Los Angeles herald., 1908-07-12
AQUEDUCT BONDS
TO BE FASHION
SYNDICATE WILL ADVERTISE
LOS ANGELES
MUST BOOST WATER PROJECT
IN MARKETS OF WORLD
Contractors Eager to Enter Into COM
petition Now Payment for Work
Is Assured When Conn.,
pIeted

Interest in the construction of the
Owens river aqueduct is greatly slim
ulated among contractors and a large
number of them called on the board
of public works yesterday and signified
their intention of entering into COM
petition for contracts, when bids for
various portions of the construction
shall be called for.
That they are willing to place their
figures much lower now they believe
the entire project is financed and the
money will be on hand at times stipu-
lated, was a statement often made yes
terday.
Los Angeles aqueduct bonds are to
be made the fashion in the money CEN
tiers of the world and this city prob
ably will receive some of the best and
most extensive advertising it has ever
been given.
of the big bond firms which bought
the entire issue of $23,000,000 OF the
securities, still unsold, said before he
left for San Francisco:
LOS Angeles water bonds are going
to be the style in the financial centers
of the world for the next four years.
They have to be In order that we can
make a fair profit on the transaction
and we will advertise them extensively
with all the means at our command.
For some time to come the biggest
banking houses in the world will talk
practically nothing but Owens river
bonds and Los Angeles and they Will
talk to men of affairs who Will be
fayorably impressed with the propo-
sition. They have to be favorably i'm
pressed in order to purchase the bonds,
and as it is our business to sell them
to an advantage it will become our
business to see they are favorably i'm
pressed.
"If these New York banking firms
did not have the utmost confidence In
Los Angeles and it's ability to fulfill
its contracts and carry out its big water
project, you may rest assured they
would make no efforts to get these
bonds. The fact we have bought not
a portion but the entire issue of bonds
is proof positive of our position in this
matter.
"We like your bonds SO we'll we are
coming down here when you vote the
issue for good roads and get those as
well, if we can"
1t is expected the first installment
of money for the bonds will be paid
to the city within few days, and from
then on money will flow into the mu-
nicipal Golfers in accordance with the
following contract, which was signed
yesterday:
I'm reference to the sale by the city
of Los Angeles of the bonds now I'M
sold of the $23,000,000 issue authorized
by the voters of Los Angeles June IL,
1907, we hereby submit the following
proposal, to wit:
"We will purchase $2,040, 900 of said
bonds, bearing interest at the rate of
Az per cent per annum, payable semi
annually, at the price of par and one
quarter of one per cent, plus accrued
interest to date of delivery, to be paid
for as delivered, which shall be as fol-
lows;
zone million and twenty thousand
dollars of said bonds on or before fif-
teen days after the blank bonds have
been received by the city of Los An
geles from the American Bank Note
company.
give hundred and ten thousand dol
lars of said bonds on or before twenty
days after the delivery of the said
$1.020000 of said bonds.
Give hundred and ten thousand dol
lars of said bonds on October 10, 1908.
or prior thereto, if we so elect
I'VE Will purchase an additional
5000, 900 of said bonds, bearing in
terest at the rate of u per cent per
annum, payable semi-annually at the
price of par and one-quarter of one
per cent, plus accrued interest to date
OF delivery to be paid for as delivered,
which shall be as follows:
Eight hundred and sixteen thousand
dollars Of said bonds on February 1,
1909.
Eight hundred and sixteen thousand
dollars OF said bonds on April 1, 1909.
or at such earlier date not prior to
February l. 1909. as we may elect.
-Four hundred and eight thousand
dollars OF said bonds ON June 1, 1909,
or at such earlier date. not prior to
February l, 1909, as we may elect.
"Said proposal, however being sub
ject to the following conditions,
namely:
"That said city shall give to us the