The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-01-24

bricks went to $12.50 a thou
sand, and imported cement was
$3.1O barrel Prices in gen
eral have subsidized to a level
somewhat below that which
prevailed before the earth
quake, lumber being $14 a
thousand feet and bricks 50
a thousand
Optimism Prevalent
Undoubtedly the financial de-
preston of 1897 had much to
do with the present downward
tendency of prices. Though
a blessing very much dis
guised, the panic was unques
tionably "a blessing to San
Francisco. For such is the OPP
timism of these people that
there was grave danger OF
their entering on an inflated
building boom" ard over
building, far beyond any pos
sible needs Of the city. The
panic made building cheaper
for those could afford to build
at all, but prevented much
wild speculation. At present
there seems little probability
of the building operations
keeping more than even pace
with the demand. The present
needs for Offices and shops
have pretty nearly been sup
piled. The era OF building
business blocks must soon give
place to an era devoted to con-
structing public buildings.
schools, theaters, libraries, hos
pitfalls and churches. Then must
follow an extension of facte-
ries and docks. And by that
time, If San Francisco optim-
lists are right, there will be
a fresh demand for offices and
business blocks.
And here it should be said
that every man in this ener-
getic city seems TO be an OPP
timist. After having talked
with prominent men In every
department of life, your cor
respondent finally said to
young barrister who had IN
troduced him around the cluD,
Now show me a pessimlst l
want TO hear the other side
of this story" To this the
gentleman replied, after some
thought, 4 don't know any
pessimists, unless 1t is old
Mr.. , who has got his
millions and gone to the
country to live" The un-
bounded confidence of the
people of San Francisco is Well
shown In the way land values
have been maintained in the
last two years. Prices have
remained practically station
airy. while sales, though not
SO great as in the phenomenal
year of 1905, have been about
the same as in years previous
Ia that. Land sales in 1904
amounted to s45,000,00o, in
1907 to $31 ,0oo,0 900. while In
1908 they will not fall behind
SAC. 900 600. 1t is notable that
at the time of the fire the
mortgage Indebtedness OF the.
city was $50, 100000, or about
1s per cent of the actual value
of the property. This is prob
ably the smallest mortgage
percentage of any American
city, and will allow of much
heavier borrowing if neces-
sary. But undoubtedly mort
cages on property within the
burned area, on which all In
come has ceased. will force
much land into the market
within the next two years. and
may even cause the market TO
break to some extent. Any
great reductions. however, are
not to be expected.
The City's Credit
recent test of the increase
of confidence in the future OF
this city among eastern busi-s
nessmen. and the consequent
influx of capital, was the sale
on September of city bonds.
At the beginning of 1908 the
only debt of the city was a
single issue OF 31a per cent
bonds, amounting in an to
s3,436. 600, less than l per
cent of the assessed valuation
year a new 5 per cent bond
issue of $17,160,0o0 was au-
thorized to be applied for the
provision of fire protection,
schools. hospitals, etc. Only
$4,000, 900, of these bonds have
as yet been put on sale. and
they were subscribed for many
times over An eastern Sc
curity company, It. III. Rollins
& Co, sent out several finan-
cial experts to examine into
conditions before investing. In
their private report to their
New York office were the fol-
lowing statements:
It is practically impossible for any
one who has not been in San Francisco
recently to comprehend thu wonderful
recovery of the city. On every hand
are evidences of active business and
prosperity. In our drive along the wa
ter front we are reminded Of conditions
As they exist in New York, and we
firmly believe that San Francisco is as
important Q city to the Pacific coast
as is New York to the Atlantic
coast. In regard to the issue
Of per cent bonds Of the city, which
are to be sold on September s, we con-
slider them an absolutely safe and