El Paso daily herald. (El Paso, Tex.) 1881-1901, 1898-12-08
CITY BONDS
in DEMAND.
Capitalists CIamoring To Buy
The Three Issues.
MANY LETTERS RECEIVED
Bankers and Brokers, in Every City
of Importance from Dallas to New
York, are Eager to Invest Their
CAPITAL in Our Municipal Bonds.

VI llAIOl duC u ~ N'O"
York, r Eager to Invest Their
Capital in Our Municipal Bonds.
If any one thinks that Ell Paso's Sc
curities are not gilt edged he is sadly
mistaken. Whenever this city issues
bonds, no matter for what purpose,
bankers and brokers are clamorous in
their efforts to invest their capital In
them and figuratively speaking, fall
over one another in endeavoripg 10
buy up the entire issue.
1t was toward the end Of last October
that the city council decided to issue
three sets of municipal bonds, ag-
gregating ISL, 900, land the next day
after the adoption of the ordinances to
that effect, pub ALLEGATION of the fact was
made in the HERALD. Only q short
time had elapsed thereafter until let
ters began to pour in upon the mayor
and city clerk in a n hat took
their breath away.
They came from bankers and others
In nearly every city Of commercial i'm.
portance In the United States, east OF
the Rocky mountains. Chicago, New
York, Boston, and even Dallas, Texas,
were heard from. Each letter con-
tanned an earnest appeal to the mayor:
the writer of each insisting on being
remembered when the bonds are Of
fered for sale o requesting that he
be furnished with all necessary in
formation concerning the three issues
In advance To answer all these let
tiers IL will be necessary for the city
clerk to employ q type writer.
From among the large stock OF let
tiers now piled on q table In the
mayors Office q HERALD reporter pick
ed up one at random, yesterday morn
ing and obtained permission from the
clerk to copy 1t.
Tt "a hnt nna ~ tho nnonu h1f oil aro
similar In tenor to it.. The letter fol-
lows:
CHICAGO, Nov. IS, 1898.
''The mayor of Ell Paso, Texas.
"Desr Sir: We understand that an
election will be held in your city early
next week on the question of issuing
S51 900 school, city hall, and r~efunding
bonds and we write to ask that you
kindly advise US promptly as to the
decision Of the people In this mat
ter.
IF any or all Of the bonds are voted
we should be pleased to consider their
purchase and to that end would like
to have q description of them on the
enclosed blank.
SIS it your opinion that these bonds
when ready for sale will be advertised
vately would be entertained?
"Find herewith stamped envelope
for your reply.
"Your truly,
an. w. Harris and Go.
Bankers, Chicago, New York, and
Boston,"
lust why Ell Paso's bonds are in such
demand Is not known. 1t might how
ever be considered as an evidence of
the faith reposed In Ell PasO's future
by %inauciers. II they were not con-
WINGED hat b is destined to become
the leading city Of the great southwest
they would not be SO anxious to buy
her securities.
Another irresistible inducement to
foreign investors may be the rate of
interest paid on the municipal bonds of
this city. While it Is conceded that
the investment in Ell Paso's bonds is
absolutely safe the rat of interest
paid is larger than than on any other
perfectly secure Investment.
Cities like new New York only pay q
very small per cent. The last issues
OF Ell Psso municipal bonds are bear
ing 6 per cent interest while the is
sues now about to be marketed are to
bear 8 per cent.