Daily Yellowstone journal., 1886-02-14
WHAT WE NEED
And How Our Citizens are Pro-
crossing Toward Obtain
ing That Need.
Judge Pollard's Return-A Word
for the Temperance Cause
by the Ladies.
A Feeling of Buoyancy Among
Builders-A Move For an
Eastern Montana Fair.
The Building Association Meeting.

inc Buiiding Association Meeting.
A goodly number of citizens inter-
ested in the organization of the build
ing association assembled at Odd Fell
lows hall last night to hear the re-
port of the committee on permanent
organization appointed at the previous
meeting. Mr.. Milburn occupied the
chair as temporary chairman, and Mr..
Huffman, chairman of the committee,
read their report. The committee hav-
ing procured copies of the articles
governing number Of the most sue
cessful associations in the United
States, found those of the DE Soto as
ISOLATION Of 81. Louis, Mo-, the best in
their judgment, and with few altera-
tions rendered necessary to fiji them to
the uses Of the local association, re-
ported them to the meeting. They
were read section by section and all
points explained. The scheme as
adapted to the Miles City association
provides for an Incorporated associa-
ton, with life of twenty years (the
limit allowed by the laws of this terri
tory and capital Of 100000 divided
into 1000 shares of 500 each, pay
ments on which shall be monthly ut
the rate of one dollar per share. These
payments from individual stock holders
form the fund which is monthly put
up to be loaned to whoever of the
stockholders bids the most premium
on it. Each stakeholder can borrow
an amount equal to the face value of
his shares without regard to the
amount paid on them except that he
must have paid his regular monthly
assessments up to the time of taking
the loan, aud must continue t,
keep them paid during the life
of the peries of which he is q
holder. The premium is fixed at moi
less than ten per cent or more than
twenty, and is deducted from the loan
when made and returned 10 the asso-
ciation's treasury and augments the
amount for loan at the next meeting.
The rate of interest fixed on loans is
nine per cent. and this is paid in
monthly instalments at the same time
that the payments on stock are made.
No member can own more than forty
shares Of stock In any one series OF
more than fifty In all. Members who
wish to withdraw can, during the first
year, get their money back less dis
count Of five per cent, which 10 with
held for pro rata of the expense Of
starting the association; Withdrawals
during the second year, are discounted
two. and one-half per cent. and after
the second year. members withdraw
ing will receive all they have paid in
on the stock and interest thereon, moi
TO exceed four per cent A member.
ship fee of ten cents is charged TO
create fund for expenses. The read.
ing of the articles occupied nearly an
hour, they being drafted with view
to cover every possible exigency that
might arise and serve as protection
to the association. At their conclu-
sion, the business of preparing for Or
ganization was taken up, and on mo-
ton, q board of nine trustees was
elected to serve the associt ton for the
first three months of its existence.
The following gentlemen were elected
az such trustees. L. A. Huffman, s.
Gordon, w. c. Staehle, Berthold Ull-
man, Chas. n. Strevell, Fred White
side, Chas. L. Brown, G. +. M. Tin
ling, and g. r. Milburn. The first
duty Of the board will be to have arti-
Giles oflncorporation drafted, and to file
the same with the territorial secretary
after which the association will be In
form to do business legally. Messrs.
Strevell q Garlock kindly volunteered
to prepare the articles OF incorporation
without cost to the association, for
which generous offer thanks were
voted. A general discussion of the
future Of the association then ensued,
in which many points in the constitu.
ton aud bylaws, not clear to some ut
the first reading, were Calculated.
An adjournment Of the meeting was
then had and meeting of the newly
elected board Of directors convened at
which measures were adopted, insur-
ing the Immediate Incorporation Of
the association, and the placing before
the public the fullest information re-
garding the object and purposes OF the
association, and the workings Of like
associations elsewhere.
. H.. 1..r1Ii frr