The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-01-03

man yesterday, "our paper has fro
quently called attention to tho necessity
OF making it easier for mechanics to
build and own their own homes. Here
toforo wo have dealt in gcneralities
Would you like to suggest something
practical?"
Well" repeated the doctor, 81 have
read tho articles to which you rotor, and
think they are replcte with good ideas.
But they assume too much.
I'm tho first place, il the second mort
gage PLAZA engages the attention of tho
ordinary capitalist, it is only because
hc is looking forward to an increased
value Of property which he may have
in tho vicinity of any lot he may plac
at the disposal Of builder on the basis
OF second mortgage upon house and
lot to secure payment for the lot.
"ln tho ovcnt, then, OF this being
adopted by certain capitalists. tho land
offered would be some distance away
from the business portion of tho city,
where ground is yet held in bulk by
land companies.
"Should these companies, then, adopt
tho plan, and thereby encourage the
Drawn and sinew OF the city to 30 in
largo numbers in different directions
away from tho business oeatcrs, it
would hayo Il double disadvantage.
First. 1t would tend to mako Roanoke
succession OF villages, each clannish,
each remote from the other and Jealous
Of the other. Second 1t would weaken
the expenditure OF money raised by tax
alton for nrovrments, and dissipatc
the efforts OF the iiremen and police.
while this in tho end would be 4
good thing for the city, and in fact
would bD OF Immediate advantage,
would like to present another plan.
This. / think, would not only inure to
the benefit of the workingmcn (who
would be enabled To build at once
through it's agency, but would give
Roanoke tho greatest OF advertisements,
result III al enormous building boom in
| tho spring, give the building associa-
tons Il start which will rank them
among tho foremost in tho world. and
| would prove = remuEcrativo investment
| in itself.
This plan give you in outline. It
is susceptible oi Improvement, and It's
public discussion will cause improve
mcnts TO DO suggested.
Lot the bankers, merchants, land
owners. real estate men, and all who
have tho permanent prosperity OF
Roanoke at heart form land company,
with 4 paid-up capital OF, say, S30O,O 600.
Let IL bo understood that no further
| profits than 4 safe S per cent. per annum
arc to be derived from this particular
| investment.
''Outsido Of this spcr cent. will come,
| however. that uncarnrd increment to
tho holders OF the companys stock
which accrucs to all propcrty-rcal and
personal-in IL city from its increase of
dwellings and the consequent increase
Of population and volume OF business.
when this company shall have been
formed, and it's capital stock paid in to
any extent, announce that any man Of
family residing III Roanoke can have
purchased for him in any section OF the
city, in which lie finds suitable lot,
within tho agreed upon price (say $i0O)
upon tho following conditions:
"First. That the lot have no other
lien upon it than the amount tho COM
pany advance for its purchase.
Second. That the borrower Shall
have built thereon q house TO cos. rot
less than $3.50.
Third. That tho money with which
to build Qf the house Is 10 be mortgaged
TO secureits repa yment) shall be secured
from somo building association doing
business and having It's Ecadquar tcrs
il Roanoke.
Fourth. That the house, from The day
construction Is begun, shall be covered
with insurance to its full value, in some
Loo, I,,,~ i
company ard building association.
jointly.
''filth. That the house and lot, when
finished. shall be placed in the hands OF
q joint trustee to secure repayment. rs
follows: Each month the builder shall
pay per cent. (tho usual rate) Of tho
amount borrowed to construct the house.
two per cent. for the amount advanced
by the land company, and, in addition,
Il sum sufficient 10 pay insurance, taxes,
costs, &c.
sixth. There Shall be executed two
| mortgages the first To secure the build
ing association, the second TO secure the
land company.
"a man awaiting himself of the oppor-
tunity thus offered would then, on u
basis of $500 for u lot and 5000 for a
house, have monthly to pay out The fol-
lowing sums
! s'Two per cent. for lot ...... 5000
'One per cent. for honso. .... Goo
"Taxes, insurance and costs 80. 200
"a total OF Observation-Disclosures. $500
The land company's interest ut 8 per
cont. per annum must now be added.
This would, on basis of $500 as the cost
of lot, be 81 per month for the first year,
SLS2 for the second, Sl.Oi the third Sc
cents the fourth and final year. This