The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1879-01-16
Commissioner steele's Report.
TO the Board Of County CommissioneI.

Commissioner Steele's Report.
To the Board Of County Commissioners:
In pursuance of your resolution OF the
3Oih day Of November, 1873, left tor
the east on the 4th of last month to en-
deavor to contract sale, if possible, OF
Sedgwick county's stock in the Wichita
& Southwestern Railroad, subject to an
election for ratification by the people, TO
be held on the 10th of December. 1873.
stopped one day at Topeka in order TO
get all the information possible as to the
value of the stock. among men who are
more or less posted as to the value of
the stock in the Atchison. Topeka Il
Santa Fe Railroad. and its leased lines.
Ny information here was of such a
character as to lead me no; to expect the
favorable offers we had already had in
the fall. From Topeka went directly
to Philadelphia and West Chester, Penn
sylyania. where we had been offered fif-
ty cents for our stock, by Mr.. Darling
ton. in October. found it impossible
to get a renewal, or in fact any offer for
our stock at this place. There is. how
ever, about $4,000 of our seven per
cent. bonds placed out to different par
ties in this town and vicinity, which
could be purchased for ninety cents and
interest. ! offered TO exchange our
stock for our outstanding seven per
cent. bonds, subject to your approval. at
the rate of one and one-half Of stock
for one of bonds. This would be giving
us sixty cents for our stock and allow
ing ninety for our outstanding bonds.
This proposition was not entertained by
the holders of our bonds.
From West Chester went TO Boston
where consulted with several brokers
in railroad stocks. and with the officers
of the Wichita & Southwestern Railroad
Nv first offer was thirty-fve cents in
bulk. and on the 18th, forty cents. al
so found that a few shares of Wichita &
Sou, hwesiern had sold on the board at
sixty seven cents in October.
During my stay, was accorded the
privilege Of the examination of the COM
pany's books, also the fullest informa-
ton a 10 the management and earnings
of the Wichita & Southwestern by Off
GERS of this road Ny examination of
the coinpany's books proved to me that
all accounts between the Wichita 4
Southwestern and the Atchison, Topeka
& Santa Fc are honestly and truly kept.
found that January !, 1873. the Wich-
tia Il Southwestern was indebted to the
Atchison. Topeka & Santa Fe to the
amount of over $1,000. The most of
this indebtedness had accrued under the
uniavorable terms of the old lease OF
the Wichita IL Southwestern to Atchi-
son. Topeka q Santa Fe, and that in
1876, new or supplementary lease had
been concluded with the Atchison. To-
peka & Santa F'e by which we were al
lowed 10 pro-rate east 10 Kansas City.
Under the provision of this supplement
arv lease. and because of the large crop
that had been moved over the Wichita
Branch, found our net earnings from
January /, 1873, to October !, 1873, rs
follows:
January ! to june I, 1873 sl5,s0l 81
June ... ..2ii %
July ..-.-...-.-. ..-......-..... 3,pei 81
August ......... 6.9:6 -
September 6.563 81
Total $34,351 50
The months of October. November
and December win probably give from
give from $4,000 10 $4,000 net, which
added to the S3l $3.50 viii nearly bal
ance our indebtedness of January /,
1873. and that by the early summer
months of 1879. with fair business our
stock will be caening dividend.
The Atchison, Topeka & Santa Fe are
strengthening their line in the east and
extending ii in the west and southwest,
making one of the strongest corpora
tons on the continent. and as the bnsi-
ness Of the main line increases and its
stock advances in value il viii necessa-
rily carry with il The stock of Its leased
lines or feeders. and therefore on this
account and the splendid earnings Of the
Wichita Branch for dis year As before
enumerated. came To the conclusion
that il was better not to sell or contract
orr stock at this time. believing that
during the coming year we will be able
to command as high or a higher price
for our stock than has yet been offered. |
| am, however, aware of the fact that
counties ougli, moi to speculate i'll rail- |
road stock. simply because they are gen
orally the minor stockholders. and that |
were the owners of the other three |
tifths of Wichita & Southwestern stock |
SO disposed they could make ours abso- |
luteiy worthless. | have no fears OF this !
as long rs the majority of stock |
Is held by the gentlemen who now own |
the same. and know that under their
management we win get our share Of |
credits and earnings.
1t is unfortunate that the people have
not placed this matter in a shape TO sell /
should we again get a favorable offer,
which is entirely chargable 10 their want
of knowledge of The subject and the
Misrepresentation made to them Is 10
its value.
regret to state thai my absence was
made the occasion of bitter personal
attack upon myself. and a severe criti-
cism upon your action in sending me on
this mission, but only,by a few malig-
nant and diSreputable persons in this
town: themselves being devoid of po-
itical honor or personal integrity, could
not conceive how any person could per-
form any important trust without theft
,r pccalaiion But when NC consider
hat shey were educated and graduated :
n the political school iaaugurated in the !
southern States at the close Of the war.
wherein it was taught that the people !
we're legitimate objects Of plumber. and Z
ha; official positions were only TO be 7
lsed for personal wealth and advance ,
neni. even ri the cost Of perjury. rob- I