Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-10-21
7HE COUNTY BONDS.
-, FINANCE COMMITTEE DISCUSSES TIE
SBW ISSUE, YESTERDAY,
..t.,1s Several Important Matters br the OOnsit-
rsasH Of the Board Of Commissioners
This Morning

81. Finance Committee OF the BOARD
commissioners met yesterday after
and considered the provisions OF
ordinance authorizing the issue Of
- third slOO, GOO of bonds to tae Ter
- Railroad Company. There were
..s,t in addition TO the members OF
-. Committee, President +. IL Coeh'
of the Railroad Company, and W.
p Hubbard. Esq, the attorney for the
Company named.
=, was agreed that the bonds should oe
- following denominations: Fifty
s,00 each. one hundred and fifty OF
denomination of $500 each, and
,ry nj the denomination Of $1,000
After a good deal of discussion,
'rsJate of the bonds was fixed az De-
-smber 1, 1891, payable at the German
p,rs NJ Wheeling, and the rate OF IN
Isl was Professionally made four ana
half Der cent, 10 being the idea OF
~. committee to bring this mat
nm in the Board this morn
~. after consultation with local
n,rsers as 70 the prospects OF
ling q bond 40 four and One-half per
IN, In was the desire of some OF the
-.,bars of the Committee 70 nix the
10 M the bonds al January 1, 1892, or
Last not offer them for sale until
sf-er the first Of January, they being OF
me opinion, after talking with some
Local bank ers, that the bonds would sell
h,,,ar after the first Of the year. In
49, words. il was felt bv some that
,bsra might not be a demand for
i1r- and One-half per cents In
NGvanber or December, when the
-.o,ev market was generally tght
srd that after offering ths bonds,
- that time, the rate of interest might
{sva no be increased 10 i've per cent,
wbsreas. by waiting until after the
6rst OF January when money "Ouiu
likely be easy, there would be no
tr9ubIe. Half of one per cent, on
b6nd running thirty years, is, OF course,
an item. Judge Cochran was not In IA
vor OF delaying the issue OF the bonds
srv longer than was absolutely neceS-
sqrv. assigning as reason that the
eject would be TO keep hisCOmpany Out
NJ its money for FIVE or six months after
In wss conceded il had become due.
he was afraid the Eastern capitalists
Interested in his Company would look
mon 10 as a delay In payment when
the county could have avoided. 10 having
baeD determined by the BOdrd that the
Company was entitled TO the money, 10
s.rrck him as desirable thing for the
county 10 liQuidate the debt as speedily
as possible. In discussing this point,
President Cochran said his Company
were considering some further improve
nants in this city, for which surveys
we're now being made, but their early
c9nsumation would depend in great
measure upon the payment Of the mon
ev by the county. So long as that money
was withheld, the proposed improve
ments would likely be beld In allegiance.
10 was finally agreed that the bonds
should be dated December lSt, and 10
offer them at as early a date as possible,
consistent with the law and the interests
OF the county.
Tt was then agreed that from the first
there should be an acculmation OF
SINKING luuu, al the Idlb VI 20, oSO q
year, for the first FIVE years the bonds
run. so that, when they become liable
20 redemption, S17,5 could be taken
no 40 once, and the remainder at the
rate of at least 50, 500 a year, the coun-
~ reserving the right, by a spec
.al clause, to redeem more than
that amount per annum should she
desire 20 do so. The first bonds will be
reieemable December /, 1896. 1t was
originally intended that the bonds
should run for ten years without re-
demption, but it TRANSFERRED that after
November, when about twenty thou
sand dollars of county bonds become
due, there will be no bonds available for
redemption, save about four thousand
dollars, until 1900, and it was with the
idea of getting a whack at debt reduc-
ton before that time that the time was
shortened to five years.
The whole matter will come up before
the Board again to-day, and some alter
stionS in the provisions agreed upon in
Committee yesterday may be made.