Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1889-08-29
SCHOOL BUILDING BONDS.
The Board Adjourned Without Awarding
Bonds-Purchasers Say They Could Give
$1,000 or 81. 600 More in Absence
of Fegtly's Ten Year
Clause.

The school board held meeting yester-
day afternoon commencing at o'clock,
with President Levy in the chair and
members McNair, Sawyer, Clapp, Fegtly,
Howard Martin, Piatt ard Campbell
present. The object of the meeting was to
sell the school building bonds of 100000.
There were present George Lewis, repre-
senting 5. A. Keen & Co.. of Chicago; y.
NJ. Halsey, of \. ". Harris & Co., Chi
cago; Ed Z Barton, representing Western
Banking Co., st. Couis; J. G. Webb, of
c. II. Venner g. Co., Boston; r. Gee, of
Farson, Leach &, Co., Chicago; S. Spauld-
ing, of Prake & Co., Toledo, and L. ID.
Skinner, of Wichita. The board asked for
check of s., 900 from each one bidding
before the auction should commence, this
being according to the general rule on
such occasions. S. A. Keen & Co., Yves
tern Banking Co. and L. ID. Skinner were
prepared TO comply with the conditions
and the other representatives said they
had checks coming by mail and were reas-
onably certain they would be on hand by
today. They were not allowed to bid.
As decided by the board the
bonds were to bear per cent and payable
in ten years with option on the part Of the
city to let them run twenty years.
The roll Of those depositing checks was
called over and over and on reaching a
premium of $500 the Western Banking
company dropped out. Harris & Co. left
off at $780, Skinner and Keen run the bid
up to 81 ,255; Keen & Co. having the last
bid it being 50 over Skinner
McNair moved to adjourn until 2 p. n
dow rf,rl,- lid I l,a
chair announcing the motion asked il
there were any remarks, and no one SEEM
ingly wanting to speech make the motion
carried with weak app in the absence of
any vote in the negative.
Mr.. Lewis, representing Keen & Co., as
soon as the board had adjourned inquired
of the chair if the award would be made to
him, when it was replied that in all prob
ability that matter would be determined
tomorrow.
Mr.. Lewis said the action of the board
was not fair and far from business like in
any particular He said he had other
places to visit besides Wichita, and did not
want to take his late summer vacation
here
The chair recalled that some were on
hand who wanted to bid and had no checks
and today would possibly find them ready
to bid. Lewis finally decided to leave
check and will be on hand today. He
stated last night that the price he had Of
fered for ten year bonds was high enough,
OF course. He could not admit any SNAP
in it,
One Of the representatives said he would
give s., 700 more for the bonds without the
ten year option on the part of the city.
The option forced calculation on ten years.
A member of the board said that the finan-
cial feature of the deal was fashioned by
the renowned financier, Mr.. Fegtly, who
thought three or four thousand dollars
more premium now would not amount to
much in the face of the fact that there was
no chance of paying off the bonds in ten
years, nor would the chances favor re
funding.
The bid made yesterday gives the city
the money for four and seven-eights per
cent, and according to an estimate the city
could get the money for about four and
one-half per cent in the absence of the ten
year clause.