Daily Yellowstone journal. [volume] (Miles City, Mont.) 1882-1893, 1891-02-14

I tax has hRen n matter OF some thought
/ To cIIyt ffictaI-, aud the bt n Ting OF tie
city was iaiked Of by some W tn s-ri-
Ousne-s. T il would require taxe- for
interest and finally a sinking fund to
MY II tie bonds. Where the ma ter
/ has been sIRges ed TO property OW ners
the general opinion has zen unfav0r-
able to this plan. The Mills CITY
I Building Association. In l's succt ssfnl
results Tor the pas, five years, suggest-
a plan which, though p-rh APPS a novel
one. is far from impractibir. What l.
prOpo-td that n new association be
formed, Cfwhich the city Of Miles CITY
shall hecOme a member (sither directly
or indirectly. That 20 s1sres be sub
scdbed for on which payment Of $40
monthly sh uld be paid a. du's On
these 20 shares 81 900 should be bOr-
roWed, on " hich $50 interest should
be paid monthly, making a trtil pay
ment Of $50 per month. The city Is
now paying nearly this amount in
rents. This loan (at Is per cent. pre-
MUM. to be paid the association
would give SO, 400 net cash to build the
building. A cor s-rvative estima'e by
one Of or leading contractors uUOn a
two story frame building, veneered
with brick (wnit h to all intents aud
purposes is a brick builcing). so fe I
front and 100 feet deep. ard Ta'tltiOned
IL to the rooms a.above suggested, aud
a hes tower, j. So 600. This bi ding
need not be located IN Main street,
and a lOt could be- purchased for the
balance OF the loan 81 900. In order
to carr. cut this plan il would be
necessary that about 1000 shares he
sub, cIibed for in ell. The stock holders
i'm the present sssr G atiOL aTe well
pleased with the Standing Of the as
sOciation, which is just completing the
Fl nh year. Thev have paid one dollar
per share for IS months, or SIS, and
the assets of the association show each
shsre to he worth sos 75. TIE a.so-
ciltinn often h, inquiries for the Pur-
cha'e Of stock, and IL is believed that
the r. qui lite numbe of sharts could tie
placed to form q new association.
While tie writer of the foregoing
communication has left very little to
be said in support Of the tcheme which
he urges, we nevertheless feel impell' d
to add a few words in favor o. IL. The
theory Of investment In building as
a theory and is now IN most every
community = demonstrate d fact. l.
is one Of those hsppy business trans
actions that results profitably toev+ry-
body conc. rned, in which profits ar
realized on all hands, and benefits con
ferred alike on all who sid IN th'
wor king out Of the problem. Even
our own local association, that entered
into existence at Just the wrong time,
II ever one did, has pursued the even
] tenor Of IT. way, unshsken by the
disasters that upset most everything
else, and is today able TO return nearly
100 per cent. Of profits. That shows
/ what a building association can do
under the mo { adverse circumstances
Now, Whist is wanted, Is that oul
business men and proper y owners
become stockholders in = new assn
citation, and by monthly contributions
of one dollar per share, create fund
which may be borrowed by the city
for the erection Of suitable citS
building for the accommodation Of fh'
fire department and apparatus, th'
city council, the police court, the city
|, JAIL and Whatever else we may need
The city is now paying in rents nearly
$4OO a yesr-S370 to be sccur ste-,nf
must Of necessity rent increased ae.
com mmodations for the fire department
verr 80 n, at sn added expense Of per
haps $500, making total monthly ex
penditure of $50 for rented accOmOd a
tiOns. Our correspondent has show
that for this same amount paid IL
monthly to the build lng association
money can be borrowed with which u
purchase site and build a city hal
fully adequate to all the requirement
If the next ten years. which in al
probability, at the end Of seven year
will be owned by the city in fee sin
pie, having bean purchased in install
( ments by the monthly paym'n
which are now practically throw
= away in rent. The yearly expendi uV
D now m ade for this account represent
nothing but The temporary oceupanc
{ of premises poorly adapted 20 the use
!. for which they are had. A. the en-
D of the year we have nothing. TIL
n buildin 2 ass Dciation scheme viii Civ
s US first. tmple and much be ter a
commo atoms than we can posslbl
secure by rental, and second the ee
tainty of realizing the full benefit
e the money we pay out, by the ultima
Il ownership of the building occupie'
Paying rent to ourselves and erectin
our building out Of the money real zs
from its rents. We trust that son
one. or correspondent perhaps, wi