The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-07
ASKS COUNCIL TO TURN s1Nk1NS
FUND OVER TO STATE TO
FINANCE SALE OF BONDS
SECRETARY OF STATE SAYS 1NTha-
EST EVENTUALLY WILL Sohh
BACK TO WHEELING.
COUNCIL, TAKES REQUEST UND6H
AMUSEMENT AFTER HEAHAhS
STATE OFFICIAL TALK.

Secretary ~ State Houston G. Young
appeared before city council las. night
and discussed the State Sinking Funa
commission and tina sale OF Wheeling
,wo million dollars worth or water
bonds, asking the city council or wheel
ing 70 turn over their sinking fund 70
the State Sinking Fund commission.
Mr. Young stated that the State
BOARD OF public Works, which under
the law has the preference OF purchaS-
Ing all municipal bonds. would probably
waive their rights to the purchase OF
wheellng's two million dollars worth
OF filtration bonds. He advised the city
TO advertise the bonds for sale, and that
= the price cannot be gotten tha'
puld be. then the state board OF pub
l.r works would see what they could do.
Mr. Young said that the state sink
ing fund commission legislation was
made a law from an instance that oc-
Cured IN the city OF Wheeling. but that
there seemed 10 be more opposition 10
the appltcation Of the law IN this city
than any other Mr.. Young stated that
the million dollar. bond issue OF 1919 In
wheeling was purchased by the state.
This being done he said. at the instance
Of the city officials OF Wheeling. the
bonds, he said, were purchased at par,
thereby saving the city considerable In
.arest When the state was through, he
said. the city OF Wheeling actually re-
cived sl05.O6. I'VE did not lose but on
the other hand Wheeling gained amount
Ing 70 about $4,000 In the city's treas
ury, or the taxpayers raised this much
less. Due to the war the market was
driven down to SIS in SIX months.
Mr.. Young said that Wheeling had let
the contracts and needed the money.
The workmen's compensation fund had
about So. 900. 900. ne said and the CHIEF
accountant Of the state and himself
worked FOR days and nights and asked
assistance Of their friends throughout
the state TO find some way 10 prevent
the city OF Wheeling from a financial
difficulty. He said that this was the
reason for the sinking fund bill In
1921. Mr.. Young said. the state sinking
fund hill was passed and that x aroused
criticism in some few parts OF the state.
some claiming that this would take
away the money from the local banks
and nut all the money in banks at
Charleston. This Mr.. Young said, was
not true Mr. Young then said that
the attorney general has 20 approve all
bonds and that the Public Service com
mission could only purchase United
States government state and munIctpaI
bonds. and that they must he paid.
Mr.. Young said the conditions here
are peculiar compared with other mu-
inequalities In the state. tha; the city
had contracted with local hank FOR
FIVE and one-quar;er per cent for daily
balances. He said the average through
out the state was hut three and one
Quarter per cen; He said they wanted
~ sinking fund Of Wheeling turned
over 70 the state and that the city OF
. Wheeling IS part 81 the state and that
The best method would be used in An
ancing Wheeling.
Mr.. Young praised the bond issue OF