Langley's San Francisco directory for the year commencing 1880, Part 5

Author:
Publication date: 1880
Publisher: San Francisco : Francis, Valentine & Co.
Number of Pages: 1214

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Real Estate.

Every year in San Francisco's history shows some progress-some years bounding forward on the high tide of prosperity, and in others exhibiting extreme feebleness; but IS79 has shown the least for a long period. Building, real-estate sales and prices, and general business seem governed by periods of excitement originating from various causes. The first excitement and forward bound came with the discovery of gold and continued until IS53, when a halt was made, and in 1855 houses and lots in many quarters were selling for less than the costs of the buildings. The Fraser River excitement followed, threatening for a time to depopulate the city, and dull times continued until the discovery of the silver mines of Nevada in 1859- 60. These soon began pouring in their treasures; building up iron foundries, machine shops, transportation lines, factories of all kinds, and giving renewed life to the city. The great bullion product of the contributory region; the war of the rebellion, and the greenback cur- rency of the East-making such a demand for gold and silver-added greatly to our wealth. The building of the Central Pacific and other railroads causing the disbursement of vast sums of money, carried on our period of prosperity, and the real-estate excitement to its culmination as the transcontinental road was finished in 1869. A period of stagnation in real-estate prices followed, and, with the exception of certain localities, prices have not advanced during the decade. While the decade, in its whole, has shown great prosperity and grand improvements resulting from the inpouring of hundreds of millions of bullion, and the countless centals of wheat and other products of the farms, the closing years have felt a depression that has been severe upon nearly all classes of business. The positive determination of the Eastern financiers to return to specie payments was undoubtedly a great factor in the causes creating "hard times;" but this having been successfully accomplished, the upward flow of the tide has com- menced. The state of business at the East is soon felt here. The first intimation of an advance we have is in the advance in prices of all classes of merchandise we import, which is rather unpleasant, and it is only by the return wave bringing us capital and advanced prices for our property and products that we are benefitted. The greater prosperity is assured by the favorable rains of the season of 1879-SO, as well as the continued productiveness of the mines and the extension of the mining area. Although there are no great bonanzas, such as existed in the California and Consolidated Virginia mines of the Comstock, now swelling the stream of weaith, there are many mines in all parts of California and the surrounding States and Territories that are most profitably worked, keeping up the supply of bullion in return for manufactures, merchandise, labor, capital, etc., of which this city is the center of supply. While this is maintained as such center, with judiciously-employed capital and wide-awake enterprise, with its high reputation for its mining machinery and manufactures continued, and with cheap transportation, the lasting progress and future greatness of the city is assured. Mining, occasionally very profitable, being a great employer of labor, and the greatest of con- sumers of manufactures, adds more to the prosperity of the city than any other branch of enterprise, while agriculture aggregates the wealth of the country. Much has been said of the evils of stock gambling-and truly they are enormous-but the difficulties of suppressing it, withont prohibiting stock dealing of all kinds, seems insurmountable. The dealing in mining stocks implies the ownership of mines, and the ownership directs the distribution oi profits, the purchase of supplies, and the employment of labor. Should the stock business be driven to New York, the ownership of the great mines will follow, carrying thither the enor- mous trade in manufactures and supplies we now enjoy, resulting in irretrievable loss to San Francisco. The Real Estate Circular, published by Thomas Magee, contains very full and interesting facts and figures touching real-estate sales in 1879, the prospect for ISSO, etc. We extract therefrom as follows: Our record for real-estate transactions in San Francisco began in 1865, since which time there has not been so dull a year as IS79. The year that mnost closely approached 1879 in this respect was 1873, at the close of which the city was just emerging from the four years' depression which succeeded the completion of the railroad. The sales made in 1873 were 3, 134, of the value of $12,383,752, while those of last year were but 2,217, of the value of $10,318,744. Of the deeds recorded in 1873, 541 werc old homestead association sales made three to seven years before, but which were not closed till that year. They were recorded in 1873, but did not in any other way belong to it. The deduetion of those homestead sales in 1873 from the total figures of that year, would reduce the number and value of the sales to about exactly the transactions of 1879. We think 1879 resembled 1873 in one other respect: the depression which prevailed for the previous four and a half years ended with 1873. We think the prospect is good that 1879 at least measurably ended the depression which has prevailed for over four years in real estate. We do not by any means anticipate what is called a "boom" in real-estate in ISSO, nor any approach thereto, but we look for a desirable increase in the number of sales and in the general prices of prep- erty. We base these expectations largely on the very good prospect we now have of a full rainfall this winter. We had good crops last year; there is every likelihood that we will

MULLER THE LEADING OPTICIAN,

135 MONTGOMERY ST., Near Bush, opp. Occidental.

JONAS J. MORRISON,

Lumber Dealer, N. E. cor. Mission and Spear Sts., has large Lumber Sheds filled with well seasoned Lumber.

