The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-19
EASY HOUSE BUYING.
Cooperation Plan to Be Put in Prac-
tice at Toronto.

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 principle of this new or
ganization may be illustrated in this
way: Three men each wish to buy SO
umbrellas. Each can raise only 81 a
month. If, therefore, they wait until
separately they are able to make their
purchases it will be three months be-
fore any one of them is protected from
the weather. However, by putting their
money together one man can in
months time be supplied with an UNI
brella, 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 ap-
piled to house buying. Three OF 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 contracts to pay to the
firm $3.50 a month for twenty-four
months. Two dollars of each months
payment goes into a house buying fund
The firm of managers or originatorS
undertake to pay 10 cents a month into
contingent fund, while 40 cents a
month is what they get for running the
business.
AS soon as the sum of $50 is accumu-
lated in the house buying fund from all
the different members who are paying
into it thousand dollar house Is pu--
chased by the firm. and monthly pay
ments not exceeding $50 are paid on 1t
until it is all paid for. The title the
house is for the present vested IN the
men who are running the scheme Ac-
cording to the order in which the mem
bers have come into the scheme, and as
IA pidly as there are funds in hand rol
the managers to make the necessary $50
pa yments, they are given possession of
their houses. When. however, posses
sion has been taken. the amount of the
monthly payment is increased from
the first man to sign a contract 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 pay
ing his $3.50 until his payments nave
deed, the mana gers taking mortgage
for the balance. Jones is now rairiy
launched as house owner, owing $3.50,
which he will pay off at $3.50 a month
without interest To do this will take
him sixteen years. But even so, the
argument is that he is at mostly only
/ aying 2 low rent, and yet he IS event.
ually the owner.
This is the scheme and although it
was only devised and put into opera ton
a few weeks ago its originators nave
already enrolled 700 members. It is all
right for Jones. 1t is all right for
everybody if everybody gets a house,
but the point of doubt is as to how long
some of the contra ctors will have 10
wait How long will it be- we wonder.
before the Tooth man will get possession
of his house? Before that happy flny
arrives there must be paid out $69S, 5aG
in buying other houses. If the objec-
tons to it, which will occur to nearly
everybody who reads this. could be sat
/ isfactorilv answered there IS no Goubr
this would be the greatest scheme that
ever was devised to make the poor MAJ
a house owner-Toronto Star.