The San Francisco call., 1909-10-23
SAVINGS UNION TO
HAVE new HOME
Building Will Be Erected On the
Northwest Corner of 0'Far.
relI and Grant Avenue

The San Francisco savings union. one
of the principal savings banks Of this
city. was organized June is. 1862. and
the only interruption to its activities
during an existence of over Al years
was the few. weeks succeeding the dis
aster Of April. 1906. when it's banking
house being destroyed, in common with
the other similar Institutions of the
city. it was forced to await the con-
sttuction of temporary quarters suf-
fcientlv extensive for it's dealings with
the public. Even during these few
weeks, however, it's activities were
not suspended. for II maintained
headquarters where it was possible to
relieve the most pressing needs Of many
of it's depositors- It. being found i'm
possible to rehabilitate its own building
within any reasonable time. IL reopened
May %. 1906. in what was Intended as
temporary quarters at the northwest
corner of California and Montgomery
streets.
IN RETAIA DISTRICT
When the savings union came to con-
slider the rebuilding Of permanent
home, the question arose whether to
locate on its former site or to seek
quarters elsewhere During It's entire
existence it had conducted business in
California street between Montgomery
and Kearny. For more than 40 years
it had occupied it's own building at
the corner of California and Webb
streets, a short distance below Kearny.
To abandon a locality with which il
had been so long identified and to move
to another section of the city seemed
a radical procedure, but che eonsidera-
tion that finally prevailed was that
the business OF a savings bank was
the retail business OF banking. and that
/ it's clientele was drawn principally from
those classes OF persons attracted to
the great centers Of retail trade
1t was soon decided that the only
site that would serve would be one at
the junction OF two streets with the
northwesterly line of Market street.
Various such sites were considered and
the one that met with most favor was
the lot at the northwest corner OF
O'Farrell street and Grant avenue Not
withstanding the existence of lease
with several years 10 run, the -advan-
tages of the location were such that
l the lot was purchased As normal
| conditions became restored and bust
ness returned downtown, the lease be-
came more valuable and the cost OF
its cancellation prohibitive. But the
/ first of next month terminates the
| lease and construction viii then begin
on the building, picture OF which will
I be found on another page. 1t. shows
some external alterations and improve
ments on the design first adopted last
summer. The entire exterior OF the
three frontages on Grant avenue.
O'FarreH street and Bagiey place viii
be OF granite.
BUSINESSMEN DIRECTORS
The directorate OF the San Francisco
savings union has always been drawn
from men prominent in the business
! life Of the city. many Of them having
/ been identified. with its civic. history
/ Under their administration the bank
| hes gained in public confidence and
esteem as we'll as in strength and re-
! sources. Its total assets aggregate
1 $4,000. 1000 Its paid up capital stock
is $1,000, 600 and its surplus and reserve
81, 277, 900.
| The directors are Lowell White. pres
ident; w. c. B. de Fremery, c. D. G.
Miller and John S. Drum. vice presi-
dents. and Wakefield Baker. Jacob
Barth. Fred II. Beaver. Henry C. Bree-
den, William G. Irwin, William A Ma
gee and John r. Merrill