PROGRESS OF THE CITY.

have even better crops and more of them this year. The State and coast are growing rapidly in an agricultural sense, while there never was a time in which. there was more honest and intelligent development of the mining resources of this State. We do not look for real-estate activity based, as that of the last period largely was, on stock-gambling; the next advance will be based on honest and intelligent development, growth, and progress, and we here take occasion to say that any increase of real-estate sales that is not based on these elements is unsound and but temporary, inducing foolish buyers to incur debt and to buy property at high prices, only to be subsequently compelled to sacrifice or to lose it through foreclosure of mortgage, when the reaction and depression come, as come they always do, one, two, and three years thereafter.

General prices have not been so low in San Francisco for a great many years as they were in 1879. There was an average fall from even the low prices of 1878 of at least 10 per cent: We were able at the close of 1878 to point to a few places where sales had been made at higher rates than any ever before paid, but we cannot point to a single district of the city in which prices advanced in 1879, while in a few places at North Beach, below Folsom, and between First and Ninth streets, and on the flat east of Howard street, at the Mission, many sales were made at exceedingly low prices. Indeed, in some of these places it has been next to im- possible to say what land would bring, buyers have been so scarce. Nor did even reductions of 20 to 40 per cent. always result in attracting customers and the making of sales. Inside business property alone held its own firmly last year, and only property lying between Kearny, Front, California and Market streets, well rented, was recognized as inside property in 1879. For property in that region there has been far more buyers than sellers, especially within four months. Owners were not offered fancy prices, and they have generally refused to sell. Much business property that would have been looked upon as at least A 2 four years ago hung upon the market in 1879. We include in this list property on Third street, between Market and Mission, on Fourth street, between Market and Howard, on Market street, between Fifth and Seventh, on Market street, between Battery and the ferries, on Kearny street, between Cali- fornia and Clay, and on Front street, between Sacramento and Washington. From these facts it will be seen that buyers sought only the very choicest business properties, and as owners of such real estate did not care to sell, not knowing what to do with their money, the number of business sales effected in 1879 was not large.

There was very little demand, indeed, for expensive residence property, either vacant or improved. The price of the best class of such property is now thought by owners to be de- cidedly low, though it ranges at $200 to $300 a front foot.

Considering the great dullness in real estate, there was a very fair and constant demand for lots at $1,000 to $3,000, and for houses and lots at $3,000 to $5,000. The Western Addi- tion, between Clay, Post, and say Laguna and Pierce streets, was most in demand. Next to that the Mission was most sought after, especially along Valencia, Mission and Howard, or the cross streets close to those thoroughfares, between Sixteenth and Twenty-fourth. An al- most new town has within a year or so sprang up at the southwestern outskirts of the Mis- sion, between Twenty-fifth, Thirtieth, Guerrero and Sanchez streets. The buyers and builders were all people of small means.

The building of the new bulkhead and the grading of the sand hills on Polk, Van Ness avenue and Bay street, together with the consolidation of ;the two new woolen mills and the erection of a very large additional mill at Black Point, will all tend to benefit North Beach. The section of it lying betwen Jones, Van Ness avenue, Bay street and the bay will probably be in demand for cheap lots and houses before long; but before such demand can be supplied the streets will have to be opened, by grading and macadamizing. They are now all, or nearly all, in drifting sand.

Transactions in outside lands were very dull in 1879, yet there never was a time when they had such good prospects. The promised Presidio railroad on the north, the Haight street cable railroad on the south, and the California and Geary street cable railroads in the center, will make communication with First avenue and the Cliff House road, with the Presidio, and with Stanyan and Haight streets as cheap and rapid as can reasonably be desired. There will be no crowding, either; on these cable lines seats can be had at all times. All who want cheap homesteads can now or can soon be accommodated, at lower prices than those prevail- ing across the bay.

