The San Francisco call., 1913-10-22
INF PROVED TONE
ON THE MARKE I
Carnival Spirit and Firmer
Prices on the Local
Exchange
Despite the

Despite the fact that the carnival
spirit pervaded the San Francisco
Stock and Bond exchange, there was
an improved tone in the market for
local securities today. In the morn
ing session business was light, though
prices generally held firm, while sew
eral securities showed an upward
trend. Pacific Gas and Electric SIS.
spring Valley Water As and Pacific
Ieiepnone and Telegraph 5s advanced
iractionally with sale orEwo each
The only activity among the listed
stocks was in Associated OIL and
Alaska Packers, both showing gains
In sales of so shares of the former
and 80 shares of the latter.
X
INSURANCE STOCK BOUGHT
Definite news was received in this
city today that the Union. Assurance
company company Of London has exercised its
option and acquired all OF the 10000
shares OF outstanding stock of the
california Insurance company of this
city at 30 per share. This makes the
purcnase price Of the California; cor
poration approximately s1,o00, 900.
Ine negotiations, which were success
Iuily concluded yesterday. were in
,,tiated and carried through by will
nam Ihomas of the firm OF Thomas.
Bede & Lanigan, attorneys.
OIL DEAL Is APPROVED
!, According to a New York dispatch.
the share holders of Mays Consoii-
GATED Oil company have approved the
taken over BY the the L to be
company, subsidiary of the She'll
Royal Dutch combine, for s1,o50.O0o
IN cash OF total purchase price.
-
PETROLEUM ACTIVITY
Increasing use of petroleum for
water navigation may be pointed to
as one of the main reasons for the
unprecedented activity In oil explora-
ing mon at att the present time The increas-
gasoline requirements, the heavier
demand for oil for stationary engines,
larger fuel oil requirements for loco
motives and the gradually enlarged
the world over has contributed to the
necessity for larger petroleum pro-
dcuction. Probably the chief factor.
however, Is the gradual replacement
OF coal with oil on the sea-
The United States has abandoned
coal In plans for all new battleships
The British admiralty several months
ago decided finally to supplant coal
The Gerpan government has appar-
emily decided to take the same course
ana IL may be only a short time be-
fore all the navies Will use the liquid
The English companies. however.
are leading in the campaign for
the discovery of petroleum at the
present time. In Mexico is found
Lord Cowdray's Mexican Eagle COM
pany. 1t is estimated that $4,000. .0oe
British capital has beef invested in
Mexicsn petroleum properties. And
now the Royal-Dutch- Shell combine
HI onr n Ina to
tering the fields of California and
gives promise of investing a larger
sum here than the total amount OF
British capital in Mexicos oil fields.
y
UNION PACIFfC'S EXTRA.
Having been disposed of-for the
time being. at least--the Union Pacific
extra is not matter of live in
terest. But in anticipation OF the day
OF its revival, the convertible bond
owners are wondering whether dis
cussion in the Union Pacif1c board
embraced any mention of compensa-
tion for loss to them through the
possible reduction in Unions dividend.
This issue Of per cent convertibles--
originally s75. 900, 900 in amount-was
offered to Union Pacific share holders
at 80, in 1907. about point or SO
under the present price. On the basis
OF conversion into stock at It's, the
swap becomes profitable when the
stock sells above 1571z. but IL will
readily be seen that the chances of
Union Pacific reaching this figure.
with its surplus dividend, and divi-
dend cut even to s per cent. are not
so a1luring, says the Wall Street Jour
nal. The convertible option on the
bonds does not expire until July /.
1917.
TO REDEEM ITS BONDS
The sinking sund trustee for the
Mexican Petroleum companY's first
lien and refunding 6 per cent bonds
invites proposals for the sale OF as
many bonds as can be purchased with
Sill. $50. AS the latest market price
of the bonds was 50, this sum will
likely redeem more than an equal
amount of the S5,745,000 bonds out
standing. These bonds were largely
issued last year. and this Is the frst
call for sales to the sinking fund
THE COTTON MARKET
LIVERPOOL. Oct. 22.-Cotton due 4MGs
lower Opened steady. 102 lower. At 1915
very steady. net sha5 highsrx At p: m
crate demand. higher at I.s+ Sales. 1000.
including 5000 American.
NEW YORK. Oct. 22.-New York is due to
st sPes ocS last week. 7ss4 last year. ssssi
There was no rain reported In southern
states. according to the report at o'clock last
night. Atlanta advices said that In most pot-
tons Of the south weather had been coldest
ever known at this early date. Another dis
turbancp II forming over the south plains
states, which will move east TO the Mississippi
valley By "Wednesday night
New York San Francisco
Direct Private Duplex Wire
sasn. - NJ - ~ aunprr