Supplement to the Cork Examiner 8th October, 1887 (abridged)
Cornelius and William K. Vanderbilt have decided to commence a rather curious business enterprise. They propose to build a large number of small houses in the suburbs of New York city, with every comfort and convenience, and sell them to working people at cost.
The houses will be sold on an installment plan, in monthly or yearly payments.
Payments will not amount to more than fair rental.
The life of the purchaser will be insured to the extent of the unpaid amount of the purchase price.
The policy will be held as mortgage. If the purchaser dies the policy pays off what is owing on the house.
The purchaser will be insured against the loss of property, if he meets with some misfortune before the whole amount is paid up.