The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-27
FIFTY
THOUSAND
DOLLARS
Added to the Refund Ordinance to
Provide for the Acquisition
of the Plant Of
TIE WHEELING ELECTRICAL co.
Outstanding Orders not to be In.
cluded in the Refund..The
Ordinance Discussed.

At the meeting Of the special commit
tee of council having charge of the pro-
posed refund of the clty's Indebtedness,
held last night at the city clerks Office
the ordinance, as submitted by City
solicitor NesbItt at Monday nights
meeting, was given thorough review
and as a result there are some import
ant changes Most prominent is the
amendment, or insertion of an addI-
tlonal section, which provides for the
Issuing Of $4,000 in bonds with which to
acquire the plant of the Wheeling Elec-
trlcal Company and franchise, and thus
place the city in a position to sell cleo
trio lights commercially. There was
some uncertainty among the commit
teemen as to the amount which arbi-
traitors would Ok for the transfer of the
company's plant to the city. $4,000. $780,
900 aud $4,000 being mentioned as prob
able, and the committee eventually flx-
ed on the intermediate figure. The
committeeman were of the opinion that
the addition Of this feature to the re-
fund measure would popularise 1t
greatly AMI insure its passage An
other Important change, was the elImi-
nation of the provision for the taking
up of $3.50 in outstanding city orders:
this was opposed by Mr.. Maxwell, who
stated that many Main street mer-
chants had based their opposition to the
refund on this feature Of the measure.
The committee fixed the refund rate
Of interest at 4 per cent, at which 1t is
assured the bonds can be floated at
least at par, and very likely at sub
stantlal premium. The commissioners
were named, and no fault can be found
with any OF the trio, all of whom are
prominent in the business community.
The committee was called to order at
o'clock by the chairman. Mayor
Sweeney. The members and officials
present included City Clerk o'Brien,
City Receiver Forgey, City Solicitor
NesbItt, Councilmen Chew McKelvey,
Korn, Warehouse and Maxwell.
The committee,on motion of Mr.. Max
well, took up the ordinance by sections
The first section describes the several
bond issues to be retired by the refund,
amounting to &425OOO.
Mr.. Maxwell took occasion to say at
the conclusion OF the reading OF the
section that he was in favor Of adding
n sum to the refund sufficient to buy
out the Wheeling Electrical Company
plant. Mayor sweeney was afraid such
rider would kill the refund proper.
Mr.. Maxwell. on the other hand. be-
lleved this would popularizs the refund
and induce its passage. Other mem
bers of the committee took the same
view. AS to the amount needed. Mr.
Maxwell was unable to estimate 1t,
anything between $4,000 and $75,ONO. In
the discussion 1t was said that the ac-
Qulrement OF the electrical plant would
Gquallze the street lighting cost, instead
Of making the gas consumers pay 1t all.
Mr. Maxwell moved to insert $4,000
for the purchase OF the Wheeling Elec-
trIcal Company. and It was seconded
by Mr.. waterhouse. The motion went
through without an opposing vote. The
solicitor was instructed to make the
necessary changes in the ordinance to
carry out the Maxwell motion.
Mr.. Maxwell also desired the provIs-
lon for the outstanding city orders to
be stricken out. These orders amount
to only $500. and this amount, 1t was
said. could be easily negotiated without
being provided for in the refund. It
was said nearly every Main street busI-
ness man would be against the ordln-
ance with the outstanding orders In
cluded. The motion to exclude them
when through without objection.
The provision for the denominations
of the bonds was changed. the solicitor
being Instructed to provide for a slight
ly larger number Of bonds OF 500 de-
nomination.
1t was decided to make the bonds and
interest payable at the Commercial
bank.
As to the rate of interest, there was a
short discussion. 1t was agreed that
they could be fcs.:3 at par or more at
4 per cent. This rate was inserted IN
the ordinance,
Under the head OF section two the
refund commissioners were named.
Names mentioned were Jere A. Miller,
cashier of the Bank Of the Ohio Wiley;
Joseph speidel, president of the Joseph
speldel Grocery Company. and NJ. JEFF
fers, cashier Of the Commercial bank,
and these three were decided upon for
commissioners, and their names insert
ed In the ordinance.
Mr., Maxwell suggested the use of the
sinking fund. to be raised during the
first ten years, for Investment in out
standing city bonds, These bonds In
ciHde the Main street bridge bonds and
the balance of the city electric light
plant Indebtedness.
The city solicitor said any money
taken out Of the sinking fund for the
purpose suggested would have 10 be
repaid into the fund.
The bonds OF the city 20 ACQUIRED
would be equivalent to money II was
said.
On motion Of Mr.. Chew, It was In
serted In the ordinance that the Stalking
fund can be Invested in United states
or Wheeling bonds.
~ the conclusion Of the reading of