The amount of business done in the loaning of money on city real estate shows a much larger reduction than that exhibited by the sales. The sum of $24,367,773 was loaned on city real estate in 1877; $15,643,957 in 1878, and but $9,555,904 in 1879. The releases of last year amounted to $10,343,174; so that they exceeded the mortgages by $387,270. In 1877, the releases amounted to only about half the total sum of the mortgages. Building enterprise lagged, and real estate speculation was dead. Dullness and distrust prevailed, and therefore few persons wished to borrow money, although it was cheaper than it was ever before known in the history of the city. Now, and for the past five months, the leading savings bank (the Hibernia) has been loaning at S per cent. per year, it agreeing to pay the mortgage tax, which will consume 13 or 2 per cent. of the 8. This is practically loaning money at 6 per cent., which for California is certainly a low rate; but, indeed, it is high enough, all things

GEO. W. CLARK, Paper Hangings & Shade Material.

645 MARKET STREET, wholesale and retail dealer in Manufacturer of Window Shades

D. HICKS & CO., Bookbinders and Printers, San Francisco.

JAMES E. GORDON & CO.,

WHOLESALE HARDWARE, Corner Market and Front Streets.

SAN FRANCISCO DIRECTORY.

considered. He who pays more than that rate now, with the reduction of rents and profits of every kind, is likely to come to grief. The other banks are getting 9 where they can, but they let no good loan slip where 8 per cent. is the highest rate they can obtain; indeed, in one case, at least, one of them accepted 74 per cent., though S per cent. was called for on the face of the note. The present prospeet is that money will be cheaper rather than dearer. The directors of our savings banks never had so difficult a task to perform as they had in 1879. It was next to impossible to loan out on mortgage all, or nearly all, the money on hand, and added to that was the difficulty of estimating values precisely in many por- tions of the city, on such a dull real estate market. The greatest care and caution were generally exhibited, however, and it may safely be asserted that our savings banks never invested their depositors' money so wisely as in 1879. The point aimed at by all of the banks was to loan little on property and to loan cheap; thus safety for the depositors and satisfaction to the borrowers was attained.

SPECIAL SALES AND ITEMS.

It is reported that the block, 275 feet square only, bounded by Union, Filbert, Battery and Front, with the exception of the southeast corner of Battery and Filbert (120 on Battery by 50 on Filbert), and with the exception of the northwest corner of Union and Front (125 on Union by 70 on Front), has been sold to a new sugar refinery company, lately incorporated in this city. The price paid is said to be $55,000.

The property southwest corner of Sutter and Jones-573 feet on Sutter by 122} on Jones, with L in rear on west 22x25-has been sold for $45,000. There is a fine residence on the lot; the most of the furniture in the house went with the property.

The property southeast side Market street, 150 feet northeast of Seventh, 75x90 in size, has been sold for $55,000-that is, for $54,000 and the taxes of 1879-80, amounting to about $900. There is an old one-story frame building on the lot, in stores; the rents are nominal.

The property north side California, 873 feet east of Montgomery, has been sold for $42,500. The lot is 25x114}; there is a three-story brick building on it, rented to one tenant for $500 a month.

The lot and old frame building on the southwest line of Steuart street, 1812 feet northwest of Howard, 463x137} in size, have been sold for $9,000; rents $90; very cheap.

The plain small two-story brick building and lot, 23x60, north side Geary street, 160} feet east of Stockton, have been sold for $16,000; the building is occupied as the Health Office. It rents for $125 net to the city. The property is just outside the Dupont street assess- ment. Had that plaster been upon it, it would not probably have sold for over $12,000 or $13,000. The adjoining lot on the west, used as a coal yard, has since been sold for $15,000.

From the Architectural Review we learn that several new residences, costing from $5, 000 to $20,000, are in course of erection, or will soon be commenced. In addition to these, the following buildings have been erected during the past year : Engine and car house for the Geary Street, Park and Ocean R. R. Co., corner Point Lobos and First avenues; cost, §5,500. Armory building, one-story brick, corner Mission and Anthony streets. Four story brick building for Robert Sherwood, junction Pine and Market streets; cost, $100,000. Two-story brick building for William Sharon, corner Jessie and New Montgomery streets: cost, $38,000; to be occupied by the U. S. Government. Pioneer Woolen Mill building, North Point; cost, $95,000; and Woolen Mill for Donald McLennan, corner Bryant avenue and Twentieth street.

