Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1885-12-07
with job work up at Bismarck last win
ter might have fitted you for that branch
of the trade"
A MOVE OF IMPORTANCE.
What the Building and Loan Associa-
ton may do for Yankton, If Properly
uNnyaInpad #

the Building and IA AssOcia-
tion may do for Yankt0n, IL Properly
Developed.
To the Press and DGkotaidh.
From present indications, Yankton is
entering upon an era of prosperity nm
paralleled in her previous history. She
, has secured educational institutions
which would do credit to eastern cities
of doubleshe r size, her public schools
stand second to none; she is possessed
of numerous manufactures, has one
railroad and the Northwestern is now
"over the summit" All these stand as
enduring monuments to the enterprise
and sagacity of her business men. For
each and all of these advantages they
have contributed literally of their time
and money, and they annot afford, at
this late day to relax their vigilance
and rest upon what has already been &C.
oomplished, or their past efforts will
prove fruitless.
Among the enterprises which now de-
mand their attention and call for their
SoSiotuuSCs houc Wall plofO VI hioiS LII
mediate and lasting benefit to the city
than that initieted at the Office OF E. Ii.
VanAntwerp on the evening of Novem-
Der 30th-the Building and Loan asso
citation. At that meeting a temporary
organization was effected for the pur-
pose of securing a charter, and a commit
ter appointed to solicit subscrip-
tions 10 the stock of the association.
There the matter rests, and will continue
to rest, if the business men do not give
1t their encouragement. The amount of
money that may be invested IN the ASSOC
citation cannot be made large enough to
prove a valuable investment to the CAPT
talist or Spectator, but it is a veritable
gold mine to the laboring man. The
money invested returns q fair rate of
interest; the poor man secures a home;
while the general gain consists in the in
creased value of property, and The
growth and enrichment of the city. This
cannot be accomplished without the as
sistance and counseis which the expert
ence of the business men renders them
capable of giving.
Sioux City has now four building and
loan associations, and during the past
ten years they have proved a powerful
) factor in building up the city; one of
) these associations alone building 500
houses during the year 1884, and 600
houses during 18S4-5. We will cite this,
, the Mechanics association, of Sioux City,
!, as an illustration of the workings of these
associations. The par value of it's shares
are $3.50; the shareholder paying in his
principal at the rate OF one dollar pei
month per share. When he proposes to
build and borrows money from the asso'
citation, his shares are assessed at two
dollars each per month, making interest
on the borrowed money eight per cent
compounded monthly. Suppose be
builds q house that costs 5000. First he
must W a lot. Then he may do his
T own building, or the association vii
contract for the work at the best terms
obtaInable; will oversee and inspect the
building, and turn it oyer to the borrow.
er, taking a mortgage thereon for the
actual cost of construction. And $60(
he would pay into theStreasury of associ
alton eight dollars per month; $4,000 in
one year; 5000 in six years and three
months. If, as now figured, the series
l runs out within seven years the borrow
er pays but little, if any, over 5000 fol
, his house, principal and interest com
. bined, having secured a home by paying
simply q reasonable monthly rent.
The articles of incorporation places
7 the value of the shares at $1G(
t each, ON which the holder pays
fifty cents per month, and eacl
Y member of the association
t is limited to twenty shares of stock
The principal is paid in more SLOWLY
S than IN the Sioux City association, anG
D if the interest was corresponding re
s duced it would require a trife over eigh'
8 years for the expiration of any one series
= of stock.
This is an enterprise which is OF in
terest to all, the butcher, the baker, the
grocer, the dry goods merchant, the pro
, fessional man, the laborer and thu
preacher-all share equally in it's advan
tages, and should join in helping tt
make 1t o success. l..
Fnrnjahed ronuc to won't For rart;o