Jasper County Democrat, Volume 11, Number 48, Rensselaer, Jasper County, 18 November 1908 — TO RAISE A FACTORY FUND. [ARTICLE]

TO RAISE A FACTORY FUND.

At Least a Factory Fund Promotor Is Here for That Purpose. H. Peam, representing a Chicago industrial company whose business' it is to promote factory funds, is here trying to interest Rensselaer people in the project. The plan in brief, as we understand, is to torn} a commercial club, where one does not already eiist, secure an option on a tract of land adjacent to town, lay it out in lots—not less than 300 —which he promotors sell at S2OO per lot, $lO down and $5 per month thereafter. The commercial club pay all expenses of laying out' the "factory addition,” advertising, rent of office rooms, etc., and give the promotors five per cent for their work of soliciting buyers and selling the lots. The first $lO paid in goes to the promotors as their per cent, and the future payments go to the club, to be used for the purpose of inducing factories to locate in the city. If the full 300 lots are sold and all are paid for, it would mean $60,000, of which amount the promotors get $3,000 for their work. Deducting the cost of the land in addition to the above would leave some $60,000 for the club to be used in factory promotion proper. The lots are to be apportioned by a drawing, to take place some six months after the scheme is started, or before, we understand, if all are sold. A meeting was held at the court house Monday evening and a committee composed of J. H. Chapman, J. J. Hunt and Frank Foltz appointed to work in conjunction with the old Commercial Club to see what could be done in the matter. , Warren Robinson, who owns 75 acres at the west siae of town and along the railroad, offers to sell this land for $l5O per acre to the club. There will probably be other plots ofered if the project goes through^