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Show I TO BORROW $200,000,000. Plan to Ralie Money to Rebuild S?n Francisco. San Francisco. A plan Is now under un-der discussion hero by which It Is hoped to secure $200,000,000. Briefly, tho purpose ts to secure tho guarantee guaran-tee of tho United States upon bonds to that amount, which shall form a mortgngo on tho now construction. It was brought forward by former Mayor May-or James D. Fhclan at a meeting held Sunday, nt which wero present Congressman Con-gressman Julius Knhn of tho Fourth California district. Charles S. Wheolci and Banker S. G. Murphy. Mr. Pholnn later made tho following statement: "Tho purposo of this mooting was to discuss ways of providing capital for tho rebuilding of tho business houses of San Francisco. It Is estimated esti-mated by tho underwriters that wo have Buffered a loss of $200,000,000. This Is for tho most part represented In tho destruction of buildings by fire. It Is Impcratlvo that without delay now structures should go up on tho ruins of tho old. Now, with tho best will In tho world, there Is not sufficient suf-ficient money In San Francisco to do this, and wo must look for It elsewhere. else-where. If wo havo to borrow It through tho ordinary banking channels chan-nels wo will havo to pay 4, 5 and perhaps per-haps C per cent, which, added to tho Increased taxation wo will Indubitably havo to hear, will bo a burden tot great for us to carry. It Is tho Idea, therefore, to framo legislation, which Congressman Knhn will bo asked to presont to congress, recommending that tho United States guarantee cur bonds. With this guaranteo wo will bo able to go into tho financial markets mar-kets of tho world and borrow at 2 or 2 per cent ttho $200,000,000 wo need. Theso bonds should run for not less thnn fifty years. Tho proceeds of tholr salo would bo loaned on tho security se-curity of tho realty nnd tho now con. Btructlon; In other words, they would constitute a mortgago on tho best portion por-tion of tho now city." |