Exchange Bank (Wheeling, WV)

Episode Information

Episode UID
2181918490916
Episode Type
Run Only
Bank Type
state
Bank ID
218191849 hash
Start Date
April 24, 1876
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c3dd04b7d3b9ad2

Response Measures

None

Events (1)
1. April 24, 1876 Run
Cause Details
Large public demand to redeem fractional paper currency for silver coin prompted heavy withdrawals as the bank was redeeming notes for specie.
Newspaper Excerpt
that the Exchange Bank of this city, was prepared to redeem the tractional paper currency, and issue in lieu thereof silver coin, that institution had a run on it from the opening to the closing hour
Source
newspapers

Newspaper Articles (5)
1. April 24, 1876 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 24, 1876

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ANTI-BELLUM CURRENCY AGAIN.On Saturday, it having become generally known through the medium of the press and otherwise, that the "Exchange Bank" of this city, was prepared to redeem the tractional paper currency, and issue in lieu thereof silver coin, that institution had a "run" on it from the opening to the closing hour, and the whole force of attaches could hardly accommodate this class of customers. Boys of all sizes, frequently with only a ten cent script, would drop in, and in an inquisitive edoubtingtone,desirethespecies As the polite teller would make it chink on the marble counter, their eyes would sparkle in ecstacy over the possession of that which they had so often heard of but had rarely seen. Some of the mills and other establishments paid off their employees in the bright, new coin, fresh from the mint, and before closing up time most of the merchants could boast of having had more or less transactions in silver during the day.

2. January 6, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 6, 1877

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e CITY COUNCIL-SECOND BRANCH.-A 1 special meeting of the City Council was held last evening. Present in Second it Branch: Mesars. Beltz, Garden, Horkheimer, Handlan, Hanke, Hanson, King. horn, Long, Myles, Pollock, Pryor, Reitz, t, Travis, Wilkinson, Werner, Mr. President. ORDINANCE PROVIDING FOR THE ISSUE OF BONDS. The ordinance authorizing the issue of bonds to provide for the overcheck of the Receiver on the Exchange Bank and the outstanding city orders, was submitted by the Finance Committee, and read three times and passed. The ordi. nance provides for the issue of bonds, in sums of $500 each, to the amount of f $120,000, which are made payable March 1,1907, the right being reserved to redeem any or all bonds after March 1, 1887. The bonds will not be subject to city taxation, and will bear interest at the rate rate of 6 per cent per annum, payable in March and September. Messrs. Morgan L.Ott, Elijah J. Stone and Samuel Laughlin were appointed commissioners, and e their compensation fixed at one-half of 1 per cent, they to give bond in the sum of $15,000 each. The ordinance is to be ratified by a vote of the people, at an election to be held Jan. 25. The Board of Equalization and Appeals submitted a report upon the various petitions referred to them, which was adopted. An ordinance amending the 10th sec. tion of an ordinance entitled "An Ordinance in relation to the Gas Works of the City of Wheeling," as follows, was submitted: Sec. 10. The price of gas shall be until otherwise ordered by Council, - dollar and - upon which price the said trustees shall allow the consumer a discount of 10 per cent, if the bill be paid on or before the 10th day of the month such bill becomes due, if paid at the office of the Trustees. Sec. 2. This ordinance shall take etfect from and after the first day of 1877. To fill the first blank, $1 50, $1 80 and $2 00 were named. The vote was first taken on the highest named suns, and resulted as follows: YEAR - Beltz, Erskine, Handlan, Hanke, McGaw, Pollock-6. NAYS - Horkheimer, Hanson, Long, Myles, Reitz, Werner, Logan-7. So the motion to fill the blank with $2 was lost. The vote was then taken on the next largest sum, $180, which was adopted by a unanimous vote. The blank in Sec. 2 was filled with the date "February 1." The amendments of the First Branch to the ordinance providing for the issue of bonds were concurred in. The action of the First Branch in relation to the report of the Board of Equalization and Appeals was concurred in.

