The builders of a great city : San Francisco's representative men, the city, its history and commerce : pregnant facts regarding the growth of the leading branches of trade, industries and products of the state and coast, Part 10

Author:
Publication date: 1891
Publisher: San Francisco : The Journal
Number of Pages: 556


USA > California > San Francisco County > San Francisco > The builders of a great city : San Francisco's representative men, the city, its history and commerce : pregnant facts regarding the growth of the leading branches of trade, industries and products of the state and coast > Part 10


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Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37


Many of the brokers were opposed to the change involved in the new departure, but the majority favored it and all ultimately came round.


There are no California State bonds for sale. There has been an enormous accumulation of money in the city during the past fourteen years, and any good stock or bond is eagerly sought after.


It is next to impossible to get hold of a share in the Savings and Loan Society. It is very hard to buy any of the stock of the Grangers' Bank. Pacific Bank stock cannot be had as it is all held by those that do not want to part with it. That of the San Jose First National is never dealt in.


FAVORITE INVESTMENTS.


Among the stocks and bonds where a considerable business is done we may note that of the Market-street Cable R. R., that pays 6 per cent on three millions and has sold at $129. In North Beach and Mission, Omni- bus and Presidio Railroad stock there is a considerable business. Spring Valley Water stock and bonds, the former, especially, are favorite sub- jects of purchase and sale. Some- times over a quarter of a million dollars worth of shares are sold in a single week. The San Francisco Gas Company's stock also is very active and large sales are made at prices which make the whole of the


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stock worth about six millions of dollars. Oakland Gas stock sells freely. Amongst powder stocks the Atlantic Dynamite, Giant, Safety Nitro and Vigorit are the favorite subjects of purchase and sale. In insurance stocks the California, Fire- man's Fund and the Union seem to be more dealt in than others. In fact, most insurance stocks are splen- did investments and holders do not care to let go. There has been a great sale for the shares of the Elec- tric Light Company. The Hawaiian Commercial Company's shares have also proved favorite stocks during a couple of years past.


The State cannot pay over 6 per cent for money and cannot issue any unnecessary bonds, so no increase of business can be expected from this source. The counties are re- ducing the interest on their bonds and can redeem them at any time. They are thus less desirable objects of investment. Los Angeles county reduced the interest on its bonds from 7 and 8 to 4} per cent. New York stocks might be sold here to some extent, and in fact are.


There is, however, balm in Gilead. The organization and growth of new towns and cities must give rise to companies for the supply of gas and water, electric lighting companies and various others, all of whose shares can be placed on the Stock and Bond Exchange. Besides this, investors, finding that it is very diffi- cult to buy other securities, will come to be increasingly interested in stocks and bonds representive of sound manufacturing enterprises. A great many new banks, too, will spring up all over the country whose shares will be legitimate objects of purchase and sale. There is, there- fore, a great and certain sphere of usefulness before the Stock and Bond Exchange, which may well look forward to a career as a future rival of the leading exchanges of the old and new worlds.


Twelve years ago there were only a few brokers in this business. The majority of the brokers have not been in the business more than seven years. The charter members of the Board were: John Perry, Jr., August Helbing, R. G. Brown, Ed- ward Pollitz, Andrew Baird, Edward Barry, H. Berl, George F. Bowman, N. Duperu, M. H. Grossmayer, J. Hausmeister, Mathias Meyer, I. Strassburger, Charles Sutro, Gus- tave Sutro, W. C. Bousfield, A. W. Blow, George L. Bradley, S. J. Frank, S. D. Hovey, and Frank Wohl. The last mentioned four are no longer members. All coming in after the first or charter members had to pay $500.


Considerable business is done on behalf of country clients in Spring Valley, gas, and other stocks. In every town where there is a bank there are more or less investors.


Railroad securities are in most of the exchanges of the world the main- stay of the business, and so it must be here. The great hope for the fu- ture of the Exchange is the building of railroads controlled here, and the establishment of San Francisco as one of the foremost centers of the world where securities and enter- prises of every grade will be nego- tiated as they are now in London.


About seven years ago there was a very great speculation in local se- curities, but apart from that the business for the past six months has been very lively in the Exchange.


As a matter of curiosity, we ap- pend the sale of the first few days, so that our readers may compare prices prevailing then and now.


