The San Francisco call., 1909-10-23
BANK STRUCTURES
ARE MAGNIFICENT
What Financial Institutions
Have Done in RehabiIita-
of San Francisco

Magnificent and numerous as the San
Francisco bank structures are and in
voiving millions of dollars in construc-
tion, and together constituting the
largest array Of first class structures
erected by any single set of private in
terest in San Francisco during the pc
riod of rehabilitation. it is asserted by
r. n Welch, secretary OF the California
bankers association. that all bank
premises in San Francisco collectively
represent less than 4 per- cent of the
aggregate assets of the San Francisco
banks.
The rebuilding Of the city. as far as
il has progressed, has been due largely
10 the banks These institutions have
expended in a period Of little more than
three years S15,000.000 for bank struc-
lures in San Francisco. including the
value OF the sites. The highest priced
realty in the city has been selected for
such purposes. which affords the high
est possible evidence of the confidence
that bankers entertain concerning real
values in San Francisco.
RELATIVELY LOW COST
The assertion concerning the rela-
lively low cost OF bank premises in
volved In structural operations for the
last three years. as related to the grand
total Of available resources in the
banks is made by Welch in signed
article in the Sunset magazine for Oc-
tober- In addition TO being the secre-
tary Of the California bankers associa-
tion Welch is cashier OF the San
Francisco savings union. one of the
leading institutions Of San Francisco
in the matter of placing loans on the
r-ff Of 1l-r-- Sc onf
gives all the weight necessary TO make
the facts narrated readily acceptable
wherever they are carefully considered.
Intelligent strangers" so writes
Welch. who come to San Francisco
and observe what the city has done
toward rehabilitation in a little more
than three years Invariably remark
the great part which the banks have
taken Many splendid structures have
been erected by San Francisco banks
on various streets. Some of these
buildings are monumental, all well
adapted to the uses for which they
have been designed. Making a very
conservative estimate. they represent.
collectively, an outlay of approximately
$4,000 600. including the cost of the
sites upon which they stand.
REHABILITATION IMPERATIVE
No. such condensed and consecutive
Quoted conclusively by the banks has
been told prior to the narration by
WEIGH In view Of this. and in rela-
ton to the intrinsic basis of local
confidence underlying building actiVi-
ties that is revealed. the part played
by the banks in construction is quoted
from WeIch as follows:
With one exception herein noted,
reconstruction. reha bilitation or new
construction was imperative. The bank
ers had first to conserve the public
good: 10 take means to secure stability
and local and state financial conditions
70 take a measure Of the duties implied
by an unparalleled situation and TO
perform them without unnecessary
delay and with due consideration; then
to provide for themselves adequate
and durable habitations, such as would
be Of permanent benefit in the new
and unexpected order of things.
How we'll these tasks have been
met and have been performed must be
left TO the public judgment AS re-
CARDS the total value of bank premises
ii should be said that further in.
crease in their value will be occa-
stoned by the construction of fine
buildings to be erected in the near fu-
ture or already selected sites. Nota-
bly,. the Anglo and London-Paris ma
tional bank the San Francisco savings
union and the Union trust company
have yet 70 complete their new build
ings. the designs for which indicate
that they viii be highly imposing and
ornamental structures Located as they
will be. on prominent corners of Mar
ket street. the principal artery of trade
and traffic. they will rank among the
city's architectural attractions. Another
important banking structure in course
OF erection is that of the Mission
savings bank at a corner OF Valencia
and Sixteenth streets.
.-Sfnce the fire Of 1906, new bank
structures have been completed and
occupied by the following banking cor
poratiops: First national bank at
Post. Montgomery and Market streets;
Bank Of Italy on Montgomery street;
Banca Popolare Operaia ItaHana at the
junction OF Montgomery avenue, Wash
ington and Montgomery streets; the
Italian-American bank at the corner
OF Clay and Montgomery streets; A.
Borel & Co.'S bank on Montgomery
street near California; the Yokohama
Specie lJapanese). on Sansome street
near Clay street; the French-American
bank on Sutter street near Montgom-
cry: the Bank OF California on Cali
fornfa. Sansome and Halleck streets; a
monument in itself; the san Francisco
national bank at the corner of Califor-
MIA and Leidesdorff streets: the Portu
guese- American bank on the corner of
clay and Front streets: the Mechanics
ssxsnxr bank at Market and Mason
streets: the Metropolis trust and saw
inxs bank on Market street opposite
Montgomery street: and the Mission
bank on Sixteenth street near Mis-
sion.
The reconstruction and rehabilita-
ton Of bank buildings on old sites that
are owned by banks. and similar oper-
ations in rented premises in large
business blocks, severaliy located, have
been upon a very extensive scale. The
importance Of Market street as a bank
Ing center has been Increased. At the
same time other banking localities
have attained their prestige. which has
been promoted both by costly con-
vt7-uction and extensive rehabilitation.
All large banking institutions in the
cifv have continued TO do business un-
interruptedly since the resumption