The Providence news. (Providence [R.I.]) 1891-1906, 1892-09-02
NEWS or REAL ESTATE.
a Review Of the Career Of the Home
investment Company.
II HAS HAD GREAT SUCCESS.
washington Park Plat Was Opened One
Year Ago Most Of the Lots Have
Been sold and Homes for the People
Are Being Provided.

$1,000 -~"-~~~ - -
Are Being Provided.
The FIRST sound to meet the ear of
visitor TO Washington Park Is the dull
thud Of carpenters hammer. sign CT
industry. Houses are IN process of erec-
tion on every avenue on the plat, and en-
ployment 10 given to 200 men, carpenters,
plumbers, masons, etc. This shows that
Washington Park has become favorite
site for home seekers, for just one year
ago the first deed was passed and now 4i5
lots. out of the 500 In the plat, have been
sold Forty-five houses have been erected
or are In process of erection, and the cell
lar has been dug for the ffty-third house
The Homo Investment Company. which
owns the Washington Park plat. was or
Ranized when it received its charter in
April 1891. The officers now are: Presi-
dent. ID. Russell Brown; vice president,
Charles Law; secretary and treasurer, Is.
w. Gallup; board of directors, ID. Russell
Brown, Charles Law, Is. w. Gallup, Hor-
ace Franklin, Charles Il. Hancock, Rob
ert l. Gresne, f. C. Du Bois, Thomas II.
Ray and Isaac l. Goff. The office of the
company is at the corner OF WeYbosseG
and Dorrance streets.
The idea In forming the company was
to provide homes for the people on easy
payments and that idea has been success
bounded by the Fields Point road and
the Cranston line, and running back from
Broad street about twc-thirds of the way
to Narragansett Bay, including about
seventy acres, was bought and named
Washington Park. Part of the park was
surveyed and laid out and termed plat
No. /. So great has been the success Of
the company that the remainder of the
property has been laid out and termed
The lots are Of three sizes, 40 by so, so
by so and 80 by 60 and sell from $3.50 to
$500 each. On April Is so great was the
demand for lots that it was thought best
to increase the price s25 per lot. The de-
mand has not slackened. Lots have been
purchased and building has been going
on all through the summer and by the
middle Of the present month a second ad-
vance of SIS per lot will be made.
Work is now going on in grading the
streets of plat No. 2, which contains 400
lots Twenty lots have already been sold
on this plat, although IL has been on the
market for a very short time. Three
acres in the center Of plat No. have been
set aside and pleasure grounds will be
made of them. This portion of the plat
is called Columbia Park.
Washington Park Is very favorably
situated. II is just inside the city limits,
and the property owners there feel the
benefit of route of electric cars running
by the plat. The view is excellent, all the
shnrs resorts being in easy sight. On a
clear day Newport and Fall River may be
seen. and at night the electric lights in
these two cities are visible. The view
down the bay is good, and when the day
il hot the salt breeze Is decided boon to
the residents at the Park.
A number of handsome residences are
In process Of erection. The Home Invest
ment Company Is building thirteen
houses. George A. Youlden Is building
seven cottages on Massachusetts, avenue.
costing from 5000 to 5000 each. Mr..
Youlden is Just completing a fine resi-
dence on Washington avenue for himself.
Together with the barn il will cost in the
neighborhood of $4,000. 1t is u roomy
and we'll planned house.
Edgar X. Horton is having q house
erected on the corner of Broad street and
Washington avenue, which, with the
barn, will cost about $4,000
Many houses are being erected on the
plat They are all of u substantial char
ncter, and not OF the style frequent in
localities where there has been mush-
room growth. About dozen contrac.
tors have gangs" at work, and in addi-
ton to these a number of men are at
work putting in gas mains in Massachu-
setts and Vermont avenues. There is
evidence Of industry and prosperity In
every section of Washington Park.
Homes for the people" is the motto
4 the Home Investment Company. 1t
does business in RHODE ISLAND, and every
dollar subscribed to the company has
been invested in this State. The com
pany loans money to people desirous OF
owning home. Said a prominent citi-
zen who was fully qualified to make the
statement: ''The Home Investment Com
pany has promoted more building in six
months than has been done east of Eddy
street in twenty-five years. Thus the
company is, and has been since beginning
business, benefit to the city of PRov1-
DENcE IL has increased the taxable val
uation of the city, aud every dollar in
vested has bean invested in RHODE ISLAND.
The last point is worthy Of especial com
mendation when one thinks of the great
amount OF money that has gone out of
this city and has been invested in West
ern securities. The late Benjamin
White once said that between
1860 and 1870 there was $40, 0O0, 900 invested
" gold mining stock by people in this
city and that not a penny ever came In
return for the investment. Other money
- being invested In western securities
from which. perhaps, good return is
being realized. But IL Is certainly patri-
otic spirit which prompts the Investment
Of money at home as does the Home In
vsstment Company.