Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-10-05
EASY HOUSE BUYING.
Cooperation Plan to Be Put in Prac-
tice at Toronto.

From the Toronto Star.
A new scheme has been launched within
the past few weeks in Toronto, with the
object of enabling working people to buy
their houses upon easy terms. The prin-
cple of this new organization may be Illus
trated in this way: Three men each wish to
buy So umbrellas Each can raise only 81
a month. If therefore, they wait until sep
arately they are able to make their pur-
chases it will be three months before any
one of them is protected from the weather.
However by putting their money together
one man can in a months time be supplied
with umbrella, the second can have his
in two months and at the end of the third
month the third umbrella will be bought.
The last man will have his as soon as he
would have had it. anyway, the second man
will have his two months earlier and the
first three months earlier. This principle is
applied to house buying. Three or four in
geniouS men have formed a partnership to
carry out the idea. They go out and ask
people to enter into a contract with them
upon the following lines: Each member con-
tracts to pay to the firm S2.50 month for
twenty-four months. Two dollars of each
months payment goes into Il housekeeping
fund. The firm of managers or origina tors
undertake to pay 10 cents month into a
contingent fund, while 10 cents a month
is what they get for running the business.
AS soon as the sum of $50 is accumulated
in the housekeeping fund from all the diff
ferent members who are paying into 1t a
thousand-dollar house is purchased by the
firm. and monthly payments not exceeding
$40 are paid on it until it is all paid for.
The title to the house is for the present
vested in the men who are running the
scheme. According to the order in which
the members have come into the scheme
and as rapidly as there are funds in hand
for the managers to make the neces-
sary $50 payments, they are given pos
session of their houses. When. how
fol. fha
amount of the monthly payment is in
creased from $3.50 to S.. 80. We will sup
pose Jones is the first man to sign con-
tract to go into the scheme. He gets the
first house. this first house being bought as
soon as there is enough of Jones' money
and other peoples money to pay $50 a
month on it. Jones liability is now $3.50 a
month, besides taxes, water rate. insurance
and repairs He goes on paying his 81. 80
until his payments have amounted to $3.50
He then gets his deed. the managers taking
a mortgage for the balance. Jones is now
fairly launched a house owner. owing
$3.50 which he will pay off at $3.50 month
without interest. To Go this will take him
sixteen years. But even so, the argument
Is that he is at most only paying a low
rent, and yet he is eventually the owner
This is the scheme, and although it was
only devised and put into operat ton a few
weeks ago its originators have already en-
rolled 100 members. 1t is all right for
Jones. 1t is all right for everybody If
everybody gets house; but the point of
doubt is as to how long some of the con-
tractors will have to wait. How long will
1t be, we wonder, before the Tooth man
will get possession of his house? Before
that happy day arrives there must be paid
out $G9S, 500 in buying other houses. If the
objections to it. which will occur to nearly
everybody who reads this, could be salts
factorily answered there is no doubt this
would be the greatest scheme that ever was
devised to make the poor man house
owner