The San Francisco call., 1910-05-07
HEALTHY tone
BACKS FEELING
OF UNCERTAINTY
Coast Feels New York Situation,
but Local indications Are
Favorable
Spring Valley Leads in Stock
Activity, but Definite News
Is Awaited
By PAUL SINSHEIMER


By a local banker the financial sit
uation in san Francisco has been de-
scribed as between hay and grass. -
The same feeling of uncertainty that
prevails in New York has been reflected
on the Pacific coast The reports to
The superintendent Of banks tell of a
healthy tone throughout the state but
new enterprises wait 10 some extent
upon the movement OF the crops. Con-
ditions generally are ascribed in finan-
cial circles TO the pending legislation,
especially that affecting the railroads
Improvements contemplated include
the extension OF harbor facilities both
here and on the other side of the bay
Interest attaches especially to the bet
1ermeuts projected by the Key Route
and the possible effect on the terminal
facilities OF the Santa Fe.
BIG RANCHES SOLD
While building operations and city
~ealty transactions maintain their usual
levels, the sale of some Of the state
hig ranches has been the noteworthy
feature Of the week Some Of the pur-
chases have been speculative oil en-
terprises. but for the most part the
larSe tracts have been acquired for the
purposes OF farm subdivision. The sa lie
of the Marsh ranch in Contra Costa
county TO Baifour. Guthrie & Co. at a
reported price Of S650.000 was the larg-
est Of these transactions There were
many transfers of smaller size in the
interior and lower coast counties.
Spring Valley has been the leader of
The week on the stock ana bond eX-
change. with sales approximating $500
81 T. .s.l H, h. D,
newal OF overtures on the part of the
city looking 10 the purchase of the
property. From - il was run up to
4S 5-S. Trading was less active during
the latter part Of the week in the alb
sence Of any definite statement from
tie mayor or the president of the
company.
l1arly in the year there was a heavy
speculation in the stock at high prices
during the negotiations between the
city and the company. After the jan
uary election the stock fell abruptly,
but sudened on the satisfactory fnan-
cial showing. IN sympathy with east
ern liquidation, the price had dropped
10 - when the supervisors put forth
buy.
WAITING FOR MAYOR
In the meantime the formation of
subsidiary companies by Spring Valley
interests has given rise to the report
thar preparations were under way to
anticipate the policy Of the new ad-
ministration. There is an inclination
TO await authoritative announcement,
which, il is said. viii not be forth
coming until the return of the mayor
from Washington.
Alaska packers has maintained it's
strength upon reports from the north.
The ships have for the most part
reached their destination without mis-
hap II is stated that none Of the
Alaska salmon canneries IS in a posi-
tion TO make new sales Of great size,
as practically the entire output has
already been contracted
Associated oil has continued in good
demand. selling between 81 and 52k.
The report from New York of the
prospective sale OF this property had no
. sppreciable effect upon the local mar
ket It met with quick denial and was
not given credence in the street. 1t
was pointed out that suclSa sale would
mark a reversal Of the well known
policy Of the Southern Pacific to de-
velop its potential fuel resources.
PICKETT BILL 4 MENACE
The oil market generally, however,
has been restricted during the week
The menace of the Pickett bill has
caused an appreciable decrease in large
transactions. There is a belief, amount
ing to conviction, that the objection
able features Of this measure will be
eliminated. but while the danger is
present il viii be reflected in the oil
market. A delegation of Californians
is now on the way to Washington to
petition for amendments to the bill
The promise of more active trading
in oil stocks is contained in the ANAL
gamation with the mining exchange.
The growing interest in petroleum Sc
curities is further evidenced by the
intention Of the stock and bond ex-
change 10 list more of the higher class
oil stocks.
The popular oil stocks showed some
heaviness during the week, Palmer
shading off to sl25 With few ex-
ceptions the issues were inactive.
Union sugar was again in demand
advancing TO 76. There was some un-
certainty in the Hawaiian group over
rumors Of labor troubles, but prices
as whole were fairly Wen maintained
IN the unlisted stocks. Pacific gas
and electric met with ready sales at
prices from 55 Z to 56. Preferred sold
at ssk ex dividend OF $L50.
BONDS IMPROVE
There was a slight improvement in
the. bond market during the week on
reports of successful fiotations abroad
There was inquiry for Spring Valley
foUrs, California Gas and Electric fives
and Pacific Telephone fives. Some San
Francisco North Pacific bonds were
purchased at 1O5 for investment. Ocean
Shore bonds. offered at $50 found no
takers. Municipals continued dull and
heavy.