The San Francisco call., 1906-05-11

nc lOiOWAu6 SuSSOSlAoAS, VAiSAA
may be an aid to owners of business
realty who wish to rebuild, have been
sent to the Mayor:
1850 Washington street,
San Francisco, May 8, 1906.
Hon. Eugene E. Schmitz-My dear
Mayor: Will you kindly refer to the
proper committee the following sug-
gestions which will, In my opinion,
aid In the reconstruction of San Fran
cisco.
Now that all the knockers appear
to have left town l believe that prop
erty owners in this city will cooper
ate on lines much closer than has
heretofore been possible, and COM
bination of property owners on block
to build together can now be effected
where such course was impossible be-
fore the fire. The individual prop
erty owner who Is fortunate enough
to have sufficient fire insurance or
money to be derived from outsids'
sources to rebuild on his own lot will
waste his money In rebuilding unless
he is able, by cooperation with other
owners on the same block, to build
up the entire block and thus make 1t
a business center. 1t would Nbe un-
fortunate indeed to have one or two
buildings erected on each block. Such
a course would tend to disturb busi-
ness centers and render the property
OF the fortunate owner much less val
liable than 1t would be If the whole
block were built.
My suggestion is that the proper
committee be invited to request the
property owners on individual blocks,
particularly those down town, to trans
fer their individual properties to a
corporation organized for the purpose
of rebuilding on such block as a
whole, taking in return for such con-
veyances such proportion Of the
stock in the new corporation as shall
be allotted to them by board OF three
competent disinterested appraisers,
whose duty it shall be not to deter
mine the actual value of each lot con-
veyed, but to determine the proper
tionate value of each lot conveyed.
FAIR APPORTIoNMENT.
It really will make no difference to
each property owner whether the ap-
praisers fix the cash value at 500 or
$4,000 per front foot. Their sole duty
would be to see that each property
owner got his fair proportion Of the
whole stock issued. With this aggre-
CATION of capital l think that good
loans could be secured from the east.
Eastern lenders may be loath to loan
to individuals on specific lots, fearing
that other property owners in the
same block might be unable to re-
build and that through such inabil-
ity business centers might change.
II. on the other hand, the lender un'
| derstood the natural advantages OF
| the location Of the whole block and
| that the money would be used as far
as possible in rebuilding the whole
block and keeping the business cen.
! ter at that location | believe that the
amount of the loan would be much
more liberal and the question Of the
| possible change in business centers
settled forever.
Take for example, the block bound
ed by Geary, Stockton, OFarrell and
Grant avenue. If the property own
ers on this block would all convey te
one corporation l believe that money
enough could be raised upon it tc
construct upon this block one class
"a" building, three or four stories II
heighth, with thirty-foot arcade run
ming north and south through the cen
ter of the block and lined with small
shops. The block bounded by Geary
Powell. Stockton and O'Farrell street:
could be treated in the same way
! The fact that on the latter block Mrs
Buffers building Is not destroyed
would not injure the general plan, al
the lender Of the money would be sat
isfied to have that corner improved
by It's owner. Mr.. de Young, Mrs
Pillsbury, Mr.. Rothschild and tn'
other property owners IN this blocl
whom | know Of would have, think
sufficient public spirit, and would,
think, see the advantages OF holdln!
the center of business, to cooperate II
such a plan and assume "a actlv'
management and carry it into enect
II all the property owners faclni
on Union square should adopt thi
plan 1t would be as efficient as II tn
property SO incorporated was bound
ed by four streets. The property own
ers In such a scheme who are fortu
nate enough to have available fund
could invest such funds either in tn
preferred stock of such corporation
to be issued for cash or in the pun
chase of some of the bonds of sue
corporation to be secured by mor'
gage on the whole block. Such an IN
yestment would show the confidenc