Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1886-12-19
MARTINS FERRY.

The statement in Fridays REGISTER
concerning the Water Works bonds, &C
companied as it was by letter from
Broker Long, created the most profound
sensation, and showed that but q very few
of our people knew that any such thing
had ever been thought OF. In interviews
with business men, the scheme TO declare
the bonds Illegal was held in the utmost
contempt by all of them, some of those
spoken TO expressing themselves in Ian
guage far more expressive than elegant
One man called it the most brazen, shame
ful, and bare-fced dishonesty. Another
said no community of honest citizens
could think of allowing such q thing to
be done, and all agreed that the talk con-
cerning such an arrangemant could only
result in the most humiliating disgrace to
the city, and prove very detrimental to
her credit. The bonds having passed
into the hands Of innocent purchasers
must be paid, and since We are getting
value. received for them in our water
works, We cannot, without acknowledging
ourselves community of rogues, refuse to
recognize them as our faithfully made
promises TO pay. For the benefit of those
who have never studied the matter and
who do not feel posted upon the manner
of this sale and issue, few statements
may be in place. There are very few
cities of our size which have been able TO
ioat . per cent bond, and for that reason
the question whether 20 per cent or 6
per cent bonds WAS debated long while
by the Corporation Council before the issue
was made. An Investigation showed that
by paying liberal commission 5 per cent
bonds could be tloated aud that premium
of 3 per cent would be paid for
8 per cent bonds. To sell the
bonds at 6 per cent would
being the principal and Sl03,O
To pay s., 900 commission on q per
cent bond would leave $500 The dif.
terence between S93, 600 and Sl03, 900 is
Sl0,O the immediate gain in principal
But the difference between the interest at
D per cent and & per cent for thirty-nine
years. the time the bonds are to run, is
$4,000. And the difference saved the
town in the long run by per cent bond
is the difference between $50, 900 and
so, 900, or S29.0o
From these figures it will be seen that
the Council, in issuing a per cent bond,
saved the town in the time the bonds are
to run, SO, 600, as stated above.
But the statement is made that il il
illegal to sell bonds below their par value.
This was not done. They were sold for
their full value and $500 paid
for floating them. There is also
a difference, and a vast one, rs
all lawyers admit between the letter of the
law and the spirit of the law. The fact
that the law says no bond shall not he
sold below par is undoubtedly intended to
protect cities against a possibility of fraud
among their officers Ii bonds could be
sold at eNtrayagaut figures below par, aud
the proceeds OF the discount, divided be-
tween the seller and buyer, the city would
suffer, but i'll this case, no one makes the
charge that any Of our officers pocReted
the s., 600, and all agree that they were
working for the best interests of the city
in consumating n 5per cent. bond sale, and
it seems very ridiculous for the people TO
he 50 ungrateful and on the whole 80 tool
ish as to make trouble which could only
result in disgrace 70 our city and loss Of
credit. AS the city grows
and needs improvements it will
undoubtedly he forced to issue bonds, rs
money in large sums is needed.
What will his credit he worth in few
years AT the present rate of disturbance?
II is doubtful if our 5 per cent. bond
would be tlOated now, for good bonds are
too plentiful for investors 10 care to place
their money with cities which have the
reputation of rcpudiating their bonds or
threatening trouble to the purchasers.
A well known and very successful bus
iness man remarked yesterday that sixty
days ago he would feel safe in investing all
the money he had in city property,
but that now he would prefer To keep it
in bank. Said he, such "A stigma n the
present agitation will place upon the city's
credit will not be worn off in years. II
will bring her either TO cash
basis or force the payment of exorbi-
tant interest on all laws. The best thing
which can be done is for the city council
to meet and repudiate all insinuations that
they ever thought of declaring the bonds
void and, if possible, restore confidence
10 the city's creditors. If council will
not do this, it would he well for the citi-
zens TO hold "a mass meeting and try and
devise means To regain our credit and dis
tinctly point out to n few trouble agita-
tors the course they wish pursued.
Specially interesting services will he
held in the Methodist Episcopal church
to day. In connection with the morning
service the pastor, Rev. Earl ID. Eioltz,
,,.,ll ha,, .ia nf al tra mar.
sons--a part of the sixty-four converts who
have lately united with the church. This
will he very impressive service and all
are invited In the evening a half hour
sci vice of song commencing at 6:3h, fol-
lowed with short sermon and revival
services. Daring the present pastorate
there has been over 200 conversions and
accessons 10 the church. The pastor is
expecting hundred more conversions be
fare the close of the present conference
year.
Last Monday Eight an exceedingly in
terestng programme was carried out in n
public meeting OF the Oxford League, and
many new members were added 10 this
very popular association. Their next
regular meeting is Monday evening, Dec,
81.
Yesterday was another Jim whizzer in
Martins Ferry. Mr.. Street Commissioner,
can't yon spare q man OF two half day,
TO throw mp few crossings and put the
iron plates in place?
A meeting Of the stock holders and di-
rectors of the Peoples Building Associa-
ton will be held in Cochran and Shreves'
Office, tomorrow night. The Association
will he in working order by January first.
The Knights Of Pythias take in three
new members into the third rank on
Thursday night.
Rev. A. !. Alexander, Of Dallas, w Va,
is the guest Of friends in the city.
Ulysses Duff. of Pasco, on the c. l.. x
W., is in the city.
Rev. J. II. Blackiord has returned TO
his home in West Lafayette, after a pleas.
ant visit with relatives and friends in this
vicinity.
John Smith, OF Don, O., smiles over the
arrival of girl baby.
George Hall is proud to say he Is the
father Of a fine girl baby. Congratulations
Georpr