The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-28

San Francisco, April 2S.-A Euro
pean syndicate is ready to invest
100000 in San Francisco realty. The
discrimination to place this sum in real
estate in this city has been formed
since the great disaster.
The intention of the foreign corpo-
ration has been made known to H. E.
Law, one Of the Law brothers, owners
OF large amount of San Francisco
property. The head of the syndicate
cabled to him of it's desire to get hold
Of sites and buildings.
The anxiety Of the European inves-
tors to secure real estate is taken az
evidence Of the confidence of the world
in the future of the new San Fran
cisco.
All of Banks to Rebuild.
All of San Francisco forty-four
banks = thirty-two commercial and
twelve savings-will be located within
an area of the burned district. Inspec-
ton has revealed the fact that the
vaults remain intact, but, with prob
ably two or three exceptions, the fine
bank buildings We're utterly destroyed.
According to statements filed bythose
banks with the bank commission Jan.
/ last, the value of the buildings ag-
gregated $6,065,032. Add to this total
the valuation Of premises occupied by
the ten national banks, 1927 ,979. and
thetaggregate is $685. ,627.
Net Loss Not Great.
Two-thirds of this valuation repre-
, sents the land value of the banking
sites and, therefore, is not lost, so the
net loss to the banks is about $780,,
900, sum which in no way impairs
their financial standing.
The buildings and fixtures are partly
insured, and this will cut down the loss
to less figure, but how much cannot
be stated with any degree of definite
ness at this time
The money on hand in the thirty-two
commercial banks at the time was $751;
551 ,454, while the savings banks have
coin In hand to the amount of So 1885,
s04. Add to this the 10000, 765 in spe-
i-cie in the vaults of the ten national
banks and there is an aggregate of $780,
57l ,023 in coin Immediately available.
Big Sum Available.
The amount of money due the three
classes of banks from other banks and
bankers was $37 ,987 900, Of which, how
banks can be figured on, the balance be-
ing due from other San Francisco
banks. This brings the total money
within it's reach up to more than
100000.
In the line of convertible securities
these banks held stocks and bonds val
ued at $91,191, 130. One-third of this
total represents United States bonds.
This one-third. $3o,000,000, brings the
San Francisco banks to $78,000,000, and
it is safe to say that sufficient addition
al securities are so readily convertible
that the total could be made 100000
900 in ten days time.
McCreary to Rebuild.
A. B. McCreary, the millionaire, who
owns the site of the old Western Union
building, at the corner Of Montgomery
and Pine streets, in which were located
the offices Of the Associated Press is to
sixstory building of the most modern
style.
Mr.. McCreary, who also owns the
southwest corner of Pine and Mont
gomery streets, says he will not erect
structures higher than six stories. He
thinks buildings on Market street
should be limited to twelve stories in
height, and that those on narrower
streets should be limited to six stories.
Work Of Hotel Begins.
Work on the Fairmont hotel was re-
commenced today. A rough inspection
showed that only the woodwork of the
building had been destroyed and that
the walls are in good shape.
The building would have been finished
by November and the opening, it is
expected, will not be delayed more than
three months. The effects of smoke
and flame are being removed, and in
fed days the structure will show few
outward signs of the confagration.
Rebuilding Proceeds.
The work of rebuilding will proceed
rapidly. Mrs. Herman Oelrichs of
New York has agreed to repair the Ri
alto building and to build again on the
site of the Crossley. She and her sis
ter, Mrs. W. K. Vanderbilt, Jr., have
also stated that they will put up an
office structure on Montgomery street.
The Emporium, a large department
store. will resume business in a tempo
rary structure next week.
+ In two weeks seven floors of the new
Monadnock building which was in
course of construction, will be ready for
occupants.