Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-08-25

I'm <o1t tA4t k44G @1x0 lU9e Al
fIe Was then 1slked hoW & cRme abo6t
that tho electric Light loan d $4,000.
made ii 1891. was one-ten loan, one
tenth being payable each year, and he
said he did not know. unless It was
simply because it was put through in
that form.
The Mayor agreed with Mr.. Maxwell
in believing the people would reject
ten-thirty loan. This subject was dis
cussed at some length. and before adj
journing the Solicitor was asked to in
yestigate the matter and was also en-
powered to consult other counsel.
The question OF incorporating the
Water Board debt of $175,OO was then
taken up and was talked over for long
time. Several gentlemen, including Mr..
Maxwell, questioned the wisdom of in
Guiding this Indebtedness in the loan
ordinance, while Mr.. Chew favored it
because it would give the city the i'm
mediate use of the money now being
paid to the Holly Company at the rate
of $4,000 per year. The fact that the
Water Board would be free of debt, at
the present rate of payment, in seven
years was forcibly contrasted with the
alternative proposition of paying in
terest on $4,000 for ten years, even
at per cent. before payment on the
principal could be made. and
Mr.. Terrill said it would un-
doubleday be cheaper for the city to al
low the Board to continue to pay as it
was doing, to which Mr.. Chew respond
ed that the city would have the use of
the $4,000 each year, and that would
be worth something to the city. This
was retorted to by the remark that per-
haps the city would get the $4,000 and
perhaps it would not, as the Water
Board could easily concoct plan of
using the money itself. Mr.. Terrill, in
pursuing this branch of the discussion,
observed that if the Water Board debt
was issued as purely water bonds, they
would probably stand a little better
than straight city bonds, as they were
looked upon with more favor, but at
the same time he said he did not be-
lieve they would bring any better price,
1t was explained to him that there
could be no difference, and that the en-
tire issue would be straight city bonds,
in any event. Going back to his pro-
position of guarantee he said that the
cost might be something like $500 or
5000, but that the city would get many
times this amount in increased pre-
MUM, and gave one instance where the
enhanced premium was ten times the
charges of his Company. He also
pointed out the advantage Of an exam
Of established reputation and known to
investing companies over the entire
United States. as contrasted with the
ordinary legal opinion by a competent
but unknown man. He fortified his
argument with number of examples.
The fact that local bankers and cap
italists had not been called into con-
sultation was referred to, and MI. For
gey stated that it was an oversight of
his own, which would be rectified to-
day.
The discussion was prolonged until
ten o'clock, but was altogether of gen
eral nature, and merely preliminary to
future action. Much depends upon the
opinion of the Solicitor as to the period
when payment shall commence under
the State law, as to the form the ordin-
ance will take and is popularity with
the people. A great deal also depends
upon whether the Water Board debt
and the outstanding $4,000 of city or
ders are incorporated. There was no
discussion of the advisability of incor-
porating in the loan debts created with
out the consent of the people, as these
two debts were. but it was remarked
that if the Water Board was relieved of
its debt in the manner proposed, there
would be nothing to prevent it from
mourning a further debt in the same
manner-a very insignificant thought.
At the close of the meeting a resolu-
ton of thanks to Mr.. Terrill was pass
ed, which that gentleman properly and
gracefully acknowledged.