The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-08-19
THE CITY COUNCIL.
A Short Sesslon-Ordinances---C Committee Re-
port ON Sale OF Bonds-The Contract.

The city council met last night in ad-
Journed session pursuant to the resolution
adopted at the preceding meeting. Presi-
dent johnson was in the chair and Messrs
Carson, Caswell, Glaze, Mossbacher, Buck
eridge, Schnitzler, Mckee, Brown, Will
| Jams and Martin were present
The reading of the minutes was not
part of the adjourned session and the
work Of the meeting was taken up at once.
An ordinance providing for special as
sessments TO retire the bonds for curbs
and cutters of 1890 was offered and
adopted.
An ordinance providing for special as
sessments TO pay for wood sidewalks al
ready laid was offered and carried
An ordinance appropriating 81, 100 TO
Rogers the contractor of the city building,
on account Of contract was offered and
passed.
The report of the fire department to
whom the matter was referred failing 10
approve the removal of frame buildings
into the fire limits was read and adopted.
An ordinance appropriating to Sullivan
& Ste1nmetz, sewer contractors, the sum
Of 5000 in round numbers out
OF the ten per cent retained by
the city according to contract out Of the
price of the sewers, was offered and passed
The condemnation committee on the
opening of a part of Topeka avenue re-
ported damages to different parties to the
amount of 800. The report was filed.
The clerk was instructed to have an or
dlnance defining the city limits as correct
ed by Hon. Judge Reed printed for con-
venience, subject to the approval of the
committee on Advertising
The report of the special committee on
selling the Main street and Douglas avenue
bonds was then called for and read as
follows:
To the Honorable }I Mayor and City Council OF the
city OF Wichita;
Your special committee appointed to
sell the street improvement bonds respect
July submit the following:
Your committee has correspondent with
different bankers and bond brokers home
and abroad for the purpose Of selling the
bonds. II was apparent at the beginning
Oh our negotiations that the various ru-
mors and reports published in our home
papers and especially the semi-Official re
port or one Of the councils standing COM
mllttees IN the Daily EAGLE had seriously
handicapped your committee and much
injured the sale Of the bonds.
Capital hesitated to invest in what had
been condemned as unsafe by its own
friends. Nevertheless Splitter & Co, of
Toledo, O., who had formerly purchased
an exactly Identical bond for the Market
street improvement, signified their desire
70 also purchase these offered for sale
lime was appointed for the reception of
sealed bids at which time the bid of Splitter
& 20. was found the best and the entire
block OF bonds was awarded to them and
upon the delivery Of a certified check for
$1,000 payable to the order of the CITY
treasurer contract was properly entered
into. BY this sale to Splitter q Co. YOUR
committee confidently claims that the city
has made a clear saving of several thous-
and dollars as will be shown by the follow
ing statement.
In the first place your committee desires
to call attention 10 the fact that none Of
said bonds sold to Splitter & Co. are TO be
dated earlier than July I, 1890, which
change of date from that of May !, makes
a saving OF two months interest on the en-
tire estimated issue of 1924. 600 $4,000 of
said boudds viii be dated July !, 1890. and
the remainder of said bonds can be dated
at such dates as will bring sufficient funds
TO pay the several contractors the amounts
due. 1t IS estimated that not more than
$50 coo need be dated prior to August !. /
and the balance of 100000 September J. /
thereby making a total saving of >. 800 |
purchaser
insisted upon Judge Woods form |
Of bond and declined all others |
the interest then accrued on the issue of |
1864 900 amounted to S3,7S4 and every day
Of delay S4 additional interest Before F..
the form of bond demanded could have
been executed, registered, and delivered .
twenty or thirty days more would have
elapsed so that the entire $500 of the /
original bid would have been more than T.
by the accruing interest Had /
I he city conceded to the demands the re
suit would have been that not only no
premium would have been obtained but .
the city would have received materially .
less than the face of the bonds. SO far as |
the form Of the bond prepared by .
the city attorney and that prepared by |
Judge Wood, OF Chicago, we desire simply /
to say that the two forms were submitted |
10 W. +. Stanley, Esq, and Judge H. c. /
Sluss, than whom there is no higher /
in the state of Kansas. and the /
opinion of both of these gentlemen was /
that as between the two forms the form
prepared by our city attorney was the bet |
ter form. We refer TO this only for the /
purpose of calling attention to the fact |
that the city was not unreasonable in re |
fuSing to provide the form demanded
To the above figures there should be |
added the premium of 800 on July bonds |
and the premium of =. 30 on each 81 600 !
swelling the above sum of $500.
1t might be added that by dating the
bonds as above suggested sutfi-
cIenU money viii be secured TO !
pay the contractors all the principal |
and interest due them. No contractor re
ceiveS interest unit, MS work has been eS-
tImated and approved by the engineer and /
approved 10y the mayor and council, and
inasmuCh as the work of the asphalt com
pany on Main street was not finally aD-
proved until July !. 1890, the Main street
bonds should not be dated prior to that
time, it having been the object of your
10 save all the interest possible
by making the date of the bonds conform
to the date OF the approval OF the work Tor
which the bonds are issued
Signed ". /. JOHNSON,
J. VI. MARTIN.
ROBERT CARSON.
On the request of Mr.. Glaze the follow
ing contract with Splitter * Co. was read:
WICHITA, Kan, August II, 1880.
This agreement, entered into this day,
between the city Of Wichita, in the state
Of Kansas. of the first part and Splitter *
Co. of Toledo. O. of the second part, wit
leSSeth that, whereas, the city council of
said city did appoint a special finance COM
mittee, and did authorize and empower
said committee To sell the bonds OF the
gity. soon TO be issued, for the purpose Of
improving Main street, Douglas avenue
and other streets and alleys: and. whereas.
said Splitter 4 Co did. on the 9th instant
file, with said committee, bid for said
bonds, in terms and conditions as follows:
To special Finance Committee OF City Council.