Bisbee daily review., 1918-08-21
EXPLANATION OF PLAN
MANY INCORRECT STATEMENTS ABOUT MANNER OF APPLYING AND OBLIGATIONS ASSUMED BY PARTIES TO CONTRACT DIS GUESSED AND CORRECTED

The opening day for the reeelV-
 ing of applications on the new
 home building plan to the Calumet
 & Arizona Mining company and
 the Copper Queen branch of the
 Phelps Do6ge corporation, saw
 the offices of Mir. Yoakum deluged
 with applicantions, and from the
 present indications there will be a
 large number of houses built. Nu-
 merous questions are being asked
 relative to the loans, and 1t is evil
 dent that some of them were in-
 spired by those who would decry
 the efforts of the companies to
 develop the new townsite.
 The offer of money at per cent and no charge for the land is open only to employees of the above companies a limit being placed to prevent it be also because financially 1t is a poor investment for the companies. There are without doubt many real estate men in the district. as well as indi viduals, who would like nothing bet ter than to borrow money at 6 per cent to build houses for renting purposes It is not the purpose. however. to build for renting. but rather to build houses in which the owners themselves would live.
 The rumOr is current that in the case where a man is forced by circum stances to sell his house or his equity in the same. there is a re striction that he must sell it to an employe of the companies This is positively not SO. After a man has decd to tie property, he is privileged to sell it to anyone he pleases, and there are no restrictions in the deed that it is sold for residential pur- poses. Before a man has deed, he must get the consent of the companies to sell. for at that time he is virtually selling nothing more than his contract to purchase. The past records of the companies of the district need only to be studied to see the absurdity of the above statement.
 Another statement that is current is that there is no method by which a man can get his money out in case circumstances require him to go else where, and that any man who puts his money in, unless he pays out in full, his money is gone. The method provided for this case is the same as that of any contract to purchase. A man may. with the permission of the companies, sell his equity in the contract. He may. after 50 per cent is already paid. secure a mortgage for the balance. pay off the companies. and then he would have a warranty deed to the property. and it would be his to do with as he chose. with no The plan is in no sense different in this character from any building and loan association.
 The question is also asked as tO whether or not a man who already owns a lot in Warren tOwnsite or else where may borrow money to build un- der the plan. This is not the inten- tion, and any applications of this na- ture will have to be treated separately. as no provision has been made to cover this.
 From the applications and inquiries it is evident that the belief is current that all a man needs to build a house under the plan is the desire, but this Is not the case. While there is pos sibility that a larger percentage could be loaned under the plan because the are not in the business to make money, in all cases or the larger number at least. from 50 to 60 per cent will be paid down.
 Another bit of prOpa ganda relative
 (Contlnued on Page Fourl