The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1919-12-26

pany anticipates that it VIII have dis
posed Of enough property by that time
to find the payment Of that install.
ment easy. The company agrees to
pay the government annually after the
fourth payment not less than $1,000
600 with interest at 8 per cent.
The company is authorized 10 pro-
coed TO sell off the property, paying
over to the government so per cent
Of the net proceeds to be applied to
the purchase price.
Section 10 OF tho contract Is inter.
estlng: when through the operation
Of the terms of this contract the gov
eminent has been paid the full pur=
chase price and interest charges, and
this bidder has realized from addition
al sales an additional net amount
equivalent to ten (10) per cent. of
the full amount paid to the govern
ment, then it is proposed to pay the
government so per cent. Of the net
profits realized from further sales or
operation Of this property, said divi-
sion OF profits to continue for a time
10 be agreed upon"
Deductions are 10 be made in favor
Of the company should the government
decide 10 retain any OF the machin.
cry, etc, and in the event OF Its fail
ure 10 deliver title to some Of tho
acreage still held III the name OF an
individual who took the optiors The
government holds the bidder HARM
less against loss from strike, riot fire,
explosions, acts OF God, the public en-
envy" etc.
While the government lost by wan :
ton waste ;..:1 otherwise a huge sum
of money at Nitro, It isn't figured that
the fortunate bidders are running any
risk OF enCountefing loss 1t Is agreed
that they stand to make good thing
out of 1t, one Of the best things In a
money way that has fallen to the los
OF any Test Virginia financiers in a
long, long time, Practically, II is held
by the a>alyslsts Of the contract, that
the company is acting as agent for the
government for the sale Of the prop
erty with liberal commission till the
contract price Is paid, and is made a
gift of all that Is left, which, 1t is es-
timated, should amount to millions,
Notwithstanding deterioration Of as
sets.
The Charleston Industrial company,
as disclosed by the contract. Is COM
posed OF W. o. Abney president Of the
Union Trust cCS-pany; H. NJ. BeTtolet,
coal operator; John l.. Dickinson.
vice Pl>efdent of the Kanawha Valley
Bank; Isaac Lowenstein, president OF
the Charleston National Bank; C. X.
Payne, merchant and real estate; VI.
G. Scott, vice president of the VIII
ginia company, all Of Charleston; and
NJ. f. Chase, chemical expert and man.
ufacturer; j. II, Douglas, lawyer, and
A. r, Leach & Co.. bankers, all of
New York.
Tho Nitro plant manufactured near
to 5OO,OOO,O00 pounds Of smokeless
powder, not a. pound of which was
used and, according to the report OF
the War departments own Inspector
which is Of record, not a pound of il
was fit for use. The venture has beerf
characterized as one of the creates {
OF the many war gratis, a haven fof
slackers with influence, and-the source
OF countless SOFT Jobs with s'so1 sal
aries and no work to be performed in
return worth speaking Of.
A congressional committee has been
investigating Nitro for months and Is
still at it. Representative Graham Is
the chairman OF the committee, an
he has been criticised more than once,
it being charged that the probe was
inefficient The final report of the
committee is awaited by many in
Washington officialdOm with great
interest.
Ac.ng postmasters have been dss-
ienated al Fink w Va Scott lam