September 19, 1882-20 shares Omnibus R. R., $62; 20 do Presidio R. R., $69; 50 do Safety Nitro, $16 50; 50 do California Electric Light, $7 75; 100 do Hawaiian Commercial Company, $62.


September 20, 1882-20 shares Atlantic Dynamite, $84; 100 do Safety Nitro, $163; 50 do San Fran- cisco Gas Light, $56; 15 do Spring


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Valley, $117; 20 do Safety Nitro, $15 75; 50 do Presidio R. R., $70.


September 21, 1882-50 shares Presidio R. R., $69; 50 do Atlantic Powder, $82; 25 do Oakland Gas, $274; 7 do Union Insurance, $123 75; 10 do Bank of California, $167; 50 do San Francisco Gas Ligut, $56 50;


September 22, 1882-20 shares Presidio R. R., $69 25; 50 do Heeia Sugar Company, $7 50; 25 do San Francisco Gas Light, $56 50; 30 do Presidio R. R., $69; 20 Ha- waiian Commercial Company, $60.


September 25, 1882-1000 Spring Valley bonds, $120; 50 shares Oak- land Gas Company, $28; 10 do Ha- waiian Commercial Company, $6; 50 do Safety Nitro, $15 50; 100 do California Electric Works, $7 50.


September 26, 1882-100 shares Hawaiian Commercial Company, $59; 50 do Presidio R. R., $69.


Toward the close of 1890, sales were made of the same securi- ties as follows: California Electric Light $15 to $18; San Francisco Gas Light, $565 to $59; Spring Valley Water, $93 50 to $97; Omni- bus R. R., $31 asked; Presidio R. R., $50; Safety Nitro, $10; Ha- waiian Commercial Company, $142 to $18; Atlantic Dynamite, $44 00 asked; Oakland Gas, $34 to $34 50; Union Insurance, $86 50; Bank of California, $288 asked; Spring Val- ley Water bonds, $120} :


THE FIRE DEPARTMENT.


The Fire Department of early days did yeoman's service in the fires of these, but of course with the great ones they could not cope. The great fire of 1851 destroyed the business portion of the city-almost the whole city-leaving nothing on the outside but a rim like the spokes of a wheel. Mellus and Howard purchased in Boston a first-class fire engine worked by hand, paying for it themselves with ship freight added. On its arrival they presented it to the city. This was the first engine the city possessed. The


Howard Fire Company was then or- ganized, with Mr. Howard as fore- man. Of this company all the mer- chants and all the best citizens were members. There were many stories of heroism and devotion connected with the conflagrations of those days. One of the most courageous deeds was that of Thomas H. Selby and his companions, who shut them- selves up in Mr. Selby's store and obtained from a well in the basement, dug for just such an emergency as this, water, which they continued to pour on the building to cool it, keeping this up with all the energy of despair. For hours the iron shutters were red hot and the party would fain have escaped from their per lous position had it been pos- sible. But they could not ; walls of fire enclosed the building on every hand. At last, however, the struct- ure was saved, as the whirlwind of flame passed on.


On November 15, 1853, the Fire Department had thirteen engines, thirteen hose-carts, three hook and ladder companies, with 1200 names on the rolls. But these days of vol- unteering could not last forever, and by degrees the present department was organized. An attempt which we hope may be successful is now be- ing made to have it a fully paid Fire Department, and no doubt ere long it will be. It has rendered excel- lent service in its day, and many volumes might be written descriptive of its unpurchasable services and the many deeds of daring and heroism performed by its members, whether volunteer as in the olden days or par- tially paid as now. Many of the proudest and best merchants, bank- ers and capitalists have distinguished themselves in its service and in those of humanity, as well as many others less distinguished in social scale. It was long considered a matter of pride for our citizens to belong to it. Its present head, Chief Scannell, has occupied his responsible position for years, and is noted throughout


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the Western world for the efficiency of his force, and his success in fight- ing fires. The department as now organized consists of a Board of Fire Commissioners, who act without coul- pensation, a Chief Engineer, one First Assistant Chief Engineer, one Second Assistant Chief Engineer and five Assistant or District En- gineers, seventeen steam fire engine companies, seven hose companies (including a fire-boat) and five hook and ladder companies, comprising a force of 362 men of all grades and positions.


THE PRESS.


