The herald., 1895-06-20
BOGUS SECURITIES
''''' '(i'[1(;'i q los ANGELES
A Block of Bonds of This
City Offered Cheap
BEAR INTEREST
AT TEN PER CENT
Purported to Be Sewer Inn
prOvement Bonds
AN AGENT HERE
TO INVESTIGATE 1T
A New York House Was Offered the
Paper
SPIRITED BIDDING FOR
THE OTHER BONDS
The Credit Of This City Is Exceptionally
Good
All of the Leading Bond-Buying Houses
Will Be Represented Here When the
Bids for the School, headworks
and Jail Bonds Are
Opened on nonday
Next
SPIRITED BIDDING FOR
THE OTHER BONDS
The Credit Of This City Is Exceptionally
Good

Forty thousand dollars worth of securi-
ties puprorting to be backed by the credit
of the City of Los Angeles, are being
peddled among some of the leading
financial houses of the east, being offered
fer sale at a bargain.
The paper purports to be sewer and
public improvement bonds. bearing in
terest at 10 per cent per annum and was, a
little more than one week ago, rendered
to G. II. White e. Co., one of the leading
firms Of private bankers in New York
City. G. II. White &c Co. do business at
72 Broadway, New York City, and main
tain branch house at S25 Monadnock,
Chicago. where they are represented BY
P. T. White. The latter is at present
in this city at the Westminster hotel,
having arrived here yesterday morning
from Idaho by way of San Francisco.
1t was while in the latter city tn at MIR.
Wuite received a telegram informing HIM
of the offer having been made to his house
to dispose of the 10 per cent block of
egram was sent co him so that he coulI
investigate the matter here upon the
grouad. Los Angeles municipal bonds
bearing 10 per cent interest aIe not en-
countered in the financial world every day,
and tine eyes of G. II. White g. Co. must
have protruded several inches when the
snap came under their notice,
2. L. White has been sent here to bid
upon the headworks. jail and school
ponds, the bids for which are to be
opened next Monday. He tarried en-
route for the purpose of buying up
100000 issue of state of Idaho bonds,
and when he arrived here at once made
his way to the Office Of City Clerk Charles
+. Luckenbach to investigate the ten per
cent securities. He was not surprised
when informed that no such securities
as those he quoted had been issued by
the city, and at once telegraphed his prin-
cipals in New York for further particu-
lars. No reply to this has yet been re-
ceved.
Mr.. White states that all of the leading
New ork city bond buying houses will
be represented when the council opens
the bids tor the Jail, heal works and
school bonds at l O'Clock on Monday
morning. and the bidding upon these Sc
curities will be found TO have been very
lively and remarkably close. Mr.. White
Is, however, OF the opinion that the re-
funding bonds will not, IN view of Judge
Dillon's recent opinion. find very ready
sale.
The gentleman states that the credit of
this city in the east is exceptionally good.
Free silver, Mr.. White thinks, Is not up
permost in the minds of the people of the
states that in Washington and Or, gon,
where he has just been. the idea has
nearly all oied out. Mr.. White thinks
that either Harrison. Mckinley or Reed,
with Robert I. Lincoln as dark horse,
inee next year. Regar ding the PROBABLE
Democratic candidate. he would venture
no opinion.