The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-08-07
LIKE HOT CAKES.
City Bonds Are Being Snap
ped Up.
Nearly All Are Being Taken by
Local Investors.
LARGE SUM TO SELL.
They Are for Improvements ana
to Be Paid in Installments.
Bids Will Be Opened for New
Issue Monday.
LARGE SUM TO SELL

The city's general Improvement ponus
which aggregate $215OOO in face Value
sre going like hot cakes" and the
significant feature about it is that the
orders are being placed locally. rms
fact indicates in the first place d pros
and the outlying districts and also ina
1.-The city's credit is good. This morning
the mayor and other city o IhcIaLS 70
sing their calculations N REGARD "
the disposal of the bonds upon the sup
nlosition that their fiscal agents. tn9 S
I 12ruden4ia Trust company. mac PLaCeSG
orders for something like $oO.OOV WIZ "a
! of the bonds. They were douDtIess no
: a little surprised to know that during
the MAST two or three days orders nay (
lbeeu coming in thick and heaNy 70 tIl9
tine of $4,000. which makes a sl0 edI
total Of 100000 in round numbers - -
fHuhfch the trust company mas pl@ceu
Mr.. Geo. stitt. of the Prudential Trust
company, IN speaIing this morning ~
regard the bond issue asserteo IL a.
Esf the city had Issued the bonds at 472
irer cent interest in the hrSt place ma
IE5bscrfptfons for the entire issue Woulo
nave been secured by this time. 49,
I ON account of the fact thaI thel0
nave heen made q number of misstate-
Egreuts in regard to the bond issue 10y
clerk Burge this morning maze inns
3statement for publication;
s0There are in all $215,00O worth OF gen
vAraI Improvement bonds to be Sold'
These are one to ten year bonos' 80
. mo Improvement bonds have oee1
sold in the east since 1SOf' cont oIiI1H u ue1 =
.The citv clerk, although we only hao
ivbout $50 coo worth Of bonds Tor SAFE
fIas+ wear The Prudential Trust COM
many took all of them and guaranteed
their sale. They were AZ per cent
The pIar that the city waterworks
has for taking $4,000 worth of the city
bonds is a good one as the prohts VII WI
help pay of the Indebtedness OF 6 6de
waterworks which amounts 10 Soou,Ouo;
zach year the commission IS requ4IeGI
TO set aside $4,000 to pay on the oonQeo
Indebtedness. During January last DO
600 was put aside for the puIpose a.
taking advantage of the citys bonds
Int 1t was too late to get IN on lne e
deal. Next year there Will De @!zVgN
for this purpose, half OF Whlcn IS AVA
ob1a AT the present time. Adding Inc
Litter to the S13, GOO there is nearly 80,
600 available to invest Immediately III
city bonds. -.
Aside from the places where the
bonds may be disposed OF as iIleiI 81 ITo-
above. Mr. Mulvane Of the Bank or 10
T7eI1a. has said that the bank Wouid d ot
willing to take over at least Soo,oo,
worth of bonds in case they We're no
6isnosed OF otherwise. The snalI Iocd
T1t1rcba sers. however. will have the mrs
chance and all of the investors "4t
are intending to purchase these DoIlu:
had better look sharp as mas al. alret Lug
Ieap stated they are going IKE no
cakes. They all bear the date or JUN
! and bear AZ per cent interest. Tht
5rnnrovements for which the bonds arr
issued consist of 65 blocks or paving
the construction of sewer In dlsIr1c
%. known as the Kenwood district a ht
the construction of sewer IN dlslIic
No 80 known as the Elmhurst ais
trict- .+ ir+eras
IS A little better than per cent o
the investors money as the bonds ar
t,1ontaxaDle. The first bonds with Tn
face value of S165.OO0 were for 81 block:
of paving-an of the 1909 paving VIII
t+he exception of the kaw paving con
tract which amounted to approximate!
sis, 600" ..z,
lions seem favorable for d1sposlng
tire entire bond issue locally, Mr. Burg
Thought that this speaks we'll Tor IN
lprosperity of the country, and II IN
Fe1,tfre issue can be disposed of Wlthou
lfndfng it necessary to resort to tn
s4seter1 market he considered that /
lTSouId be a feather in Topeka's cap.
! The ISSUE was advertised for sale AM
a. the next meeting of the city couhcl
TX hich is a special one to pc ncld mex
monday evening any bids whlch WI
( have been received will be opened
,nTevor Green said in discussing tn
tSubjec. with n state Journal represen
f9atiVe this morning: Il think there WI
DC a little premium on the blds iron
eastern buyers which we Will open o.
Monday night. 1 think there VIII D
no trouble in regard to the dfsposlto
OF the bonds, even though We shouI
not get bids from the east. 1t wouI
he lust as we'll for the city If 60 or
4bousard dollars worth or Donds ar
rot sold until November or December
as Considerable interest would b
saved