Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-11-26
SOMEWHAT TANGLED.
TIKI COMPROMISE LOAN COMMISSIONERS
HARD AT WORK
S,rsisb.spipg Ont the Accounts Pat IL Their Hands.
A Belief That Everything Will Come
Sraight-CilY Financial Matters.

S,raieh.sning Out the Accounts Pat II Their Hands
A Belief That Everything Will Come
Straight-Cy Financial Matters.
For some time past there have been a
number Of rumors in circulation concern
ing the accounts of the Commissioners OF
the loan of the city, known as the Com
promise loan. These reports were gener-
slly Of a somewhat sensational nature, it
being alleged, for instance, that a consid-
cradle amount of public money could not
be accounted for, the sums mentioned in
this connection ranging from a small
amount up to the tens of thousands. These
rumors naturally grew out OF lack OF
definite public information, and last
nights developments before Council
Committee show that they have scarcely
any foundation in fact, there being a pros
psct that in time everything will be ex-
planned and the accounts shown to be all
right.
: A number Of Councilmen have been
coQnizint of the mix in the accounts, and
also that the present Commissioners of the
loan. Messrs. William G.. Wilkinson and
George J. Mathison, were st work en-
deavoring TO straighten things ont, but so
quietly we're matters conducted that moth
ing accurate could be learned, until yes
terdsy.
The Finance Committee of Council met
at the City Hall, last evening, aud after
making e start st the job of finding money
to replenish some of the exhausted city
funds. which business is fully referred to
elsewhere, a halt was called, and the CON-
miitee vent into secret session, for the
purpose Of hearing a report from the Com
missio ers Of the loan, and determining
what was best to be done, under the cir
cumstsnces.
The committee began its session in the
Office of the City Clerk, bat upon deter
mining to meet secretly, an adjournment
was taken I'D stairs to one of the commit
toe rooms. where there vas more seclusiOn.
The committee met, with President
Cruise. Of the Second Branch of Council,
Clerk Thoner, City Solicitor White, aud
the Commissioners, and after stopping up
the cracks. the gentlemen listened to a
statement of the loan, prepared by the
Commissioners. Thus statement embraced
the amounts received from the city during
several wears back, the sums paid out 10
redemption of bonds and for payments Of
interest. fxp ense account, etc. From this,
| the Commissioners weEt on TO state other
matters. the gist of which was that the
| loan account was in a rather bad condi-
| ton. snd that the Commissioners did not
/ exactly know where they stood themselves.
After the adjournment Of the commit
tee. it wss learned that there were four
principal points requiring investigation
These were
First, The presence Of one extra coupon
/ in batch which should have contained
267. Ii was thought this resulted from
some one holding back coupon from
some previOus payment OF interest, ana
amounted 10 nothing.
Secondly, II seemed, from the books ana
accounts. that interest had been paid upon
| $50 600 of outstanding bonde, when the
hooks Of the city only showed $73, GOO out
standing. In explanation of THE, 1t was
stated by one OF the committee, that the
snnarent discrepancy might result hom
some one in the East, holding a quantity
of bonds. and not being in need OF money,
allowed the coupons to accumulate, and on
selling the bonds 10 some one else, held back
the over due coupons until the next date
for pavment of interest, when they were
sent in. This would apparently make
too many bonds outstanding, When IN
reality, il was all right.
A third knotty problem to solve was me
presence of a check for So 100. to when
the attention of the committee was attract
ed by the Commissioners. Regarding TINS,
the committee came 70 the conclusion that
as there was on file letter in which four
bords were offered for sale at $40, par
beinp 81 600. the offer had been accepted
without proper note being made at the
fact. sud a check for the S.. 100 made out
ard paid.
The fourth and last matter engaging the
attention of tie committee and the Com
niasioners seems to be the most mysterious
of all. 1t is the presence OF a check for
. 600 dated January 81, 1859 and en-
dorsed. BRADY and Wilkinson, by F. r
Jepson.u This check was returned
through the bank paid, but there seems to
be no record of who got the money, or what
il was for.
Al er the committee had spent about an
hour in talking the matter over, II was
agreed TO give the Commissioners OF the
loan further time to investigate, they to
make report whenever matters have been
cleared up. That it will be stra g1lened
out. everyone believes.
The compromise loan was issued by the
city in 1861. II amounted to 1887, 600, OF
which amount $50 600 bore per cent. in
terest, and 1907, 600 3 per cent. interest
the latter bonds not being redeemable ur-
I'll 900. The original Commissioners were
Messrs. S. Brady and \. Wilkinson, Mr.
Brady died a couple of years sgo, and Col
Wilkinson ran the loan along until the
time of his death, durivg tie early spring
of the present year. It was the policy OF
the Commissioners to retire such bonds as
they could pick mp, generally at a consid-
cradle discount from their face value, and
Irtouisition was made on Council from time
to time, for funds for this purpose and for
the payment Of interest.
After Col. Whkinson's death, Council
named Messrs. ". G. Wilkinson and Geo.
J. Mathison as commissioners, and matters
proceeded right along until one or two
members of Council, among them Mr..
Gruse. doubted that the accounts were
in proper shape, and the attention Of the
Commissioners were called to the matter,
the present investigation being the result.
-
Evening Up the Money.
When the Finance Committee fret as
sembled, last evening, Chairman Harrel
announced the presence Of Mr.. Park, Of
the Board of Public Works, and stated
that the gentleman, on behalf of the
Board, desired to make a statement of the
fiscal affairs Of his department Of the city
government.
Invited to make statement, Mr.. Park
addressed the committee at considerable
length.
He said that the Board was short Of
money for certain public improvements,
and had a surplus in Others, snd be desired
10 make sn exhibit, preparatory to asking