We have already given the story of the genesis of the newspaper press in San Francisco when the Californian filled the field, and not unacceptably for that day and gener- ation. We have also noted how it came to be merged into the Alta California, at present the sole link in the newspaper world connecting the present with the past. San Fran- cisco had scarce begun to assume form and consistence as a city ere other aspirants for journalistic fame appeared. In 1850, when the ad- dresses of people could not be given in the first Directory because the houses had no numbers, E. Gilbert & Co. published the Alta on Wash- ington street, opposite the Plaza, which was then the center of city life. Washington Bartlett, after- wards a distinguished lawyer, then Mayor, then Governor, fathered the old Journal of Commerce, which hung out its shingle on Montgomery street near Washington. The Jour- nal was not destined to a very pro- longed existence, and was subse- quently merged in another paper. It did not bring editor Bartlett many shekels and he found it dull, stale, flat and unprofitable. John Nugent was the presiding genius of the Daily Herald, published by Nugent & Co., not far from the office of the Journal of Commerce. For long years the Herald was the leader in San Francisco journalism and literally


coined money, but in an evil hour it fell. It had been the Democratic representative, but it so antagonized the feelings of the mercantile com- munity on questions connected with the war, that its principal patronage was withdrawn. The story goes that on a certain occasion it published an article strongly Southern in its ten- dencies. The evening before, it is also said, the proprietors of the Alta had two articles written, one favor- ing the South, the other, the Union, and could not decide which to pub- lish. It was only at midnight that one of the proprietors, a gentleman formerly well known, but now num- bered with the majority, rushed back to the office, had the pro-Southern article distributed, and the other pub- lished in its place. Next, a crowd of merchants could be seen going to the office of the Herald, ordering out their advertisements and taking them to the Alta, which thus took the place previously held by its competitor, and for a long series of years retained it. The Herald lingered along, finally ceased its separate existence, and though Nugent afterwards re- suscitated it, its prestige was gone, and now the later generation of San Franciscans hardly even know that it ever existed. Nugent was a talented journalist, and a duel- ist. The Alta has experienced sev- eral changes of ownership. It was once owned by Messrs. Fitch and Pickering of the Bulletin and Call, and for a long time by McCrellish and Woodward, and has for some years been edited by John P. Irish, a talanted journalist and a noted factor in the political world. For long it was Republican, but under Col. Irish's management and now flies the flag of the Democracy. But to return to 1850. There were also published the California Courier, the Pacific News, and the Evening Picayune, all daily, and the Watchman, a monthly. Six dailies for a small community such as that of San Francisco at that early day was a respectable representa-


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tion, seeing that after the lapse of forty years we have only nine news- papers published daily in the Eng- lish language. In the interim many have been the journalistic ventures, only a comparative few of which have survived, and fewer still that have flourished. It is, of course, not our intention here to tell the secrets of the prison house, but we would if we could a tale unfold. However, we forbear. One of the old papers of the city was the Placer Times and Transcript, which, as its name im- plies, was the result of a journalistic pooling of issues on the gold fields. It was moved from Placer to San Francisco, and as it was the medium for a great deal of profitable legal advertising, laid the foundation of the fortunes of its proprietors, Messrs. Fitch and Pickering.


The Call was founded in 1856 by a number of printers out of employ- ment, the only one who is now connected with it being Mr. George Barnes, the father of dramatic criti- cism in San Francisco. It was after- ward- purchased by Messrs. Fitch and Pickering, previously of the Alta. Ever since it has flourished, and now may be considered one of the leading papers in the West, occu- pying a somewhat similar position in this city to that which the Phila- delph'a Ledger does in the Quaker City. Mr. Fitch is well known as one of the oldest and hardest work- ers in the rank of metropolitan jour- nalism. He was, in former days, connected with the commercial press but left that portion of the field to others, as he concluded there was nothing in it. Mr. Pickering was connected with the press in St. Louis, Mo., before the days of '49 and is still one of the ablest con- tributors to the editorial columns of our city press.