3. January 13, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 13, 1877

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# ELECTION NOTICE. To the Qualified Voters of the City of Wheeling. WHEREAS, The Council of the City of Wheeling did, on the 5th day of January, 1877, adopt an ordinance in words and figures as follows, that is to say: AN ORDINANCE to provide for the Issue and sale of bonds by the City of Wheeling, and for the payment and redemption thereof: SEC. 1. Be it Ordained by the Council of the City of Wheeling, That for the purpose of providing means for the payment of the outstanding and unpaid city orders, and the payment of the overcheck of the Receiver of the City of Wheeling on the Exchange Bank of Wheeling, the Mayor and Clerk of the City of Wheeling be and they are hereby authorized and directed to make, and on the 1st day of March, A. D. 1877, or as soon thereafter as practicable, deliver to the commissioners hereinafter appolated the bonds of said city, in sums of $500 each, to the amount of One Hundred and Twenty Thousand Dollars, payable on or before the 1st day of March, A. D., 1907, at the Exchange Bank of Wheeling, in the City of Wheeling, with interest at the rate of six per cent per annum, the interest to be payable on the 1st day of March and Heptember in each year, at the sald Exchange Bauk, for which interest coupons in proper form shall be attached to each boud, with the signature of the Clerk of the city engraved thereon; the said bonds to be signed by the Mayor, countersigned by the Clerk, and sealed with the seal of the city. The City of Wheeling hereby reserve the right to redeem at its par value any one or more of said bonds on or at any time after the 1st day of March, A. D., 1887. SKC. 2. Be it further ordained, That Morgan L Ott, Elijah J. Stone and Samuel Laughlin be and they are hereby appointed Commissioners, and they are hereby instructed and empowered to sell said bonds in the manner provided by chapter one hundred and forty-one of the act of 1872-3, of the Legislature of West Virginia; provided, however, that no bond shalt bosold at less than its par value in cash. Bac. 3. That the proceeds arising from the sale of anid bouds shall be paid out to such person or persons as the Council of said city shall from time to time order or direct; provided, however, that no part of the same shall be paid out by them for any other purpose than in payment of the outstanding city orders and the overcheck of the Receiver of said city on the Exchange Bank of Wheeling. SEC. 4. That to secure the punctual payment of said bonds and coupons according to their tenor and effect, the Receiver of sald city shall, on the l5th day of August, 1877, and on the 15th day of February, and 15th day of August in each and every year thereafter, pay to said commissioners out of any monies in his hands to the credit of said city (until mid bonds shall have been fully paid,) the sum of three thousand and six hundred dollars: and that the said Receiver shall also, on the 15th day of February 1887, and on the 15th day of February, in each and every year thereafter until said bouds shall have been fully paid, out of any monies in his hands to the credit of said city, pay to the said Commissioners (in addition to the aforementioned sum) the sum of six thousand dollars. The receipt of sald Commissioners for sand monies shall be filed with the Clerk of the city by the Receiver. SKC, 5. The Coumaissioners, out of the moneyare-celved by them from the Receiver under this ordinance, shall pay the coupous issued with said bonds, as they become due, and after payment of the same shail, on the lat day of March, 1887, and on the 1st day of March in every year thereafter, apply the residue of the moneys thea remaining in their hands, together with any further sons placed under their control for the purpose, to the redemption of the outstanding bonds issued under this ordinance, at a rate not greater than their par value. If said bonds cannot be redeemod with the consent of the holders at their par vatue (or less) then, in such case, the bonds to be redeemed shall be determined by lot by said Commissioners, who ahail thereupon give notice to the holders thereof, by advertisement published for two weeks in some newspaper printed in the city of Wheeling, of the numbers of the bonds to be redeemed, and such bonds shall cease to bear interest from the first day of March of the same year. BC. 6. It shall be the duty of the Commissioners to cancel as they are redesmed, and to dativer to the Clerk of the city, the bonds and coupons pald by them, at least once in