USA > California > San Diego County > San Diego county, California; a record of settlement, organization, progress and achievement, Volume I > Part 31
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While the foregoing tabulation of exports and imports are of interest, show- ing increase of business for the port of San Diego, it should be recalled that the port business is not all shown by the custom house figures. Coast busi- 'ness, which does not originate in or go to some foreign country, does not enter the custom house, either coming or going, and the immense business done through the bay of San Diego by the American-Hawaiian liners, that has its origin in New York and Philadelphia, passes by the custom house, leaving few figures to tell how large and rapidly growing it is.
When it is recalled that a good many of the American-Hawaiian steamers reach port fully loaded but without a pound of freight to be entered at the custom house, it will be readily seen that there is a port business which custom house figures do not show. A tally on this business is, however, kept and to San Diegans, who sometimes like to compare figures with Los Angeles, the follow- ing, taken from official sources in Washington, will prove of interest :
The comparative statement of the business east and west bound by way of the Isthmus of Panama and Tehauntepec from and to the ports of Los Angeles and San Diego during the year ending June 30, 1912, from the annual report of the bureau of foreign and domestic commerce of the department of commerce and labor, shows the following :
Via Panama Domestic
Westbound from New York to
Los Angeles
$2,069,438
San Diego
43,065
Westbound from New York
$13,629,366
$ 71,28I
Via Panama Domestic
Westbound from Philadelphia
To Los Angeles.
$ 79,784
Domestic
Via Tehauntepec Foreign
Eastbound from
San Diego to New York.
$
673,272
$ 1,424
San Diego to foreign countries
Belgium
$
43,510
France
56,702
Germany
206,540
545
Netherlands
34,47I
England
27,367
4,285
Other countries
14,707
. . .
Total coast to coast business east and west bound via the isthmuses :
Los Angeles
$ 2,149,222
San Diego 14,806,535
San Diego is almost 700 per cent. larger than Los Angeles.
Domestic
Via Tehauntepec Foreign
To San Diego
THE LIGHT HOUSE, POINT LOMA, SAN DIEGO
SHIPPING SCENE, SAN DIEGO HARBOR
CHAPTER XXXIII
FINANCIAL
The bank deposits of San Diego for the year 1912 exceeded those for the year 19II by more than $5,500,000. The bank clearings for 1912 exceeded those of 19II by $43,000,000, which is a fifty per cent. increase over the previous year. These two facts show what San Diego banks are doing, how San Diego is grow- ing, and give some idea of the financial strength of local institutions.
If pride ever was pardonable, it is the pride business men of San Diego have in the city's monetary institutions for the reasons stated above. Deposits, the primary and basic stone of the structure of any banking house, have shown what the city has done in the way of growth financially.
In 1905 the bank deposits of San Diego's institutions totalled $5,388,518.68. In 1906 the total deposits were $6,948,972.05. In 1907 they were $7,028,322.65. The year 1908 did not show much of a gain, the total deposits being $7,151,375.77. This inactivity was doubtless the result of the slight stringency in the money market in 1907, but 1909 came forward with a gain of nearly $2,500,000, the total deposits for that year being $9,565,634.74. The total deposits for 1910 were $11,016,000, showing a gain of $1,500,000 over the previous year. In 1911 the deposits jumped to $14,104,583.38, showing a gain of 28 per cent. over the pre- vious year. The present year shows an increase of more than any two previous years combined ; the deposits for the current year being $19.747,673.99, a gain of $5,500,000.
This is a showing that few cities the size of San Diego can equal and it tells eloquently of the city's progress and of the strength of its financial institutions.
The bank clearings of the past few years tell the same story from a different angle, the bank clearings of a city showing its actual commercial activity. In 1909 the clearings were $52,094,521.82. In 1910 the total clearings were $67,173,- 976.23. In 1911 the clearings totalled $86,724,333.47, and in 1912 they jumped to $129,249,538.93. The gain of 1911 over 1910 was nearly $20,000,000, while 1912 shows a gain of $43,000,000, or fifty per cent. over 191I.
These figures tell graphically, more than could words, what has been happen- ing in San Diego during the past few years. It shows that thousands of new- comers are engaging in business and making their homes in San Diego. It shows that the banks are in a prosperous condition and that the people have great faith in the monetary institutions of San Diego.
Officers of the commercial banks report during 1912 a very large number of new accounts were opened. The size and the satisfactory nature of the accounts show that the vast number of newcomers are people of means and thrift, that
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258
HISTORY OF SAN DIEGO COUNTY
they are substantial and that they are contributing their share toward strengthen- ing the city's banking fraternity.
