Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1910-03-19
RECOMMENDATION OF lNDusTRL
Al FUND COMMITTEE TO FORM
COMPANY WITH 100000 70 ORE
TRIBUTE ADOPTED.
TO AID on TUlMWA
PLANTS IN NEED.
ENTHUSIASTIC MEETING or susi.
NESS MEN RESULTED IN pI.
REcToRs GETTING ACTIVE ON
NONSTOP TRANSACTION.

The Ottumwa Industrial company, q
corporation having 100000 at its dis
posal to be used in bringing more in-
dustrtes to this city and aiding those
already here which need assistance
and encouragement, is to be formed by
the Ottumwa Commercial association.
One thousand shares Of 500 each will
be sold to those who desire to become
associated with the new company, and
not q dollar Of the 100000 will be
solicited as a donation. AS result, ,of
the favorable view taken on the mat
ter at meeting of business men
in the Commercial club rooms
last night. the directors OF the
association are this afternoon drafting
articles Of incorporation for the new
| company, and naming the directors
| who are TO control the new enterprise.
The Ottumwa Industrial Co., Is fash
ioned after similar organizations In La
Crosse, Wis, Williamsport, Penn, and
Binghampton, N. Y. and Is formed TO
provide some ready funds with which
the Commercial association can reach
out and secure more factories and as
] Isist those already located here. Tho
men to become Interested In the new
departure will be subscribers to an en-
terprise that will bring returns, for the
funds Of the company are to be pru-
IDENTIFY and judiciously handled by
board Of directors and officers picked
from among the most successful busi-
ness men in Ottumwa The men who
subscribe to the new enterprise are
not to regard their subscriptions as 90.
nations. for the company intends to
distribute the funds available In such
a way as to make them pay even or
a small dividend.
The Views Of the COMMITTEES.
| The meeting last night was called
for the express purpose Of securing tho
city as to the advisability OF forming
named as chairman and Henry Phil.
committee explained briefly the OBJ
ject Of the meeting, reciting the man
ner In which the committee thought
best to proceed. mo one should re.
gard this as donation" said Mr.. Phil.
lips, "as 1t is an investment and In my
mind there never has been an enter
prise launched in Ottumwa In my his.
tory of thirty-four years that will res
suit in more good for the city than this
plan Of helping worthy Ottumwa indus
tries and reaching out for more fac
tories"
| J. b. Sax, also Of the industrial fund
committee, told Of the plans being fOt
lowed in Rock Island, ILL.,, Williams.
burg, Pa, La Crosse, Wis, and Bing.
hampton, N. Y, setting forth the ad.
visibility Of having all elements In the
commercial life Of the city on the
directorate that the new concern
might be operated in judicious aud
prudent manner. ITO me this 100000
fund appears to be the right thing al
this time" said Mr.. Sax, "and am
satisfied that when in operation it win
result in increased wealth to Ottumwa
as city, to the business men direct.
| ly interested in the enterprise, and In
fact to even the smallest merchant
who has no interest other than beinA
a part Of the business field of or
tumwa."
The present inability Of the Ottums
wa Commercial association to closa
any deal with new factory, because
Of lack of funds, was forcefully brought
out by w. J. Donelan, another membef
OF the Industrial fund committee.
Many propositions have been put III
to u.s. said Mr.. Donelan, "and wa
have not been successful in landing
any Of them because OF our inability to
place our hands on the required
money. This industrial fund is the
most feasible plan that has thus far
been suggested to raise money and
we shall have a fund.-"
"Let Go" Says Mahon.
| Chairman Foster cited the city ot
Waterloo as one that was rapidly
growing because its business men bes
lieved in the town and desired to seq
| 1t expand.
waterloo Is not only attracting att
tention In this state" said he, "but is
being recognized in other states. Ou1
board has indeed been handicapped be-
cause of the absence Of such fund
as this, and we should by all means
carry this plan through. 1t Is not td
give bonuses, but to make prudent and
i i,Idfcious Investments which will re-