| Show TO BORROW plan to raise money to rebuild sm francisco san francisco A plan Is now un dor der eulon hole by which bich it Is hoped to secure tae ithe purpose Is to secure the guaran tee of the united states upon bonds to that amount i alch fell shall bolm a mortgage on the new construction it was mas brought forward by former may or james D phelan at a meeting held sunday at which were present con pressman gressman julius kalin of the fourth california dasti let charles 8 sheelei and hanker banker S 0 murphy mr air phelan litter later made the following statement I 1 the purpose of this meeting w was as to discuss maa of providing capital tor for the rebuilding of the business hower of san francisco it it la estl mated by the underwriters that mat we baab 0 lola g olt oj 0 atan 01 this la Is tor for the most part pait pai t represented in the destruction of buildings by fire it Is imperative that without delay new structures should go ga up ill on the ruins of the old now with the best beat will in tho ahn world there la Is riot not but money in san francisco to do this and we must look for it else where it we have to borrow it through the ordinary banking chan nels nela se me will have to pay 4 5 and per haps 0 6 per cent which added to the increased taxation we will mill indubitably have to bear will be a burdin burden tol to great tor for us ua to carry it la is the idea therefore to frame legislation which congressman kaan will be asked to present pro Bent to congress recommending that the united states guarantee our bonds alth avith this guarantee we will be able to go into the financial mar bets of the world orld and borrow at 2 or 24 per cent ahe he we need these bonds should run for riot not less than fifty sears iho proceeds of their sale would be loaned on the se be carity of the realty and the new construction st in other words they would mould constitute a mortgage on the best por par tion of tile the new city |
