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 9
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As regards religion a large major- ity of the Irish, Spanish, Portuguese, French and Hispano-American fam- ilies are Catholic in belief as also are a considerable proportion of German and a smaller one of Ameri- can families, while the vast majority of the latter, as also of German and British families belong to some one or other of the Protestant denomi- nations. The Hebrew places of worship are many and well support- ed. The Greek Church has its ad- herents. However, a large number of adults attend no particular church, while many are professed free-think- ers.
POPULATION.
There can be no better way to esti- mate the population of this city than
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to note the increase in the number of houses supplied by the Spring Valley Water Company. This was, in 1880, 20,128, the consumption of water daily averaging 12,648,000 gallons. The population being 233,057 in 1880, this gave about 12 persons to each houses supplied. In 1890 the number of houses supplied was 33,248, the number of gallons averaging 20,430,000 daily. It will be seen that the consumption increased about exactly as the number of houses. It is therefore fair to esti- mate the same number of people per house, etc., as in 1880. This would give, at 12 to each, 398,976 souls as the population of San Francisco. It is therefore evident that the census fig- ures of less than 300,000 must be all wrong, and that an estimate of 330,- 000 is conservative indeed.
REAL ESTATE.
San Francisco has not of late years been blessed or cursed, as the case might be, with a real estate boom. We have, however, had our share, when all sorts of lands-outside lands particularly-were inflated till they reached a price which, with all the extension of the city, they have never attained since, and when the whole people went almost wild after real estate investments, much as they have in other years in regard to stock speculation. But that has all long passed, and now when an ad- vance is made it is one based on the natural growth of the city. In early days San Francisco was laid out as were other towns or pueblos in the Spanish colonies-that is, four leagues square. Within this the Al- calde was allowed to sell lots at a reasonable price to those who in- tended to dwell thereon. They were obliged to erect a house within a year, and to make other improve- ments. Originally the intention was to locate the city on the flat or rolling lands between Fort Point and North Beach, and that is why the Presidio or Fort was established there. But
this did not afford good anchorage ground on account of the heavy swell from the " Golden Gate," and the idea was abandoned. Yerba Buena, as it grew up originally, was without much order or regularity. Even after a survey had been made matters were much confused. The first Directory ever published says that in 1850 scarcely a house was numbered, the city extended from Washington street south, and lay between Kearny and Montgomery streets. Streets were built up in a week and whole squares swept away in an hour. A large portion of the fixed inhabitants lived in tents. In 1845 a fifty-vara lot sold for $12.50 on Montgomery, Market, Stockton or Bush street. Deeds were signed by the Alcalde. A charge of three dollars was made for recording. Lots near the Chronicle building, now worth $2,500 to $3,000 per front foot. then sold for $12.50 a full fifty-vara lot.
Many instances can be given to show the advance in real estate from the early days to our own, and many more to illustrate the rapid apprecia- tion in values that took place in two or three years, followed by a depre- ciation equally marked. Two blocks purchased by Mr. Chauncey Wet- more for a church organization in 1847 cost $27 each, in 1850 the same two blocks were estimated as being worth $200, and cannot now be looked upon less in value than away into the millions. The lot on Mar- ket street that is the location of the headquarters of the Bible Society, and which was purchased in 1857 for $3,500, is now estimated to be of the value of $300,000. Scores of white cloth tents covered the ground where the Palace Hotel now stands, while there were sand hills nearly as high as the top of the hotel. The land then had little or no value. Now it would sell for from three to four thousand dollars per front foot. The Howard Presbyterian Church was established in September, 1850,
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by the Rev. S. H. Willey, one of whose first cares was to buy a lot for a church building. This he secured where the Redington Block stands. It cost $500, but is now said to be worth $450,000. In 1850 a builder who had about a thousand dollars was advised to buy in the neighbor- hood of Twelfth and Howard, or Twelfth and Mission. He did so, and to-day his thousand-dollar in- vestment has increased in value till it has reached $100,000. In 1853 the law firm of Halleck, Peachy, Billings & Park leased the lot on the south- east corner of Montgomery and Wash- ington streets for a term of ten years. The rental was a thousand dollars per month, with the privilege on the part of the lessees of purchasing at the end of the time for $100,000. A building was erected at a cost of half a million dollars, carpenters and bricklayers being paid at the rate of $15 a day. At the end of the time the lot, 122x137}, was duly purchased as agreed on. The old Bank Exchange leased the corner as a saloon, paying therefor on a twelve months' lease the enormous sum of $2,250 per month.
