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Show Twenty Years to Build San Francisco Will Not Rise as Rapidly as Predicted Says a Noted Writer. Hcrsticl V. .lones, editor of tlio Commercial West and the best equipped equip-ped ilnanclal writer In America, Is not quite so enthusiastic about the rebuilding of 'Frisco and its environs as are other newspapermen. Ho says. , "Notwithstanding the splendid spirit displayed by tho Callfornlans and by their world-wide circle of helpers, help-ers, It Is only too plain, now that the practical side of tho work of rebuilding rebuild-ing presents itself, that It will take years to restore San Francisco to its former commercial greatness The fearful properly loss of $L,f0,000,000 by earthquake and liie cannot be made good in a year or a few years. The commercial shock has already been felt seriously in other work and London, Lon-don, where forced sales of securities have caused a breaking down of the stoc!: markets, and the demand for ready money has caused simp Hurries which have raised money rates, reduced re-duced the volume of loans and alfectcd International exchanges "Splendid plans have been evolved for rebuilding San Francisco In Iron and steel, with occasional wide boulc- ' ards to check the progress of possible future disasters of a slmlllar nature. I It is estimated that something like $12.),000,000 will be realized from In-suranee In-suranee with which to rebuild. Hut $125,000,000 of lire insurance will not ' restore 'ijl'50,000,000 loss by earthquake and lire, and If San Francisco Is to bo rebuilt In better and moro costly stylo with Iron and steel In place of cheap wood and brick, and with wide boulevards boule-vards to replace narrow and closely packed sttects, It will take several t times the amount of the bare Insurance Insur-ance on the old buildings to produce a new and greater San Francisco. "The building of greater San Francisco Fran-cisco will como In lime, but It is now rcallcd that the problem Is one of ten or lit teen y ears, instead of a y ear or so, as llrst dreamed. A cltv that has taken a half-century of energy, enterprise enter-prise and well directed capit.il to build cannot be icplaced in a day It will tako time to drive from tho memory of man tho shock of April 18 and the minor tremors still recurring. The llssiues must be closed and tho losses made good beforu men will re-lnvtst, re-lnvtst, and especially on a larger scalo than before "It is now found that the $J,."oo,000 donated oy congress and something like $15,000,000 given by tho charitable world In all is not sulllclent to relievo re-lievo Immediate distress. The president presi-dent has asked congress for another appropriation of $300,000. Tho $100,-000 $100,-000 voted by tho Canadian parliament and declined by tho government at Washington has been solicited by the San FrancUco relief committee direct, aud similar donations declined by the government aro sought by San Francisco Fran-cisco us direct contribution; all of which indicates that tho distress Is worse than at llrst believed. "Tho building of a greater San Francisco Involves the placing of several sev-eral hundred millions of loans on San Francisco mortgages. Under tho con-stltution con-stltution of California mortages are subject to taxation. Already a num. bcr of eastern financial houses have announced that money will not be loane'd on San Francisco mortgages until thu law taxing mortgages Is repealed re-pealed and the legislature cannot repeal re-peal the tax until thc.pcopTe amend the state constitution Kvcn with the California tax laws amended to aree with those of eastern states, capital for real estate and building Investment In-vestment will now How to the seismic peninsula on which arc located San Francisco sand hills, In the same proportionate pro-portionate volume and at the same rates, nor with the promptitude and conlldcnce that would characterise a How of capital to sustain a building movement in Chicago, Ilaltlmore, or Minneapolis where earthquakes are never known." |
