The San Francisco call., 1913-11-14
LOCAL AND GENERAL FINANCIAL AND CONNER RcIAL NEWS
PORTS PREPA AIRING
FOR CANAL TRADE
Not Less Than $100, ,OOO, 600
Will Be Spent in lmprov-
ing Harbors


That San Francisco has not the
creased trade is expected upon the
opening Of the Panama canal is shown
py reports from other North American
seaports from Boston, Mass, clear
around to Alaska. From Information
ontained from both Atlantic and Pa
cific coasts by the Wall Street Jour
nal It Is concluded that not less than
xlvO,00O.OO0 is represented in the COM
tnltments already made and under
consloeration, Including federal ap-
Boston under the state harbor COM
MISSIONS has at its disposal $4,000, ,00U
ior improving terminal facilities:
rs;vyv'yoo rssSv hea worth @ Of bonds have o6a al
goo Is to be marketed in the near
At New york the port improves
menfs with the canal in view are
part OF the general policy under
which the board OF estimate has. set
aside $4,000, 900 Of bonds representing
sell sustaining dock properties This
goes eo ssn n not include the allotment OF
ss.4oO.OO0 by the state of New YORK
TOT canal terminals at that port, in
connection with the improved barge
canaI connecting the lakes with the
seaboard.
Philadelphia has been developing
ner. port resources more or less con-
ststently by the deepening of the
delaware and otherwise Baltimore
mas planned a bond Issue for harbor
improvements. Norfolk has under
discussion financing with the canaf In
view. The same is true of Whining
tong, N. c.. and Of Savannah, where
transportation companies are making
improvements on their own account
Un the gulf. Pensacola, under the
auspices OF the Louisville and Nash
Vile railroad, Mobile as the terminus
OF the Mobile and Ohio and New Or
leans with its extensive railway ter
mInaIs, are losing no time in strength
needs. New Orleans has in contem-
piaffon an Issue Of $4,000, goo Of dock
and warehouse bonds for the building
Oh a cotton warehouse and terminus.
ACTIVITY IN UNLISTED
Unlisted securities were more active
on the local exchange this morning
tnan the regulars. Western Pacific
bonds strengthened with sales of
$4,000 at $76.50. Pacific Gas and Elec-
sales of e shares as ss5 obs Ese Mat
trio stock was in demand at $3.50.
while block of Oakland, Antioch and
Eastern sold at $40. General Petro-
being bid and $40 asked. There was
no bond demand
In listed securities the morning
transactions totaled $4,000 in bonds
ana iS0 shares Of stocks. Philippine
Telephone and Telegraph stock de-
clined to $40 after opening sales
half point higher.
BUSH-JEFFERY RUMOR
The decline in Missouri Pacific stock
in New York today was accompanied
by q rumor of friction between Presi-
dent Bush and E. T. JefYery. who has
always been regarded as the chief
Representatives OF the Goulds in all
matters relating to the roads in which
formerly president OF the western
Pacific. being succeeded by B. F. Bush
last summer.
STANDARD OIL ACQUISITION
A deal has been consummated where
py the Standard Oil company Of Cali
fornia has acquired control OF the
Murphy OIL company, which operates
In the Fullerton field and has pro-
duction due, Of approximately 1000 bar
ported to have been $4,000. 900 and 20
per cent royalty on the production of
the Murphy wells. The Shell-Royal
Dutch syndicate was said to have been
IN negotiation for the Murphy proper
BETTER FEELING IN LONDON
According to London dispatch to
j. g. Wilson e. Co. strength was shown
tOudE IN all departments or the Lon
don market, and American securities
were buoyant under the influence of
the apparent Improvement in the Mex
lean situation. The strong statements
made by the English. French and Ger
man banks in the course of the week
and absence OF demand from New
York for gold have had a decidedly
beneficial effect on sentiment. It was
predicted that the Bank of England
rate. instead OF going TO s per cent,
would be lower from Its present per
cent rate before long.
NATIONAL DEBTS OF WORLD
The national debts of the world now
aggregate $4,000. 100000. having In
creased 20 per cent in the last decade
and doubled In the last 40 years. The
interest and other annual charges
amounted in 1919 to $1.732.000, 900, or
an average of slightly more than 4
per cent. though in many cases, espe-
cially those OF the stronger nations,
the interest rates are materially be-
low that figure. These figures. COM
piled by the department of commerce,
include the indebtedness OF every
country and colony of the world for
which figures are available.
The largest national debt is that OF
France, $6.284, 100000: the next being
Russia, 1853 200, 900; the United
Kingdom. $3.486. 100000; Italy $2.707.-
10000; Spain, $1,815.000, 600; British
India, $1,476. 900. 600: Japan, S1,242.-
100000, and the United States, $1,O28.-
100000. The debt of the German en-
the German states $S,736, ,0oo. 600: that
nj M