The reports of the larger banks on payroll accounts show how the city is progressing and how thousands of employes are receiving good salaries that were not being paid two years ago. The savings banks report a large increase in the number of accounts, a proportionate increase in the size of accounts, and a general condition better than a year ago.
San Diego's banks were never in better condition than now. The figures for the past year compared with the year before show the volume of business done and the rate of increase. Throughout the year the monthly statements put San Diego in the gain column and the percentage of gain was always gratifying. In no city of the state are banks more solid and endowed with better resources. So the city of San Diego points with pride to her banks and her bankers and with especial pride to the figures which tell what they have done in the past year.
BANK OF SAN DIEGO
The first bank in San Diego was the Bank of San Diego. It was organized early in June, 1870, by Bryant Howard, E. W. Morse, A. E. Horton, Joseph Nash, James M. Pierce, Mathew Sherman, A. M. Hathaway, Columbus Dun- ham and William H. Cleveland. The first officers were: A. E. Horton, presi- dent ; James M. Pierce, vice president ; Bryant Howard, treasurer.
COMMERCIAL BANK OF SAN DIEGO
This financial institution was organized in October, 1872, by J. H. Braly, George Puterbaugh, Edward Kilham and J. C. Braly. The capital stock was fixed at $200,000. The bank did not begin business until the Ist of March, 1873, in temporary quarters in the Vezie & Schuler building. In October, 1873, the bank began the erection of its own building (now the city hall) and occupied the same in the following spring.
The first officials were: Captain A. H. Wilcox, president; E. F. Spence, cashier ; Jose G. Estudillo, assistant cashier.
CONSOLIDATED BANK OF SAN DIEGO
The next development in banking business in San Diego was the consolida- tion of the Bank of San Diego and the Commercial Bank, under the name of the Consolidated Bank of San Diego, with a capital of $200,000. The first officers were: Bryant Howard, president ; J. A. Fairchild, cashier ; E. W. Morse, O. S. Witherby, George Geddes, Levi Chase, James M. Pierce, George A. Cowles and Bryant Howard, directors. The new bank occupied the old quarters of the Com- mercial Bank, at the corner of Fifth and C streets. In January, 1880, Mr. Fair- child resigned as cashier and was succeeded by Bryant Howard, while O. S. Witherby became president in Mr. Howard's place. Still later Mr. Howard became president and J. H. Barbour acted as cashier. In 1883 the bank was changed from a state to a national bank and was a power in San Diego for sev- eral years. The institution went down in the failure of 1893 and was never reopened.
259
HISTORY OF SAN DIEGO COUNTY
THE SAVINGS BANK OF SAN DIEGO COUNTY
was opened for business in May, 1886, with a capital stock of $100,000. Its first officers were: James M. Pierce, president ; George A. Cowles, vice presi- dent ; John Ginty, secretary and treasurer. This financial institution was a branch of the Consolidated National Bank and had its quarters in the same building. It was swept away with the failure of the parent bank in 1893 and never resumed business. The same is true of the Pacific Coast Loan & Trust Company, which was an offshoot of the Consolidated Bank and had its quarters in the same build- ing, while it was officered by the same men.
FIRST NATIONAL BANK
A reorganization of the Bank of Southern California took place in 1883, under the name of the First National Bank. The officers for that year were: Jacob Gruendike, president; R. A. Thomas, vice president; C. E. Thomas, cashier. Mr. Gruendike died in 1905, and was succeeded in the office of president of the bank by D. F. Garrettson, who is still at the head of the institution. The home of the bank continuously has been on the northwest corner of Fifth and E streets. The present officers are : D. F. Garrettson, president ; F. W. Jackson, vice president ; F. J. Belcher, Jr., cashier ; R. H. Gunnis, assistant cashier.
About the year 1888 the First National absorbed a second Bank of San Diego, which was organized in 1887. The officers of the Bank of San Diego were : J. H. Braly, president ; J. C. Braly, vice president ; George M. Dannals, cashier.
SAN DIEGO SAVINGS BANK
This bank is the oldest savings bank now doing business in San Diego. It was organized in April, 1889, and is doing business in the Keating block, at the northwest corner of Fifth and F streets. The present officers are: M. T. Gil- more, president ; J. W. Sefton, Jr., vice president; G. M. Barber, cashier ; C. L. Reed, assistant cashier.
