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View of North Main Street taken after erecting Pico House, but before completion of Merced Theater. The Bella Union Hotel can be seen at right-center of photo. The Bella Union Hotel was considered the first hotel in Los Angeles. It became the Clarenden in 1873 and the St. Charles in 1875. Pico's Building, to the left, was the original home of Farmers and Merchants Bank, later merged into Security Pacific Bank.