To-day, however, the same saloon rents for $100 per month. Not long since Judge Hoge, one of the first occupants, rented two rooms in the block for which he paid $30 per month, but which in the olden days cost him $250 per month. This suf- ficiently illustrates the decline in rental values in certain quarters of the city. In 1848 General Halleck purchased, for $7,000 for a home- stead, four fifty varas on the corner of Second and Folsom streets. His wife willed it to an hospital in New York, and it was recently sold. Kohler & Frohling and Wells, Fargo & Co. were the purchasers. The purchase price was $115,000-$65,- 000 to Kohler & Frohling, the bal- ance to Wells, Fargo & Co. A block away the Postoffice Commis- sion recommended the purchase for $750,000 of four similar lots on Sec-
ond and Howard. This shows the tremendous appreciation that has taken place in the values of realty since the early days of the city.
It has not, of course, been accom- plished without considerable fluctua- tions in value, which has lifted many to the pinnacle of great wealth, others-fewer far though-have by it been reduced to poverty. One of the first great sales was that of water lots on December 30, 1853. Those on the corner of Clay and Drumm streets brought $15,500. One hun- dred and twenty-two lots (25x59.6 feet, from East street to California street wharf) were sold for an average of $27,600, a pretty good price for that day, and not contrasting unfavorably with what they would sell for at the present. From the mention of water lots it may be seen that a considera- able portion of what is the business section of the city had not been re- claimed from the bay. The year when this sale took place was one of violent speculation, and the following was correspondingly depressed. As might have been guessed from the prices just given, rents, which had run as high as four to six thousand dollars a month, were reduced sud- denly to as low as five hundred dol- lars a month. For three or four years water front lots had been the rage. But now residence lots began to be inquired for. In 1854 the com- missioners decided in favor of the pueblo title, and thus decided a question that for some time had been a bar to the city's progress. But realty was not prosperous owing to the speculations referred to, and a large proportion of the best prop- erty was held subject to heavy mortgages. By degrees the depres- sion wore off, and real estate began once more to slowly recover itself. Money became cheaper, and in 1858 it was possible to borrow money on real estate security at 1} to 1} per cent per month. In this year the Fraser River excitement had posses- sion of the city, and it seemed at one
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time as if it would be half deserted. Under such circumstances real es- tate became very depressed. The sales in that year amounted to only $4,110,806 in value. Next year there were considerable improvements, and Precito Valley, the Hayes Tract and the land contained within the limits of the Pioche estate were added to the city. In this year the Liman- tour & Shereback claim of 5,963 acres was settled. Claims hav- ing some real or fraudulent basis were the terror of those who pur- chased land in early days in San Francisco. But by degrees either the courts disallowed them or they were settled in some form or other. In 1860 an immense amount of capital came seeking investment in San Francisco, and the realty mar- ket assumed some life again. The Market Street Railroad was now opened. In that year sales had arisen to $8,854,229 in value. In 1861 another real estate speculation opened up in this city. There were no less than fifteen incorporations formed to supply their members with homesteads and building lots in the new parts of the city, and especially on the line of the San Jose Railroad, where they strung along three miles from the City Hall. The original price of the lots was to be $140 each, but they soon advanced two hundred per cent. Sales went up to over eleven millions in 1862, and to a lit- tle exceeding nineteen millions in 1867. A sudden decline in 1865, the result of over-speculation, impaired confidence so much that it took sev- eral years before the market could find its proper level. Immense tracts sufficient to accommodate teu cities like New York of that day had by every imaginable device been placed on the market, and a financial strin- gency of a dangerous kind was the consequence. Iu 1868 sales reached over twenty-seven million dollars in value, while in 1869 they exceeded thirty millions. Money went up to fifteen and twenty-four per cent per
annum. In 1870 sales were only half the amount, and the speculative fever had commenced to abate. For three years more sales did not exceed twelve to fourteen millions of dollars. Iu 1874, however, they suddenly jumped up to close on to twenty- four millions, in 1875 to $35,889,374, and then came another period of de- cline. By 1879 the volume of sales had shrunk to $10,318,744. From this on there has been a gradual ap- preciation, till the present year. The s. les of the past four years thus compare :
1887 .$20,745,059
1888 24,744,479
1889
33,769,069
1890 36,545,887
Here is an increase in sales of seventy-five per cent in about four years. The system of auction sales has assumed unu-ual prominence, There is a slight excitement in realty this year in San Francisco, but it is a healthy one. There is added every year to our population an average of sixteen thousand souls, so that there should be a good healthy activity under normal circumstances.
