Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1909-11-20

for water be nominal for the time men
/ toned. This condition, Captain Rosen-
/ field stated, had been virtually assured
/ by Mayor G. w. McCaskrin, who in his
/ joint capacity of mayor and as mem
Der of the Industrial commission, had
given the assurance that the city coun-
Gil would not hesitate to do it's part in
encouraging to the fullest extent any
measure that will insure the location
of an industry of such Importance in
Rock Island.
l.. Attractive Stock Issue.
The third condition was that an is
sue of 100000 preferred cumulative
stock, bearing interest off, per cent.
and with the guarantee of Deere & Co.
back of it, be subscribed 1t Is the pur-
pose of the company to increase its
present capital from $500 to $780,
600. and to apply the money from the
100000 preferred stock issue on the
construction of its new plant in Rock
Island. The company at present has 4
bond issue of $4,000, which it was
explained would probably be reduced
in the change of location of the plant
to Rock Island. The output of the
factory is already guaranteed for five
years. and Captain Rosenfield ventur-
ed TO say that he believed that within
a couple of years after the plant is in
of men employed would be increased
to 500.
Take to 1t Kindly.
Captain Rosenf1eld then asked for the
views of those present, and among
those who spoke from a financial
standpoint as well as one involving the
industrial advantage to the city of Rock
Island were Frank Mixter, who spoke
of the proposition as the best that had
been offered not only to Rock Island,
but to any one of the three cities. l. s.
White, E. H. Guyer, L. Simon. II. f.
Casteel, who dwelt briefly upon the
stability of the stock and its attract
iveness as an investment not only for
men of capital, but the man of small
earnings and savings, T. ]. Medill,
Otto Huber, Oscar Schmidt. John Obi
weller, l.. s. McCabe. w. H. Reck. and
others. From the nature of the re-
mind of President Rosenfield as to the
answer he would make TO the company
relative to its proposition. "The COM
pany is DESTROYS OF knowing at the ear
Hest possible date what may be ex-
pected from Rock Island" said Presi-
dent Rosenfield, "as it has other locaIi-
ties which will be mighty glad to Sc.
cure 1t if Rock Island fails. To be
frank, the company has chosen Rock
Island and wants to come here. II
likes the town, the neighborhood. and
the spirit Of the people here, and there
will be 10 difficulty about bringing the
factory Here if this stock is subscribed
When am in a position to tell more of
the name of the institution it's present
location and its products, l am sure
tho stock proposition will look even
more attractive than it does now. And
right here l am prepared to say that
my candid belief is that the stock will
be over-subscribed. 1t is an opportunity
for an investment as good as a govern
ment bond, one that should appeal to
the man who has small holdings as
we'll as the one of greater capital who
is looking for gilt-edged investments.
When 1 tell you that Deere & Co. are
back of that stock issue, it ought to
be sufficient guarantee as to it's charac-
ter"
RosenfleId Told to Go Ahead.
At the conclusion of the remarks. q
motion prevailed that it be the sense
OF the meeting that the stock be sub
scribed, and set of questions to be
presented to the company controlling
the factory were prepared with a view
Of having the answers for prospective
stock purchasers, and then the follow
ing resolution was unanimously adopt
ed and placed in the hands of Presi-
dent Rosenf1eld
Resolved, That it is the sense of
this meeting that the proposition pre-
scented here tonight, to locate in Rock
Island manufacturing plant employ
ing 300 men. on site of 10 acres to be
donated, with nominal municipal tax