The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1903-03-24

Al Inc special rtQuebt VI tuc 5choVi
board, the issue of bonds was made
$12, 900, instead Of the amount bid
to cover additional expense Of i'm.
proving and acquiring title 70 the
property from the Cherokee Ma
ton. On October is, before the
time fixed for issuing the bonds II
became necessary, in the judge
ment OF the school board and
council, that the purchase ahould
be completed at once. Thereupon,
our three banks were called upon,
and they advanced the city So, 200.
This amount with s4, 900 then in
the treasury enabled US to perfect
the purchase, and q satisfactory
conveyance was made to the city.
Our bonds were advertised for
November /. The conditions in
financial circles were very unfav-
orable. During October there was
a semi panic in New York. We
advertised the bonds extensively
through out the east, and distri-
buted by mail 70 copies Of the
pamphlet setting forth the issue.
We had nothing to lose by going
ahead. as the expense had been in
Cured. Bids were received. The
only one In due forp., and which
was accepted was from Chicago
and offered par, and the lithograph
bonds free. We accepted this.
First, because the issue Was .
small one and one per cent pre-.
mium would have amounted to
only s120. The lithographing re-
presented an expense Of $35;
another advertisement in eastern
and local papers would have cost
$50, and the interest on the So, 600
borrowed from local banks was ac-
cumulating all the time. The ex-
pense OF another advertisement
taken with the delay would most
likely have exceeded any premium
we could have secured. Buyers
handle bonds on commission and
it requires large issue TO attract
many bidders. Conditions since
show that at no time since could
We have sold this issue more ad-
vsntageously. By this purchase
most valuable acquisition was
made TO the city's wealth, Of in
estimabls value for school pur-
poses. and worth great deal more
than was paid tor any purposes.
We are proud Of having completed
this transaction, and desire to
make grateful acknowledgment to
the school board, particularly its
president, DR.. Clinkscalss. and to
w. H. Kornegay, Esq, the local
representative of the society for
valuable counsel and assistance.
Immediately after the adoption
OF the Cherokee Agreement the To-
cation OF the land Office began TO
be discussed. We lost no time In
presenting Vinita's claims, and
enlisting friends from the outside
in her behalf, among others, a
strong telegram was sent by B. +.
Yoakum from New York in our
behalf. Many other towns pre-
sented their claims for preferment
and at times the contest was acri-
monious. Our efforts were crown
ed with success. The location Of
this Office has been of great value
to vinita in many ways.
We next made determined ef-
fort to secure separate Townsite
Commission. and failing in that to
have the general commission To-
Gated here and our city the first
appraised. Mr.. Wright !gave us
several hearings and the matter
was extensively discussed. He
could not acceed to our first re-
quest but did agree the headquar-
ters OF the Commission should be
At Vinita, and ours should be the
first town appraised. The advan-
tage to US Of this is familiar to all.
We are at least year ahead of
other important towns in the Ma