The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1905-05-05
THE NEW ARMORy.
k Nearly all Subscribed.-A Good
Paying Proposition.

Or the past two years, Company
~ the National Guard Of Idaho,
been sadly in need Of suitable
aory and are now trying to take
antage of an offer which has been
lie to them by Mr.. Younie, who
lees to furnish them means for the
ction of brick Armory building,
feet long by SO feet wide, the
" he to be fitted with modern stage
order that it may be used as first
lss Opera House, Dance Hall, and
fmory.
The conditions Of this offer are:
"a irst-T That the boys must make an
avance payment OF $1,000 as an evi-
ence Of good faith, said amount to
u applied on the labor and construc-
X Lon OF the building, which sum will
"a credited to them as part pay
1hent on the cost Of said building.
8 Second That Mr.. Younie will take
A first mortgage ON the completed
$building for the total cost less the
$4,000 paid by the company on the
Same.
II Third That Mr.. Younie shall re-
ceive 10 per cent interest on said
\ mortgage or in other words on the
amount he has invested.
Il Fourth That the company is priv
ileged, at amy time, to pay any
amount to apply ON said mortgage
thereby giving them the privilege of
completing the purchase of the
building by large or small payments
as'athey are able.
,1Therefore in order to raise the
amount required ($l, l,OOO) the boys
have decided to form a corporation,
said corporation to consist of the,
members of the company only, who
subscribe for stock in the same, and
will be incorporated under the laws
of the State Of Idaho.
Said corporation to be incorporat-
ed with capital stock Of 500 shares
of the face value of $40 each which
would represent the approximate
cost ($5OO0) of the building when
building is completed.
Then as it is necessary to dispose
of this stock in order to raise the
$1,000 required these 500 shares will
be disposed of, to members of the
company only, at the rate of So per
share.
For instance, if boy purchases
$50 worth of stock, he receives 25
shares representing face value OF
$3.50, which, when the building is
paid for, is actually worth the $3.50
and probably more, all depending on
how much property has appreciated
in value at the time the same has
been paid out.
As soon as the amount Of stock
$500 shares) is subscribed, the in
corporation will be completed and
work on the building begun immedi-
ately.
Now as to the resources Of the
company and the probability OF
their being able to complete the pur-
chase of the building.
In the first place, each company in
the State of Idaho which shall secure
a drill hall or armory not less than
45xlOO feet will receive from the
state $4OO annually as rental for the
same.
Then supposing the total value OF
the proposed building to be $4,000,
if the company make the required
payment of $1,000, that would leave
$4,000 upon which they must pay in
terest at the rate Of 10 per cent, am
ounting to $400 annually, in which
case the amount Of the State rental
would cover the amount Of the inter-
est.
Therefore all the proceeds from the
company dances, rental to other par
ties, proceeds from the use as an op-
era house, ETC., would all apply on
the payment Of the Indebtedness Of
$4,000 thereby cutting down the $500
interest and allowing part Of the
state rental of $4OO each year to be