Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-02-08
$4,000 SHORT.
BXPBRT ALLEN BROCK MAKES HIS FINAL
REPORT,
o. the Compromise Loan Shortage, to the Council
Committee on Pinanes-A Detailed
Statement Of the Matter.
The Council Committee on Finance met

The Council Committee on flnhnCe me'
st the City Hall, last evening, for the pur'
pose of listening to the final report of Mr..
Allen Brock, the expert into whose hands
was put the task of untangling the &C.
counts of the compromise loan of the city,
and of preparing an exact statement Of the
amount Of the shortage therein.
The committee met in one OF the COM
mittee rooms, and iaaugurated business by
asking the representative Of the REGIsTER
to withdraw. The door was then locked,
and Mr.. Brock, addressing the committee,
read his report, which is printed in detail
below. In doing this, Mr.. Brock frequent
" paused to make explanations or to An
swer questions, and the reading consumed,
perhaps, three quarters OF an hour.
At the conclusion of the remsrks made by
Mr.. Brock in connection with the presenta'
ton Of his report, there was a general dis
cussoin, occupying a half hour or go, and
then the committee formally accepted the
report and discharged Mr.. Brock from fur
Their consideration Of the matter. His bill
of $95 was recommended to Council fol
payment.
Following is Mr.. Brock's report in full
The REPORT.
To the Chairman and members Of the Finance
Committee:
GENTLBMRN:-Owing to the fact that
the records of the city gave little or no ligh
on the many transactions that have beer
made during the pariOd of the compro
mise loan, the work on this investigator
has been necessarily slow and OF very
intricate character.
All the redeemed bonds have been de
stroyed save 10, and lot OF coupons
A careful examination OF thess coupons
establishes the fact that no less than ct
have been irregularly redeemed, 81 o.
which are not even cancelled. The mum
bers of these coupons have all beer
changed, and in many cases are made &c
belong to bonds long since redeemed.
It is further demonstrated that as cou
p,ns have been paid on bonds 2S2, DAB.
23s. $50. 2l6. 237, 253, 249, 247, PSI, 252,
24l and 2O4 since they were supposed to
have been redeemed, respectively as fol-
loss: February, SO; August, 'S7; March,
~; July, 's6: May, 'S6; June, 'S7; June,
81; March, 81; June, 81; November, 49,
November, 's3; January, '8i. and Deem
Der, iS3 Giving these bonds close ex-
animation develops the fact that ii are
undoubtedly spurious, and possibly the
entire 10 The original numb,rs have
been erased on the bonds and coupons,
and made to correspond with bonds that
aIe now outstanding. 10 one instance, by
the use of glass, it is easy to discover that
bond sos, which was never outstanding,
has tesn changed to 23S, and redeemed IS
such. The others are eithers so neatly
changed, or 50 badly mutilated, that it ia
impossible to make cut the original mum
Der With positiveuess.
A letter was received from Messrs.
WinsloW, Lanisr & Co., April 20, loSS,
asking if the city would redeem four COM
promise bonds at $40 fAi. Ca Arpil 26,
Mr.. Dobbins, chairman Of the Finance
Committee, authorized the City Clerk to
issue a warrant on the City Receiver for
IS. 100 TOR the purpose of redeeming these
four bonds On April 30th the City Clerk
gave his warrant on the Receiver; the
same dsy the Receiver gave the check Of
the city for s.. 100. The same day the
check was paid over the counter Of the EK'
change bsnk, and Messrs. Winslow, LsnieI
& c.. say that the four bonds were not
redeemed.
Ga February %, 1883, aud Decent er
%, 1888, dIatls were made on Messrs.
WinsloW, Lanier & Co, of New York, for
$3.50 each to redeem ciupons. No coupons
have been found az redeemed.
Jan. /, 1889. 1000 were given by the
city for redeeming bonds ard coupons;
81 200 was forSarded to New York. The
difference, $500, cannot be accounted for.
Herewith are reports covering the entire
compromise bond transactions. The taou
lated statements simply deal with the
transactions as they have occurred, no no
tice being taken Of the redemption Of Whist
nav have been spurious bonds or coupons,
and will show balance OF 81 200 cash IN
accounted for.
The detailed report shows the numbers OF
the old bonds taken up by the Issue Of the
compromise bonds, as we'll "a the number
Of the compromise bond given in exchange,
and, as far as possible, the dates when the
compromise bouds we're redeemed. No
date can be given for the redemption OF
any of the bonds prior TO January l, 1873,
leaving outstanding q. the present time 50
81 600 coupon bonds, and if future devel-
opmen.s should prove Nos. 248 and 249 to
be outstanding, then there would be s. al
the present time unredtemed. an in
clined TO the opinion that these two bonds
have been properly redeemed.
Bslow you will find statement OF the
loss to the city at this time
65 coupons irregularly redeemed as
per statement, at Sl5................... ssJ ".
l'' date Of redemption Is at sij...... l,IiO u
FaG i,a ,1s l SsTewitI.......... sG25 6
Oasq 1eS IL rSSion .... DO. ~ 500 Of
Tv1 drafts ON Winslow, Lanler & Co. 800 OK
Di smoSnt P5 deposited. Jan, sS.... 500 Ok
Total .... .................. sl,si6 @
And should the fr ure prove that Nos.
2is and 2t9 are outslan ing then
this amount would be incre ssed -.
Aoo' ~
si652l :,
This report is based on an impartial ex
animation and Judgment of all information
accessible to me, and should future devel
opments make any portion Of it incorrect
I assume 70 responsibility of any char