The San Francisco call., 1907-01-17
Banker Fears City Bonds
Will Not Find Favor
Low Interest and
Exchange Rate
Detrimental


~The city street bonds cannot be
disposed of advantagcOusly for three
reasOns: Three and One-half per cent
interest, which the securities Dear is
considered too low. Again, the interest
is payabIe i'm San Francisco, which
makes 1T unpro6tabIe for Eastern cap
itaIists to buy the bonds, as the ex-
change would eat up portion OF the
profifs The most serious objection In
my opinion is that the bonds are seri-
ais. Bonds of this kind are undesfr-
able in New York markets. L would
advise voting a new issue."-Frank ID
Anderson. vice president Bank OF Cah-
fOrnia.
III expectations of members OF the
Merchants street Repair Association,
such as were expressed yesterday auer-
noon at a meeting of the Organi1atioh
at the Offices of the Merchants Assoc'a
tion in the Midway building, arc rear
ized. the repair of the neglected tnor-
ougbfares of the city VIII have Deeh
begun by next. Saturday, prior to tho
meeting. President Dufey OF tne
BOARD of Public Works was In con-
ference with the executive committee
of the merchants organization anu
said he would clean the streets SO that
the repair workers might work 10 ao-
vantage.
The merchants volunteered financial
support 10 the proposed improvements
and to solicit subscriptions.
Those who have interested them-
selves in the rehabilitation of the city
cut-up thoroughfares have decloeo 10
blaze a trail through one street at
time Fifth street looks to them about
as promising a lane for exploitation as
anv. and in consequence, II is SAID,
from Townsend street west. Funds for
the work are TO he raised as soon as
the strings to the mud-spattered mer-
chant purses are unbound.
Duffev has guaranteed to supply all
of the basalt blocks needed for street
Improvement. together with sand ana
gravel and also to transport THIS ma
terial. After conference with the city
official yesterday morning, the mer-
chants ascertained that the city would
put Howard street from East street to
Fifth in repair. also Market from Sec
ond street west and Kearny for ITS en-
tire length. Beyond this the Board OF
Works cannot assist.
IT was decided to call the attention of
the United Railroads to the condition of
Eighth street and demand that the
company repair the roadway between
Bryant and Townsend. The street was
in excellent condition prior to its up
heaval by the car company. The tracks
OF the road have been laid. but the
basaIt blocks between the tracks have
never been replaced. This condition
applies to Haight street and many other
neglected. half-finished improve
ments" of the Calhoun live-wire sys-
TEN.
The association has called tho
financiers of the city TO their aid to
determine what steps can be taken
to make the city bonds salable so that
the funds laid aside for the repair of
accepted streets will be available
James u. Phelan. Rudolph Spreckels,
Frank B. Anderson. Judge A. A. San
derson. f. r. Lilienthal, Wellington
Gregg and Herbert E. Law were invited
to submit their ideas. From these
seven committee will be elected.
In the opinion of Frank B. Anderson,
vice president of the Bank of Cali
fornia, the bonds are not available as
an investment.
He suggested that the present bonds
be Cancelled and a new issue voted. The
committee will take his suggestion un-
der advisement.
The following attended yesterdays
meeting: A. w. Scott Jr. of the Mer-
chants Repair Association; c. A. War
rem, Charles Healey. Nathan Harris, j.
4. Kruse. A. A. Watkins, j. Sloss, G.
Coburn. S. Wagner, j. Blumlein, F. w.
Sicklein. H. p. More, G. g. Cooper. r.
NJ. Hotaling. F. r. Lilientha1, A. B.
Fernwick, Captain Matson J. Rolph.
w G. Stafford. Thomas Morton. G. r.
Sheath, A. r. Stone. George Clark, T. F.
White, ]. Whitmore, r. Malcom. L. c.
Sheldon. f. T. Cruise. W. Wiley, John
Rapp Jr., f. E. Magee, F. G. Buckbee,
Albert Herman, ]. A Drinkhouse. L.
Hough. f. Rodolph, A. F. Mitchell, J..
Hazlett. J. ]. Fagan, E. Kelly, w. T.
Gallagher. ]. Nerniel. NJ. Joost, L.
Jacobs and F. ". Marvin.