The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-08-06
THEY DID BETTER.
Mayor Martin of Hutchinson
Sells Missouri Pacific Stock.
Gets $50 a Share for the City's
Holdings.
THE SHAWNEE SALE.
This County Got But $50 and
Paid $1,000 Comm issiOn.
Some observations on the Local
Transaction.
THE SHAWNEE SALE.


Martin has returned from st. Louis,
where he disposed of the city's stock in
the old Wichita = Colorado road for
$4,000 or go cents on the dollar for the
$4,000 worth of stock.
1T is the most money railroad ever
paid municipality for stocks or bonds
in this part of the state in the whole
state for all 1 know said the mayor
this morning. Il also disposed of the
stock held by Haven and Lincoln town
ships, $4,000 for the former and $4,000
for the latter. at the same price.
Grant township had previously sold
$4,000 worth of stock and Cove $1,000
worth on the advice of the county
treasurer at 20 cents on the dollar. The
Missouri Pacific officials treated me
very nicely and issued duplicate stock
for the citys stock which had been
lost The stock will be signed UP by
the city and township officials, ree.dy
to turn over to the purchasers"
Although it is commonly believed
that the Missouri Pacific road 1tseIt
was the purchaser OF the STOCK Aa$ S,oI
Martin refused to confirm or deny the
report. There were reasons why the
purchasers did not desire to nave their
identity known. he said. The mayor
brought back with him the WTltteL
guaranty of the LacIede National bank
of St. Louis to pay for the bonds. Al
though the city hasn't its offieial
fingers on the money for the STOCK,
there is no doubt that it VIII be ready
as soon as the stock is turned over:
There is nothing in the report lhat
I was interested in any stock other
than that belonging to the CITY ana inc
two wnships,'' the mayor said
Newton and other towns have bonds
and 1 represented them in matter
connected with them. But they are
bonds for another road and that road
is not concerned in this merger with
the Missouri Pacific at all"
This is stock similar to that which
was held by Shawnee county ana WINCH aod
The county received $2Z,500 from the
sale of the stock while the brokers got
$500 or half of all they received over
$50 a share. Shawnee county con
seouently received less than half as
much as Reno. There has been qulte
a controversy about the sale or the
shawnee stock and J. NJ. Ferguson.
broker claim that he had bid OF me
county auditor. county clerk and county
attorney that the sale is illegal. NO
action has been taken, however, to re
cover the stock. 49,. eo,,or
Mr.. Ferguson has written the tolo"-
ing letter concerning the transaction;
Mr. FerguSOn'S Letter.
To the Editor of the State journal
In your issue of August = notlce
n article headed. MI - IN6Il Ga PAeAAti'7'
7 think it should read: "Mr. O'Neil trles
70 explain" In the first place Com
missioner O'Neils efforts reminds me OF
the antics of the ProVerhlal nea' Will
which his ancestors nave 80
tai combat for ages. He is extremely
hard to find twice in the same place |
In the first instance he and ms col !
Icraue had acted strictly in accordance
with the law made and provided Tor
county commissioners, then in few
davs he comes out in an interview IN |
which ne reverses himself and admits
the sale Of the NJ. P. stock is lliegal
and therefore void and. that ne Wlli lry
and undo the WhOIe tTdLISetS'iOlA 'liA 90
the stock back.
In his article the county attorney
opinion to the contrary notWlthStano-
il 6. he attempts to JUSTIFY ms 49, 49,.
thereby disregarding the county attor-
rev nv citing us to chapter 2SG OF the ,
laws of 1861. He neither quotes tne Jaw
rOr does he state that section iozO mas
mn force and effect. If the honorable
gentleman will tell us why. II ne was
acting in eood faith. ana Tor the peSt
interest of county. he did not advertise
the stock for sale and give every oIlS
Y. no might become interested a fair ana
eoual chance. Why the deathllkc sIlII-
ness, tiptoeing around so quletly thdL
even the county attorney did not near
WIN did ne and his colleagues act so
,astilv that on May 81, three days al
fer my first interview with him. they
tad entered into q written contrac!
vas opening up negotiations with my
New York correspondent by and with
his consent and approval lie can go
m still further and tell US that when
put my first letter INTO ms nanus au
Using 10 hold the stock. which he said
ne Would he did not come out IN a
1:aY,lv and straightforward manner and
Nv to me, that it would rot be any use
q go any further with the matter as
ne had gone into contract with Kelly
3 Kelly whereby they had given them
he sole agency. Why? Why? Echo
lrsNers-Why?
He never says Mr.. Kelly made him
an offer and think from all I can learn
that Mr.. Kflley never did make any
but on the other hand,
he made Mr.. Kelly a proposition to
$4,000. To say the least this was a
princeIy offer and Kelly & Kelly
would have been standing in their
own light had they not cinched con-
tract of this kind for the simple rea-
son they assumed no risk-all to gain
and nothing to lose. This matter was
standing in this shape and had or
anyone else offered 500 per share
for the stock the commissioners could
not have accepted it as this sole
agencv contract tied the commission
ers and gave Kelly & Kelly a
Why were things kept so
still and quiet that the county clerk
never got wind of this contract until
Il had been. made and entered into for
at least three weeks and he would not
have known then had he not by
chance run onto memo OF 1t,
away where it was least
expected he would find it. Why did
he deny the existence of all these
facts to me. when I was Informed by
Mr.. Swazev, the deputy county clerk.
that Mr. O'Neil not only knew of
the existence of this contract but also