, 1877-11-17


Now that rents are comparatively
low in Seattle, it behooves the work
ingmen to prepare for themselves
homes against the time when rents
will advance to an almost insupport.
able rate, as they surely will SO soon
as the work on the next extension of
the Seattle and Walla Walla Railroad
begins next year. The plan offered
Is for the formation of a building
association, with honest men her off
GERS, and the purchase of a tract of
land adjoining the city, say in North.
ern Seattle, where = street railroad
along Front Street will place the
resident within few minutes ride
of the postoffice. or between Front
street and Lake Washington. where
the lands can be reached by q walk
of Is or 20 minutes from the bust,
ness part Of the city. The workings
of such associations have given gen
era; satisfaction in other cities, and
contributed to their growth by afford
lug cheap homes for the laborers.
The best system. in its workings, so
far as reported. is that adopted by
the Philadelphia Building Associa-
ton. The plan is as follows.
When poor man, earning small
days wages, determines to secure
himself homie, he goes to the ex-
treme suburbs of the city, about
three quarters of an hours ride by
street car from the State House, and
buys a lot IS feetfront, on fifty foot
street. and 80 feet deep, for two hun.
dred dollars. without paying for it,
by entering into an obligation to pay
yearly rental of ST., or 6 per cent.
As long as this interest on the pur-
chase money is paid annually, the
ground-rent landlord, Us he is call
ed, cannot demand the principal.
He now joins building association,
and takes. say, five shares. On each
share 81 is paid monthly. and, as
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 5 per
cent. premium, to perhaps 20, at
which it is knocked down to him.
He agrees to pay besides his 81 per
month per share--say S5 per month
the interest on $1,000 plus $500,
90 per cent. premium. amounting to
S72 per annnm. With this $1,000 he
contracts with a competent builder.
who puts him up house IA 1-2 feet
front. leaving a passage of 3 1-2 feet
on his 18-foot lot. His house is to
be of brick, 32 feet deep, with a
we'll and pump and a shed over
them. and his lot surrounded by
fencing seven feet high. His house
will be entered by a front door.
opening on a parlor. having one
window in front and one on the side.
Passing through the parlor door
opens on small entry. from which
straight stai rise to the second
story. On the opposite of the entry
a door opens into the dining-room
lighted with one window, and this
passes to his kitchen, in which is
good range. At the kitchen door
stands. under the shed. the pump.
Behind this again. is the garden lo:,
50x1S. The financial result stands as
follows: He pays ground rent per
annum, 6 per cent. on $2O0-S1..
Building Association $5 per month,
amounting to $50. Taxes, So per
800 on valuation of house, say
$500, SIG; total, $160. 1t is in effect
mortgage which never natures un-
less there is failure to psy the in
terest. Or it may be described as
rertal which gives the renter per-
manent possession of the estate if
he promptly pays the rent. So fa-
miliar and popular has this mode of
conveyance become that all the quo
tations of vacant, lots are based upon
this annual rent; or interest on the
principal sum. One of the import
ant elements in this transaction is
the building association. The rela-
ton of the laborer to this organiza-
ton is. thus stated: He borrows
$1,000 cash, agreeing to pay $1,000,
and the interest, he stands charged
with $12c0. Paying $50 per annum.
it would take him 20years to pay up
$1,000. But at the end of that time
his shares being worth $1,000, he
stops paying. and the house is his
own. In fact, however, he is a par
ticipant in the profits; the premium
and the interest he pays going to re-
imburse himself, and it only takes
in practice ten or twelve years to put
him in absolute possession of his
home.
Mr.. GEORGE FOSTER, who has for
so long and SO ably filled the posi-
tion of wharfenger at Yesler's wharf,