every year, or oiten-er if so required by Council, and the Clerk shail preserve the same in a book to be provided for that purpose. SEC. 7. It aball be the duty of the Coronalssioners to keep a true account of their receipts and disbursements and report the same to Council annually, and at such other times as Council shall order. SKC. 8., The Council of said city may for cause remove any one or more of said Commissioners or their successors, and the Commissioners or their виссСяsors ΡˆΠ°Ρƒ resign by giving notice in writing to the Mayor or Clerk of the City. Any vacancy shall be filled by the Council. SEC. 9. That no one shall act as a Commissioner under this ordinance until he shall have given bond with security to be approved by Couned in the penalty of fifteen thousand dollars, which bond shall be conditioned to the following effect: The condition of the above obligation is such that, whereas, the above bound A. B. has been duly appointed a Commissioner under an ordinance of the city of Wheeling, entitled "An ordinance to provide for the issue and sale of bonds by the city of Wheeling, and for the payment and redemption thereof, and hath accepted said appointment: Now, therefore, if the said A. B. during his continuance as such Commissioner, shall in als things faithfully and diligently discharge the duties of such Commissioner, and shall well and truly account for and pay over to such person or persons as may be entitled to receive the same, all moneys which shall come luto his hands or control as such Commissioner, then shall the foregoing obligation -be void; otherwise to remain in fuli force and virtue. SKC. 10. It shall be the duty of the Commissioners to enforce each and every provision of this on-dinance (relating to his duties) sccording to its true intent and meaning, and any failure upon the part of any one of the Commissioners to comply with and performa any duty prescribed by this ordinance shall be deemed a forfeiture of his bond. SKC. 11. That before the Commissioners shall make any sale of said bonds they shall advertise in the Gerninn paper and the daily newspapers of the City of Wheeling, the time and place (in said city) that they will receive bids for said bonds. Shonid the bids exceed the amount of bonds to be issued, the Commissioners shall apportion them among those bidding the greatest price, SEC. 12. The Commissioners shall receive as a compensation for their services one-half of one per cent on the amount disbursed by them under this ordinance; provided, however, that they shall not be entitled to any compensation for the disbursement of the proceeds of the sale of the bonds. SEC. 13. That the bonds and coupons issued under this ordinance shall not be subject to taxation by or under authority of the City of Wheeling. SKC. 14. Thisordinance shall take effect from and after its ratification by the qualified voters of the City of Wheeling, at an election to be held on the 25th day of January, A. D. 1877. And whereas, It is provided by the third section of an act of the Legislature of West Virginia, entitled "An act authorizing municipal corporations to issue bonds, (approved December 2, 1873,) that when the Council of any city should deem it expedient to issue any bonds of such city, that an ordinance specifying the purpose and amount for which such bonds are to be issued, sirall be adopted by such Council. It shall then be the duty of the Mayor to issue a proclamation appointing the day at which an election shall be heid by the qualified voters of such city, whether they will ratify or reject such ordinance. These are, therefore, to notliy you, the qualified voters of the City of Wheeling, that an election will be held on Thursday, the 25th day of January, 1877, at the same places at which the charter election will be held on that day, and under the superintendence of such persons as the Mayor may appoint. The elΓ©ction will be conducted in all things according to the provisions of an ordinance of said city, entitled "An ordinance in relation to the election of Mayor, Council and other officers by the voters of the City of Wheeling," and under the charter of sald city. All persons voting for the ratification of the ordinance herein set forth, shall have written or printed on his ballot the words, "For Ratification," and those voting against ratification shall have written or printed on his ballot the words, "For Rejec Hon." The aggregate amount of indebtedness of the City of Wheeling issued and authorized by the said elty and existing at this date is $552,000. Given under my hand this, the 9th day of January, 1877. A. J. SWEENEY,

