The San Francisco call., 1895-11-25

some business property will be offered for
sale to the highest bidder.
The auction sale of the personal and real
property of the Shillaber estate last week
conducted by A J. Rich & Co. yielded in
gross results $216,00O.
MISCELLANEOUS ITEMS.
The Board of Education has leased to
A. J. Prayer & Sons four out Of the eleven
school lots at the corner of Market and
Fifth streets for two years at $720 per
month.
The San Mateo Electric-light Company
is extending its wires through the Bur-
ingame Park property, and all of the cot
tages, as well as the clubhouse, will shortly
be supplied with incandescent lights.
The stockholders of the Western Loan
Association held their ninth annual meet
ing last Monday evening. Leon Dennery,
the secretary, made his report, which
showed the association to be In a prosper
Gus condition.
The McMahan ranch on Putah Creek has
been on the market but ninety days, and
the record OF the disposition of thirty
seven plats from 10 to 100 acres to actual
settlers is evidence of Improvement in the
country land market or exceeding good
management in the country land depart
ment of Bovee, Toy IL Co.
The WELD of the prune and apricot from
the district of northern Solano, OF which
this ranch forms a prominent part, is un-
excelled by the most favored spots in Cali
fornia.
Joseph A. Leonard, president of the
Joseph A. Leonard Company, real estate
dealers and builders of Alameda, when
asked a few days ago to what ne mostly at
tributed his success in supplying homes
across the bay to business men, replied
that it was principally due to the install
ment plan which he offers.
"To exemplify my plan," said Mr.. Leonard,
suppose man should buy home costing
$3.50, which is 5000, leaving $24OO on mort
gage on which he would pay an installment of
$50 every month, interest included in these in
stallments. According to this it would require
1O9 months to pay out. Thirty dollars per
month for 109 months amount to 1920, to
which add 5000, which was paid at the COM
mencement, and the total cost is $3.50. By
this plan one pays $50 for interest but is not
paying rent during the 100 months. One
could not rent the same house for less than
S32 so per month, which in 109 months
would amount to $2452, so the $4,000 home
would only cost $I417 so more than would
have been paid in rent, which is the net cost of
the home.
"The building and loan associations do not
offer just as favorable terms.
ain the first place, while we DO business on a
margin OF 20 per cent they require at least a
margin OF 40 per cent; ;consequ quently, one would
have to have just twice the amount of cash to
deal with them. But, for the purpose of com
parison, we will say that they carry mortgage
OF $2400 on your $4,000 home the same as we
do. In this case you will pay them monthly
$34. These monthly payments will continue
until the stock of the series in which you are
placed has matured, and this depends entirely
upon the prosperity of the associations, averag-
ing about 127 months, according to the report
of the State Commissioners on Building and
Loan Associations. Hence, when the mortgage
has been satisfied, one viii have paid for a
home-frst, $500 cash, then 127 monthly pay
ments of $34 each-$431S, in all $491S, or
$114S more than one will have to pay on our
plan"
Hugh Shiels, for many years identifi ed
with the country department OF Bovee,
Toy & Co., and one of the best-posted
agents on country lands of California, has
branched off for himself, and opened
offices at 602 Market street, on the lower
floor of the Crocker building.