The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-06-29
CRY CoUnCIL PRoCEEDINas.
FRIDAY EVENING, June %.
SECOND BRANCH.

FRIDAY EVENING, June 20.
SECOND BRANCH.
The Second Branch met in special
session. ~
Present - Messrs. Altmyer, Baird,
Clator, Caldwell, Robert Crawford, D.
]. Crawford, List, Logan, Lancaster,
McAdams, OBrien, Phillips, Steser, j.
G. Smith, Porter Smith, Simpson, Sal :
isbury, Sheppard, Viswig, Weisgerber'
Warehouse and President Forbes.
The minutes Of the last meetings
were read, approved and signed.
Mr.. Logan, Chairman Of the Finance
Committee, submitted a report, of which
we make the following synopsis:
To the Honorable Mayor and C0unciIa the
City of Whsshny: ,
By q resolution OF Council, adopted
June Is, 1872, the City Solicitor and A.
Wilson, or either, or both OF them,
were authorized to proceed 70 Baltimore
and Richmond and receive the amount
of paid coupons of bonds issued by the
CITY of Wheeling in payment OF lts sub
scription to the capital stock OF the
Baltimore and Ohio Railroad Company,
held by the State Of Virginia; also to
receive a certified statement from the
Board of Public Works Of the boads re-
ceived and cancelled by the said State
since the settlement made by Robert
Craugle; and also to ascertain what
coupons belonging to said bonds aud
the number thereof, if any, held by
Henry NJ. Warfeld IL Co., or Fisher
g. Sons, and report the same to Council.
The City Solicitor having performed
the duty assigned him and having
olaced the information obtained by him
before your Committee on Finance,
they most respectfully submit the fol-
lowingreport: 80
1t appears from evidence which will
accom- papy this report, that the coupons
OF the bonds issued by the city OF
Wheeling in payment OF her subscrlp-
ton 10 the stock of the Baltimore and
Ohio railroad have been paid regularly
at maturity, and cancelled by Fisher q
Sons. Owing, however, to their mis-
understanding of the terms OF the con-
tract referred to, and to the require
ments of the Board OF Public Works OF
the State OF Virginia, which demanded
that the cancelled coupons should be
presented with the bonds, as condition
precedent to the release OF stock,
Messrs. Fisher e. Sons have returned
the coupons, as they were redeemed and
cancelled, to the office OF the Board OF
Public Works of Virginia, instead OF
returning them to the city of Wheeling
as prescribed in the contract.
The committee also presented GER
tilted statement from the Board OF
Public Works, OF Virginia, showing
the redemption and burning OF bonds
aud coupons. ,
Messrs. Fisher l. Sons have placed
in the hands Of the Finance Committee
ninety-6ve coupons, redeemed and can
celled July |, 1869; sixty-ive on Jan
nary l. 1870; ninety-fve on July |,
1870; ninety-tive on January ] 1871;
ninety.five on July |, 1871, and ninety
on January /, 1872, in all 465 coupono,
comprising all the coupons due up to
and including January |, 1872, except
five, which have not been presented for
payment. The number, and dates Of
the coupons are given in a tabular re-
port by the committee.
The committee also presented a state
ment of the stock account Of the city
of Wheeling upon the stock book OF
the Baltimore and Ohio Railroad, from
which it appears that since the date of
the contract with Henry M. Warfield
Il Co., go shares Of the 1910 covered
by said contract have been transferred,
leaving $50 shares still in the name OF
the city upon the books OF the COM
pany.
This transfer Of stock was made I'M
der authority OF power of attorney
signed by George Baird, Mayor pro tem.,
under date of Feb 26, 1870.
The premium received from Henry
NJ. Warfeld g. Co., on the sale OF stock,
as per contract, amounted to $23,345,
paid by draft April Sd, 1869, of which
amount $4,000 was placed to the
credit of the City Treasurer in the Mer
chants and Mechanics Bank, and
$5345 was paid to Brady and Wilkin-
son, trustees.
The committee are of the opinion
that while the sending Of the redeemed
and cancelled coupons to the Board Of
Public Works at Richmond, instead Of
to the city Wheeling, was not in accord,
auce with the terms Of the contract be-
tween the city and Henry NJ. Warfeld
& Co., and in the absence of explanation
and proper attention, might have re-
suited in serious Misunderstanding, and
possible loss to the city, no loss has
been sustained and no good reason now
appears for any interference with the
said contract, further than to secure
strict compliance with i.s provisions,
with which, as is now understood by
all parties concerned, Messrs. Fisher 4
Sons are prepared to acquiesce.
The committee offered the following
resolutions:
Resolued, That the Finance Com
mittee be and they are hereby author
lied and instructed to burn the coupons
OF bonds issued by the city Of Wheel
ing in payment of subscription to Bal
timore and Ohio Railroad Compan
redeemed and cancelled by Fisher d
Sons, and by them transferred to the
Finance Committee, and that the
Mayor be authorized and instructed to
certify to the Board of Public Works
that Messrs. Fisher & Sons, OF Bslti-
more have redeemed and cancelled sos
coupons of numbers and dates as per
this report, and that the same have been
destroyed. Adopted.
Rssolusi That when Messrs. Fisher