Los Angeles herald., 1905-10-15
BRALY BUILDING
SOLD FOR CASH
TO DR.. HUGHES, ]. R. HAYNES
AND OTHERS
At Valuation of $4,000 Foot for Spring
Street Frontage-TWeIve-St
Block Cost $45o,ooo.
Historical

week was the transfer of the famous
Braly building on the southeast cor
ner of Spring and Fourth streets, to
DR.. Henry West Hughes, John r.
Haynes and associates at a valuation
of $4,000 front foot for the lot, SO feet
on Spring by Sc feet on Fourth street
the building being valued at $450,00
said to be about the cost of construc-
ton.
The site of the building was pur-
chased less than three years ago at
S2500 a front foot, or $205OO. The build
ing is the tallest structure in Los An
geles, twelve stories and basement,
steel frame and f1reproof throughout.
Trust Company Expansion
Commenting on the sale, one of the
bank officials said last evening:
The Southern California Savings
bank, finding its quarters at the old
location, corner of Court and Spring
street, inadequate for its rapid grow
ing business. made search for a new
location in the southern part of the
business district about two and one
half years ago, but failed to find
suitable building in desirable location
for lease.
THE very desirable corner of Fourth
and Spring streets was for sale at a
valuation of $2500 per front foot The
llIelIlcl SVllltllI VI Tic DIllh, IlOL Cdll lIIS
to undertake the purchase of this
property and the construction of a
building in keeping with the demands
OF the location, it was decided that a
separate corporation should be formed
TO purchase the property and erect
the building upon the agreement that
the bank was to lease the first floor
and basement at a stipulated rental
Such corporation was formed and des-
ignated the Union Trust company it's
capital originally being 100000, but
later increasing to 100000. Some of
the stockholders of the bank became
stockholders in the Union Trust COM
pany and a number who are not at
all interested in the bank also be-
came stockholders in the trust COM
pany
"The building was constructed at
a cost approXimating $500,000, and ever
since it's completion has been most
popular as an office location-its rooms
being greatly in demand, with large
waiting list carried by the manager
of the building.
The object of the management of
the bank in making this departure
was to secure a. suitable location for
many years to come, and to also af-
ford a safe investment to those who
should go into the building venture.
Both of these objects have now been
attained. In the meantime the growth
of the bank has been almost phenom-
enal-deposits increasing at the rate
of over two million dollars per year.
LAS a result of this growth it was
considered desirable to associate with
the bank a trust department for the
handling of the trust business of its
customers and those who could be
more advantageously served by a trust
office in this portion of the city.
This department was organized
about the first of the year, and it's
phenomenal growth to very large pro-
portions in a short time suggested and
almost compelled the institution of
an abstract and title business in con-
nection herewith This feature has
heen under development for two or
three months by the Union Trust COM
pany. whose capital stock in the
meantime has been increased to ST. 000,-
900, and whose title business has been
changed to the Union Trust and Title
company.
THE proportions which this new bus
mess assumed showed clearly to the
management of the bank that it was
useless for any of the bank officers,
as officers of the trust company, to
attempt to care for the details Of this
work. In conformity with this con-
clusion, DR.. West Hughes and other
and business integrity were interested
IL the matter, and the outcome has
been that these gentlemen have taken
over such stock of the Union Trust
company as could be acquired, in
Guiding the stock of all the officers
of this bank. and they are now organ
izing a new board of directors who will
assume active control of the destinies
of this corporation and will push ac-
lively the completion of one of the
most complete abstract and title plants
in the west.
"The location is ideal, in the bust
ness center of the city. For the pres
ent the business offices and a portion
of the working force will be located
in the basement of the building. Ulti-
mately the growth which is now indi-
Gated will compel the use of a good
portion of the upper part of the build
ing for working room.
1.-THE officers of the bank feel highly
elated over the successful outcome of
the project, which was undertaken
with some solicitation about two and
one-half years ago.
~. H .Braly, president of the bank,
and A. H. Braly, vice president, are
deserving of special credit in having
conceived and carried to a successful
issue one of the most important move
ments in building and bank expansion
which mas taken place IN our city.
"The bank has accomplished the OBJ
iect of getting a location second to
none in the city for term of twenty
years at rental which in the light
OF the present activity and demand
for grade floor location is of great
value.
"The business of the bank has been
vastly augmented by the prestige
gained in the occupancy of such pala-
tial quarters, and the original invest
ors in the Union Trust corporation
have received a handsome profit on
their investment, the value of the
property having grown to approxi-
mately $1OOO,OOO.
Other Important Sales
Elizabeth C. Barnum to R. C. Owens.
a lot 120x150 feet on the northeast cor
ner OF Figueroa and Twenty third
streets, improvements nominal; consid-
Grafton $4,000.
Mrs. c. Reed has sold to N. Kirst
lot 45x150 feet on the east side of Grand
avenue, between Second and Third
streets improved with a lwo-story
Awelling: consideration $1,000.
s. A. Brown to w. A. Carney, through