The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-06-17

900 stock has, passed clear out Of the
hands Of the city, and that indemnity for
losses, II there be such thing, must DO
sought from some other Source than in q
recovery Of that stock. The presumption
is, Of course, that there has been no fraud,
or conniyance with fraud, at Richmond,
and that the $4,000 bonds have actually
been cancelled as claimed.
This Is the state Of the case SO far as we
have been able to ascertain II. Now let us
see how tho city has suffered at the hands
Of those who made this secret sale. First
the city suffered a direct loss in the sale.
The stock was sold for 114R, and an Off.
Ger Of the Railroad Company stated in
Council that on the very day the contract
was executed the stock was worth in the
market 1870. Here was a direct loss Of
$ls,5l5. The dividends on the stock col.
lected by the purchasers have been eight
per cent, and the last one ten per cent, or
in the aggregate say $41,s6O. The city
has lost the difference between this and
the interest, that difference being $l2,ssO.
Besides this margin on dividends, the pur.
chasOrs have made and the city lost the
large accumulations to the Companv'a
property and surplus fund, which have
run up the value Of the stock since
tho sale las stated by an officer Of the
Company to 1850. Here is another gain
to the purchasers and loss to the city of
80 per cent on the whole stock, or $4s,-
300. Here we have a downright loss, by
q sale below the market price, of 1855,
and then loss of the following sums that
the city would have to-day If the stock
had not been sold, viz: $12,ssO dividends
in excess Of interest and $4s,S0O rise in
the market price Of the stock. Then
there Is q very probable loss in interest
which ought to have been paid out Of the
dividends but may not have been paid at
all, and which may yet have to be paid
by the city-$2s9sO. Here are actual
losses to the city by this transaction
amounting to $7O,60S and an excellent
chance to lose $289SO more; or S1OS,67s
in all. Now, il we remember that the
city's bonds guaranteed by Virginia are
worth about what Virginia bonds are
worth, from "a to o., we shall perceive
that the profits of those who bought this
stock, and the corresponding loss to the
city, have been still larger. If these bonds
could be bought up in the market at about
half price, it becomes pertinent to ask
why private parties, or a syndicate, should
have the benefit Of the act instead Of the
city.
What do the people of Wheeling think
oil such a state of facts as this2 What do
they think of this as specimen of fin.
ancial management on the part oil their
oflcers2 No doubt Mr.. QUARTER had an
important part in planning and executing
this transaction. No doubt he shared the
profits at the cost of the city and would
have shared more. But MIR. QUARRIER
would have been powerless to consum.
mate this scheme without the permission,
the connivance, or cooperation, active
or passive, OF those associated with him
in the financial trusts of the city or with
out inexcusable ignorance on their part
of what he was about; and those gentle.
men need not flatter themselves that they
can screen themselves or their RESPONSE
bility behind Mr.. QUARRrER.
Here the city has, been wronged out OF
at least $l640OO by Mr.. QUARRGER and
those who at least permitted him to carry
out his schemes against the city treasury.
The people oil Wheeling will surely weary
after while of this peculation and fraud.
And now we say, gentlemen in charge,
and gentlemen who have been in charge,
of the financial trusts of the city, there
ought to be, and certainly the people will
demand that there shall b, most search.
ing, rigorous investigation into the mat.
tiers here referred to, and the fullest pub
LEGATION Of all the facts. We have pro.
tested for years against the management
OF the business of this city in secret, by q
few gentlemen, as lift was something our
citizens and Taxpayers had no right to
know anything about. 1t is this secrecy
that has furnished the opportunity for
these frauds. II it had been generally
known that the sinking fund commission.
ers were allowing more than fifty thous.
and dollars to lie in the Savings Institution
instead Of applying 1t as the law express.
ly required it to be applied, to payment OF
debt, docs anybody suppose it would very
long have been tolerated? II the people
Of the city had known oil about the sale
of this railroad stock, docs anybody sup.
pose that we should have such lament.
able tale Of peculation and loss to present
today 1t is time to turn over new
Leaf in the management of the affairs OF
this city; and it is time that incompetent
or uniaithiul custodians Of public trusts
were made accountable.
SrrINTnnAn nro,nrr,, 49,, r,.,.,