425 Montgomery Street, San Francisco: Photographed and Published by C. E. Watkins, (1867). Early issue of this view, ca 1867 [or so]. Stereo image mounted to deep yellow stiff-stock paper. Lettering in brown ink. Watkins imprint to verso. Oblong format: 3-1/4" x 6-3/4". Square corners. Now housed in an archival mylar sleeve. Building name, and card number, in mss to bottom of mount. Prior owner inked initials ["L. B."] to verso. Small faint smudge in sky of right image. Overall, Very Good. Item #46680
"By any standard of assessment, Carleton E. Watkins was a giant of photography. He is arguably America's greatest landscape photographer. Admired and envied by his peers, he possessed a complete mastery of photographic technique and aesthetics." [Palmquist & Kailbourn, PIONEER PHOTOGRAPHERS Of The WEST, p. 578].
Per Wikipedia, "The Merchants Exchange actually refers to three distinct buildings in the city's history, the first on Battery Street, and the latter two at the present site on California Street, between Montgomery Street and Leidesdorff Alley." This view of the "second structure on California St., which, like its predecessor, was also three-story building, but in the Beaux-Arts style. Since it was situated more inland than its predecessor, it had a tower for the purpose of observing ships."