearty ap-
proVal. But as capitalists do not build and sell
houses on the plan he proposes. his figures are
valuciess when applied to the plan pursued By
building and loan associations.n
As Go not care to be placed before the pub
lie as advocate of impracticaMe theories, permit
me to say word in reply, that sonse capitalists do
6ul'd and sell houses precisely the plan I pro
pose
If "stockholdcr will call upon me. will
take him to the Office Of Chicago capitalist
well known in this city, and show him set OF
books covering business Of some five or SIX
years, in which this same capitalist has built
aou sold several hundred houses in the suburbs
Of Baltimore and Savannah on precisely theplan
propose, and that it has been entirely sue
cessful rs strictly business enterprise, leaving
out Of the account the principles Of practical b.
neuosence, which, In his case, form an i'm
portant element of the work.
am reliably informed that similar building
enterprise has been successfully carried on dur
ing the past year or two in suburb Of Cincin-
natl, but with the details OF which am not ac-
quainted.
An enterprise Of similar character though
differing in its details, has been success
fully carried out in the vicinity Of Boston under
the advice and direction Of the Hon. Josiah
Quincy, a full explanation Of which is con,
ts9fa M Qnucey ii ented s Mst Rousss e
Moderate Means,' p which, have no doubt, the
author would send to any one on application to
him at Boston. I will simply say Of this plan
that it embraced an association OF soplc twenty
land in the Town Of Dedham ladjoining the ci1y),
subdiyidcd it among themselves, aud borrowed
money OF one Of the savings banks with which
to build-thc entire membership OF the associa-
ton becoming responsible for each lin in
Their wv weekly T deposits in the savings banks'
and at the end OF every SIX months having cred
tied to them on their loan the amount deposit
cd, with the interest accrued upon the same,
less the interest due from each on his loan.
And, finally, if st Stakeholder - will take the
trouble to call on me, I will take pleasure in
showing him houses which have been built and
sold this summer by Chicago capitalists on my
plan, and other houses now in process OF eret-
tion, which are for sale on the same plan. And,
further than this, I can give him the
are ready to build and sell on this
same plan Us soon as satisfied that purchasers
for such cheap homes can be found, which I
think this seasons work will practically demon
strate. at the risk Of repetition Of matter EN-
braced in previous articles, I desire to rcstate
what I regard as the main points OF my plan.
Fiyxt-1s regards the purchaser: 1t gives to the
man Of moderate income whose living expenses,
including rent, now absorb his entire earnings,
chance to secure and own home, and com
rented house and placing him where
his monthly payments, instead OF being
hopelcssly sunk in rent, will apply on
the purchase Of his home, less the in
months payment. It places his family in better
physical, social. and moral conditions than is
possible with his means in the city. It furnishes
the strongest possible motive to industry and
economy-the dropping oil of unnecessary ex-
pcnscs-in order that the home may be paid for,
and furnishes him a standing ground from
which to work, and leverage srith which to
work, which he lacked before, and without
which accumulations were impossible
Seeotad-As regards, the capitalist: It fur
the title femaining in the seller until
the entire amount is paid unless otherwise pre-
ferred, and the purchaser paying interest at s
interest can be included in each months pay
ment, or made payable quarterly or semi
annually. It will pay reasonable profit on the
lot and the cost of the house, but greater in
the enhanced value given to adjoining lots not
built upon.
am aware that many will say this is too
much Of reta1 business for capitalist to en-
gage in, and admit the full force of this.
And yet to man who has a sense Of his stezo-
drdship and who wishes to use his means in
such way as to most benefit his fellow-men,
eyen if It does involve some labor and sacrifice
on his part, can conceive Of no more satisfae-
tory plan for the use Of money, since it EN-
braces the elements of grand benevolent tcork,
without the admi1ture of single grain Of char
hy to detract from its value. Of course, cheap
houses on cheap lots, and proximity to the
city, with convenient and cheap transportation
facilities arc essential elements in the success Of
such work o. G. GIBBS.
SEMI-ANNUAI TRANSFERS
REAL ESTATE TRANSFERS FOR THE HALF YEAR
The Real Estate aud Building Journal has pre-
pared the following semi-annual statement Of
warranty transfers recorded in the county dur
ing sir months from Jan. l to July l, 1875; also
a comparison with the totals OF the first half