New-York tribune., 1910-01-23
LIKE MON THI.Y PLAN
AIDS HOME BUYERS.
Erperts Soundly ApproUe of
Present InstaIment Methods.

The opinion recently expressed by James
A. Patten, the we'll known wheat operator
of Chicago, at a dinner of the New York
Produce Exchange, that prospective home
seekers should not buy home unless they
had money to pay for it outright. has
caused considerable discussion in realty cir
cles and elsewhere No local realty trader
who has been identified with the selling of
homes on the monthly instalment plan has
yet been found with a similar view of this
important subject
Charles c. Hough, who has persuaded
many wage earners to become the owners
of home on the instalment plan, said yes
terday that the buying of houses in that
| manner had resulted in thousands of per-
sons of small means becoming property
owners. He further said:
1T is possible for a man with equity
in home site, say of $500. to borrow from
building and loan association a sum suf-
fcient to erect in a suburb of New York
City a cosey. ideal home, with all modern
improvements, and pay for same on a
monthly payment basis of about SIS a
month, more less according to the size
and finish of the house.
'Of the first months payment half ap-
plies on the principal and half the in
terest; each succeeding month the interest
will be less and more will apply on the
principal. In 139 months-less than twelve
years-he owns his home free and clear.
has had the use of it all of that time and
has paid less than 312 per cent interest, be-
cause he has been credited with his month
ly payments soon made. tt.
The taxes on such proposition would
be about S24 a year ,,
1T is not what man earns but what
he saves that makes him wealthy How to
save is then the question. The regular
ing of a little is like the constant dropping
of water. it accomplisheS much. Some COM
pulsion is necessary to make people save
regularly. / believe that If young man
will just decide to make a start on syste-
matte saving, and then have some definite
object to save for and invest his savings,
he will come out winner It takes lit
tie will power and sef-denia at first, but
others have made start in a small way
and so can he. Once started he will con-
| tinue.
If man has been married ten years and
has been a renter all that time 1t is safe to
say that he has already expended in rent
more than comfortable home would have
| cost him. It is hard to succeed without
system. Instalment buying of real estate
| will make a man systematic He will find
| that when he must do a thing he can do it.
| We always do best work under press
| ure. There is no savings bank equal to
careful real estate investment
Now let me present a picture that is
and has been painted time and time again.
and / verify believe that God often has
| directed the brush. The man wants a
| home. the woman wants home. The first
! thoughts of home seeker casting about
for SIIbI rhpr ~}t,
! ton, accessibility, educational facilities,
| the cost of communication and social ad-
vantages. He finds an ideal spot for a
! happy, healthful suburban life with every
advantage of the city, without its noise,
| dirt and social disadvantages. A place
where there are fine old trees, good water,
| pure air, good schools. good neighbors and
| the song of birds. Where there is good
railroad service and no strap hanging. Tho
| place he has selected is not treeless farm,
subdivided into building lots, grown over
night into a waste of ugly houses; it's
! growth has been steady and natural, with
none of the characteristics of boom. Its
streets are shaded by stately trees, and its
houses present air of comfort and re-
fnement To the city dweler, accustomed
to the artificial surroundings which are on
every side. it appeals a place of rest
and refuge where nature is at her best
! with her. green at every turn. where a
trip to the woods only a matter of a
few minutes, and where there is room for
| the children to romp and grow rosy with
| out disturbing d neighbor. The moral at
mosphere of the place is of high order.
|. There is an agreeable absence of saloons
and undesirable features of like nature.
! There may be one hotel properly conducted
| within the law"
The place has macadam streets. good
sidewalks pure running water, churches a
| boys brigade girls guild. baseball teams.
| tennis courts bowling alleys, auditorium
| for receptions and dancing and stage,
with scenery for entertainments. so that
| life may be enjoyed to the utmost indoors
and out. There are good stores and an ex-
| celient fire department in this well gov
: erned little residential spot All New York
department stores make daily. deliveries at
the doors of the homes. Here man will
be a concrete factor. in the life of the town.
and his identity will not be lost in q desert
of brick, stone and asphalt: here he can
have garden and a vine on his porch. with
Gods light on four sides of his home. for
the money he is now paying for slip OF
| paper, twelve times a year. bearing re-
| ceived payment in the lower right hand
corner. His living will cost less than In
| any part OF greater New York, and he can
have fruits and vegetables brought TO his
! door by the grower II he has not time
inclination to care for his own garden. His
| children may be educated In fine new
| school building, with good light and ven
tilation and having every sanitary advan-
iase' Inc School includes all grades, from
the hiidefearten 10 the high school course,
| htting MS children for position In life
1 niSner education In tho colleges They