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


Sd-J0sEPH u. NASH, Of KanAwha.
Another Chapter of Financial Mis-.
management and Disaster.
City readers have not forgotten the
$4,000 lost TO the city In the Savings In.
stitution by the delalcation oil QUaRRrER;
nor that the money was lost because the
city officers intrusted with 1t allowed 1t to
accumulate in that Institution in open VIC.
lstion of the law directing how it should
be applied. When 1t was found that that
money, with two or three hundred thou.
sand dollars Of private capital, had been
lost, 1t was supposed that the worst was
known. Now 1t appears there are other
calamities yet TO be unearthed, in which
QUARRGER and other city officials are
quite as culpable as in that. One Of
these was matter Of discussion in coun.
Gil Thursday and so far as the facts bear.
ing on It can be ascertained, it Is proper
the people Of the city should be apprised
oil them.
It appears that in March, 1860, the
officers Of the city, Of whom QUARTER
was one, secretly negotiated secret sale
of the city's remaining stock in the Balti.
more 6 Ohio Railroad Company,-181O
shares of 800 each, in the aggregate
$4,000. The nominal purchasers we're
HENRY NJ. WAKEFIELD & Co., flour deal.
ers, Of Baltimore, with WIN. FISHER &
Sous, (brokersD of Baltimore, private
correspondents Of QUARRIER's) as guar.
antors. 1t should be understood that the
bonds issued by the city for her subscrip.
ton to the B, s. o. R. R. Co, were guar.
auteCd by the State of Virginia, and that
while the dividends on the stock accrued
to the city, the certificates Of the stock
itself were held in reserve by Virginia
and issued only on presentation Of the re-.
deemed bonds. What the city's agree.
ment with the Baltimore parties really
was, cannot at present be shown. The
original contract is not to be found, and
nothing is known Of it except that QUAR-.
RIER had possession Of it. What pur.
ports to be copy was recorded (by Mr..
QUARR1ER) in the city contract book; and
according to that the leading points Of
agreement were these: WAKEFIELD &
Co. were to have the stock at 114l, pay.
ing the premium (some $93,OOO in cash.
They were to pay the interest on the
$l6l 900 Of bonds as it matured, and re.
deem the bonds as th3y became due, they
at the same time receiving from the Rail.
road Company the dividends on the
whole $l6l 900 stock; and they were to
deliver the interest coupons, as paid, to
the city.
Two or three months ago, some jealous
and watchtul guardian of the city's in.
terests, who appeared to know something
Of the transaction, made the discovery
that no coupons had ever been received
by the city. The circumstance looked
suspicious and after weeks of considera.
tlon, in which tile only discovery made
was that there was dense and stupen.
dous ignorance (real or afiected) about the
whole business among those who ought
70 know all about it, the Mayor addressed
aletter for information to FISHER IS Sons
OF Baltimore. Within a few days reply
was received, and these are the points
therein stated: that the stock hos been
transferred by WARFIELDs through FISH.
ERs to other parties that by The terms Of
agreement FISHERS were to pay the ma.
turing coupons on the $1G1, 900 bonds and
also the principal at maturity, the certif.
Gates of stock to be delivered TO them by
Virginia no shares for each $1,000 bond)
on presentation Of redeemed bonds, that
they have paid coupons on the whole
Sl6l, 900 bonds from date Of contract to
this time, and have redeemed $4,000
bonds, received the stock for them and
transferred it TO other parties; delivering
all the coupons on the redeemed bonds to
tho Virginia authorities and retaining in
their own hands the paid coupons on the
$9t, 600 bonds yet outstanding; and that
they propose to pay bonds due and
coupons maturing July LIST, prox., and for
ward same to Richmond. fthe action Of
Messrs. FISHER in forwarding part Of
coupons to Richmond and holding others
accords with their copy the agreement,
then the city record OF that document Is
nOtcorrectS as that required prompt de.
livery Of all coupons to the city. IA
The first important thing tobe obsery:
cd is that there Is not a particle Of evil.
dence that one dollar of the interest on the
$l6l,0OO bonds has ever been paid.
FISHERS statement may be true-and it
may not paid, tho city Is not secure
until the coupons are in the hands OF its
own authorities that they may not some.
time be presented for payment again
Ut hos not been very long since the city
was sued at Charleston for several
hundred dollars Of coupons on the B. so.
R. R. bonds, that were supposed to have
been paid long since). This interest from
March 1869 to the present would embrace
six coupons, 1sper centor $2S,OSO. In.
less investigation shall verify tho state,
ment that this has been paid and shall
place thecoupons in the hands of the city,
this sum may be lost,