The San Francisco call., 1908-09-26
>alrs Page Of Commercial News

500. coo, 600 As this traffic must be handled
by two transeontinental lines. it is apparent that
their rolling stock VIII be Kept Ialris ousy, aa'.
shortages But there is relieving advantage N
the fact that various crops are shipped az an
ferent seasons, the movement beng practIcAiiy
continuous throughout the year.
MOVEMENT DOWN TOWN
The rapid expansion of the oil industry and
the development of electrical energy In the wafer
falls of the Sierra make il certain that the PROB
lem of inexpensive operation for manufacturing
plants Will be speedily solved Several great
power projects involving the expenditure OF east
millions under way, and the Sacramento
valley is already crlsscrossed with transmission
lines
The erection Of needed buildings goes forward
with normal rapidity in San Francisco. the build
lug contracts officially recorded averaging $780,
900 week Although money is little more
easily obtainable first class mortgage security.
rates of interest remain unchanged, and but
little outside money is loaned
"A stimulating effect retail trades during
the next six months viii be the movement OF the
large stores from Van Ness avenue TO the old
shopping district down town. Within week the
Emporium will be established in it's former guar
ters in Market street sherman. Clay & Co..
Hale Bros and many lesser concerns have been
down town for some months. Among the lead
ing retail stores which making preparations
to move by the first of the year or soon after are:
I,;e yT,fto t1.nea tto fsit Sof rsris ,Srr syoofs
company. Shreve d Co.. Davis. SchoIwasser 4
Co. W. s J. Sloane; Nathan -Doilrnann company;
O'Connor Mofatt & Co.; Roos Bros: Armand
Cailleau. Inc; Gantner 6 Mattern. and others
The effect of this exodus, besides reducing the
enormous Insurance charges 3ppIeU IN IIe ten
porary shopping district. VIII be 10 draw trade
from the traasbay towns by making the stores
more easily accessible from the Jerry building. II
will also tend 10 NIL up the noccupied Offices and
sa:esrooms in the restored area because the
leaders will draw in their wake train of lesser
concerns which find it TO their advantage 10 op-
crate the center of trade.
LOCAL FINANCES
In its financial phases the situation is al
that could be desired in the city and throughout
the state generally. Deposits upon slow and
gradual increase, and the demand for loans has
been less than anticipated. owing TO the quick
turns from products marketed through uncork
gested traffic channels.
"A factor OF much significance this month was
the sale OF S3,2Se,0O0 per cent city bonds to
E. ii. Rollins x Sons and n. ". Harris & Co.
The price paid was So. .5i4 $50 and accrued in
terest making the basis OF interest charges 4.4e
per cent. Most of the bonds will be placed in
the east, though portion have been repur-
chased by San Francisco banks for deposit with
the city treasurer TO secure city deposits. These
bonds the first of authorized issue Of $1S,-
200. .OG0, and the Others viii be issued the
money is needed for city improvements
Heretofore San Francisco has been remarkably
free from municipal debt. the bonded obligations
of the city being less than So 500 OcO With an
assessment roll of S454, Goo. .OO0 a total revenue
of $S 500 900 annually and lower tax rate than
any other city in California, the credit OF Sar
Francisco should be ample for all. demands.
MOVEMENTS OF EXCHANGE IN SEPTEMBER
Exchange operations on Europe have beer
quite limited ia this market, due to the fulfill
menJ of all contracts for the shipment Of dried
apricots. the export season for which Is practi
caIly over.
..ifhe market for silver has shown very little
buoyancy. The most important faetor-India-
owing 10 the disturbed state of the country and
the after effects of the famine, prefers TO sell
council bills London rather than to import the
white metal China seems to be flooded with
silver and is eager seller to India, thereby
keeping the price wavering around 52c.
Eastern exchange in this city is at the low
level usual TO the time of year. the shipment OF
products creating large credit balances in At
laatic centers."