IMAGE EVALUATION TEST TARGET (MT-3) // {/ V ^ m- fe W, 1.0 I.I IM IIM tt 1112.2 4 12.0 1.8 1.25 1.4 1.6 .4 6" 1^ V] ^ m '^ ■V > 6^ % ^ #^ 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 ;V CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions Institut Canadian de microreproductions historiques ^980 Technical and Bibliographic Notes/Notes techniques et bibliographiques Tl to The Institute has attempted to obtain the best original copy available for filming. 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Tl si Tl w M di er b< ril re m 10X 14X 18X 22X 26X 30X \/ 12X 16X 20X 24X 28X 32X The copy filmed here has been reproduced thanks to the generosity of: Library of the Public Archives of Canada L'exemplaire film6 fut reproduit grdce d la g6n6rosit6 de: La bibiioth^que des Archives publiques du Canada The images appearing here are the best quality possible considering the condition and legibility of the original copy and in keeping with the filming contract specifications. Les images sulvantes ont 6t6 reproduites avec le plus grand soin, compte tenu de la condition et de la nettet^ de l'exemplaire film6, et en conformity avec les conditions du contrat dc filmage. Original copies in printed paper covers are filmed beginning with the front cover and ending on the last page with a printed or illustrated impres- sion, or the back cover when appropriate. 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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent dtre filmds d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul cliche, il est filmd d partir de Tangle sup6rieur gauche, de gauche & droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la mdthode. 1 2 3 1 2 3 4 5 6 PROSPECTUS ^ OF THE HAMILTON REAL ESTATE ASSOCIATION. CAPITAL, - - Sioo.ooo. Incorporated by Letters Patent 1874. HAMILTON: Times Printing Company, Hughs Street. 1875. M V ins- iL) ! 1 CANADA |i 'I PUBLIC ARCHIVES |i ii ARCHIVES PUBLIQUES ii - ■^' i <'■• I^ E; O S ^ DS C TTJ S OF THE ^^HH0tmti0iu Incorporated i-.y Letters Patent 1874 Capital $100,000, In shares of $25 each, payable as follows : Ten per cent, on 31st December, 1875, ^"^ ^^e balance on 31st March, 1876. or, • Ten per cent, on 31st December, 1875, and the balance in nine quarterly payments often per cent, each, commencing 31st March, 1876, Ten ])er cent, on 31st December, 1875, ^^d the balance in Forty-five monthly payments of fifty cents per share each, com- mencing 31st January, 1876, ' As may be decided by the shareholder at the time of subscrip- tion. This Company has been Incorporated for the purpose of buying land, building houses in numbers, by contract or other- wise, and selling them at a reasonable profit, on the instalment plan, the purchase money being paid in equal monthly or quar- terly sums for a term of years. Companies working on tliis plan are in active operation in nearly every city in the United States ; also in Montreal and Toronto, and, in each instance where their reports have been obtained they are found to be making very satisfactory profits. The advantages to the Shareholder of association for such a purpose are obvious ; the possessor of a s'ngle share, on which has been paid only fifty cents per month, . .. v^ing the full benefit, in proportion to his interest in the Company, of the con- tinual turning over and investment to the best advantage of the whole funds of the company, while the larger capitalist, who thus has his means invested in real estate without trouble to himself, holds the power to recall his capital at any moment, by the dis- posal of his siiares to the highest bidder, instead of finding him- self the possessor only of land or long-dated mortgages, which though perfectly good, might not be immediately convertible into cash The Profits of the Association would be derived chiefly from : — A. — The difference between cost of houses built in numbers and the price of sime sold singly, which could reasonably be es- timated at twenty-five per cent. B. — The interest on mortgages held by the Company for ])ur- chase money of houses sold. C. — The advance in price which could be obtained for land bought by the c()mi)any in large blocks, when sold by the foot^ as well as t'ne natural increase in the value of all land held for building purposes. The capital being called \\\) only by degrees the Con"i|)any would commence on a comparatively small scale, and gain e.xjie- rience as they extended their operations ; and if it should !)e found at any time t'nat ii was desirable to cease building for a few months, they would have the power to invest their funds in mortgages on the usual Savings and Loan Society plan, making the same ])rofits as those vSocieties. The advantages to the Purchaser of a house would be so great that the (Jom])any would ])robably find the demand always greater than the sup])ly, this being in fact the only system on which a jjerson of limited income and without capital availa- ble for the purpose can ever become his Own Landlord. The purchaser gets a house which, for the sake of the Com- pany's own reputation, must be well built and in a good situa- tion, his title will be perfect, he pays no greater ]mce than it would have cost him witJi cash in hand to build the house him- self, and he pays it (within reasonable limits), in the way that suits his own circumstances be.st, cither in equal monthly or (junr- terly ])ayments amounting to little more than his nsiial rent, or in amounts which gradually increase or gradually decrease with each payment ; and finally, he is dealing with a Comi)any which would always be in a jiosition to build him an addition to his house if he should wish it, taking payment in the same way as for the house and lot ; or, on the other hand, to grant him extra time on his payments if he was obliged to ask for it, or to accom- modate him in many other ways, such as assisting him to sell his house if necessary. A Building Association in the States, now 8 selling an average of one house a day, claims that not one of its purchasers has ever resold at a loss. EXAMPLE No. 1. A nine-roomed two-and-a-half storey brick house, of 19 feet frontage, with l)athroom, cSjc, piped for gas and hot and cold water, and well finished inside and out in niod<.'rn style, can be built (a contract being let for several at once) lor $1,500, on a lot costing say $10 per foot. Such a house can be rented for $18 a month and taxes, and could easily be sold for say $400 cash and a jiayment of $5 a month, for ten years, over and above the ordinary rent. The purchaser would then pay in cash, ' % 400 And $23 a month for ten years, 2,760 $3,160 Instead of paying in rent $18 a month for ten years, - 2,160 $1,000 Showing him to have p.nid, over and above the usual rent, $1,000 for a house which would cost him at least $^7,250 to build. (In this case, a purchaser paying 7w cash would have to pay $28 a month for the same time.) The profit to the Company would be as follows, su])jJOsing them to borrow from a third ])arty one half the value of the house when finished, and jiay off the loan as they receive money from the purchaser. Cost of house, .-..--- $1,500 19 ft. land at $10, .-..-.. jqo Legal expenses, say. - - 10 $1,700 Deduct cash received from ])urchaser, - - - $ 400 " amount borrowed on mortgage, - - 1,000 1,400 Showing the whole amount of Co.'s investment to be, $300 They would then receive each month, for ten years, - - $?3 And would pay for principal and interest on their . - loan of $1,000, each month, $12 And for expenses of management, insurance, ccc, each month, say, 2 14 $9 Leaving them, in return for an investment of $300, a clear income of $9 a month, for ten years, the " present value " of which, at 8 per cent., would be $750. EXAMPLE No. 2. A four-roomed, painted wooden cottage, of 17 feet frontage, and ^detached, can be built complete for $350, on a 30 ft. lot' costing say $5 a foot, and could be rented for $6 a month, or sold for say $100 cash and .$8 a month for ten years. Company's outlay would then be, for house and lot, - - $500 Less cash payment by purchaser, $too " borrowed on mortgage, ------ 300 400 And the returns from the investment would be A monthly payment of Less required to pay off mortgage per month, - $3.60 " " for expenses per month, say, • .80 $100 $8.00 4.40 $3.60 Leaving a monthly income for ten years of - - - - present value of which would be $300. In practice, the sums borrowed by the Company would pro- bably not be repaid in monthly instalments, but the result would be the same, provided the rate of interest did not exceed eight per cent. The purchaser of a house would receive an agreement for a deed, to be given him when a certain number of payments had been made, by which time the Company would have paid off the amount borrowed by them on the property ; or if the purchaser wished a deed at time of sale, he could assume the Company's mortgage, give them a second mortgage on the property, paying off both at the same time. Subscriptions will be received, or further information given, ' by BAKER & HEBERT, Stock Brokers. Hamilton, November, 1875. 72 James Street North. 3;i4^K Builders' Certificate. Hamilton, 22th J^ov., i8j^. We certify that, to the best of our knoivledge and belief, houses such as described in Examples Uos. 1 and 2 herein can be built and finished in good style for the sums mentioned, or less, by a Com^ pany letting a contract for several at a time ; and we are of opinion that a number of such houses could be readily sold in the manner and for the price proposed. PETER BALFOUR. E. VAN ALLEN.