The news-democrat. (Providence, R.I.) 1906-1909, 1907-07-16
HOME REALTY co.
INVESTORS WILL
REALIZE LITTLE

save their homes, Notwithstanding the
optimistic views OF Edwin &. Pierce,
counsel for the Home Realty company.
1T has been the practice Of the Home
Realty company" said Col. Quinn, Ito
sell a man lot OF land and then make
contract with him TO erect home
upon IT, or TO take a mortgage upon a lot
which he might hold free OF membranes
up TO that moment, and agree TO build
for him: in either event the deed not 10
pass until the last payment is made.
There Is a considerable number OF peo-
pie. who have been caught with one OF
these unfinished contracts. Some are liv-
ing In their homes and have expected TO
be permitted TO go on with their pay
ments; the others have been paying upon
houses that are In process OF construc-
tion. Each and every one OF these persons
must come in as creditors, and the homes
for which they have not received deeds
will assuredly figure I'm the assets OF the
Home Realty company, from the estate
OF which each will be entitled TO get
dividend, providing there is anything left
for distribution, which, TO my mind, Is
decidedly doubtful.
1T is useless TO talk about the equities
which the Home Realty company has In
its plats OF land and futile to speculate
upon how much will be obtained from the
sale OF this property TO be applied to the
payment of the debts OF the company.
"The situation should be approached In
a common-sense manner. Take, for i'm
stance, the condition which exists In the
town of Warwick There the Home Real
ty company owns three plats OF land
Lincoln Park, Jefferson Park and Oak
hurst This Is taxed for S22, $685. There Is
mortgage upon IL for $4,000 and yet the
officers OF that company, through Mr..
Pierce, make the claim or an equity or
S99, 900. Could anything be more unreason-
able and does Col. Goff expect that the
creditors will stand for that, or that the
public will accept any such explanatory
CONDITIONS ROTTEN
1.-THE showing OF the Home Realty COM
pany at the creditors meeting was
rotten one.
''The equity which is claimed by the
company does not exist. These Warwick
deals were on what are known as boom
plats' AT the time they were opened 10
the public, strenuous efforts were made
to make sales and the best there was on
each was disposed OF. What is left Is the
fag end of each plat, and all three are
dead, so far as arousing public interest is
or can be concerned.
Having worked Jefferson Park for the
cream OF the business so far as II could,
the company opened 1t to persons. who
have erected shacks upon small lots, ana
that was about all that was heeueu W
give the plat a finishing blow.
BOOM PLATS DEAD.
'Talk OF an equity of $4,000! The thing
is sabsurd Since the plat became a dead let
ter I'm real estate literature, the company
has allowed brush TO grow up until IL is
as tall as an average man, and covers the
entire tract. Does that look as II Jeffer-
son Park had future upon which
trustee could depend with any hope OF
working out the salvation Of lot OF
claims?"
ITO illustrate: when Lincoln plat was
opened the Consolidated Railroad COM
pany was induced to stop certain trains
there and then erected railroad station.
Long ago the engineers in the employ or
the Consolidated ceased to remember that
there had ever been such a place as Lin
coin Park.
"The Thorn Mountain plat at jackson.
N. H, Is another bad asset l understand
that Col Goff bought this for something
like $4,000 and that there Is mortgage
upon 1t of S2S, 900. and an equity claim or
something like 5000. There is one fine
house upon it-it is owned by Col. Gon, Oh
was the last heard"