SOME PUBLIC BUILDINGS.
The United States Appraisers' Building is situated on Sansome street, between Washington and Jackson, and immediately west of Postoffice place. It is a brick struct- ure, 1203x2653 feet in dimensions, aud is four stories in height. The cost of erection exceeded one mil- lion dollars. On the first floor are the offices of the Marine Hospital, Collector of Internal Revenue, Spe- cial Agent of the Treasury, Secret Service Division, Navy Pay Depart- ment, and U. S. Inspectors of Steam Vessels. The second story contains the Appraisers' offices, those of the Coast and Geodetic Surveys, and that of the Superintendent of the Life Saving Service. The third is occupied by the rooms of the Circuit Court, District Court and the offices of the U. S. Marshal, Judges, At-
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torneys and Assistants ; while on the fourth are the headquarters of the Board of U. S. Surgeons and the Pension Department, also the rooms of the Grand Jury and Petit Jury.
The United States Mint, on the corner of Fifth and Mission streets, is one of the finest and most impos- ing structures in the city. It has a frontage of 217} feet on the first named street and 160} feet on the latter. It is built in the Doric style of architecture of granite and sand- stone, is two stories high, and has a commodious basement. At the right of the entrance is a collection composed of the most rare and valu- able medals and coins of all nations, from the earliest coinage of the ancients down to the present time. This is the largest mint in the world and the best methods and processes are utilized in all its operations. The monthly product is about two million dollars. Visitors are admit- ted every working day from 9 to 11:30 A. M.
The Mercantile Library Associa- tion was organized January 24, 1853. The handsome building it at present occupies on Bush street, between Montgomery and Sansome, built by the society in 1868, although pro- vided with elegantly appointed rooms, has been sold. The association has purchased an elegant lot on the northeast corner of Van Ness and Golden Gate avennes, upon which it is erecting a large and finely equipped building for its new home.
The library possesses about 60,000 volumes, including an unusually good collection of periodical and reference literature. The initiation fee is $1, and the quarterly dues $1 50.
THE SEAWALL.
San Francisco in a few years will have one of the finest water fronts in the United States in the shape of the seawall. It will, within a year, be completed from Mission street to Taylor. When it has been completed
it will extend from Van Ness avenue to the borders of San Mateo County, a distance of eight miles.
Three-quarters of a million dol- lars will be spent at the foot of Market street. A depot will be con- structed, of two and three stories, built of iron, steel, glass and con- crete, very little wood being used. The dimensions will be 800x150 feet. There will be a central elevation to be used for a clock tower. All the ferries will use one building, as there will be ample accommodation not only for them, but for many others. The building will extend across Market street about 400 feet each way. The ground floor will be used for baggage, express and mail rooms, and for a portion of the pas- senger travel. The second floor will be devoted to the bulk of the pas- senger travel, to ticket and other offices. The third floor will be oc- cupied by ticket and aud ting depart- ments. A branch Postoffice will be on part of the first and second floors. The second story will be. reached by a steel bridge over East street, and extending to the south side of Sacramento street, and connected directly with the upper decks of steamers. The building is estimated, with the bridge and approaches, to cost about $504,000.
There will be the same number of ferry slips that there are now. The depth will be 150 feet east of the present seawall line and 450 feet west of the pier-head line, leaving the place indicated for slips.
The total cost of constructing 7,361 feet of seawall has been $1,- 300,672 85. The average cost per lineal foot has been $176 70.
