Wichita eagle., 1889-12-17
CITY COUNCIL.
The Leading Feature, the Bond Sale, Referred
to as Not an Alarming Success-Routine
Work.

The city council last evening sold the
city building 100000 bonds to Splitter &
Co, of Toledo, O., at a premium OF $3.50;
bonds bearing 5 per cent payable in twenty
years, making a most desirable bond. The
premium gives the city the money at
about four and four-ffths per cent. 1t is
recalled that the sewer bonds payable one
tenth each year and collected from prop
erty abutting sewer and not from the
entire city as with the city bonds, sold at
such premium as to secure the money
for little less than Al per cent The
Market street paving bonds, about $4,000,
were sold Splitter & Co. and also curb and
guttering bonds for the year, which it is
thought may amount to $4,000.
THE PROCEEDINGS IN DETAIL.
Members Carson, Healy, Downing,
Schnitzler. Barnes. Glaze, Coffin, Williams
Wight, Mercer present, with Mayor Glenn
ent in the chair. The city engineer and
finance committee reported nineteenth esti-
mates of sewer work and ordinance to
covered ordered drawn.
City engineer submitted estimate of
paving Williams from Main TO Market
also estimate on paving Waco avenue from
Elm to Seventeenth street.
The police judge made report for No
vember, S675 total receipts.
Remonstrance 3, AL feet strong on the
Chicago avenue paving question was
placed on file and Mrs. j. Coggeshell
wanted $1,000 for sidewalk accident and
Healy smiling started motion to refer iI
to the Judiciary committee.
A petition was presented asking that
the city building be made fire
proof, when Barnes moved to place
on file and Mercer amended
that it be referred to the building COM
mittee, which prevailed. The First Bap-
fist church wanted sewer tax RENTED for
the year, which Barnes wanted to place
on file but it was suggested that the rule
had been established TO get out of the
sewer tax, and finally the sewer tax was
RENTED.
The bond sale commenced and certified
checks for s., 900 were left with the clerk.
There seemed to be seven bidders, as fol-
lows: A. kean & Co., Chicago; L. ID.
Skinner, Wichita; A. c. Jobes, Wichita:
Lamprecht Bros. & Co., Cleveland, Ohio;
\. w. Harris & Co.. Chicago; Farson,
Leach & Co., Chicago; SpitZler q Co.,
Toledo Ohio
The mayor announced that the city
building bonds 100000, would be sold
first, payable in twenty years at per cent
OF the mount $4,000 wanted January
and $4,000 first or March and $4,000
April.
Coffin inquired who was to register the
bonds and pay for it. He moved it be the
understanding that the purchaser register
the bonds.
W. A. Barnett, one of the representa-
tives said he wanted to purchase perfect
bond, and the purchaser might have
trouble to get the bonds registered.
Glaze thought the city ought to register
the bonds and amended the motion that
the city register the bonds.
Healy said there was no law to compel
the city to register the bonds.
A representative said he would rather
bid more for the bonds registered.
1t was finally decided that the city regis
ter the bonds.
1t was stated that the city would deliver
the bonds to the Merchants Exchange
bank, New York, or to some bank in any
leading city. Splitter & Co. was the first
TO bid 100000. Kean & Co. raised the bid
S.. Skinner raised s.. The bids went up
S. at time to S2,l00 when Lamprecht
Bros. passed" and 500 later Farson,
Leach & Co. ''passed for the present. At
s., 500 all We're out except Splitter q Co.;
Skinner, and JOKES, of Wichita. Splitter
& Co., s., $40 and others refused to raise it,
and in few seconds an all round talk
commenced. 1t was at once recalled that
sewer bonds, $3.50, coo payable in ten years,
one-uenth each year. bearing 6 per cent
brought premium OF Sl7,SS5 and much
less desirable bond than the 100000 pay
able in twenty years and collected from
the entire city while sewer money come
from adjoining property. 1t was explained
by Splitter 81 Co. that the city's indebted
ness was over 5 per cent of the assessed
valuation and hence the bonds would not
be touched by Maine or Connecticut, and
hence the why of it appearing even to one
in favor of much Indebtedness that the
more the debt the less valuable bond on
city.
Finally order was called and the mayor
said he had found out that some of the
bidders expected to pay all January next
and some thought time would be given as
be had stated.
Healy said the council had not offered
the bonds on time and inquired who had
authorized that statement.
The mayor said the suggestion came
from the finance committee.
Barnes said two of the finance commit
tee knew nothing of the agreement.
Johnson guess one man made the
arrangement.
Mercer-I move bids be received on cash
basis payable on or about January l.
Johnson proved a second, when Splitter
& Co. said they would pay $4,000 Janu-
airy /, $4,000 March l, April l, $4,000. and
pay interests on the last two payments.
Glaze amended 10 allow the suggestion
of Splitter & Co.
Splitter & Co. said he had understood he
had that option when lie bid, when the
mavor replied that the council did not
seem to accept it.
The Glaze amendment lost by large
majority, and Splitter 6 Co. SAID if the
original motion prevailed he would with
draw his bid.
Skinner said he had cash bid of s, 335
premium, and at this moment Splitter &
Co. said he would allow his bid TO stand,
which created some merriment.
The roll call found no one wanting TO
raise the bid and Carson moved the bonds
be awarded, which prevailed unanimously.
The Market street paying bonds were
put up about 5000, bear per cent, paya-
bic in installments, one-tenth each year.
1t was again stated that the city would
register the bonds.
Spetzer & Co. being first on the roll bid