The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-06-05

Something About Its Backers
During the past five months the
Wichita Commercial club has given the
question Of grain freight rates and pri-
vileges its earnest attention and is
pleased TO announce 10 the grain pro-
ducers and dealers of Kansas that they
have succeeded in securing from the
Kansas railroad lines the recognition
to which this community is entitled in
the way of rates and privileges, which
renders it possible 10 maintain and sue
cessfully operate grain elevators at
this point.
This means a central grain market for
southern Kansas for all time TO come,
and viii result in lower rates TO all ex-
| port points, thus saving the producer
from three to four cents per bushel on
grain.
The Commercial club has also closed
| a contract with Messrs w. E. Caldwell
| David McKinstry and T. D. Stevens,
| for the immediate erection of an ele-
vator in this city, said elevator to have
a capacity Of one-half million bushels
and with rapid handling facilities to
meet the requirements of the contract
entered into with the railroad compa-
| MES.
In order to induce these gentlemen to
! invest their capital IN the enterprise, il
is necessary for the grain dealers and
| producers in this vicinity 10 demon
! strate to Messrs Caldwell, McKinstry
| and Stevens that there is an urgent de-
mand for such elevator, and they ask,
| as the best evidence of the necessity
| for such elevator, that an advanced
| subscription be made, as an assurance
| of such patronage for the elevator,
when built, to warrant their making
| the investment OF $4,000 required TO
build and equip the same.
This subscription may be made either
70 the stock of the Elevator company
or as an advanced payment for services
to be rendered by the elevator company
to the subscribers or their assigns in
storing or handling the grain owned by
the subscribers or to such persons to
whom they may assign their subscip-
ton or stock. Zach subscriber can, at
his option, receive a certificate of stock
for the amount of his subscription and
can retain such certificate and partici-
pate with the other stockholders in any
dividend and profit of the Elevator COM
pany, or he can eceive a due bill of the
Elevator company for the amount of his
subscription, which due bill is payable
in elevator charges at any time that the
subscriber or his assigns may desire to
patronize the elevator. In other words,
the subscribers to the elevator do not
make a donation at all, but receive
their subscription, either stock of the
company or a due bill of the company,
good for its full face, in the hands OF
the subscribers Tor any one TO whom
h., 49,, L J.
desires TO store the same in this eleya- |
tor or have ii cleaned, graded and hidl- |
ed by the elevator.
Thse subscription must amount In |
the aggregate to $4,000, in order to in
sure the building of the elevator.
II every farmer and business man in |
the county will subscribe even a small |
amount, we believe there will be no
trouble in raising the required sum and
then we firmly believe the elevator will |
be built at once. Each subscriber to the
fund viii be entitled to the following
receipt, upon payment OF his subscrip-
ton:
CONDITIONAL RECEIPT.
Mo-. Amount s......
Received this ....
day Of......-.1S96, ..-.........D Dollars, in
payment for stock or due bills of the
lowing understanding:
First: That the charter of said COM
pany shall provide that the said eleva-
tor shall be public elevator and ware
house to be operated as public eleva-
tor and warehouse, according to the
laws Of the state of Kansas.
Second: That the elevator charges for
the storing and handling of grain at all
times, shall be reasonable and not high
er than the usual charges OF other pub
lie elevators and warehouses; that the
said elevator shall not be bonded or
but shall be fully paid for
and free from all membranes. That
said elevator shall have a storing capa-
city OF one-half million bushels of grain
with rapid handling. cleaning and trans
ferring facilities. That said elevator
shall not operate as a grain company,
but shall act solely as public elevator
and warehouse, under the regulations
and requirements of the laws pertain
ing to public eleva tors and warehouses. |
Third: That certificates of stock shall
be issued by the Elevator company in |
The amount of each subscription and
said certificates shall be placed in the
hands Of the Wichita Commercial club,
trustee, to be delivered to the subscrfb-
srs; that said stock shall be fully paid
Up and worcestershire, and shall have
endorsed across the face, Receivable {
II face value by the Elevator company 1
It any time in payment for elevator
storage or handling charge at usual
customary reasonable rates. 50 that.
provided the subscribers do not wish 20
lold said stock and participate in the /
earnings Of said Elevator company. {
hey shall have the right to use said I
took in payment of elevator charges. ,
Fourth: That if the above named sub
criber so elect, he shall receive in lieu
( stock certificate for the amount cf ]
lis subscription 4 due bll duly exc
uted by said elevator company, rsy- /
bic in elevator or storage charges at q,
ny time the holder OF said due bill may
lect.
Fifth: That all money subscribed /
hall be deposited in responsible banks j
I Sedgwick county. Kansas. e the c
redit OF the Wichita Commercial club. q
-ustee % The elevator fund. to fs held y
Y them in trust in said bank for the :
ubscribers until said elevator has been
ompleted and ready for business, y
ccordance with the above conditions,
hen it viii be paid over 70 the treas "
reer OF the Elevator company on de- 6
very Of said stof or due bills referred g
Sixth: That unless the elevator ia :,
uilt and ready 70 operation in accord :
nee 20 contract with the Wichita Com &
lercial club, all money subscribed. G
hall be returned 10 the subscribers. by I.
le banks in which deposited. or order v
the trustee, the Wichita Commercial ! o
ub. =