4. January 22, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 22, 1877

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# MISCELLANEOUS. # ELECTION NOTICE. To the Qualified Voters of the City of Wheeling. WHEREAS, The Council of the City of Wheeling did, on the 5th day of January, 1877, adopt an ordinance in words and figures as follows, that is to say: AN ORDINANCE to provide for the issue and sale of bonds by the City of Wheeling, and for the payment and redemption thereof; Sac. 1. Be it Ordained by the Council of the City of Wheeling, That for the purpose of providing means for the payment of the outstanding and unpaid city orders, and the payment of the overcheck of the Receiver of the City of Wheeling on the Exchange Bank of Wheeling, the Mayor and Clerk of the City of Wheeling be and they are hereby authorized and directed to make, and on the 1st day of March, A. D. 1877, or as soon thereafter as practicable, deliver to the commissioners hereinafter appointed the bonds of said city, in sums of $500 each, to the amount of One Hundred and Twenty Thousand Dollars, payable on or before the 1st day of March, A. D., 1907, at the Exchange Bank of Wheeling, in the City of Wheeling, with interest at the rate of six per cent per annum, the interest to be payable on the 1st day of March and September in each year, at the said Exchange Bank, for which interest coupons in proper form shall be attached to each bond, with the signature of the Clerk of the city engraved thereon; said bonds to be signed by the Mayor, countersigned by the Clerk, and sealed with the seal of the city. The City of Wheeling hereby reserve the right to redeem at its par value any one or more of said bonds on or at any time after the 1st day of March, A. D., 1887. SEC. 2. Be it further ordained, That Morgan I. Ott, Elijah J. Stone and Samuel Laughlin be and they are hereby appointed Commissioners, and they are hereby instructed and empowered to sell said bonds in the manner provided by chapter one hundred and forty-one of the act of 1872-3, of the Legislature of West Virginia; provided, however, that no bond shall be sold at less than its par value in cash. SEC. 3. That the proceeds arising from the sale of said bonds shall be paid out to such person or persons as the Council of said city shall from time to time order or direct; provided, however, that no part of the same shall be paid out by them for any other purpose than in payment of the outstanding city orders and the overcheck of the Receiver of said city on the Exchange Bank of Wheeling. SKC. 4. That to secure the punctual payment of said bonds and coupons according to their tenor and effect, the Receiver of said city shall, on the 15th day of August, 1877, and on the 15th day of February, and 15th day of August in each and every year thereafter, pay to said commissioners out of any monies in his hands to the credit of said city (until said bonds shall have been fully paid,) the sum of three thousand and six hundred dollars: and that the said Receiver shall also, on the 15th day of February 1887, and on the 15th day of February, in each and every year thereafter. until said bonds shall have been fully paid, out of any monies in his hands to the credit of said city, pay to the said Commissioners (in addition to the aforementioned sum) the sum of six thousand dollars. The receipt of said Commissioners for said monies shall be filed with the Clerk of the city by the Receiver. SKC. 5. The Commissioners, out of the moneys received by them from the Receiver under this ordinance, shall pay the coupons issued with said bonds, as they become due, and after payment of the same shall, on the 1st day of March, 1887, and on the 1st day of March in every year thereafter, apply the residue of the moneys then remaining in their hands, together with any further sums placed under their control for the purpose, to the redemption of the outstanding bonds issued under this ordinance, at a rate not greater than their par value. If said bonds cannot be redeemed with the consent of the holders at their par value (or less) then, in such case, the bonds to be redeemed shall be determined by lot by said Commissioners, who shall thereupon give notice to the holders thereof, by advertisement published for two weeks in some newspaper printed in the city of Wheeling, of the numbers of the bonds to be redeemed, and such bonds shall cease to bear interest from the first day of March of the same year. Sic. 6. It shall be the duty of the Commissioners to cancel as they are redeemed, and to deliver to the Clerk of the city, the bonds and coupons paid by them, at least once in