The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-07
Anyone With a Little Money May
Be BlOated BondhoIder.
lily Proposes to Sell Bonds at
Home.
HAVE so THOUSAND.
These Will Be Disposed of to
Individual Purchasers.
Bids Will Be Received on Mon.
day Evening.

Topeka people with money hidden
| away in the back yard in a tin can or
reposing snugly in an old sock will
be given an opportunity ~ 20 be-
come bloated bondholders and con-
vert their hidden fortunes into
| municipal bonds bearing per cent
interest. On Monday up until 5
O'Clock in the evening C. B. Burge,
city clerk. will receive bids for the
purchase of $s2,6s9.70 of improve
| ment bonds.
These bonds are divided into de-
nominations of $1,000 and $500 and
an odd series of $768.97 each. There
are seventy of the $1,000 bonds, 10 of
the $500 bonds and 10 of the $768.97
bonds.
This will be the first time in the
history of Topeka that municipal
bonds will have been offered for sale
at popular subscription. = Hilbert o
always been disposed of to banking and
trust corporations. No bid except for
the entire issue has ever been consid-
cred until this year when the mayor
and council came to the decision of
letting Topeka capital purchase the
issue in piecemeal or in bulk, pre-
ferably the former way in order to
let as many citizens have an opportun-
ity to purchase as possible.
Several weeks ago it was announced
be extended and then the council de-
cided to wait believing that it would
be impossible to handle bonds in that
manner successfully. Since then the
council has reconsidered. If enough
bids are received to sell the whole is
sue in small lots the bonds will be
sold Monday evening to small pur-
chasers though bids will be enter
tanned for the sale of the entire issue
to one party. The Knights and Ladies
OF Security have expressed a desire to
take the entire issue at par but the
city thinks that the bonds should
bring a premium. A syndicate made
up of local bankers is also planned to
enter a bid for the $s2,689.70 of
bonds. The bonds vary in the term
of years that they run, one-tenth runs
for one year, another tenth runs for
two years and so on. the last of the
bonds falling due at the end of ten
years. 1t is presumed that the bids
basis Of the term of the years for
which the bonds run. the higher bids
being entertained for the longer
termed bonds.
One man living in North Topeka
proposed to invest $4,000 and others
have stated an intention of purchasing
several bonds representing an invest
ment of few thousand dollars.
THE bonds are just as safe a
a higher rate of interest" said the |
mayor. II should think that they |
would appeal to the people who have |
money to invest as very popular sort |
Of security. Chicago has just recently |
sold 100000 of BIZ per cent bonds
to investors after trying in vain to sell
them to hanks.
'In order to sell the bonds to
smaller buyers we must have enough
bids in to sell the entire issue, other
wise it would not be advisable to sell |
til EN- in this way. OF course if we
don't get enough bids in from small |
buyers we can sell the bonds to the |
banks or trust companies.
1--WE have advertised in a number
Of newspapers but 1 don't know
VIII ether the people have sufficiently |
become acquainted with the scheme
Or not"
For the last several years Topeka
has always sold its bonds at a good |
premium but this year there has been
such a tightening of the money mar
ket in New York that bonds are not |
such a ready commodity. However,
but very few bonds are sold by the city |
in the far east, the majority of the is
sues having been purchased by bank
arS in Ohio