View north to bay and Alcatraz Island, showing reconstruction in full swing. Fairmont Hotel, Mark Hopkins Institute of Art (later San Francisco Art Institute), Hotel Colonial in background left. Shreve Building and Head Building (steel frame) at Post & Grant corners at far left. Old St. Mary's Cathedral, large gas storage tank at north end of Powell St., background center, Telegraph Hill background right. Top of Mutual Savings Bank Building at bottom center. Kearny St. on right, with Chronicle Annex, Sherman Clay Building, MacDonough (or McDonough) Building (1908) and ruins of Hall of Justice in distance. 8 story Pacific States Telephone Building (with Pacific Telephone & Telegraph signage, 445 Bush, at center. In distance far right, Merchants Exchange and Kohl Building, Bank of Italy Bui