The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1920-08-17
Frederic Haskin's Letter
Hoasins in st. Louis.

tons against the use Of franz N.
or stucco. OF course, this 4 a.
center Of the brick industry 80
1t only loyal to keep the No.
fires burning. Anyway, the hors.s
Of the St. Louis Housing assos;s
ton have brick walls and con,s,. |
i've or six rooms, with hardvosS
floors, tile bathroom floors, modsss
toilet and plumbing fixtures ~
the most improved kitchen eonss
ment. They are also located !,
improved streets, SO that all co..,
Of Improvements are covered i,
the purchase price of the hou,s.
and do not crop up unexnectedis
later in the form of special nsss
The selling price of the housss
range from $500 to $500. tn.
prices have been made possible n.
cording to the association, only 4,
instituting the most rigid econo
mics in the buying of land and !,
building. Whenever possible. lana
was bought on streets which h,S
been improved before the war. for
which the association paid S25 !
front foot. Building materials hays
been bought in huge quantities and
at cash, SO as to take ADVANTAGE N
all possible discounts. While ths
association acts as a general con.
tractor and sublets most Of h,
items OF construction. it handlea
its own carpenter work, thereby
effecting a saving of rs per cent?
on the lowest contract price.
One Of the most interesting feat.
ures OF this housing enterprise Il
the scheme Of payment. This calls.
for 10 per cent cash on the price,
Of the house, and the balance In ID
Tor II years. On the 1O-year plan
the purchaser pays $11.35 per year
on every thousand of the selling
price, after the 10 per cent cash
payment has been deducted. On
the 12-year plan, he pays $685. Der
thousand Of debt. The association
will not permit a man to invest
more than q per cent Of his.
monthly income in one Of their
| houses-a feature of the transsc-
ton which is clearly specified In
the deed.
I'VE figure that a man can easily
spare 20 per cent of his income for
rent says Mr.. Cunliff, and 10
per cent for a good investment II
he spends more than this on Z
home, the payments are apt to
prove q strain, and he is likely NJ
timately to prove a bad risk"
Unique Form Of Insurance.
Included in the selling price Of
the house is a unique insurance
feature. whereby the purchaser Is
/ insured, on a group insurance plan,
for the exact amount OF his indebt.
edness to the association during
the 10 or II year period Of pay
ments. Thus, if the purchaser
should die or become disabled dur
ing this period, the insurance COM
pany assumes his Indebtedness.
Immediately pays it off, and the
property becomes part OF the de-
ceased or disabled ones estate.
Under these circumstances, as the
association points out with dignity
it will never be forced to the dis
tasteful task Of foreclosing on
| vidow'S mortgage 60
While the chief object Of the St
Louis Home and Housing associa-
ton is, Of course, altruistic-tc
provide homes for people who are
in desperate need of them-it doe,
not expect to lose money on The
proposition. Indeed, it is planning
to make a Safe 6 per cent on it,
investment. While per cent II
not considered much Of return OF
million-dollar investment these
days, the association feels that !
will be fortunate If it makes thai
in an enterprise which has failed
only too pathetically In other cit
lies where it has been attempted
They place their hopes securely Il
the character Of St. Louis, how
ever-St. Louis, the home city.