Based on my readings, we live in a time of plenty. Around the turn of the last century, we were a rural county and people were broke. One Uncle of mine, in the 1930's, he did not wear shoes in the summer, the family could not afford to be buying kids new shoes every year. He also said, they had no money, basically bartered for things. When he was not working in the fields, if he had a nickel, and a ride to town, as a kid, he would spend all day Saturday in the Movie theater watching Tom Mix movies.
So, given the poverty, lack of hard currency, even 22 LR rimfire rounds were expensive, but they were a lot cheaper than centerfire rounds. A 22Lr will knock dead small game very well, and people back then ate the small game they shot. They needed the protein. It would also kill a pig. Farmers did not eat as much meat as we do today because farm animals represented money, but if you had a pig to slaughter, instead of sell, a 22LR to the head would work.
At the time, because of the cost difference between 22 shorts, 22 longs, and 22 long rifles, you find the ads of the period advertising that the rim fire rifle shot all three types of ammunition. Hard to believe, but a couple pennies difference in the price of a box of ammunition, and people bought the shorts.
I don't know the age of the Stevens M11 Junior, but I think it would date from the 1900's up to 1920.
This is a low end kid's rifle, nothing fancy but you would be glad to have it, and the ammunition that went with it. Notice, simple operation, pull the hammer back and thumb the breech block down: no metal buttplate, no fancy sights, very simple construction, so it sold for very little. But little is a relative thing, and I am certain this rifle was all the owner could afford at the time.
Literally hundred's of thousands of these cheap rifles were in use because the rifle and the ammunition were the least cost item that would get the job done.