The Bulletin was founded by James King of William, who started in with a capital of $500, much against the remonstrances of friends. He, how- ever, succeeded in making one of


the brightest and best papers San Francisco has ever seen. He fought the corrupt elements unceasingly. After au attack on J. P. Casey, the editor of a rival paper, he was shot by that gentleman. Casey was after- wards executed by the Vigilance Committee. Subsequently, the Bul- letin was purchased by Messrs. Fitch & Pickering. The Bulletin has long been one of the leading papers of the city, and has a character for con- servatism, solidity and reliability, especially amongst business men. The Chronicle, the World of San Francisco journalism, was founded by Charles and M. H. De Young in 1865, and has long been the es- pecial rival of the Call, the same love existing between them that usually does in such cases. The Chronicle was at first simply a dra- matic paper, but grit and energy, with good business judgment, soon pushed it beyond those narrow bounds, and it became a regular daily paper. It has flourished ex- ceedingly, and no better proof of the fact need be adduced than the magnificent building in which it is now housed. Charles de Young, for long years the conductor, was shot by I. M. Kalloch. Since that time his brother has conducted it with pronounced success. He is besides prominent in other matters. The Examiner was started as an evening paper in 1865 by three gen- tlemen, the most noted of whom was Philip Roach, a gentleman of educa- tion and culture, a forcible writer and an able linguist, being able to address public meetings in the lan- guage of almost any of the people that can be found in cosmopolitan San Francisco. He was in early days United States Consul at Lisbon, and was long in this State a power in the political world. The paper which he edited was, however, never over-prosperous. It was sold to the late Senator George Hearst in 1879. He decided to place it under the management of his son, and to make


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a morning paper of it. He was bit- terly opposed on the occasion of his running for United States Senator by most of the other papers, but he made them pay dearly for it, as he doubled the size of the Examiner, and all the other morning dailies were obliged to follow his example. He poured out money like water in his effort to make his paper the lead- er in metropolitan journalism, and with the hope eventually of being reimbursed. He was one of our richest mine owners. The Examiner always has been staunchly Demo- cratic, and leans towards the free trade wing of the party. The Even- ing Post was started as a penny or cent paper in 1871 by Harry George, of Single Tax fame, Wm. M. Hinton, Frank Mahon, and a young French- man named Rapp. It was quite successful, but in an evil hour its proprietors concluded to add a morn- ing daily to their newspaper prop- erty. They for a long time publish- ed one of the smallest morning dailies ever seen in any city. But it did not pay, and at last involved the proprietors so deeply in debt that they were obliged to part with it to Senator Jones of Nevada, who placed it in the Republican column, where it has ever since remained. It has changed proprietors many times. It is bright, newsy, and spicy, and a favorite as an evening paper, irrespective of the politics of its readers, but we do not believe that its conductors have laid by any shekels. The Daily Report orig- inally saw the light of day as a daily stock list-the Stock Report. Away back in the seventies it was owned by Alfred Wheeler. After a while it commenced publishing little mining news, and developed into a daily mining paper. Being suc- cessful in obtaining a contract to do the city printing, it began to ex- tend its sphere of usefulness and to adventure into the domain of general news. Being successful year after year in holding the city printing


contract, no matter what the politics of the Board of Supervisors, it pros- pered and became more and more of a newspaper, until at last it came to compete strong'y with the other evening dailies in their own field. The fact that it has continued to hold the city printing against all comers has started an irrepressible conflict between it and all its con- temporaries, whose commentaries on the situation have been bitter and caustic, and the Report has not been backward in returning the compli- ment.


The commercial interests of the city being special in their nature have for a long series of years called for the publication of journals specially devoted to them. Of these, in the order of seniority, we may mention the Commercial Herald, which dates away back in the fifties, the Journal of Commerce, established in 1872, the Commercial News, the Grocer and Country Merchant, and the Herald of Trade and Wood and Iron, the two latter weekly. The founder of the Journal of Commerce was William H. Murray (now its Secretary), while he and James O'Leary (its editor) have together labored in the field of pub- lication for a long series of years. A feature with it, is its commercial, industrial, financial and other statis- tics. In this field it bears the palm, and is accepted as authority by the bureaus at Washington and by the Consuls of all the leading nations represented in our city. It also does business in the legal, insurance and mining fields, and is devoted to gen- eral news and information as well.


The number of papers devoted to specialties is legion. We may mention here the Scientific Press and the Pacific Rural Press, pub- lished by Dewey & Co. The editor of the Rural Press is W. B. Ewer, a gentleman also interested in the Journal of Commerce, one of the oldest editors not only on the Pacific Coast, but also in America, and one of erudition and industry. Charles


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G. Yale and W. F. Wickson, editors, the one on the Mining and Scientific Press, the other on the Pacific Rural Press, are each an authority in his line.


