AMERICAN CONCERN FINANCING WATER WORKS CONSTRUCTION IN URUGUAY.
The first contract entered into by the American International Company, the new $50,000,000 corporation recently formed by Frank A. Vanderlip to promote foreign trade, is the financing the construction of sewerage and water works in Uruguay. The company’s statement making the announcement said: “The American International orporation has, in co-operation with the Ulen Construction Company, of Chicago, entered into a contract with the Government of Uruguay for the construction of sewerage and water works in the cities of Paysandu, Mercedes, and Salto, in the Republic of Uruguay. The contract price is $5,000,000 to be paid with 6 per cent, serial bonds of the Republic of Uruguay, running from six months to fifteen years. The National City Bank is named as fiscal agent for the issue. This may be considered a typical transaction, and one in direct line with the purposes for which the corporation was organized. The original contract was obtained by the Ulen Construction Company of Chicago, and the actual work is to be done by that company, the American International Corporation doing the financing. The American International Corporation, since the working out of this contract with Uruguay, has received numerous applications from other South American cities desiring to make public improvements under arrangements of this character, and these projects are now under investigation by representatives of the corporation in South America.”