The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22


Viii redeem their notes by paying
tho money and accrued interest to
the local hanks.
| have already taken the matter
up with a number nf prominent citi-
CONS who have agreed TO take care ut
the difficulty.
Respectfully yours,
CHARLES O. EPHLIN.
cry Manager
Resolution.
4 resolution signed by Councilman e.
II. DowIer was then presented and dis
cuSsed This resolution in effect pro-
vidCS tha tlocal citizens acting as guar
antors. selecting W. T.. stone. John l..
Dickcy and II. G. Ogden as trustees.
have empowered their trustees 10 issue
negotiable notes not t. exceed $lhO,On9
/ TO BE- turned over To local banks. In
exchange for this ihc city agrees 70
assign to these trustees. $4,000 Of tn"
funds receivable from tho stat" hoarn
IT Publ" Works on tho sale Of the lH!3
bonds numbered from | In 1910. This
sum is To he used in redeemng the
trustees notes. paying off accrued IN
trr"st and taking care "f other conttn-
rcnCicS connected with IN" transaction.
The surplus will hc paid into tho hands
nf tho city treasurer. The receipts 0t
the sale Of the sli0.nnn in notes sha
h" Immediately paid into III" hands OF
city Treasurer W. u. Robertson.
, Before the resolution was put upon
it's passage. Attorney NJ. j. Cullinan:
acting as city solicitor in the place OF
!. ]. l.. O'Rrion who is in Charleston
, lighting tn" heavy truck cases for the
city. explained the seeming discrepancy
In III" figures. He stated that the city
agreed To turn over $4,000 TO secure
the necessary sum in order 10 protect
tho GuarantorS for all interest claims.
and that while the notes would first ho
made for only ninety days il might b"
necessary 10 renew them for longer
period.
Cullinan Explains
Tho citl." h" said, will los" nnthlnE
state are to be paid for by tho state at
IN" aggregate price of bonds at par and
accrued interest at per cent tn" city
must, however. pay per cent interest
in order To negotiate tn" loan Accord
ingly tho net loss will he hut SOS for
the ninety days. The additional Sln.nNO
is made over To tho trustees in order 10
rot"Ct them against any miShdpS. ANY
surplus will he paid over 10 tho city
treasurer thus giving tho city, lars"
sum above the $50 0On desired"
At tho request of Councilman Camden
s fancy, City Manager Enhlin spoke at
length upon the necessity OF the move
He pointed out that Il number Of the
contractors Wcro in urgent need OF their
money and would stop work II they did
not receive at least Il portion of the
amount due He said:
Need Urgent
MI of the contractors nave IdrEe
amounts due thcm. The Federal Asphalt
Paving company alone has claims thu
Will amount 10 100000 ny tho nrSt Of
III" month. and state that they cannot
continue their work unless they receive
portion Of tho money du" them Other
local contractors HAY" received portions
OF the sums owed to them. toSS 4
Otto had ola inns on the city aECrcEating
Sc. 900. We paid them $4,000 Similarly
laroNntti G. Savage got $4,000 Of nm
$ll 200 claim Will" II. l.. ScahriGht
company received $4,000 on $4,000
bill"
Tho resolution when put upon its pas
sage WAS unanimously adopted.
Following the passing Of tho rcsolu-
tInn MIR. Ephlin stated that hc would at
once soc tho roma Under of tho men on
his list as pnSSIbl" EuarantorS. II"
stated that he had not yct obtained tn"
fun number desired and refuses to give.
out the names of those already selected.
GO To Charleston
Tho city. in order to keep tho "ontrar-
tors at work on the streets. must get
tho money by Saturday morning II pos
In and Attorney Culinan will leave for
Charleston at tn" earliest poSSibl"
moment to attend Ia having the Sta'e'S
CcrtitiCation placed upon tho necessary
documents 50 that the transfer u
money can h" made at once. Mr. Ephlin
hopes 10 have all arranged 50 that ~"
contractors IAN be paid by Saturday
morning.
Council also approved TN" police
bonds Of James T. Johnson and J. +.
Si~Son. Those present were rounrllmnn
RclnS. RippuS. DnUIrr. ITabiE. kuntH.
ONO. Morgan. fancy. Thompson. Noltc
and ThOnCr