The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-08-26
Local Stocks and Bonds Meeting
With Little Attention at Present

! lily marketable at established quotations in the
event of public deposits being reduced or called.
Among bonds answering this description the city
OF San Francisco. IS are undoubtedly the leading
| issue, and large volume of business has been
reported in these bonds during recent months.
The last public issue of the San Francisco rs.
amounting TO So 100000 was sold in February of
| this year to syndicate buying primarily for
the eastern market, under an agreement with the
| city by which the bonds TO be taken up
during period extending six months,
| the CITY needed the funds OF these bonds all
| city.
COMPARISON OF CITIES
While it is understood that good proper
ton. of the long term bonds have gone east the
local demand for the earlier moderate premium
maturities. for security for public de
poslts. is reported to be great that deliveries
Of these maturities have been disposed of locally
| by the purchasing syndicate in advance of their
delivery by the city.
1T is significant Of San Franchises credit
standing in the world at large that the bonds
| Of this city command prices that compare ia
Vorably with the issues of other large munich
| palites, measured by the low interest return
which investors are willing to accept. To illus
| trate: For every $1,000 put into municipal bonds
at present figures the purchaser would receive
| per
/ From San Francisco bonds. .............$ $50. 90
From Philadelphia bonds. ........ 81. 90
From Cincinna ii bonds. Observation-Disclosures. 81 so
| From Cleveland bonds. Observation-Disclosures. 81 SO
From ST. Louis bonds Observation-Disclosures. 3S so
| From Pittsburg bonds. ACKNOWLEDGEMENTS. 3T.U0
From Chicago bonds. NEUTRALITY-SUSPICIOUS.. IS. 80
From Minneapolis bonds ................. IS. 80
/ From Milwaukee bonds. ..........-..... 30. 90
From New York bonds. Observation-Disclosures. 80. 90
GOLD FOR JAPAN
| Some comment has been caused by the fact
that $4,000 900 in gold bullion has been shipped
| from San Francisco TO Japan during the last
| three months. The fact is, this movement of
gold has practically nothing do with the trade
relations between Japan and America. but orig
mates in London, from which center Japan is
Withdrawing large credit balance created some
/ time ago by the sale of bonds, and through the
ordinary operations of trade. Apparently the
Bank of Japan is building up its gold reserve,
just as the Bank of England and the Bank of
nient to ship from this port arranging by tele-
graphic transfer through New York and San
Francisco.
EXCHANGE IN AUGUST
Eastern exchange remains around par. the
! movement of dried fruits toward the Atlantic
| coast being later than usual this year.
! Foreign rates have a weaker tendency, due
/ not so much to an increase in exports TO
reduction of the large imports made in anticipa-
| ton of the notifications in the tariff There is.
however, an element of strength to he found in
the fact that about $50, 900, 900 has been Dor
| rowed abroad by finance bills which will have to
be repaid by the shipment of commodities before
any money can be transferred to this country.
| The silver market and oriental exchanges
have been remarkably steady. The situation is
quite puzZling to experts The production of the
white metal in Canada shows a wonderful in
/ crease, the Cobalt output for the year being
TINA ted at 20, 600. 600 The stock of bars
| in China amounts to about SIS. 900. 600. and
there is bull position in London of about $10.-
100000. India continues to absorb large quaint
ties of the metal, but every spot purchase is
| covered by the selling OF futures in London