Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1910-09-17

of that city, the desire to seek an
cher location for it's factory caused
the firm to awaken to the possibilities
that Ottumwa holds forth to industrial
institutions. Several visits have been
exchanged between the firm and the
committe of thes association with the
result as stated above. The COM
mittee fully assured itself that the
concern was worth while, and held
forth some promise for future growth.
before entering into any dealings
with 1t. The presence of manu-
facturers ard f1nancers on this com.
mit.ee warranted safe and careful
appraisement Of the value SUCH
firm would be to Ottumwa.
A perusal of the contract signed by
10th parties will go Ear to convince
the Ottumwan of booster >prolivities
that Ottumwa wants this factory.
The best way to demonstrate ones
booster spirit in this matter will be
by attendance at the meeting tonight
at the association rooms where plans
tor the raising of the necessary fund
will he made. IA study of the safe
guards that have been placed about
the venture In behalf Of the city
should appeal to the citizen who
wishes Ottumwa to have more fac
tories and more people to operate
them, as we'll as the general Deneft
to the city substantial manufactur-
ing concern is. The contract follows,
The Contract.
Memorandum Of the agreement en-
tered into between Ottumwa CONNER
cial association corporation, party OF
the first part and the Moline Pump Co..
a corporation, party OF the second part,
this fourteenth day OF September, a.
D., 1910.
1. Party Of the first part to furnish
factory site to be agreed upon salts
factory to both parties hereto.
2. Party of the first part to use Its
best endeavor to raise $4,000 for
factory building or buildings to be
erected on said site and said $4,000,
when raised shall be used for said
building purposes. And IS 10 pc ralseu
by October l, 1910.
8. The party of the first party to pay
freight charges on stock and mach1n-
ery from Moline to OttumWa. ~
4. Said site and buildings erected
thereon to be held by a trustee named
by the party of the first part. with pro-
visions in deed to- said trustee that
said trustee shall convey the same In
fee simple to second party Cor corpor-
alton to be organized by management
of said Moline Pump Co. Said new
corporation to have capital stock OF
$1,000 of which $4,000 shall be held
as treasury stock) as soon as 100000
in wages and reasonable salary are
paid at said Ottumwa plant. Said
amount Of wages and salaries to be
paid as aforesaid within seven years.
If party of the second part erect adj
ditional building or buildings on said
site to the value of $4,000 within the
said seven years from the date hereof
and prior to the time that said second
party has paid out said 100000 in
wages and salaries as aforesaid, then
as soon as said building or buildings
are erected said trustee shall transfer
an undivided one-half interest in said
site and buildings to said second party
or to said company as the case may be.
The remaining undivided one-half
interest to be transferred to said Sec
ond party by said trustee when the
100000 in salary and wages, aforesaid.
are. paid. 81.
% 81. Said second party to transfer its
business including all machinery and
stock and cash on hands, except that
remaining from it's recent sale of real
estate from Moline to Ottumwa
6. Said second party guarantees that
its bills due merchandise and equip
ment creditors are less than its bills
and accounts receivable (good) and
also that there Is no lien against said
machinery and stock.
Said assets If second Darty inyen-