Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1909-12-30
Industrial Commission Gives
Out a Statement to the
Public.
TOOL COMPANY PReSPERS
Funds Loaned Fully Protected
Deed Drawn for Site of Royal
Neighbor Headquarters.

ternoon at the Rock island club, and
at which members OF the local press
were invited guests, the following
| statement was issued by Secretary
Mayer Levi of the commission:
History of Tool Company.
| The Rock Island Tool company was
organized by local people in the spring
of 1907 with paid in capital of $780,
900 taking over the plant that had
been in operation at Warren, Pa. The
original location was in the old Don
aldson saw works on Fourth avenue
and the Rock Island Novelty Manu-
| featuring company foundry on Twenty
| fourth street, but it was soon demon
strated that the plant had not suffi-
cient capacity to meet the demands
of the trade and before the close of
the year determined to erect modern
| factory, combining the machine shop
and foundry
| Despite the increase of the capital
| to $4,000, the company did not feel
warranted in employing any part there
of in the erection of permanent build
/ ings, so on the presentation of condi-
tions to the industrial commission d
| plan was evolved to grant a loan for
! that purpose. and at meeting of the
board of trustees of the Greater Rock
Island Development Fund, in the lat
| ter part of November, 1908, it was
voted to loan the tool company $20,
! 600 for a period of 10 years, interest
payable semi-annually, the proceeds 10
| be used in the erection of machine
shop and foundry" on the site consist
! ing of three acres of ground purchased
from the Fries estate by the tool COM
pany.
Title to Land. I'm Trust.
| I'm consideration of the aforesaid
loan the title to the said tract of land,
| foundry. machine shop. cupola, travel
/ ing crane. engine, boiler, heating plant,
1sne shaft and puileys thereon. and
/ such other permanent improvements
as are part of the ground and build
/ ings thereon. was conveyed to and
placed in trust with the Central Trust
& Savings bank, trustee. And in fur
Their consideration the Rock Island
/ Tool company pays all taxes. both gen
eral and special, and insures the prem
ises up to the insurable value of the
property. 1t was provided that bonds
to the amount of 1880 become due
and payable upon the first days of
June and December in each year after
five years from the date of the loan
until all said bonds are matured.
Stockholders Lose; Not city.
1T is unnecessary to treat upon the
misfortunes that befell the tool com
pany This is a matter of concern of
the stockholders only. But let it be
emphatically stated that the loan of
/ $40, 600 made by the Greater Rock
Island Development Fund is secured
by property which cost the tool COM
pany nearly $4,000. The successor,
the Rock Island Manufacturing COM
pany. is backed by ample capital and
is already employing So men with the
best promises for an early and large
increase in the present force. A few
days ago payment of the interest due
on the loan was made to the Greater
Rock Island Development Fund by the
company now in control
! Not only should this statement of
! facts disarm all criticisms, but it gives
cauee for congratulation that, through
| the fnstrumentality of the Greater
| Island has gained an additional in
dustry that in a few years will take
frank with our larger manufacturing
| concerns.
Deed to r.. N. A. Lot Ready.
ION July Is. 1908, the Royal Neigh
bors of America at the invitation of
the Rock Island Industrial commission,
consolidated the Peoria Office with
| those at Rock Island The induce
ments thereto was the tender of site
valued at $4,000 upon which to erect
| permanent Office headquarters. This
order has a membership exceeding
100000 and is growing rapidly. The
deeds conveying title thereto have all
been prepared by Hugh E. Curtis. at
torney, and are ready for delivery i'm
mediately upon the payment to the
holders in interest in the property of
the amount above named. This gives
promise of the early Improvement of
the lot by a structure that will com
pare favorably with the buildings of
the Modern Woodmen of America. 1t
behooves the subscribers to the
Greater Rock Island Development fund
to second the efforts of the commits
sion by prompt payment of the second
installment, for which drafts are held
by the respective banks. Secretary
Mayer Levi will call, Immediately
after the New Year, upon those who
have not responded previous thereto.
National Neck Yoke Company.
cit is to be doubted that our citi-
zens, generally, are familiar with the
size and value of the plant of the Ma
tional Neck Yoke company, which was
beneficiary of the Greater Rock ISL
and Development fund to the extent
of the purchase price of the lot upon
which the plant is located Mr.. Pear
son, president of the company, has
plans in view that mean the enlarge
ment of the factory. the fulfiIlment Of