The Leon reporter. (Leon, Iowa) 1887-1930, 1910-12-08
BIG FINANCIAL INSTITUTION
FOR CAINSVILLE-
A Trust Company With Capital of
$25O,OOO is Being Organized.

GAINESVILLE may be the home of the
largest financial institution in North
Missouri or Southern Iowa, outside
of the larger cities. This is strong
probability which may be seen dur
ing the next year.
While Messrs. Tyson, RambO and
Aldefer, of the Norristown syndicate
were here last week they renewed
the proposition, made some months
ago comment on which was publish
ed in these columns that a trust
company with a capital of $250,OOO
be organized here They proposed
that the stock and surplus of the
GAINESVILLE Bank be merged into the
new financial institution and that
they (the Norristown people) would
take enough stock to bring the
capital up to the point desired. We
understand that local people would
be given a chance to take all the
stock they want.
1t will be remembered that about
the first of the year Mr.. c. H. AL
derfer bought the corner lot east of
Wilson's store and it is part of
the plan if the merger goes through,
to erect a three or four story build
ing on this lot for business purposes.
The ground floor would be used as
the home of the new financial insti-
tuition, store room, lobbies for
hotel, etc. NThe second story would
be made into rooms for hotel, etc.
The third story would be made in
to rooms for hotel purposes. 1t is
proposed that this building shall be
fitted up with all the modern con-
veniences and it's estimated cost is
put at $4,000 exclusive of furn-
ishings. The News has no means of
knowing what the GAINESVILLE bank
people think of the proposition but
we understand that they are giving
the matter due consideration. We
do not know of anything that would
help the community more that the
addition of $4,000 or 100000 to
it's working capital.
While here last week the officials
of the coal company decided upon
what kind of machines to use in the
mine. At first it was thought that
electric machines would be used
but these have been found impracti-
cable and compressed air machines
will be used instead. They have
therefore ordered an air compressor
and four machines. BY the use of
these machines the output of the
mine will be greatly increased. These
machines operate by compressed air
and take the place of hand cutting.
w. G. Rambo who will be super
intended of the electric light plant
is a very busy man these days, and
is bending every energy to get the
plant in operation as soon as pos
sible. The poles have been ordered
and as soon as they arrive the work
of setting them will begin. The
main lines were described in these
columns last week. An addition
will be built to the boiler house so
that the engine for the dynamo will
be close to steam. The engine
formerly used for the Excelsior fac
tory will be used to furnish power
for the light plant.
Mr.. Fred Morck who has been
promoting the drilling of test we'll
in the vicinity of Mt. Moriah the
past few months, was in town last
week to meet and confer with the
representatives of the Coal company
from Norristown, informed us that
the we'll was "dry" hole, that it
is showing no sign of oil. Drilling
stopped November 10th in Missis-
sippi lime stone at about 1000 feet,
and they had drilled >175 feet into
this limestone. A vein of coal about
two and one-half feet in thickness
was found at 433 feet, but it had
neither top nor bottom and was
worthless as mining proposition.
The boiler, engine, casing, etc. used