The cost of the several sections is shown by the following:
Sec. A, 561 feet long .. . $86,614 53 Sec. 1, 1000 feet long. 165,631 40 Sec. 2, 1000 feet long .. 167,504 09 Sec. 3, 1000 feet long . 235,049 51 Sec. 4, 1000 feet long .. 240,872 01
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Sec. 5, 1000 feet long .. 169,893 57
Sec. 6, 800 feet long .. 126,779 73 Sec. 7, 1000 feet long .. 109,327 99
A belt railroad will, in future days, encircle all the water front.
STREET NAMES IN SAN FRANCISCO.
While the hamlet of Yerba Buena was under Mexican rule, the names of all the streets had the Spanish term "calle " prefixed. They were, however, laid out in no regular order until 1846. After the American oc- cupation this, of course, was dropped. On the principle of honor to whom honor is due, those who laid out the city in early days named the prin- cipal thoroughfares after men promi- ment in cur early history. Alcades Bartlett and Hyde had a good deal to do with our street nomenclature. Thus Stockton street received its name from Commodore Stockton, who was the commanding officer of the fleet on this coast, and who suc- ceeded as Governor, Commodore Sloat, who first raised the American flag at Monterey ; Montgomery, from Captain Montgomery of the United States sloop of war Portsmouth ; Powell street from a surgeon on the same vessel; Mason street was named after Governor Mason, one of the earliest Governors of Cali- fornia ; Fremont street, after the gallant General John C. Fremont, also for a while Governor ; Kearny street, after the well-known General Kearny, who was also Governor iu those early days ; Geary street, after John W. Geary, a distinguished officer of the Mexican war and one of San Francisco's old Alcaldes ; Sutter, after General John A. Sut- ter ; O'Farrell street, after Jasper O'Farrell, one of the first surveyors who laid out the street lines of the new city, and Dupont street after Commodore Dupont, one of our early naval heroes. Mr. Hyde gave Bush street its name on account of the number of bushes and chapparal
growing on it, and Pine, Sinsome and Post streets from well known streets in Philadelphia. Market street being also one of Philadel- phia's great thoroughfares was re- vived in San Francisco by Alcalde Hyde, who first applied it to Cali- fornia street. But in February, 1847, Alcalde Bryant had it changed to California street in honor of the State, when Mr. Hyde, who was then helping to lay out the city, gave the name in Angust, 1847, to the present broad thoroughfare, which even then he had the foresight to see would be the city's great com- mercial artery. Broadway was so called because it was thought that it would be similar in importance to its great namesake in New York. Vallejo street brings to mind the career of one of our most distinguished native Californians. All streets north of Vallejo re- ceived their names from Mr. Hyde when he was Alcalde. The gentle- man himself was honored by the name of Hyde street, running north from the new City Hall to the bay. Spear street brings to mind Nathan S. Spear, one of our oldest merchants, as does Leidesdorff street, W. A. Leidesdorff, one of the oldest . traders in California ; Davis street takes its name from one of our pioneer merchants, Wm. H. Davis ; Howard street, from another pioneer merchant ; Brannan street perpet- uates the name of Sam Brannan ; while Beale street brings to mind one of our heroic generals, and in early times an officer in the United States Navy ; iu Guerrero street is perpetuated the memory of one of our notable Spanish-American pio- neers; Larkin street derives its name from a former United States Consul at Monterey ; Jones street was named after Commodore Jones of the United States Navy, by the then Surveyor ; Leavenworth street, from one of our old Alcaldes. The derivation of Sacramento street is sufficiently obvious, as is also that of
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Mission street, leading for a time to the "Mission Dolores." Front street was long the water front of our city, while Commercial and Mer- chant streets, as names, are suffi- ciently explanatory in themselves.
THE STOCK AND BOND EXCHANGE.
