The Yellowstone journal. [volume] (Miles City, Mont.) 1893-1901, 1893-04-29
BUILDING ASSOCIATIONS.

Inc announcement which appears IN
this issue. of the intention of the Custer
county Building association to issue a
new series of shock next month. will no
doubt be received with satisfaction by
the general public. 1t is now seven
years since the old Miles City building
association was started here. 1t began
its business under most favorable aus
pieces, having nearly 500 shares Of stock
subscribed for. and a brisk competition
for loans during the first year of its
existence. but it was not a year old
before the disastrous winter of 1SS6-7
came on: the result of which SO affected
the town that within a yeor thereafter
It was half depupulated. the exodus
taking away many Of the men who had
borrowed from the association and
built homes. the payments on which
they were unable to keep up. In addi-
ton to this many other members of the
association, found il impossible to keep
up their payments and availing them
selves of the rules of the association
withdrew their accumulated depos-
its. less the small sum that the associa-
ton was permitted to retain. In less
than two years from its organization
the association found itself depleted of
at least two Il irds of its membership
and with several empty houses on hand.
worth absolutely nothing at that time.
N, :, I,,,lessln - Ain ,,,- H,,ft
~eientiy discouraging to Excuse the re
manning members if they had declared
that building associations were a delus-
ion and a snare, and forthwith closed it
out. But they were not Of that kind.
Confident that there was a future ahead.
they kept on. paying in their monthly
dues. and now and then. when there was
an accumulation. making a loan. and so
kept the society alive. After a while
they began to get tenants for their
empty houses: at nominal rents il is
true. but nevertheless bringing in an in
come. As times improved in the city.
they began to find purchasers for their
property. and now. with the old assoc
iation with only one year to run. they
have but one house unsold. and every
assurance that the association stock
will mature and pay out within the time
limit fixed by long experience for the
most prosperous institutions. We have
briefly detailed tie history of this assoc
iation to show that there is no more
reliable financial scheme than the co
operative building association. Here
was a case where the enterprise was
almost wiped out in the second year of
its existence. and when it seemed al
most folly to attempt TO prolong It's
life, but. though SO reduced in financial
strength. that It's beneficial influence
was almost lost to the community. a
simple adherence to the principles on
which it was founded. by the mere
handful of members that remained. has
sufficed TO carry it through. and prove
again the unerrine accuracy of those
principles.
Two years ago the Custer county
association was started. and while the
membership of its first series is not
large, il is still a tiourishine institution.
Yielding to a very prevalent desire. the
directors have decided to issue a second
series Of the stock of this association.
There are a great many people who de
sire to avail themselves of the benefits
of the association in the way of building
homes. but in order TO get into the first
series. the back dues and fines for two
years past would have to be paid. while
will start in on an even keel and share
benefits alike. The good that a building
association does in a small community
like this is wonderful. When property
is SO cheap as it is here. it is foolish for
anyone to pay rent. he can at once live
in a house OF his own. and be independ-
emit of landlords. Even with the check
cred career of our first association. it
can to day point to a dozen Or more fine
dwellings that would never have been
if it had not been for the build
ing association. 1t is well for the peo-
pie to think Of this, and if uniformed,
consult some of the officers Of the
who will gladly give you full
on the subject. Real estate
cheaper here now than it ever will be
lgain, and il the small renters will go
into this new series, get a lot, make a
loan and build, they will never be sorry
or it.