BANK OF COMMERCE AND TRUST COMPANY
The Bank of Commerce was incorporated under state laws in 1887 and was one of the products of the rapid growth of that time. There were a number of changes in management and at the time of the bank failures in 1893, the bank closed its doors for four days. At that time Dr. R. M. Powers became president and manager, serving until 1903. In July of that year Julius Wangenheim entered the bank and became its president and at the same time it was reincor- porated under national laws and is now the Bank of Commerce and Trust Com- pany. The present officers are: Julius Wangenheim, president ; M. H. Epstein, cashier ; R. B. Thomas, assistant cashier ; Wilmot Griffis, head of bond depart- ment.
The above financial institution established a branch of the Bank of Com- merce and Trust Company at Coronado in the fall of 1911, and in the following year moved into a beautiful modern new home, which it had erected for the pur- pose. The officials are the same as those of the parent concern.
260
HISTORY OF SAN DIEGO COUNTY
THE MARINE NATIONAL BANK
The Marine National Bank is one of the young financial concerns of the city. In 1912 it took over and absorbed the Sixth Street Bank. The officers are: G. W. Fishburn, president ; F. A. Garrettson, vice president ; O. L. Sellers, cashier.
THE SECURITY SAVINGS BANK AND TRUST COMPANY
This financial institution was an outgrowth of the National Bank of Com- merce, the stockholders having been chiefly the same. The bank was organized May 26, 1905, with a paid-up capital stock of $125,000, the largest of any similar institution in southern California, outside of Los Angeles. It had its own home on E street, near Fifth.
The Security a few months ago was taken over and absorbed by the Bank of Commerce and Trust Company.
CALIFORNIA NATIONAL BANK
This financial institution opened its doors January 8, 1888, with the following officers: William Collier, president; D. D. Dare, vice president; J. W. Collins, cashier; D. C. Collier, J. W. Burns, M. Kew, Douglas Gunn and T. R. Gay, directors. A year later the bank was incorporated, and continued business until 1891, when, in October of that year, the bank suddenly failed and never resumed business.
THE MERCHANTS' NATIONAL BANK
This bank was organized in the spring of 1893, with a paid-up capital stock of $100,000. The first officers were: M. A. Weir, president ; Ralph Granger, vice president ; Frank E. Hilton, cashier. In October, 1893, control of the bank was purchased by Edward Ivinson and the bank was reorganized. The last named became president, while Levi Chase was made vice president, Ralph Granger second vice president, and G. B. Grow, cashier. The latter died Feb- ruary 7, 1903, and W. R. Rogers, who had acted as assistant cashier, succeeded to the cashiership. In January, 1904, Ralph Granger, Dr. F. R. Burnham, A. H. Frost, W. R. Rogers and others purchased a controlling interest in the bank from Ivinson. The bank now has an excellent location in the Granger building at the southwest corner of Fifth and D streets.
The present officers are: Ralph Granger, president; A. H. Frost, vice presi- dent ; W. R. Rogers, cashier ; H. E. Anthony, assistant cashier.
BLOCHMAN BANKING COMPANY
This financial institution was organized November 27, 1893, by A. Blochman and his son, L. A. Blochman. The concern transacts banking in all of its branches and is the only bank in southern California which draws direct on the city of Mexico, Guadalajara, Guaymas, Mazatlan, Ensenada and other lower California points. A number of Los Angeles banks transact their Mexican busi- ness through the Blochman Banking Company. The company owns a substantial building at No. 635 Fifth street.
261
HISTORY OF SAN DIEGO COUNTY
THE CITIZENS SAVINGS BANK
This bank was organized by Dr. C. M. Briggs and others in the spring of 1904. Dr. Briggs, however, died before the organization was completed and his stock was acquired by Louis J. Wilde and Fred Jewell, who placed a portion of it upon the market. The bank was opened August 15, 1904, with Louis J. Wilde as president ; Fred Jewell vice president and cashier; and C. B. Whittlesee, assistant cashier. At the end of the first year Mr. Wilde's holdings were pur- chased by Mr. Jewell, who then succeeded to the presidency. The present officials are: I. I. Irwin, president ; C. B. Whittlesee, cashier.
AMERICAN NATIONAL BANK
This concern was organized September 8, 1904, with the following officers : Louis J. Wilde, president ; Charles E. Sumner, vice president ; W. H. Hubbard, cashier. The bank opened its doors for business at No. 1051 Fifth street, April 6, 1905. The present officers are: J. W. Sefton, Jr., president; I. Isaac Irwin, vice president; C. L. Williams, cashier ; L. J. Rice and T. C. Hammond, assistant cashiers.
UNIVERSITY AVENUE BANK
A growing and popular banking house is the University Avenue Bank. Its officers are: C. T. Chandler, president; W. E. Otis, vice president ; E. G. Otis, cashier.
