Green’s Dictionary of Slang

San Francisco Bay, one small boat half sunk n.

(US) a cocktail.

1897

(ref. to 1880s) L.A. Times 9 Apr. 5: This slang runs from ‘three links of the Atlantic cable’ (meaning sausage,) to ‘San Francisco bay, one small boat half sunk’ (cocktail,) and back again, said a ‘traveling hash,’ who has been in the business about twelve years.