Public Buildings.

THE CUSTOM HOUSE is located in the brick building on the corner of Washington and Battery streets, erected in 1855, at a cost of $866,000. The operations of this important department of the public service are referred to under the article Trade and Commerce.

THE UNITED STATES MINT .- Among the Government buildings of San Francisco the United States Mint is among the most elegant and imposing. It is built of granite and sandstone, and conveniently situated at the northwest corner of Mission and Fifth streets, with a frontage of one hundred and sixty and one-half feet on the former and two hundred and seventeen and one-half feet on the latter. It is two stories in height, besides an ample basement. The parapet walls are fifty six feet high, the pediment seventy-five, and its two chim- neys, each one hundred and forty-two feet. Its architecture is Doric. Massive fluted columns at the main entrance on Fifth street give to the building an air of beauty and grandeur, and relieve the sombre aspect of its severe simplicity. The coinage during the year 1879 was as follows : Gold-double eagles, $24,476,000 ; eagles, $2,240,000 ; half eagles, $2,131,000 ; quarter eagles, $108,750. Silver-standard dollars, $9,110,000. Total, $38,065,750. In 1878 the total coinage at the San Francisco Mint was $50, 186,500. Large amounts of half and trade dollars were then coined. It has a capacity of about one million ounces per monthi. The present Superintendent of the Mint, Mr. Henry L. Dodge, cutered upon his duties Janu- ary 1, 1878.

THE UNITED STATES SUB-TREASURY is a substantial four-story structure on Commercial street, near Montgomery, on the land formerly occupied by the old Mint. It was constructed

SAN FRANCISCO LAUNDRY,

LACE CURTAINS. BLANKETS and FLANNELS A SPECIALTY. Office, 33 Geary St

Steinway Pianos lead the world. Agency, GRAY'S MUSIC STORE, 117 Post St.

J. MACDONOUGH,

IMPORTER OF AND DEALER IN ALL KINDS OF FOREIGN AND DOMESTIC COAL, 41 Market Street, corner Spear.

PROGRESS OF THE CITY.

under the superintendence of Mr. Samuel Mccullough, and is on a plan of architecture similar to that of the United States Appraiser's Building. The walls are built of pressed brick laid on granite sills. The building was completed early in the Autumn of 1877, and was trans- ferred to the Snb-Treasury Department October Sth of that year. The amount appropri- ated for its construction was $107,000. The first floor is occupied by the Sub-Treasury; the second by the Register and Receiver of the General Land Office; the third and fourth by the United States Surveyor-General

THE UNITED STATES APPRAISER'S BUILDING occupies the grounds bounded by Washing- ton, Sansome, Jackson and Post Office Place. It is a solid and handsome four-story structure of two hundred and sixty-five and one-half feet on Sansome, by one hundred and twenty and one-half feet on Jackson and Washington. The building was constructed under the super- intendence of Mr. Samuel Mccullough, Superintendent of Construction of United States Buildings in California, and his successor, Mr. Thomas Holt. The total expenditures upon it to date has been about $805,000. The first floor will be occupied by the Collector of In- ternal Revenue, the Superintending Surgeon of the Marine Hospital, Special Agents of the Treasury Department, the Naval Pay Office, the Secret Service Division, U. S. Revenue Ma- rine, and Steamboat Inspectors, and one-half of the entire floor as a store-room for Appraiser's stores. All Appraiser's goods will be received from Post Office place. The second floor will be devoted to the Appraiser's Department, and the offices of the Coast and Geodetic Survey. The third floor will be occupied by the United States Circuit and District Courts, United States Marshal, District Attorney and Law Library. The fourth floor is unfinished, and will probably be occupied by jury rooms, file rooms for the Treasury Department, and the United States Signal Service. The ceilings are all lathed with Dwight's patent iron lathing; standing water pipes run from basement to roof, and corporation hose in ample quantity is kept on the roof as a precaution against fires.

