In March 1928, Pflueger published his submission for a new building to house the San Francisco Stock Exchange, featuring strong Zigzag Moderne themes with classicist notes. Miller and Pflueger won the competition for the commission. Eight months later, the Exchange committee decided instead to rebuild the Sub-treasury building at 301 Pine Street while keeping its Tuscan columns and entrance steps, requiring a completely new approach. Pflueger's first response was a sketch with little ornamentation. Construction began in December 1928. By January 1929, Pflueger's plans indicated prominent sculptures, bas-reliefs, inscriptions and carvings, to be detailed by local artists.