This official speech, and included history of the bonds, revolves around two points: the spontaneous, criminal act of Walter Stanton; and the seemingly unrelated, but causal nature of a law limiting the indebtedness of any Californian city. Mayor Stone indicates that the city wouldn't be in the straits it's in, from Stanton's act, if the new law had not forced the city's hand to create bonds with Coffin & Stanton.

Notables: City Water Company, Holland Trust Company, James A Hall, Risdon Iron Works, Dunn & Company, Supreme Court of the United States