(same image, processed to enhanced readability)
It's highly likely that the boy is holding a candy box. This
is based on what is believed to be the name "H. J. Eldred" on the box.
The below
clipping is the evidence, thanks to the sleuthing of Dale Lee Sheldon
(12/8/2022).
The Evening News - 16 Feb 1904
Polk's Crocker-Langley San Francisco City Directory, 1890