Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1901-03-15
BUILDING and LOAN
Plans For the Organization Of Such an
Association Are Well Under
Way.
BENEFIT TO RED LODGE
Business Men Prepare For an Era Of Dew
elopment and Prosperity in
This City.

AAAA0 SApys
There seems to be something in the
air which speaks Of prosperity and rapid
development for Red Lodge The his
tory Of the past few months gives war
rant for the assumption that this city is
bout to witness an increase in popula
tion and a growth Of it's business inter
ests that will be substantial and con
servatiye as we'll as far reaching.
For some time past it has been in the
minds Of q number of the business men
that it would be a splendid idea for
them to get together and organize a
building and loan association. While
the time was ripe for such move it
lacked a definite beginning, until j. E.
Mnshbach, few weeks ago, decided to
bring the matter to head. He began
to correspond with the officers Of other
associations in various Montana cities,
getting copies Of their bylaws and re-
ceiving advice born Of sometimes-costly
experiences as to the best methods to
pursue in the organization Of the de-
sired association. This DELAYED him
somewhat, but, having received enough
information to enable him to formulate
his plans, he started out this week pre-
sent the matter to the business men OF
the town.
|
Seldom does an affair of this sort meet
with the ready response that has char
acterized the initial steps Of this move
ment. Reference to the list of names of
those who have signifed their intention
Of taking stock in the association will
show that already the success of the
movement is assured. while its reliability
and the desirability Of becoming mem
Der is practically guaranteed by the fact
that so many men have supported it
who seldom if ever fail in Judgment on a
business proposition.
The association will be formed by
those who become charter members 1t
will be organized under the Montana
building and loan law and will of course
be incorporated. All of the details can
not be given at present. It is designed
to follow in the steps of other associa
tions that have made success of the
work. Billings, Livingston and Boze-
man are samples of the smaller cities of
Montana which support successful
building and loan associations, and, not
only have they proved valuable invest
ment for those who simply took stock
for the sake Of getting interest on their
investment, but they have enabled hun
drets Of people to own their homes, in
stead Of continuing to pay rent, and have
built up and made substantial the
cities wherein they are located.
1t is planned in Red Lodge to make
the shares Of a par value Of 500. They
will he payable in installments of either
fifty cents Or 81 per month, probably the
latter. Juding by the history Of other
state. associations, IA series of stock will
mature in about sixty months At that
time the holder Of stock, If he has not
CClIoNSd VII tlIO 9eltllC. dIdNS oul t-lAl
for each share he took. In that case he
would receive 500 for $50 invested.
pretty good profit in five years. There
seems to be no reason why an associa
tion in Red Lodge could not do at least
as we'll as this. 1t all depends on those
who are at the head of it, and cspeci-
ally the board Of directors, for they have
charge OF making the loans of the asso-
cations money. None but sharehold
ers will be allowed to borrow from the
association. Probably the rate OF inter
est to be paid on such loans will be fixed
at y percent. In that event the
borrower will have to pay the II
percent on the loan and keep up his pay
ments on stock, both of which he can do
and at maturity own his own home and
pay no more and probably less for it
than he would have expended in rents
during that period.
Some of those who have decided to
take stock in this new Red Lodge asso~
iation are going into it more for the
sake of the advancement of the interests
Of the city than for the hope OF personal,
percuniary benefit, though doubtless
they will accomplish both ends. Mr..
Mushbach has not yet made anything
like thorough canvass Of the city, but
he has been encouraged by having the
following place their names on the list
for the number of shares set opposite
their signatures:
| j. f. Mushbach -. ........................10 .
| L. H. Caldwell ........................10 =