every year, or oftener if so required by Council, and the Clerk shall preserve the same in a book to be provided for that purpose. SKC. 7. It shall be the duty of the Contulsaloners to keep a true account of their receipts and disbursements and report the same to Council annually, and at such other times as Council shall order. SEC. 8. The Council of said city may for cause remove any one or more of said Commissioners or their successors, and the Commissioners or their successors may resign by giving notice in writing to the Mayor or Clerk of the City. Any vacancy shall be filled by the Council. SEC. 9. That no one shall act as a Commissioner under this ordinance until he shall have given bond with security to be approved by Council in the penalty of fifteen thousand dollars, which bond shall be conditioned to the following effect: The condition of the above obligation is such that, whereas, the above bound A. B. has been duly appointed a Commissioner under an ordinance of the city of Wheeling, entitled "An ordinance to provide for the issue and sale of bonds by the city of Wheeling, and for the payment and redemption thereof, and hath accepted said appointment: Now, therefore, if the said A. B. during his continuance as such Commissioner, shall in all things faithfully and diligently discharge the duties of such Commissioner, and shall well and truly account for and pay over to such person or persons as may be entitled to receive the same, all moneys which shall come into his hands or control as such Commissioner, then shall the foregoing obligation be void; otherwise to remain in full force and virtue. SEC, 10. It shall be the duty of the Commissioners to enforce each and every provision of this ordinance (relating to his duties) according to its true intent and meaning, and any failure upon the part of any one of the Commissioners to comply with and perform any duty prescribed by this ordinance shall be deemed a forfeiture of his bond. SKC. 11. That before the Commissioners shall make any sale of said bonds they shall advertise in the German paper and the daily newspapers of the City of Wheeling, the time and place (in said city) that they will receive bids for said bonds. Should the bids exceed the amount of bonds to be issued, the Commissioners shall apportion them among those bidding the greatest price. SKC. 12. The Commissioners shall receive as a compensation for their services one-half of one per cent on the amount disbursed by them under this ordinance; provided, however, that they shall not be entitled to any compensation for the disbursement of the proceeds of the sale of the bonds. Sac. 13. That the bonds and coupons issued under this ordinance shall not be subject to taxation by or under authority of the City of Wheeling. SKC. 14. This ordinance shall take effect from and after its ratification by the qualified voters of the City of Wheeling, at an election to be held on the 25th day of January, A. D. 1877. And whereas, It is provided by the third section of an act of the Legislature of West Virginia, entitled "An act authorizing municipal corporations to issue bonds, (approved December 2, 1873,) that when the Council of any city should deem it expedient to issue any bonds of such city, that an ordinance specifying the purpose and amount for which such bonds are to be issued, shall be adopted by such Council. It shall then be the duty of the Mayor to issue a proclamation appointing the day at which an election shall be held by the qualified voters of such city, whether they will ratify or reject such ordinance. These are, therefore, to notify you, the qualified voters of the City of Wheeling, that an election will be held on Thursday, the 25th day of January, 1877, at the same places at which the charter election will be held on that day, and under the superintendence of such persons as the Mayor may appoint. The election will be conducted in all things according to the provisions of an ordinance of said city, entitled "An ordinance in relation to the election of Mayor, Council and other officers by the voters of the City of Wheeling," and under the charter of said city. All persons voting for the ratification of the ordinance herein set forth, shall have written or printed on his ballot the words, "For Ratification," and those voting against ratification shall have written or printed on his ballot the words, "For Rejection." The aggregate amount of indebtedness of the City of Wheeling issued and authorized by the said city and existing at this date is $552,000. Given under my hand this, the 9th day of January, 1877. A. J. SWEENEY, Mayor. jall-eod BRING YOUR

