The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-28
THE GAS WORKS LOAN.
Tho Money in HANK 10 Pay on the Last
RaTthInE Of the Debt-1he Future Of
thnMnrLa

The Money in Hank TO Rhy On tne AsAst
RarthinE Of the Dsbt-1hs Future OF
networks,
Ten Year, ago the Wheeling Gas Works
were taken charge Of by the city, the
charter Of the company operating them
having expired. The city had some little
difficulty in obtaining possession Of the
works, the corporation that owned them
knowing full well what fat thing they
were parting with. The price paid for the
works was $4,000, and bonds bearing
eight per cent. interest were Issued for the
above amount, payable in twenty years
or sooner, at the pleasure OF the city. The
commissioners Of this loan are Messrs. W.
B. Simpson, Michael Reilly and A. j.
Sweeney, and right nobly have they per.
formed their trust. To-day, the money Is
in the bank and ready 70 wipe out the
last cent oil debt on the works, this being
accomplished in Just one half Of the time
allotted for the bonds to run. The bonds
vet unpaid amount TO S, 500, and We were
informed last evening by Mr.. Simpson
that the advertisement required by the
ordinance creating the loan would soon
be inserted in the papers, notifying the
holders OF the bonds that they would be
paid on the first oil July.
"But this Is not all you have accom-
plished, Mr.. Simpson,"
"Oh, no. Besides liquidating the bonded
Indebtedness OF the works we have paid
| for the Ritchietown and Island extern
sions; the works have been improved TO
such an extent that they might really be
called new. ALI this has been paid ioT
out OF the revenue OF the works, while
we have gradually been reducing the or.
iginal debt from year to year"
"Have you any idea Of the cost Of the
extensions you Just spoke OIL?
II have not OF the Ritchietown exten'
sion. When it was decided to make the
Island extension, Council passed an ordi.
nance authpriEing the city TO issue $40 00C
in bonG3 for the Improvement, The bonds
were never issued, as the Commissioner
thought they would be able TO complete
the work without their issuance. We Dor
4 rowed $50, 600, and paid the debt and the
balance OF the cost OF the extension out
OF the revenues OF the works. suppose
the Island extension cost about $4,000.
1Now that the debt on the works ha.
been, or will be, liquidated, what will b
the policy OF the trusteesS
Well, the capacity Of the works must b.
increased. The present capacity OF the
works will not supply the demand mex
winter. The extensions OF mains have
been quite liberal, and the list Of consum
ers is being increased daily"
| =. al NNf a
proposedfn
"Will this necessitate the issuing o
bonds?"
az think not. The Trustees were talk
ing about 1t, but taking the experience Q
commissioners in paying of the debts,
think the cost oil theimproyements can b
paid out OF the revenues OF the works"
"Are these Improvements actually nee
GThey are. OF course it will be fol
Council to say whether they shall b
made or not, but don't think there will
be any trouble in impressing the import
ance OF the enlargement OF the works upor
Councilmen."
HWhat are the revenues Of the works?'
"WelI, as near a. l can approximate
about s72, 900 year, which, after deduct
ing expenses would leave net revenue o
probably $4,000"
IWill the liquidation OF the debt have
any effect upon the price Of gas !"
mo, think not. The people seem Il
be satisfied with the present rate.H
"When will the improvements you
speak OF be madeT
This fall. The capacity OF the work
must be increased before they will b.
able to meet the consumpiye demand
this winter
The reporter thanking Mr.. Simpson fol
his information, bid him good evening
The CITY has reason to congratulate itseli
in securing tie services Of such faithful
and capable men, and also upon the in
vestmentit made in the works.