Show TO BORROW 200000000 Plan to Raise Money to Rebuild Si Francisco San Francisco A plan Is now under un-der discussion here by which It Is hoped to secure 200000000 Briefly the purpose Is to secure the guarantee guaran-tee of the United States upon bonds to that amount which shall form a mortgage on the new construction It was brought forward by former Mayor May-or James D Phelan at a meeting held Sunday at which were present Congressman Con-gressman Julius Kahn of the Fourth California district Charles S Wheelei and Banker S C Murphy Mr Phelan later made tho following statement The purpose of this meeting was to discuss ways of providing capital for the rebuilding of the business houses of San Francisco It Is estimated esti-mated by the underwriters that wo have suffered a loss of 200000060 This Is for tho most part represented in the destruction of buildings by fire Lt is Imperative that without delay new structures should go up on tho ruins of the old Now with the best will In the world there Is not sufficient suf-ficient money In San Francisco to do this and we must look for It elsewhere else-where If we have to borrow it through the ordinary banking channels chan-nels wo will have to pay 4 5 and perhaps per-haps G per cent which added to the Increased taxation wo will Indubitably have to bear will be a burden tot great for us to carry It Is the idea therefore to frame legislation which Congressman Kahn will be asked to present to congress recommending that the United States guarantee our bonds With this guarantee we will bo able to go Into the financial markets mar-kets of the world and borrow at 2 or 2i4 per cent the J200000000 we need These bonds should run for not less than fifty years The proceeds of their sale would bo loaned on the security se-curity of tho realty and the new con structlon In other words they would constitute a mortgage on tho best portion por-tion of the new city |