The Monitor represents with ability the interests of our Irish-born and Catholic fellow citizens.


Amongst mag zines we can boast of the Overland Monthly, originally established by John H. Carmany & Co., and where Bret Harte laid the foundation of his fame, and under its revival edited for a long time by Charles H. Shinn, a poet and able writer. It has not, however, proved a gold mine to its owners.


Amongst strictly religious papers we have the Occident, the Christian Advocate and the Hebrew, as well as many others.


Amongst the literary weeklies we have the Argonaut, the News Letter and the Argus. The Argonaut is in- debted for its success to the person- ality of Frank Pixley, who is a good hater, and whose dislike-in print- of the Hebrews and the Pope's Irish is proverbial. Ontside of the-e two favored classes, which are nearly always remembered, he hits around pretty impartially. He is a good writer and spe ker, and, too, a good hater. The News Letter is also sup- posed to be representative of English Pacific Coast opinion, and manifests amongst its staff literary ability of a very high order. The Wave, a bright, spicy society paper, was started in 1890 at Monterey. It is now published in San Francisco, and has been a pronounced success.


Music and Drama makes it alter- nately pleasant or uncomfortable for the ladies and gentlemen who don the sock and buskin.


The Wasp, an illustrated weekly after the style of Puck and the Judge, has had a chequered career. It is now in good hands.


Amongst our German fellow-citi- zens the Demokrat represents Demo- cratic opinion in the language of the fatherland ; the Abend Post, Republi-


can ideas. Both are well conducted papers, the Demokrat being a morn- ing and the Abend Post an evening paper. La Republica is the oldest and most important of our Spanish papers. La Voce del Popolo and L' Italia represent our Italian-speak- ing citizens, L'Elvezia those of Swiss- Italian origin, La Voz Portuguesa those who speak Portuguese. Our local French press has always been important. It is now represented by Le Franco Californien. We used to have several papers published in the language of La Belle France. The French paper is Democratic in its political faith. All the other foreign papers not specially mentioned are independent.


Outside of these there is a multi- tude of publications of which it were vain to even keep account, a few permanent, but most belonging to the natural order ephemeridae. The doubling in size of the leading dailies during the past couple of years did not have a healthy effect on their several exchequers, and they are now only beginning to recoup themselves for the necessarily in- creased outlay which for a long time did not bring any increased remun- eration. With the exception of about three leading journals and a couple of smaller ones, none have made money, but all look to the future growth and importance of the city to repay them for their labors in the past.


BENCH AND BAR.


The profession of the law from the very earliest ages has attracted to it some of the very best and brightest minds whose genius has shed a luster on our common human- ity, and San Francisco is no excep- tion to the rule which has prevailed so widely and so long. We can boast of many able and distinguish- ed men whose renown as advocates, whose learning and research not less than their eloquence and the emi- nent services they have rendered to.


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the commonwealth have given them a national reputation. San Fran- cisco - California - derives much superadded glory from their labors. They are ever foremost in defending her interests or her character when assailed, and they may be found in the Legislature and in Congress as well as arduously engaged in the ex- ercise of their laborious profession.


The skill of our advocates has attracted attention wherever the English language 'is spoken, while their character generally as able pleaders and as good practitioners is far above the average prevailing in this country. The roster of men of eminence in this profession has been more liberally contributed to by San Francisco than by any other city of its size in the United States. From the ranks of the profession men of the greatest eminence not only in the State, but even in the councils of the nation have been drawn. They have been distinguished on the Supreme Bench. As a body our lawyers have ever been noted for honor, integrity and patriotism. Ever zealous for the glory of the city and the commonwealth, they have never been wanting when one or the other was assailed. As years pass by they have been able to justly claim more and more dis- tinction for learning and renown at the hands of their fellow-citizens, and form a phalanx of which the city may well be proud.


It must not, of course, be imagined that San Francisco always possessed such a distinguished body of expo- nents of jurisprudence as she has now. The beginnings of the profes- sion were very crude indeed. In the days of Spanish and Mexican dominion, the magistrate generally dispensed justice without the aid of advocates. In the early days of the American occupation, ere yet American jurisprudence had as- sumed full sway, a few wander- ing advocates found their way hither, whose knowledge of the law




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