SIXTH STREET BANK
This concern was opened for business May 1, 1907, with the following officers : D. H. Steele, president ; Carl Alexander Johnson, vice president; F. H. Oliphant, cashier. Its place of business was at No. 540 Sixth street.
The bank was absorbed in 1912 by the Marine National Bank.
SOUTHERN TRUST & SAVINGS BANK
This bank began business June 28, 1907, with the following officers: G. Aubrey Davidson, president; Philip Morse, vice president ; E. O. Hodge, cashier. The bank occupies magnificent quarters in the U. S. Grant Hotel building. The present officials are: G. A. Davidson, president, Philip Morse, vice president ; G. O. Hodge, cashier.
The Union Title & Trust Company, with headquarters at 1028 Second street, is a strong financial concern of recent birth. John F. Forward, president and manager.
The Southern Title Guaranty Company has been in existence some little time. The institution is located in the Union building. A. P. Johnson,, Jr., president and manager.
INTERESTING STATISTICS
The following table gives the comparative totals by years of bank clearings, building permits and postoffice receipts :
262
HISTORY OF SAN DIEGO COUNTY
Building Permits
Year No.
Total
1901-252
$
123,285
1902-127
432,140
1903-267
710,123
1904-505
914,967
1905-716
1,193,170
1906-836
2,761,285
1907-1051 2,297,915
1908-1209 2,383,540
1909-1520 2,632,100
1910-1995
4,005,200
1911-2999
5,703,000
1912-4559
10,001,415
Postoffice Receipts
Year
Total
1901
$ 39,15I
1902
41,720
1903
46,000
1904
56,392
1906
74,350
1907
89,776
1908
103,570
1909
113,632
1910
140,209
19II
181,805
1912
228,058
Bank Clearings
Total
1908
$ 37,771,149
1909
52,094,52I
1910
66,708,874
19II
86,724,333
1912
131,894,087
San Diego's clearing house was organized in 1908.
Bank Deposits
Year
Total
190I
$ 1,830,923
1902
2,336,778
1903
3,092,772
1904
3,729,223
1905
5,388,518
1906
6,948,972
1907
7,028,322
64,190 1905
Year
HISTORY OF SAN DIEGO COUNTY
263
Year
Total
1908
$ 7,151,375
1909
9,565,634
19IC
II,016,000
15,605,764
1912
19,613,988
CHAPTER XXXIV
PROGRESS
The rapidity with which San Diego is building up is set forth in the October number of the Construction News published at Chicago. That paper gives a table showing the building operations of seventy-four cities during September, 1912, and the figures for the same places during the corresponding month of IgII. It appears that there were gains in forty-one cities and losses in thirty- three. There was a decrease in New York city of 23 per cent., Chicago 5, and Boston 32, and an increase in Philadelphia of 18 per cent. "The Pacific coast," says the Construction News, "maintains the phenomenal activity of the past few years, seven leading cities showing gains, while there were decreases in only two, but these are conspicuous as they are Portland, a decrease of 37, and Los Angeles, 17 per cent."
The following table gives the figures for twelve Pacific coast cities, the first column being the totals for September of this year, and the second column those for the corresponding month last year :
Cities
Total Building
Total Building
Gain
Loss
San Francisco
$1,783,145
$1,634,048
9
. .
Los Angeles
2,310,517
2,813,247
...
17
Oakland
659,851
500,708
3I
. .
San Diego
1,596,859
952,225
67
Portland
909,595
1,462,920
. .
37
Seattle
607,870
462,05I
31
Tacoma
282,840
1 38,328
104
. . .
Sacramento
291,365
205,302
42
. ..
Berkeley
147,050
155,500
. . .
5
Pasadena
140,482
151,803
. . .
7
Stockton
136,525
80,370
70
. . .
San Jose
33,548
51,094
...
38
..
It will be noted that San Diego, with perhaps 70,000 population, is only about $200,000 behind San Francisco, a place of 450,000 inhabitants, on the month's total of building. It will be observed, too, that San Diego's gain of 67 per cent. is that much increase over an unusually heavy month last year. Moreover, it will be seen that in the two coast cities, Tacoma and Stockton, whose percentages of gain exceed that of San Diego, the building operations were very small in com- parison with those of this city.
265
Per Cent
266
HISTORY OF SAN DIEGO COUNTY
BUILDING
By Louis E. Miller
It has often been said that figures do not lie. In numerous instances, however, it has been shown that they have been manipulated to deceive, but in this case there is nothing concealed. The city began to make headway in the year 1903 and the growth has been steadily and rapidly advancing since that time. The greatest jump on record, however, has been made this year (1912). Jumping from five million dollars expended on new buildings in twelve months to ten millions in a like period is a record hard to beat by any city.
