The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-24

refunding the city's present bonded IN
debtedness, endeavored TO hold Its first
meeting last night, but owing to the
absence of two prominent members OF
the committee, Messrs. James P. Max
well and John waterhouse, the meeting
was adjourned until this evening at
1850 o'clock, when 1t Is hoped to secure
better representation Of the commits
tees membership. Those present last
night were Mayor Sweeney, City Clerk
o'Brlen, City Receiver Forgey, City So
IIcItor Nesbltt, CouncIlmen Marschner,
Beckett, McKelvey and others, together
with Mr.. Park Terrell, OF New York, u
representative of the United States
Mortgage & Trust Company.
1t was stated that Mr.. Waterhouse
would return to the city today and
that Mr.. Maxwell would probably be
able to attend tonight. Owing to the
Importance of the project, 1t was
thought better to defer Its consideration
day. Mr.. Terrell said he would re-
main in town for the meeting this eve
ming. HIS company is engaged in the
business of passing on the legality OF
municipal bond issues and guarantee
ing them, and 1t is claimed this guar
antee increases the value OF the bond
much more than the charge made.
II VIII be remembered Mayor Swee-
ney and City Receiver Forgey some
time ago sent to prominent bankers
and Investors in municipal securities u
circular letter. asking for their views OF
Wheeling refund. Answers have been
received from a number Of these finan-
cial firms, and Receiver Forgey has
tabulated their Views, which will be
presented TO the committee this eve
ming. The Intelligencer has been per-
mltted TO summarize these answers, and
II will be seen that the bankers are
unanimous in expressing their belief
that a three and one-half per cent loan
can be 1Oated ut par or above. In
fact. some of the bankers express their
doyire to be "iet in" on Wheeling
three and une-half loan. and this In It
self is very satisfactory, for a refund
~ that rate OF interest would mean an
annual interest saving to the city OF be-
,sccu 5000 and $4,000. These views
OF The bankers, all in all. are most en-
couraglng to the friends OF the pro-
posed refund.
introductory to the synopsis OF the
answers TO his circular letter, Receiver
Forrey submits to the committee the
following remarks. outlining the differ
emf plans suggested for the refund:
FOR the benefit OF the refuRdIng COM
mIttee I subiuin plans suggested by the
correspondencc had with several deal
ers in municipal bonds throughout the
country, -.
ordnance be adopted so framed as to
authorize council TO Issue bonds to an
amount not greater than 100000, re-
deeHable after ten years In series, each
series 10 be 4 per cent OF the amount is-
sued, and payable within thlrty-tour
wears. bearing not more than per
cont interest, in trust to he paid an
nuaity. That no bond be issued OF less
denomination than $500, nor Of greater
denomination than $1,000. and that no
more bonds be sold or issued than Is
necessary 10 produce 100000.
In order TO determine the amount OF
interest to be paid. submit to bond
BUYERS four propositions as follows and
request thnt bids be made thereon:
First proposltlon--FOr what amount
bonds bearing per cent Interest VIII
you pay to the city OF wheeling S6ZO'-
900? -.
second proposItion-For what amount
bonds bearing 81 per cent interest Will
you pay to the city OF Wheeling $780,
900?
Third proposItIon-For what amount
bonds bcarIng 3. 6j per cent interest Will
YOU pay the city OF Wheeling 100000.
Fourth propisltIon-For what amount
bonds bearing per cent interest Will
you pay to the city OF Wheeling $780,
900?
with a certificate OF deposit on one of
our city banks to the credit OF the city
receiver for the sum OF $4,000, being 8
per cent Of the amount TO be paid. rs
nm evidence of the sincerity OF the bid
der. and to secure only bona fide bids.
Az soon as n bid Ia accepted all certi-
fcates of unsuccessful bidders to be re-
turned Mt once. The certificate Of the
successful bidder TO be placed TO his
credit on account OF purchase OF bonds
and interest nllOWeu MIN IHeTeOH Ut Nhc
accepted rate until the date OF new
bonds.
tabulatcd statement herewith
shows estimated cost to city to carry
$500. 900 NJ 49, per cent 1874 bonds at
mar against S57J, 900 per cent bonds
sold al n premium Of $4,000. or less
than per cent. The per cent bond
costs $4,000 less than the 81; per
cent is n low estimate OF premium, as
4 per cent bonds sold two years ago ut
over 10 per cent.
The synopsis OF the answers to the
sweency-Forgey circular letter Is as
follows:
Denlson, Prior & Co, Clevcland-Do
not think we would be able TO float 3
per cent bond, NJ par. and would ad-
vice per cent bond. We Will consider
Il favor II you VIII keep us informed
aa 10 what you decide TO do In regard to
issuing these bonds.
Briggs. Todd K CO., Cincinnati
Wanted further Information which was
given by Receiver FoTgey Last week
thclr representative, Mr.. Miller, was
here.
Drpxol & Co., Phlladelphin-Do not
think city ~ Wheeling could place here
"a loan paying interest at rate Of 2 per
cent. Ten million dollars Now York
city bonds have been awarded thls
week, paying n little over per cent,
although Philadelphia placed F500O'ooO
Inst month under 2 per cent basis.
FarpOn, Lcnch n Co., Chlcngo-We
note that your city In contemplating the
rounding NJ its present bonded debt,
we would be pleased to submit prop
,,t,t,p fnf Tho Durrhngo OF these ncCur-