THE POST OFFICE occupies the first floor of the Government building situated on the east half of the block bounded by Washington, Battery, Jackson and Sansome streets, the entrance being on Washington street. Like the other public buildings built in the early days of the city, it has been left behind in our rapid development. For years it has been entirely inade- quate to the service of the department, and shifting expedients, alterations and changes in its internal arrangements have been the standing rule. The only effectual relief accomplished, however, has been through the establishment of the various branch offices. Alterations have recently been effected in the old building, making an entire reconstruction of its working space. The entrance from Washington street now leads directly into the lobby, passing the Money Order Office at the entrance on the right, and the Postmaster's private office on the left. The lobby is in the heart of the building instead of on the outside, as formerly, and is entirely surrounded with the working departments of the office. While material improve- ments in the facilities of the office have been effected by the changes, they are still as before mere temporary expedients. The growing wants, as well as the dignity of our city, demand that a building suitable to and commensurate with the magnitude of our mail service shall no longer be withheld from ns. The old U. S. Appraisers' Building is now being renovated for the use of the newspaper department and storage of foreign mails on the first floor, and office of the U. S. Railway Mail Service on the second.

The number of carriers employed is fifty-eight. Two hundred and fifty street letter boxes are conveniently distributed throughout the city, and are gradually growing into the confidence of those for whose benefit they were intended. The boxes are usually attached to street lamp- posts, and are uniformly painted green. They are fastened with the best possible lock, and bear a printed card indicating the time or times the contents are collected, which in every case is at least once per day. The branch offices are situated as follows : Station A at 1305 Polk street, and embraces the tract west of Taylor and north of Geary to Central avenue. Station B at the southwest corner of Seventh and Market ; it embraces the tract south of Market from Third to Thirteenth, that west of Stockton and south of Geary to Cemetery avenue, the Potrero and South San Francisco. Station C at the northeast corner of Twentieth and Mission streets ; it includes all the territory from Thirteenth to Twenty-sixth streets and that from the Potrero to Church street. A sub Post Office has also been established on Rail- road avenue, between Eleventh and Twelfth avenues, South San Francisco, comprising all that portion of the city. Letters may be left at this office for registration and any requests for money orders will receive prompt attention. General James Coey is Postmaster, Mr. William C. Dougherty is his First Assistant Postmaster. They are ably supported by a staff -exclusive of lettercarriers-of seventy-two persons, six of the number being ladies.

THE UNITED STATES MARINE HOSPITAL is situated on the Presidio Reservation, near Mountain Lake. The nearest point to the hospital now reached by the street cars is First avenue, about three miles from Kearny strect. It consists of three long, two-story wooden buildings, which are ample for the accommodation of one hundred and twenty-five patients. All the modern hospital improvements are found in this institution. It is inaintained at a cost of about '$25,000 a year. The class of persons admitted here are merchant seamen (all

J. GUNDLACH & CO.'S "GUTEDEL,"

The Finest and Choicest of all American Table Wines.

D. HICKS & CO., Leading Bookbinders of San Francisco.

THE CONTINENTAL OIL

IS SOLD BY ALL

FIRST CLASS DEALERS.

SAN FRANCISCO DIRECTORY.

persons employed on sea and inland merchant vessels), who are obliged to prove their voca- tion at the Custom House. This hospital is not a public charity. The Government makes a direct tax upon the seamen who receive its benefits, which serves to defray a part of its expenses. Dr. E. Hebersmth is the surgeon in charge; office, U. S. Appraiser's Building, where permits for admission are issued. An ambulance leaves this office daily, carrying patients to the hospital.

ARMY, NAVY, ETC .- The Headquarters of the Military Division of the Pacific and the Department of California have been removed from the city to the Presidio Reservation. To accommodate these changes, important and extensive improvements were made. Two new barrack-houses, one story each, were erected on the north side of the parade ground, for headquarters uses, with buildings in the rear for the accommodation of the necessary clerical force; the cottages on the south side have been remodelled, and the building oceu- pying the east side of the parade ground removed, making a material increase in the grounds. Another, and by far the most important, improvement has been the construction of a finely-graded road, nearly one mile in length, by the circuitous route enforced by the nature of the land, faom the Barracks to Fort Point. Another road has been constructed leading to Central avenue, thus giving casy access to the city, and connection with the cable roads, terminating in the vicinity of Laurel Hill Cemetery. During the past year a large two-story brick building has been erected on the southwest corner of New Montgomery and Jessie streets, to be used as a Commissary and Quartermaster's Office, and storage for military supplies.

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Langley's San Francisco directory for the year commencing 1880, Part 5

Author: Publication date: 1880 Publisher: San Francisco : Francis, Valentine & Co. Number of Pages: 1214

Author:
Publication date: 1880
Publisher: San Francisco : Francis, Valentine & Co.
Number of Pages: 1214