No city in the United States and possibly the world has been building up so rapidly as San Diego during the past year in proportion to population. It has been shown on several occasions that San Diego is leading all cities in the country in the amount of building per capita.
During the past year the building operations have not been devoted to any particular class of building. In proportion to cost the money has been expended on all classes quite evenly. In all classifications of building the number and value show a material gain over the figures last year.
More homes have been erected, many of them costing more than those built in previous years ; more flat buildings, more apartment houses, more office buildings, more hotels, more theaters, more warehouses, more manufacturing plants and more structures of every description have been erected during this year than during any other twelve month. The year of 1912 was a banner one in every respect. It makes no difference how comparisons are made. In every instance a material gain is shown.
Indicative of the permanent growth of a city, the number of homes erected is generally taken as the most accurate example. During the year almost 2,000 houses were erected in San Diego. These residences cost nearly $4,000,000. In 1911, 1,500 homes were built, costing $2,500,000.
In every residential section of the city the building operations have been nothing short of marvelous. Many sections which a year ago were absolutely devoid of improvements with nothing but sage brush and cactus are now highly improved with graded and surfaced streets, concrete sidewalks and curbs and many beautiful homes.
During the year numerous tracts have been improved and opened up to homeseekers and in every instance the promoter has met with success, quickly selling off the lots to purchasers, many of whom immediately erected homes where they are now living. Many houses have also been built on speculation during the year but the case will have to yet be pointed out where the builder had any difficulty in disposing of his houses. Newcomers have been flocking into the city at such a rapid rate that the supply has hardly been sufficient to meet the demand. Building companies, contractors, and others following this line of work are branching out on a bigger scale than ever.
A comparison of the records for the number and value of homes erected the year of 1912 in comparison with those of 1911, month by month, will give a fair idea of the year's remarkable increase in building operations.
267
HISTORY OF SAN DIEGO COUNTY
The record by months is segregated by the city building department as follows :
1912
Number
Value
January
123
$258,050
February
I86
322,409
March
136
197,700
April
18I
387,975
May
17I
360,560
June
163
322,230
July
I53
346,509
August
18I
302,575
September
I57
329,447
October
177
358,850
November
163
301,798
December
175
350,800
Total
1966
$3,838,103
19II
Number
Value
January
87
$129,720
February
91
151,995
March
III
186,955
April
99
189,730
May
I32
216,879
June
I22
204,420
July
IO0
183,640
August
139
237,510
September
151
240,415
October
I53
256,650
November
176
273,634
December
148
228,716
Total
I509
$2,501,273
Business blocks erected the year 1912 cost a million dollars more than those for which permits were issued during 1911. In 1911 seventy-three permits were issued for buildings of this character, costing $1,633,875. In 1912 the permits numbered 118 and the buildings represent an outlay of $2,612,785.
The cold figures give an idea of what has been done in the business section only in a vague way. They do not tell how the business district is rapidly extend- ing over a wider territory. Every street in the down town district has received its share of improvements. In certain sections entire blocks are being built up at once with several new buildings.
Second street from C to D is a notable example of this. At the northeast corner of Second and D the concrete bank building and cafeteria for Louis J. Wilde has just been completed. Next to that on Second street is a three-story brick building, just completed for Gillmore & Titus. Adjoining that is a three- story block being finished for Judge V. E. Shaw of Los Angeles and next to that
268
HISTORY OF SAN DIEGO COUNTY
on the southeast corner of C and Second, Boldrick Brothers are constructing two more stories on the concrete store building erected there about a year ago.
Another scene of like activity is on the east side of Sixth street from B to C. On the northeast corner of Sixth and C streets has been erected a six-story fire- proof building of reinforced concrete for the Frevert-Bledsoe Furniture Company, which occupied the entire structure on the first day of March, 1913.
On the southeast corner of Sixth and B streets the New Southern Hotel, a four-story brick structure, was completed recently and cannot meet the demands upon it. Between this and the furniture store a row of store buildings is under construction.
About a year ago this entire block had several old frame residences and there was little or no business in the neighborhood. But today it is developing into a thriving business center. Across the street is the handsome new department store of the George W. Marston Company, which was opened last April. This is a five-story building of reinforced concrete, having a frontage of 100 feet on Sixth street, 200 feet on C street and 100 feet on Fifth.
Second street a year ago was also a quiet throughfare where the row of new buildings have been completed between C and D. In this instance also the busi- ness blocks are replacing old frame residences which were erected in the early boom days.
These instances are cited to illustrate the way the business section is expand- ing. Every street in the down town section has developed remarkably during the last year, expanding the business district to a much wider area.
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