Milford chronicle., 1931-05-08
TWO WAYSOPEN
TO own A HOME
With Cash Given By Local
Folks

Nine out of Americas every tel
are working away at the same ole
job in spite of hard times talk anC
the effect of the now waning Ge
preston, H. Morton Bodfiesh, Chi
cagO, Executive Manager of the Uni
ted States Building and LoaI
League said at Wilmington on Fri
day, March q. Speaking before the
Delaware Building and Loan
League, Mr.. Bodfish pointed out that
ninety per cent of the people in the
country are still able 10 live nor
mally as they used to. saving some
and spending some Of their money
as each day goes by.
What we need to realize" said
Mr.. Bodfsh, "is that the man who
is saving his money Systematically,
or investing it in community pro
jects with long term maturity, IS
doing Just as much to speed up bus
mess recovery as is the man who
follows the buy now slogan, and
goes out to spend his last dollar on
a new hat and a square meal. The
community investor is assuring the
return of prosperity steadily and in
fluencing its stay for a long time
when it does arrive.
There is always a demand in any
community for some types of in
Vestment. One of the most promis-
ing enterprises now is the modern
izatiOn of homes. Reliable figures
estimate that there are twelve mil
lion houses in the United States
which need Temodeling or repair
ing. Money invested in such propo-
sitions not only gives the great
construction industry something to
do, while it is waiting for the def
mite pickup in business, but it also
contributes to community imprOVS-
ment, increasing the value of prop
erty owned there.
"The United States government
speaks of construction as the fifth
wheel in the American economic
system, and residences are the
brightest spoke in that wheel in
1881. The slight pickup in employ
ment which we have already seen is
easing the situation III vacancies.
Where two or three families crowd
ed into one living space few
months ago because OF inability to
pay for more than that, the separa-
ton into one family per dwelling is
already beginning and we will see a
decided change for the better in the
vacancy situation in 1881. This will
give the construction industry plen-
ty to do in year os so TO build the
homes for the people who today are
wise enough to be saving up for
them in building and loan assOcia-
tions, community Institutions
Wherever there is a family there
is an actual demand for a home.
Talk about oVer-prOduclion in the
housing field should fini little heed
aEl&ng thinking people as long as
ninety per cent of the heads of fam
lilies are still working at their old
jobs or similar jobs, and can afford
to start today or tomorrow building
or buying the home they want.
"And that home will not be tinan-
ced by Wall Street. 1t will in all
probability be built by funds Dor
rowed from a building and loan as
sociation. The home modernization
projects will be financed either by
the building and loan organization
or by the local banks. In either case,
it is well remembered that invest
ment within the few thousand
square miles called your community
is an investment. in the return of
good times.
The gamblers technique has fail
ed to put the average man into the
success class, he said, whereas the
builders technique, the system of
adding to wealth day by Gay and
month by month, and sticking to
that plan, has proved a sound way
to wealth for the pas hundred |
years.
1.-TWO sure ways to wealth ale OPP
EN- to the working men today" he |
said. Systematic Saving is one,
and the other is the purchase of |
real estate and securities based on |
real estate from pessimists. A man
who may be called skillful in the
getting rich game is one who real
lied these fundamental facts and |
continues to realize them when the
rest of the world is losing its head
over some scheme to quadruple its
income Whin few hours or a few
days. Had the savings which were
spent on projects a thousand miles
away in the hope of some miracu-
lous amount of money return been
invested in building and loan asso-
Citations in the community, we
would now have more people COM
tortably rich in this country. People
are beginning to see light on this
subject today and are turning their
ayes again to investments close
lome."
RnREARn nAYan nAnHnA