Jasper County Democrat, Volume 11, Number 53, Rensselaer, Jasper County, 5 December 1908 — SEEKING OPTIONS [ARTICLE]

SEEKING OPTIONS

New Commercial Club Is Getting Busy WAIT SUITABLE PLATTII6 LAID For the “Factory Addition’’—-Sale of Lota WiU Begin As Soon As Options Are Secured. The Rensselaer Commercial Club is now organized ready for business, with Warren Robinson, Pres.; J. H. S. Bills, Vice-Pree.; B. L. Hollingsworth, Sec.; Delos Thompson, Treas. The Directors are nine in number, as follows: Warren Robinson, J. H. S. Bills, E. L. Hollingsworth, Delos Thompson, J. H. Chapman, Geo. F. Meyers, G. E. Murray, Jas. N. Leatherman and C. G. Spitler. A committee composed of J. H. Chapman, J. J. Hunt and C. G. Spitler was appointed to obtain options on real estate to be platted into lots to be sold to raise the bonus fund to secure manufactories. The tract owned by Conrad Kellner along the Pleasant Ridge road and the tract of Monnett land lying on the Remington road are favorably talked of, thuogh all other propositions submitted will be duly considered. A contract has been entered into with the Chicago promotor and he agrees to sell the lots at 5 per cent commission, the first payment of $lO on each lot at S2OO to go to him. The proposition is to secure an option on certain lands and plpt it and sell the lots. If the lots are not sold the land does not have to be taken, of course. This Chicago promoting company keeps in touch with manufacturers seeking locations, and now claim to have one on tap that will employ 300 men and put up a factory on ten acres of ground with 50,000 feet of floor space. They have beenia business in Chicago for ten years and have net assets of $105,000. They expect to employ bands in a short time. The Industrial Co., thinks it can close a contract with this company to locate here, conditioned on our being able to raise the necessary bonus, the amount of which is not stated. A committee will likely go to Chicago in a day or two to investigate this proposition, and a meeting was held last evening at 7:30, in the east court room to take such action toward sending a committee as deemed proper. The football game here Wednesday betwen Lowell and Rensselaer resulted in a score of 40 to 0 in favor of Rensselaer.

Regarding the success of these lot sales by this company in other towns, we copy the reply of the cashier of an Attica bank to a letter of Inquiry from the State Bank of. Rensselaer: State Bank of Rensselaer, Rensselaer, Ind. Dear Sirs: In reply to yours of Not. 17, 1908. i We had a lot sale In this city in Jan. 1906, and tike sale was conducted by L. D. Price of the Chicago Industrial Co. We found Mr. Price and expert in this line of work, a man of "character, good judgment and one on whom you may rely as well worthy your confidence and esteem. For the purpose of this sale we organized the "Attica Land and Improvement C 0.,” incorporated under the provisions of an act entitled, “An Act for the Incorporation of Manufacturing and Mining Companies, Companies for Mechanical, Chemical and Building purposes, approved May 20, 1852, and acts amendatory thereof.” While this company is composed of a number of the merchants association, yet, it is a separate and distinct body from that organization, composed of 64 purchasers of stock, at |SO per share. You understand this corporation is for - the common good and welfare of the city, without reference to any private gain and all funds derived to be used for the advancement and good of “GreatmhjddXica.” Two tracts of land, adJMMt to the city, were purchastidtdln of which 359 lots were planed and f<*ty-six acres donated to the city, known as Ravine Park, a beautiful natural park of which our citizens are justly proud. A date for the sale was fixed and well advertised; 8200 the lot was the price, |lO down, $5 per month on the balance. Daring the sale, (not in one night, understand) about 270 lota were sold, the balance available for purchase at any time. The banks and Building and Loan association advance money for payments on factories located but not on lot contracts. The security was a mortgage on all the land purchased and personal guarantee of individuals Interested in the enterprise. Quite a number of lots were paid in full by the able ones, which provided funds for immediate use. We consider our lot sale of great benefit to the city. Mr. Price

located the National Car Coupler Co., for us. and we have since obtained the Poston Brick Plant. Both plants have a good business and did not close during the panic. More than one hundred dwellings have been erected and we have not a vacant house. The Industrial Co., within themselves cannot make a success of a lot sale without the co-operation of every loyal citizen who is Interested in the advancement of your town. Cdmmand us for further information if you wish and pardon this dilatory reply. 30th Nov. 1908. At Champaign, 111., a similar sale was conducted by this Chicago Industrial Company, a SIOB,OOO sale, and the Champaign Daily Gazette of December 2, says regarding the matter: Tuesday the Champaign Chamber of Commerce closed its contract with J. G. Clark for the tract of land which was divided into lots for the Chamber of Commerce addition and made the first payment on the land. The organization finds the payments on lot contracts coming in readily and steadily and the balance in the factory fund on Dec. 1 was better than was expected when the plan of - creating the fund was taken up. The number of contracts forfeited will not -exceed ten, a showing which speaks well for the loyalty of the people who made purchases and their judgment of what will prove paying investements. Reports from the piano factory, one industry secured by the use of a part of the fund, are encouraging and show that the company is busy day and night to fill its orders. Other industries are being investigated and as soon as any are found which are satisfactory in every way they will be secured for Champaign.