Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1910-03-19
COMMERCIAL ASSOCIATION
WILL REACH OUT FOR MORE
new FACTORIES WITH FUND
Industrial Fund
Committees Report

The report of the industrial fund
committee. which resulted in the
board OF directors of the OttumWa
Commercial association taking up the
matter today, is complete as follows.
"To the Directors of the Ottum"a
Commercial association.
eve, your committee, report ana
recommend as follows:
"That steps be at once taken to
raise fund of 100000 subscription
to be used for the purpose OF bringing
Industries to ,Ottumwa, for assisting IN
dustries already located in OttumWa,
and for doing such other things as IN
the course Of events 1T seems exped1-
ent to do to increase the employment
Of labor in Ottumwa, and to this end
we recommend organizing a corpora
tion along the following lines:
"That the company shall be known
as the Ottumwa Industrial company
That 1T shall have an authorized stock
of 100000 of 1000 shares Of $10O each.
and that the company shall commence
business when the entire capital stock
Is subscribed for, and when ten per
cent of the capital stock has been ful.
ly paid for. That subscriptions shail
be received on basis that each SUB
scriber shall be permitted and requir-
ed to pay the first payment within thir-
ty days after the subscription list 10
closed or one-fifth of the amount OF
his or her subscription, and the other
four-ffths shall be paid in four annual
payments of equal amount thereafter
That any subscriber may pay his or
her subscription in full, and they shall
receive a discount on the deferred pay
ments at the rate Of six per cent per
annum.. !.
That the articles of Incorporation
shall state the object OF said corpora.
ton to be as follows:
seTo encourage the establishing OF
factories and industries in OttumWa,
to assist Industries already establish
ed in Ottumwa, either with loans, for
which securities shall be given to be
approved by the board Of Directors, or
by buying stocks or bonds In COM
panies located in Ottumwa and en-
ploying labor in the prosecution OF It's
business.
ut shall further provide that the
funds of this company shall not De
used In any Of the ways herein stated
to greater extent than ten per cent
OF the total authorized stock Of this
company, for any one company except
that same shall be done by authority
Of the entire board Of directors.
eve recommend that the company
have board Of thirteen directors. and
shall have the following officers; who
shall be directors, president first vice
president, second vice-president. sec
retary and treasurer. That majority
Of the board Of directors shall constt
tute quorum for the transaction OF
any business.
1--WE are only recommending some OF
the principal matters that shall be
covered by the articles OF incorpora-
ton, and will leave the details to be
worked out later.
1--WE have made some inquiries, and
had some information Of what has
been done along these lines in other
cities, and 1t is the opinion of your
committee that company properly
organized and managed by good busi-
ness men can be made not only to be
OF incalculable benefit to Ottumwa In
the building up Of the city, but that the
investment as a whole can be made to
pay a reasonable profit. We believe
that Ottumwa should move in this mat
ter as rapidly as possible, and that a
vigorous campaign should be prose
cuted for the subscription Of this mon
ey, and we further believe that there
should be no question about the rails
ing OF this sum for such purpose.
Other cities have raised large sums for
similar purposes, and others are NOV
ing along this line, and 1t is necessary
for the future prestige Of Ottumwa to
get to work on this matter quickly, and
never relax our efforts until the sum
has been raised and the company or
ganized and put in line for starting
this important work.
Henry Phillips,
wv. J. Donelan,
j. 3. Sax"
Signed.
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