The San Francisco call., 1909-02-06
RETURNING TO THE
OLD RETAIL CENTER
Many Large Firms Will Be Re-
established Down Town
Very Soon
Real Estate Men Predict Brisk
Market in All Sections
of the City


been named for the reopening, in the
old quarter of many stores still up town
there will be noticed great change in
the business section of San Francisco.
One of the largest dry goods stores
in the city will open its doors at Stock
ton and O'Farrell streets, and the
closing OF a we'll known clothing firm
in Van Ness avenue shows that the
tide of travel is in Market street, and
that it will not pay to maintain branch
establishments in the avenue.
Though stores may close in Fillmore
street, yet those buildings are not idle
long, and tenants are found soon for
the vacated places. Within two months
the following stores win have moved
down town: White House; Sloane, Davis
& Schonwasser, and will be followed
by O'Connor, Moffatt & Co.: City of
Paris, Pauson; Lilienfeld; Kohler &
Chase; Wiley B. Allen; Neman & Lev
inson; Liebes, and others, which viii
bring down town practically every
prominent store in the city.
MUCH MONEY CALCULATES
The selection of these sites and the
money involved in rentals runs into
millions of dollars, and if one will
consider the question it means that a
great deal of money is coming into cir
culation through leases which all in
ures to the benefit of the city.
The leases made by one real estate
firm alone, Baldwin & Howell. represent
a total yearly rental of nearly 100000,
and as the large aggregate of income
becomes payable again to property
owners after three years cessation there
will be a redistribution OF money into
other channels, which in turn Will find
its outlet first toward relieving the
steady outgo and loss of income from
these large properties, and then to-
ward accommodating surplus for invest
ment in other quarters, paying off
some of the Indebtedness accrued in
building.
HOPEFUL OF THE FUTURE
There is a noticeably hopeful tone
among real estate offices, which is not
confined to any one section of the city
but is general Z. J. Hooper, manager
of the city sales department of ]. w.
Wright, in discussing this question.
said:
Considering weather conditions. we
feel quite satisfied with the months
work. In our judgment the prospect
for a brisk market is very good when
the weather settles.
IF a great many owners who say
they want to sell would put legitimate
prices on their holdings it would make
a material difference in realty sales, as
the market is full Of earnest prospect
i've purchasers who buy when some
thing is offered at a fair figure"
BRISK SALES IN MISSION
In the Mission sales are brisk and
D. Coffin & Co. say their office is hav
ing a rush of inquiries, and that owing
to the demand they have secured re-
Gently options on some of the choicest
property in the district. for which,
owing 10 it being offered on reasonable
terms. there Is no lack Of takers.
There is also a noticeable movement
in the Richmond and Sunset districts
while there has been considerable in
ouiry for better class property in Pre-
sidio terrace.
Harrigan, Weidenmuller & Rosen-
stirn report that the outlook for fu-
ture activity is bright; that there is a
great deal of outside money seeking
Investment; that people are being at
tracted here by the statements of finan-
ciaI institutions, and that IT is more
difficult to find the investment than
the investor, which state of affairs will
naturally bring about healthy
market.
THE new retail district and its i'm
mediate neighborhood seems to be the
field most sought after" said A. NJ
Rosenstirn, "and an owner who would
nut a price anywhere near the value
would have no difficulty in selling his
holdings"
Urges Subtreasury Site
A. s. Baldwin of the firm of Baldwin
& Howell returned yesterday from
Washington where he had been with
reference TO the site of the new sub
treasury. In speaking of this he said:
Relative 10 the subtreasury site, the govern
ment is considering only the Cowell block offered
BY US and a portion of the property owned by
Mrs Vanderbilt at the southwest corner of Pine
and Sansome streets4 The Vanderbilt lot con
fains / believe. about Is, 900 square feet. after
deducting the necessary area on the west and
south for the streets or open courts. which the
government requires ] believe the price asked
for fhis is about S375. 900. This site, you ap-
preciste, has a good deal to recommend it, but
/ think that the Cowen block on account Of its
size and proximity to the custom house. should
be selected, and this seems to be the opinion of
nearly all Of the leading financial institutions OF
the city. The supervising architect OF the
treasury James Knox Taylor, i understand. IA
vors the Coweil block because it win permit OF
the construction OF q larger BUILDING. Taylor has
prepared plans for a building on this block. The
scheme would be 20 use the central portion OF
the block for the subtreasury building, with two
wings one in Sansome and in Battery, six
or seven stories in height for Offices for the war
and navy departments.
A portion OF the block was offered to the
government by Baldwin & Howell, and the re-
mainder by the Cowen ESTATE The price asked
for the Cowell portion Of the property and sew
eral adjacent lots more than Baldwin &
Howellis estimate OF the entire block. conse-
quently the government declined TO purchase the
property at the aggregate price of the several
offerings, which in the neighborhood OF
$3.50, 600, and Assistant Secretary Of the Treas
ury Beekman Winthrop announced that con-
demnation proceedings would in all probability
be commenced IL the owners were not more rea-
sonable in the prices asked. I, with a view to
bringing the owners and the government to-
gether, opened negotiations several weeks ago
with the Cowell estate and succeeded in obtain
ing a large reduction in the price at which the
property was held. They state that If the gov
ernment offers S34O. 900 for the block they are in
a position to deliver IL, but they have advised
the owners not TO accept any lower price than
this, as the larger amount could in all probability
be obtained by submitting the valuation either to
arbitration or to jury under condemnation pro-
ceedings. The Coweu block is 122x275 feet. and
contains 80. 500 square feet. On the basis of
S34o, 600 the price would be a little SO a
square foot. There Improvements OF any
value on the property, the only building being a
temporary one at the northwest corner of Clay