The Montgomery advertiser., 1903-10-14
EASY HOUSE BUxINo.
Cooperation Plan to 3e Tut in Prac-
 tice at Toronsa.

Co-operatton Elan to 3e Tut in prac- tice at Toronso. 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- ciple of this new organisation may be H. lustrated in this way: Three men each wish to buy 8 umbrellas. Each can raise only q . month. If. therefore. they wait until separately they are able to make their purchases 1t 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 an 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 1t, anyway. the second man will have his two months earlier, and the first man three months earlier. This principle is ap- piled 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 contracts to pay the firm $2.50 month for twenty-four months. Two dol lars of each months payment goes into a house-buying fund. The firm of mana gers or origtnators undertake to pay 10 cents a months into a contingent fund.- while 40 cents month is what they get for run ming 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 in- to 1t, thousand dollar house Is pur. chased by the firm, and monthly pay ments not exceeding $50 are paid on it until 1t is all paid for. The title to 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 rapidly as there are funds in hand for the managers to make the necessary $50 payments, they are given possession of their houses. When. however possession has been taken, the amount of the month ly payment is increased from $2.50 to $50. We will suppose Jones is 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's money and other peoples money to pay $50 a month on 1t. Jones's liabil- tty is now $50 month, besides taxes, | water rate. insurance and repairs He goes on paying his $50 until his pay ments have amounted to $250. He then
 
 mortgage for the balance. Jones Is now fairly launched as house owner. owing
 $50. which he will pay off at $5.50 a
 month without interest. To do this will
 take him sixteen years. But even so, the
 argument is that he Is at most only pay
 ing a low rent, and yet he is eventually
 the owner.
 This Is the scheme. and although it was
 only devised and put into operation a few
 weeks ago its originators have already
 enrolled 700 members. It is all right for
 Jones. It is all right for everybody if
 everybody gets house; but the point of 1 doubt is as to how long some of the con-
 tractors will have to wait How long will
 1t be. we wonder. before the 7OOth man
 will get possession of his house? Before
 that happy day arrives there must be
 paid out $6eS,5o0 in buying other houses.
 If the objections to 1t, which will occur
 to nearly everybody who reads this, could
 be satisfactorily answered there is no doubt this would be the greatest scheme
 that ever devised to make the poor man
 house owner.