The Stock and Bond Exchange of San Francisco, so called to distin- guish it from the Stock Exchanges of this city, though, to use a figure of speech, young in years, may be looked upon as the foundation of a great future business that will be overshadowing in its importance. It is only of late years that the at- tention of our capitalists has been seriously directed to the bonanzas that lay untouched in the undeveloped resources, many and far outreaching, of our coast. Previously, mines and mining were the only things deemed worthy of attracting their attention, and millions for mines, not a cent for anything else, cannot be deemed a very grave exaggeration when given as the shibboleth of most of the moneyed men of San Francisco. Nor can this be wondered at, when the fact is remembered that the pro- duct of the mines of the coast within the lifetime of the present genera- tion has exceeded two and a quarter billions of dollars in value. Slowly but surely, however, conviction dawned on the minds of men that there were undeveloped and never- failing bonanzas in other directions, and that while our resources in those of auriferous and argentiferous wealth were, as regards the present generation, practically illimitable, there were others that had no limit as long as a race of civilized men dwelt on our shores. Many were the companies formed in early days, cradled amid the hills and gulches of the mountains, where our precious metals were sought, that knew but little of the conventionalities that attend such matters amongst more conventional surroundings, but there comes slow but surely an end to all
these things. Companies for the furtherance of steam navigation, for the supply of gas and water, etc., began to be formed, and informal dealings in such securities to begin. Amongst the earliest stocks sold in this way were those of the Pacific Mail, the California Steam Naviga- tion Company, and some others.
The business gradually grew in importance and standing, but the mode in which it was carried on was the reverse of satisfactory. Brokers did business on the street-on the curbstone perhaps would be the bet- ter mode of expressing it. The cor- rect value of the stocks dealt in was difficult, often impossible to ascer- tain, the result being that bankers and others had no method of finding out what they could loan on them or how; while brokers themselves were but too frequently speculators, ad- vancing or depressing the market as suited their convenience, making ex- orbitant commissions and gains, sometimes as much as $5 per share. The result of all this was that busi- ness in them was restricted, the market values of the stocks unduly inflated or depressed, while the total volume of business was lessened, and its natural growth prevented. It was then proposed to organize a Board of their own. A call was is- sued for a meeting which was held in the office of Wohl & Pollitz. All the brokers responded and an or- ganization was effected.
The first meetings were held in the same office-that is, for two or three days. The first business ses- sion was held on September 19th at the office of A. Baird, 320 California street. A committee was then nom- inated which found suitable rooms at 312 California street. Here, how- ever, the Exchange held its sessions only a few weeks. The spacious rooms at 22 Merchants' Exchange were then taken and since that time the Exchange has there held its ses- sions. There were 21 members at starting, which number was increased
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to 30 by sale of seats, which has been reduced to 26 since, by pur- chase and retirement therefrom. It is not the policy of the Exchange to increase its membership, but to keep it at its present number. There are, therefore, no seats for sale. The Exchange was organized September 18, 1882, and has had a brief but prosperous existence of somewhat over eight years. It is, therefore, in its infancy. It is, however, a very lively infant, and we may as well ask if such it is now, what is its future development to be? That must be answered by referring to the stock exchanges of London, New York and the bourses of the great cities of continental Europe, which in its methods it somewhat closely resem- bles. To show what this means, we may say that the sales on the New York Stock Exchange in 1886 were 100,802,650, or over one hundred million shares of the value of $5,885,662,200, or close on six bil- lions of dollars. Applied to the Stock and Bond Exchange of San Francisco this may seem like a wild and fanciful dream, but the New York Stock Exchange had equally humble beginnings with that whose career we are endeavoring so briefly to chronicle.
Like its prototypes of the East and Europe, our Exchange deals in railroad stocks, and in fact all stocks on the market, outside of mining. The number of these is increasing daily, and the existence of the Ex- change enables the floating and the successful career of many. In no other way can many enterprises of undoubted merit be started suc- cessfully. It aids materially in the development of our manufacturing resources.
There are now dealt in U. S. bonds, State bonds, all the county bonds, five different city bonds, six railroad stocks, the bonds of sixteen different street and other rail- roads, the stocks of five water com- panies, those of six gas companies, of
eight different banks, of seven insur- ance companies, of six powder com- panies, besides twenty-three other different stocks and bonds. This is much more desirable than the old style, where sometimes the brokers made a big plum; but all the better pleased with the mode of business in fashion now. The bankers and com- mission houses were always sending round from one broker to another trying to get quotations, and no one knew what any stock was really worth. And those who lived at a distance found it impossible to do anything in them.
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