The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-07-20


bers of the Merchants Elk
change yesterday. The meeting was
held within the shattered walls of the
great building on California street and
marked the ending, for the exchange
OF the old year, so full of disaster, and
the beginning of the new, SO fraught
with possibilities.
Prior to reading his final report ].
a Hooper, the retiring president, an
nounced that E. r. Lilienthal. C. S.
Laumeister, J. B. LeYison. F. W. Ander-
Keller. G. P. McNear, Joseph Magner,
W. F. Soule and W. II. Talbot had been
selected to serve as directors for the
next twelvemonth. Later the direc-
tors met and elected Mr.. Lllienthal
president of the exchange. Mr.. Lau-
meister vice president. F. B. Anderson
treasurer, c. Friedlander secretary, H.
c. Bunker chief grain Inspector and
c. r. Splivalo -four inspector.
Mr. Lilienthal, the new president, is
at the head Of the Crown Distilleries
Company.
PRESIDENTS REPORT.
The report of the retiring president
shows that the exchange can recon
struct its splendid building, on the
moneys. that Will be received on in
surance policies, providing that the
companies honor their obligations, and
there is little question that they will
The report follows:
In accordance with the provisions of
the bylaws / have the honor to sub
init your presidents report as follows:
5O5 We pause to remember those
whom we lost by death during. the
year, namely: w. W. Chase. O.. C.
Hebar = Tiids, 80 ga,-,, n n IL
The treasurer's report contains a full
account OF the finances of the exchange
during the year, but it is subject to
modification to show the actual condi.
ton of your exchange and building
On the first of April. 1906, every room
in the building was rented and the an
nual rent roll was $4,000. After pay
ing all charges for interest taxes and
service of all kinds we were earning
about $4,000 per annum over and
above all expenses.
18th of April, came the visitation of
the earthquake followed by the terrible
calamity of the destruction of the
greater part of our city by fire. AS
you all know. the disaster was well
nigh complete. but brave hearts and
strong hands appeared from all quar-
tiers and from all conditions and the
business of the city has been rapidly
put upon working basis.
FRAME is INTACT.
Our building was but slightly dam
aged. and that in no important par
ticular by the earthquake. The fire
completely Quilted the interior with the
exception of the basement. Above the
first floor all the marble and carpenter
work, partitions, floors, wiring and fix
lures were absolutely destroyed. The
steel frames and floors are uninjured
and although the building stands as
straight and plumb as when first con-
structed. about so perAcent Of the walls
mil h1x n hA 1frfr frny H.
frames. Five out of the six elevators
were badly injured. Owing to the eff
cient work of the engineering depart
ment of the building the fires were
lighted under the boilers on the 23d
of April We at once began to pump
water from our deep well, principally
for the benefit Of our neighbors. The
sixth elevator was started on the 9th
of April and has been in commission
ever since
We carried fire insurance on the
building to the amount of 100000
with 20 per cent co-insurance clause.
Under agreement with the various in
surance companies interested an ap-
praisement was made on the building,
being fixed at S705,762. while the sound
value of the building was placed at
81, PIP, 645.59. Under the terms of our
policies we will recover s5s2.00O, if all
the insurance companies fulfill their
obligations. In addition to the insur-
ance on the building we carried insur-
ance policies to the amount Of 81 600
on our rent roll. These policies have
been adjusted on the basis of the ex-
change receiving S125,000 and all rents
from those portions of the building
occupied for business purposes. We
therefore find that the total amount
available from fire insurance should be
s707.000 plus the amount received from
rentals.
COST OF RECONSTRUCTION.
Estimates have been made of the
cost of reconstructing the building
and your board of directors finds that
TO replace the building in the condition
that il was before the fire will cost
not less than 100000
The Southern Pacific Company. how
ever, will not again be our tenants,
and consequently il will be necessary
TO rearrange the floors from the sew
enth to the thirteenth, both inclusive,
for general renting purposes. This will
entail an additional expense of close on
TO $4,000. Dues and the usual receipts
from your news department should pay
the expenses of running your exchange
proper.
The building should be in complete