Evening star., 1922-09-02
PLANS FOR HOUSING ALLEY
JEWELLERS MADE PUBLIC
w. Deane Ham Would Organize Com
mittee Of Citizens and Establish
Special Safety Fund

Details of a plan for housing the
thousands Of Washington's alley dwell
ers, as presented to Senator Ball re-
Gently by William Deane Ham, presi-
dent of the Mutual Homes Society, were
made public today. The plan, Mr.. Ham
said, was evolved with the cooperation
of Mrs. Helmick. chairman of the citi-
, zens' housing committee. and other
members of the committee. and Is be-
lieved by them to be the only solution
to the alley problem here.
The plan follows:
"Organize a committee. preferably
with congressional approval. to be COM
posed of twelve or fifteen benevolently
minded business men and women, with
practical experience in various business
lines, who could devote a few evening
hours each week to the work outlined
in this plan.
Incorporate as the District BUILDING
Association. and elect capable man.
preferably a good banker. as president,
who should also act as trustee OF fund
to. be known as the safety fund. rms
fund is the basis Of safety Tor investors
in securities of the organization. The
principal involved is being successfully
used by banks and other organizations
in several parts of the world
Contents of Safety Fund.
1.-THE safety fund is made up OF small
amounts advanced by each home buyer
and invested in first-class securities that
can be marketed on short notice Inc
interest compounded annually at per
cent will double the principal sum eacn
fifteen years This safety fund Wouio
act as a guarantee that all first mort
gage Indebtedness of the organization
would be paid when due, also return all
money advanced by the home buyer
with fair interest when final payments
are all made Far less than one-half OF
per cent is lost on first mortgages on
homes, therefore $4,000 .safety
fund would protect a $o.0O0,oo0 nrst
mortgage issue. ,
manager, to do all buying OF materials
and direct the building work OF the Or
ganiZation. and capable person 70 ACT
as secretary-treasurer of the organlza-
ton, these officers to work on salary
the remainder of the committee to de-
vote their time to the work gratis. the
treasurer is to bonded.
"One or more banks and trust COM
panies should then be designated as
repositories for home buyers VINO
may purchase houses through the
District Building Association, with
assurance that at least 3 per cent be
paid to all depositors who make spe-
cial time deposits for the purpose OF
buying homes later. These deposit
tories should be required to render
monthly reports to the safety fund
trustee. showing name and address
of each home-buying depositor. to-
gether with the amount of such de-
posit. until it amounted to per cent
of the purchase price of property re-
quiIed.
Procedure for Buyers.
"The prospective home buyers should
then. through Instructions OF the
District Building Association, form
themselves into building societies OF
about 100 persons to the group, then
incorporate each group and elect d.
rectors Each group or society should
then elect a responsible persons to
act as secretary-treasurer, to attend
to the business affairs and handle all
funds of the group organizations.
This person should be under bond and