Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-20

twenty four years ago, $4,000 now; leased
at per cent, etc., $4,000.
Lots in West st. Paul (bluff), $3.50 twenty
four years ago, now $500; leased at per
cent. etc., l,250.
Lots in West st. Paul on flat, $500 twenty
fouIs ago, now $3.50; leased at per cent.
etc., 81 800.
Now, when it is understood that these
leases do not interfere with the selling of
the fee simple title, or mortgaging as basis
of credit, but rather facilitate such operations
because the property is alive and productive
AS good as cash drawing 6 per cent.
Interest," principal additional reason is
added from adopting this system; and if the
leases are twenty years or more without the
privilege of purchasing, the reasons for
leasing are all in favor of the lessor.
The 100 year or perpetual Longworth lease,
if adopted by the large owners of st. Paul
/ real estate, even to one-fourth of their lots,
would benefit the other three quarters enough
to amply compensate them, if every other lot
should be sunk in the operation, for it would
build up their vacant additions and double
their value. 1t would give basis of credit
to every poor man in Saint Paul, who
could get lot and receive the money to
build on it. This plan is the
best of the three. A. the lot owner, gives
the lease. B gives mortgage on the house
he builds to secure the BA for cash advanced.
His payments for his lots are so light, he is
able to pay sum monthly into the BA ad-
ditional to his due for the loan, which sum
is placed to his credit in stock and becomes
a sinking fund to pay his debt in half the
time and make his security better every
month.
| AS TO ALL THE PLANS.
1t is safe to say that every man who would
pay his rent would pay the monthly pay
ments on his lot And the owners of lots
would run no more risks than our landlords
have to do. They would of course have to
discriminate.
1t is safe to say that our bankers frequently
prefer the individual note of good man
who has the means to pay rather than to
have mortgage security, and the
experience in these two classes of business
transactions proves that not one
in ten who would buy lots in this way would
default in payment. 1t is safe to say that
there are clerks, statesmen, trusted employees
in every department. of business, known to
be honorable, steady, prosperous and safe
men. whose employers would not hesitate to
guarantee one, two, three or four years.
monthly payments on lots, and whom real
estate men would be equally safe in selling
to and trusting on any of the three plans
proposed.
PLAN TO CARRY THIS OUT.
| There are over one dozen building associ-
atoms IN st. Paul. Over 1000 people be-
long to them. Over 1000 more can belong
and ought to belong to these now working,
rather than start any new ones. 1t is better
to strengthen and fortify and keep sound a
dozen good associations than to multiply
them and spread them out too thin by max
ing supernumerous and apt to lead sickly
life. Let each man who wishes to build inter-
view the holders of lots, select one to
suit him and negotiate his loan from the
building association he belongs to or prefers,
or get the money outside if he can. The in
terests paid in the building association need
not exceed the interest paid outside, and
does not; and in some cases, depending
upon the age of the stock. not half the in
terest paid outside. / can demonstrate this
to any reasonable mans satisfaction by &C.
tual figures.
This will apply either to those who wish
to build homes to live in themselves, or to
rent to others. No organization will thus
be required. Every man who desires to
build houses to rent or to sell, can thus be
furnished with the means, and his individual
enterprise and industry will be paid by his
increased rents and prosperity rather than
by salary as an officer or q dividend as a
stakeholder, which will doubtless be more
satisfactory solution of the problem to all
concerned.