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Overview

The German-American Savings Bank operated this branch location in 1907, in addition to its main banking center at 223 South Spring Street in Downtown Los Angeles, CA. (See advertisemet in the Los Angeles, California, City Directory, 1907,Banks and Commercial Institutions, p. I.)

Building History

The German-American Savings Bank sold this building at the corner of 1st and Main Streets on 09/14/1907. The Los Angeles Herald reported this real etate transaction: "Late yesterday afternoon the sale of the German-American Savings Bank building on the northeast corner of First and Main streets to N.E. Cramer of Buffalo, Wyo., was negotiated by R.A. Rowan & Co. and W.M. Garland & Co. for $100,000. The property has a frontage of forty feet on Main Street by 111 feet on First street, and is covered by a substantial two-story and basement stone and brick building. The walls and foundation of this structure are capable of carrying several more floors, and it is more than likely that within the next two of three years Mr. Cramer will add at least three stories to the height of this building. The corner banking room in the building is occupied by the branch of the German-American Savings bank, and that bank desires to continue occupying the premises with which it has been so long identified, and so has secured a lease on this banking room for a period of ten years. There are thirteen other tenants occupying this corner, and it yields a net return to Mr. Cramer of 9 per cent upon his investment. The German-Americna Savings bank was induced to sell the property because of the fact that it has recently taken a long time lease on the southeast corner of Spring and Fourth streets, in the Union Trust building.” (See “German-American Bank Building Is Sold,” Los Angeles Herald, vol. 34, no. 349, 09/15/1907, pt. III, p. 2.)

The Herald article boosterishly reported of N.E. Cramer: “Mr. Cramer is a wealthy cattle man of Buffalo, Wyo. For the past seven years he has been spending his winters in Los Angeles, and recently made an extended visit to Florida, Cuba, and the Hawaiian Islands, and upon his return to Los Angeles expressed his feelings toward this city by investing $100,000 in a business corner. Mr. Cramer has been marketing his cattle in eastern cities for the past thirty years, and is thoroughly familiar with conditions throughout the eastern states, and he says that he is far more impressed with the future possibilities of Los Angeles than with any other city in America.” (See “German-American Bank Building Is Sold,” Los Angeles Herald, vol. 34, no. 349, 09/15/1907, pt. III, p. 2.)

PCAD id: 20809