Los Angeles herald., 1909-07-27
ABLE TO CARRY
HARBOR PROJECT
LOS ANGELES CAN TAKE CARE
OF UNDERTAKING
BANKERS SAY CITY'S PLEDGES
WILL EE REDEEMED
Substantial Business Men Agree That
Consolidation Plans and Aque-
duct Work Can Both Be
Handled Easily

Statements so frequently made when
the aqueduct was proposed that the
undertaking would be the ruination of
Los Angeles are now actually being put
forward against the harbor undertake
ing by representatives of interests hay
ing private ends to gain by defeat of
consolidation. 1t is now argued that
the harbor is too big an undertaking
for Los Angeles to shoulder, especially
when the aqueduct plans are con-
sidered.
The argument is very little used in
Los Angeles, but is being advanced at
the harbor cities in the hope of casting
doubt on the ability of Los Angeles to
make good on her pledges as to har-
Dor Improvement. Members of the San
Pedro and Wilmington consolidation
committees do not believe that it will
have much influence, as they frequent
ly have challenged the opposition for
proof of single instance where Los
Angeles has failed to carry through
any public undertaking, and none has
been produced so far.
Bankers Confident
Men connected with the banking in
terests of Los Angeles who are in
timately familiar with the citys fin
duCtS ctT0 6IllpHdllC III SldliIB that
the harbor and aqueduct investments
combined will not prove burden
which will be appreciable, but on the
contrary the returns will be so great
that they can hardly be estimated.
When the consolidation committee
was formed the Los Angeles banks
were represented in the membership by
Stoddard Jess, vice president of the
First National, who was made chair
man of the committee; M. p. Snyder,
president of the California Savings
bank, and William d. Stephens, vice
president of the American National
bank. They are men who have lived in
Los Angeles many years and who
know the city's limits and possibilities
thoroughly.
All three take the stand that Los
Angeles cannot possibly feel the aque-
duct and harbor investments except in
the way of prosperity, and that no
citizen will realize that any burden has
been imposed through the bonds. They
hold emphatically that the direct re-
turns will take care of the payments,
and that the expenditure of the money
necessary in itself must prove of great
benefit. while the indirect returns are
almost incalculable.
Old Arguments Revamped
Il am not surprised that this argu-
ment is brought out again to be used
against the harbor," said Mr.. Jess
yesterday. II can remember when we
were told that the aqueduct undertake
ing would blast Los Angeles forever.
We have found out that exactly the OPP
posite is true, and we shall see the
same thing as to the harbor. l have
lived in Los Angeles a great many
years and have often heard such argu-
ments advanced, but on the contrary
have seen Los Angeles go steadily
ahead.
Both the aqueduct and the harbor
are investments. Neither Is an under
taking like, for instance, the building
of a great city hall, from which there
can be no large returns. If that were
the case there might be some reason
in fearing that the expenditure would
be a burden. The returns, however,
will be so great that each investment
will take care of itself. Not a single
citizen of the consolidated city can
possibly feel that a greater burden has
been placed on him through the aque-
duct or harbor bonds.
City VIII Forge Ahead
Instead, we shall see the city forge
ahead tremendously and every man
Before an outlay becomes necessary
both the aqueduct and the harbor will
be in position to take care of it."
Il cannot see how the taxpayers will
feel the expense of building the aque-
duct and the harbor except beneficial
ly," said William d. Stephens. LAS a
matter of fact instead of anything like
deficit, we shall see a large fund of
money eventually available for enter
prises which the city should take up.
For instance, as Los Angeles will al
ways be so prominent as a resort city,
1 should like to see a great scheme of
park and amusement improvement
worked out; we shall have the money
for this from the power end of the
owens river aqueduct alone. That is
perhaps a long time in the future, but
it is none the less feasible.
Business viii Grow
ut has been advanced that through
her great municipal enterprises Los
Angeles will become a city without
taxes, the utilities furnishing the reve-
nue., but do not hold that view. With
the harbor the aim will be, l think,
so to reduce charges and offer greater
opportunity for establishment of manu-
featuring and other businesses through
the advantage of adequate shipping adj
vantages and low port expenses that
the consequent business growth will
be great. Instead of aiming to make
a direct profit from the harbor, the
principle should be that of building up
the city through a free and public
harbor with all facilities at the lowest
practicable rates
"At the same time the power end
of the aqueduct is bound to bring in
great revenue above the sinking fund
and interest requirements, and this
may be utilized for the good of the
city in numerous ways. And it can
be done without any pressure on the
average citizen in the way of heavier
taxes. I cannot see how it can be
argued that Los Angeles is unable to
shoulder this burden when. in fact, 1t
will not be a burden at all
Former Mayor M. P. Snyder is as
emphatic in his opinion that the big
plans under way and proposed by Los
Angeles will in every way make for the
prosperity of every class of citizens.
viii Tighten Burdens
"Will the harbor project, supple
menting the aqueduct, prove oppressive
to the taxpayers? I take exactly the
opposite view" he said last night I'm
the first place, nearly all the money