The Oskaloosa herald., 1908-01-30
IS FACTORY WANTED2
Oskaloosa Seems Indifferent Over
the Proposition.


Are the people of Oskaloosa going
to turn down the enameled brick
plant--one of the best propositions
ever offered to the city? This is the
question that confronts the CONNER
cial Club, with everything pointing
toward yes" as an answer.
The proposition was thoroughly
canvassed by the club and after as
fair contract as anyone could ask,
committee has put in two weeks
solid work in attempting to interest
our people, with very poor success.
Only a few have willingly indi.
Gated that they would buy some of
the bonds. Many have turned the
committee down fiat, while the rest
seemed Indifferent.
The Commercial Club feels that
the possibilities of this concern which
asks no bonus, but solicits financial
aid with ample security for every dol
lar subscribed, were never before ex'
celled in any proposition offered to
Oskaloosa. If the people do not want
1t, however, the Club does not care
to harangue the public any further
and unless a different sentiment de
velopes quickly, the proposition will
be abandoned.
Mr.. Albrook is Ready.
After the committee had been
practically all over town and had in.
terviewed hundreds of people with
results stated above, the following
letter was received yesterday:
Delhi, Ia, Jan. 2L-Mr. L. e. Cor
lett, Secretary, oskaioosa, Iowa,
Dear Sir: Kindly notify your com.
mittee that shall be able to make
good on contract and in time. Can
be of any assistance to your commit
tee in any way? If so, command me
How are they progressing with the
matter in hand?
Yours truly,
M. G. Allbrook.
The Proposition. .
Briefly stated, the provisions of the
proposition are as follows:
The American Supply Company
agrees to
Erect and equip an enameled brick
plant to be located near Oskaloosa
Iowa, on a site acceptable to the Os
kaloosa Commercial Club.
Make an investment of approx
mately $120,00000.
Employ in first unit plant about 160
men. ...
Construct later six like units both
as to cost and number of men EN-
ployed. ..... ..... ... ,....
Bond clay bed rights, plant and all
other assets of the company for $685.
100000, bonds to be in denominations
of $4,000 each per cent, 10 years
20 coupon, redeemable at any interest
paying date at 1.031a. 4
Set aside 10000 shares of stock for
the disposal of the Oskaloosa Com.
mercial Club.
Begin construction of plant within
ten days following the time first pay
ment is made on bonds.
Expend $20,O0O of their own funds
when first two payments have been
made on bonds.
Deposit $40, 100000 of their own funds
as soon as 100000 of bonds are sub
scribed by Oskaloosa, and also show
that remaining $3O,OOO.OO of bonds
have been sold.
Require no further bonus from Os.
kaloosa.
Give bond that money will be ex-
pended for construction of plant and
equipment in accordance with con.
tract.
The Oskaloosa Commercial Club
for the City of Oskaloosa agrees to-
Sell $35,000.00 of the $65, 100000 bond
issue. '
Pay for said bonds IL per cent Feb
ruary l, 1908, and per cent each
month thereafter till fully paid, except
that if purchaser so elects, he may
quit paying after second payment; !;
or If purchaser so desires he may pay
for bond at this time in full, thus Sc.
curing ten per cent discount and in
terest from ounuary l, 1908.
Make payments to Iowa Loan &
Trust Company OF Des Moines, under.
writers, money to be returned to Os-
kaloosa for use Of the Company, but
not available till accompanied by $780,
100000 of the company's own funds, as
against 100000 realized at this time
on the bond issue, S7,000.00 of which
latter amount will have been paid by
Oskaloosa.
NoTE.-In the event of failure, af.
ter the second payment has been
made on bonds, it may be observed
that there is an asset of $S3, 100000 to
secure the bond-holders' claim at that
time OF $13,0OO.00, 100000 of which
latter amount will have been paid by
oskalosa.