The San Francisco call., 1908-05-09
CHANGES FRONT ON
| INTEREST ON BONDS
Building Trades Council Opposes
Proposed Issue, Declaring
Rate Too High

| The executive committee of the
building trades council, of which p. II.
Mccarthy is president, has passed res
olutions opposing the bond issue pro-
jects to be voted upon at the special
election next Monday. The principal rea-
son advanced for the course is that the
rate of interest, per cent. to be paid
on the. new bonds is too high, not
withstanding the fact that the men
who are now leading the opposition.
in August, 1907, objected to the 3h
| per cent rate fixed for the school bonds
offered for sale at that time on the
| ground that the interest was too low
They went so far as to bid for a por-
| tion of the school bonds and later ap-
| pealed to the supervisors for permis-
/ sion to recall their bid because the
| 3N per cent rate of interest was not
sufficient. Their petition was granted
and the $1,000 certified check deposited
| by them with the bid was returned.
OBJECTS TO Low INTEREST
Their position on the interest ques-
| tion in August, 1907, is evidenced by
the following letter sent by local %.
! OF the Mccarthy organizations, to the
supervisors:
| To the Honorable. the Board Of Supervisors OF
men: Local al No. | 22 united ed brotherhood Of car
penters and Joiners of America, your petitioner
and shows m that otn On the o
| sale OF school bonds of the city and county OF
San Francisco, it fled with your honorable board
series of denomination of 81. 900. the same to be
delivered on after July 1. 1907, and in con,
check in the sum Of ST 900 with said bid.
That on the 18th day OF April, 1907, your
series). awarded to it certain school bonds OF
said thirteenth series, aggregating the sum Of
$4,000, subject to call on or after the LIST day
That subsequent events have arisen between
the date Of filing said bid and the present time
which lead yourSpetitioner to request the recall
! follows:
bonds was the filing of but two bids in amounts
insufficient to construct one schoolhouse. It be-
ing h antlcpated by your pesitSnsr tnat su1nSie1.
erection OF several buildings.
the ne rate rat pep ss fSa5 2
market rate of other securities and that your
| petitioner has learned that it is the intention
| Of certain civic organizations of the city and
county of San Francisco to submit TO the cleo
tors proposals to amend the charter whereby
the rate per centum on bonds of the city and
county Of San Francisco may be increased to
such sum as to permit OF their ready sale
Wherefore, in view Of the aforesaid condi- d
tions, petitioner requests leave to recall its
bid and to withdraw its certified check in the
sum Of $1,000, in order that If said per csntum
take advantage Of the increased rate OF interest
when bonds are offered for SALE Respectfully
/
JOHN T. BURNS, Recording Secretary.
OTHER UNIONS APPROVE
The present opposition to the bond
project is attributed to spitework on
the part of Mccarthy, who was de-
feated forothe office of mayor at the
| last election.
/ Carpenters union 4S3, one of the
strongest labor organizations in this
city, passed a resolution last Monday.
| indorsing all of the bond propositions
and pledging the support OF the mem
bers at the polls. The union also in
structed delegates to the district coan-
! Gil of carpenters TO urge that body to
stand by the bond projects. The coun-
ell met Wednesday night and the
members unanimously passed a resolu-
tion indorsing all of the bond projects
which have been submitted to the elec-
tors for their approval or rejection
next Monday