5. January 24, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 24, 1877

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MISCELLANEOUS. ELECTION NOTICE. To the Qualified Voters of the City of W heeling. W HEREAS. The Count of the City of Wheeli did, on the 5th day of January adopt an ordinance in words and figures is follows, that is to AN ORDIN NCE to provide for the issue and sale bonds by the City of beeling, and 10: the thereof redemption and ment pay the Council the City of Ordained Bei Wheeling, That for the purpose of providing means for the payment of the outstand ling and unpaid city orders, and the payment of the overcheek the the of on Wheeling Receiver Exchange Bank of Wheeling, the Mayor Clerk the City of Wheeling be and they are and directed to make. and on 1877 soon there Marcl day of deliver appointed the bonds of said city, sums $500 the amount of One Hundred on Thousand Dollars payable Twenty bethe March in the Exchange Bank of Wheeling, in the City of Wheelinterest at the six per cent per anthe interest to be payable on the 1st day March and each year, at the said for Bank which coupons interest Exchange proper form shall be attached to each bond, with Clerk the of engraved city signature the thereon; thesaid bonds be signed by the Mayor, countersigned by the Clerk and sealed with the seal of the The City of W heeling hereby the right to redeem at is par value any one more of bonds at any time after the March day of 1st Be it further ordanised, That Morgan L Elijah Stone and Samuel Laughlin be and they are hereby appointed Commissioners, and they are hereby instructed and empowered to sell bonds in the manner provided by chapter one hundred and forty-one of the act of 1872- of the Legisla ture of West Virginia; provided, however, that no bond shall be sold at less than its par value in cash SEC That the proceed an ising from thesale of said bonds shall be paid ou TO such person or persons the Council of said city shall from time to or direct; provided, how ever. that no part the same be paid out by them for any other purpose than In payment the outstanding vercheck the and the orders of Receiver city of city on the Exchange Bank of WI heeling. the secure That of ual punct payment said bonds and coupons according to their tenor and effect. the Receiver of said city shall the 15th day of August, 1877 and on the 15th day and 15th day of August in each No said pay thereaf year monies his hands to the creditol said city (until said bonds shall have been fully paid,) three thousand and six hund Receiver said 15th the day February 1887 and on the 15th day of and every have bonds teet fully paid, any monies in his hands to the credit of said city, pay thesaid (in addition to sum) the stem six thousand dollars The receir said Comm sioners for said monies shall be filed with the Clerk of the city by the Receiver The out of the money celved by them from the Receiver this ordiissued with coupons shall said nance, become due and after payment the 1st day of Marc and day of March every year thereafter. apply the residue the moneys then remaining their hands, together with any further soms placed under their control for the to the the redemption bonds outstanding issued of under this ordinance, rate not greater than their par be bonds value. the the holders value consent their to case. bonds such the redeemed by Comm said etermined by issioners, who shall the holders notice thereupon thereof. for lished isement two weeks some by newspaper printed in the city of heeling, of the numbers bonds the to redeemed and shall cease bear interest from the first day of March It shall be the duty of the Commissionthey are deliver and to the bonds and coupons at every or once them ottenCouncil and the Clerk the same in book to be provided for that shall be the duty of the Commission of account their receipts keep and and report the same Council annually and at such other times as Council shall order. The Council of said city may Yor cause remove any one more of said Comn and the or their may resign lving notice in writing Mayor Clerk of the City. Any vacancy shall be filled by the Council SEC shall Commissioner under this he shall have given bond be approved by Council in penalt tifteen Thousand dollars, which tioned to the follow ing effect: The condition of the above bliga tion is such that the alove bound B. has been duly under an ordinance of city 'An entitled ordinance heeling, 10 bonds the city the by and for the nent redempt appointment the his during sald shall things duties shall and truly acsuch to over person persons all the moneys as such the remain force and in shall be duty the the of of ision this orhis dutles) and failure any upon of the any duty by this his bond. shall they and daily of the the heeling, said city bids Should the amount of bonds to be issued shall apportion them among shall as for their services one one per of disbursed by them under this provided. they shall not for the disburse ment the sale of the bonds. That the bonds issued unnot be taxation of the City w heeling. ake effect from and its ratification by the ified voters of the heeling, at an election to be held on the A. provided by the third section of the Legislature of W est Virginia, entiAn act authorizing panicipal corporations to issue bonds, December 2. 1873.) that when the Council of any cit ly should deem it expedient to bonds such city, that an ordinance the purpose and specifying amount for such to bonds eissued, shall beadopted by such Council shall then be the duty of the issue Mayor to tion ap day the pointing which shall an be election held the by qualified such city, w) hetiher they will ratify or joctsuch ordinance Those are. therefore. to notify the qualified votera the City of W heelin election will be held on Thursday the 25th of January same the places which charter election ill be held on that day and under be superinten of such persons as the Mayor may appoint. The election will be conducted all things accord ing the visions of ordinance of said city, An ordinance relation election of Mayor and other officers by the volers of the City of Wheel. ing and under the charter of said city All persons voting for the ratifica tion of the ordinance herein set forth shall have written print. ed on his ballot the words, For Rat and those voting against ratafication shall have written printed on his ballot the words, For Rejecaggregat amount of indebtedness of the City Wheeling issued and authorized by the said city date