The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-22
APPROVED BY ALL
BUSINESS MEN COMMEND THE COM
MBROI6L CLUB.


General Satisfaction Yesterday-The,
All said at is Just the Thing We Want
Propositions for Subscriptions Hav,
Already Been Issued and There is No
Doubt of Their success-One Hundred
and Eighty Thousand Dollars to be
Saved by Frsights the First Year.
The elevator contract ocnsummated
by the Commercial club was the talk
OF the town yesterday and the work of
president Cohn and his committee was
commended by everybody. Every one
saw the clearness ofThe proposition and
not fault could be found with it. IT
was very evident that the proposition
and its provisions were formulated and
arranged by men Of superior business
talent The matter was quite a Meas
ing surprise as few people knew thai
sdch proposition was being consid-
cred The fact Of the matter is the
comemrciaI club kept it very Quiet and
gave out nothing about it until the en-
TIRE Work was completed and Mr. Cobn
H@o the written contract and agreArnent
signed by all the parties IN his pocl.at
Inc contract was signed AZ o,clo.l,
yesterday morning at the club rooms
- Hle presence of all the parties and
sir Fred w. Bentley. A few neonIe
thought upon first seeing the nanar To ;
'he proposition agreed upon was that
offered by the Galveston Export com
mission company. That is not the
case. There is a wide and material
diherence between the two PROPOSE
tons.
The article published yesterday morn
Ing concerning the consummated deal
was written hurriedly on account of the
iateness Of the hour when the contract
was signed and a reporter for the
Eagle called again yesterday afternoon
on MI Conn 10 get additional particu-
lars a further talk about the propo-
sltion served TO impress one still fur
ther with the practicabilfty of the prop
oaltion You may say, said Mr.. Cohn,
that We will make this a success with
out doubt have the contract in my
pocket and nothing is to be done now
but 10 go to work and fulfill its terms
II IS my belief that within two months
you viii see in Wichita the finest ele-
VatOr in the state of Kansas.
He then handed the reporter the fol-
lowing proposition to subscribers to
the enterprise and 1t will be seen that
1t covers the entire matter thoroughly:
We, the undersigned, hereby sub
scribe and agree to pay for stock in the
amounts set opposite our respective
names, in an elevator company to be
formed for the purpose of building and
operating a public elevator and ware
house at Wichita, upon the following
agreed conditions, to wit:
F'irst-That the charter for said ele-
vator company shall provide that the
said elevator company snail be regu-
lar public elevator and warehouse 10 be
operated as a public elevator and ware
house, according to the statute laws;
provided:
Second-That the elevator charges
for the storing and handling of grain
sham at all times be reasonable and not
higher than the usual charges of other
public eleva tors and warehouses. That
the said elevator shall not be bonded or
mortgaged, but shall be fully paid for
and free from all membranes. That
said elevator shall have a storing capaci
ty of one-half million musheIs of grain
and the handling and transferring ca
pacity of 100 ears per day. That said
elevator shall not operate as a grain
company but shall operate solely as a
public elevator and warehouse.
Thlrd-It is further agreed that GER
tificates of stock shah be issued by the
elevator company in the amounts of a
subscription and placed in the hands
Of the Wichita Commercial club trus-
tees to be delivered to the subscribers.
That said stock shall be fully paid up
a.,
dOrsed -cT0Ss the face: Receivable at
face value by the elevator company at
any time in payment for elevator
Charges
Fourth-It is also agreed that. provid-
ed the undersigned subscribers shah
prefer 10 take the elevator company's
due bills in the amount ~ the stock
subscribed, receivable IN elevator
charges at any time, insteSd Of the
stock certificates that they shall have
the option TO do 50.
Fifth-That all money subscribed
shall be deposited in any responsible
bank, selected by the subscribers to the
credit Of the Wichita Commercial club.
trustees of the elevator fund, to be
held by them IN trust, for the subscrib-
ers until said elevator has been complet-
ed and ready for business. when it viii
be paid over 10 the treasurer of the ele-
vator company in lieu of stock or due
bills referred TO-
Sixth-Iu is hereby agreed and under
stood that, unless the elevator is built.
that all money subscribed shall be re-
turned to subscribers by the trustees.
Messrs Caldwell, McKinstry and
Stevens We're very well pleased with
the reception the proposition received
and they also expressed themselves
In high praise of Mr.. COhn and his COM
mittee as clear headed business men.
They said that they never met better
business men than the Wichita men
are. Mr.. CaldwelI's whole lifetime has
been spent in the elevator business. He
owns a great many himself and is at
the head Of one Of the largest elevator
supply houses in America at Louisville,
KY, Mr.. MCEinScry is also an eieVa-
tor man Of years Of experience although
be has also large mining interests in
Colorado Mr.. Stevens is mo0e Of a
railroad man although he understands
the grain question possibly better than
any man IN Jhe southwest and its rela-
ton TO the railroad companies. He
left the railroad service some years
ago and since that time he has been
connected with grain shipments.
NeFJher Of the gentlemen care anv-
thing about the SO, 600 subscription 10
the elevator as there Will be Ss00. COO
back Of the enterprise, but they are
business men and want TO invest their
money with the assurance that they
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