The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-11
THE SOLID BOOM.

THE HERALD is not at all sorry that
this lul has come upon the real estate
boom. Matters were being rushed into
what would have been an unfortunate
condition. Speculation was fast taking
the place of legitimate, honest trans
actions. and our boom was rapidly de-
veloping into a paper affair. Ale along
there was fear that an unreal element
would gain control, in which
event collapse would necessarily
follow, and the backward movement
be greater than the forward one.
People began to exhibit evidence OF be
ing afflicted by reckless sort of mania
which BODIED no good, in that it did not
contemplate the future. 1t thought
only of the present. and not seriously of
that. The craze was for high prices
values not being taken into account. In
buying a lot the purchaser did not think
of the worth of the land or what he
could make it worth by improvement.
but only of what he could sell
it for. If one will look
down the list of properties which
changed owners during the speculative
period of few weeks ago, he will find
only a small percentage of it was
bought with the view to the purchaser
retaining it; in four cases out of five
the buyers bought to sell again, and in
many instances the deeds had not been
signed before the property was in the
market again at an advanced price.
This was all wrong, and we are
heartily glad that it came to
a sudden stop before serious
harm had been done. A boom which
has nothing back of it except specula-
ton will be short-lived, and while it
lasts it cannot benefit the community.
though few individuals may profit by
it. THE HERALD maintains that Salt
Lake possesses the requisites and ele-
ments of abundant prosperity, and that
it does not need the stimulation of false
and wild speculation to
the progressive march which
all hope for and expect. Our location.
climate, soil, scenery, mineral springs,
the lake, natural resources, and oppor-
tunities for making money are the
things which will boom the city. They
will entice here the seekers of health
and pleasure, those Who are in search of
to probably invest
the manufacturer and the
builder, the energetic PROGRESSIVE people,
and these will boom the place. We
want people to come here, not to trade |
and speculate in city lots a few
weeks or months, and then skip to the |
next town; but to build houses and |
establish homes, to enjoy the bracing |
atmosphere and find health III our hot |
springs, to delight in the mountain
and dip in the Salt Lake, to
plant trees and cultivate farms and
gardens, to develop mines and establish
to buy'the products of the
soil, and get rich from the utilization of
The natural resources. We want per
nsnent residents who will add to |
the wealth of the city and to the
strength of the community.
There is no occasion for the appre-
1ension that the bottom may fall out Of
he boom. Speculation may suffer
,ackset or cease entirely, but the city's
advantages are too many and too great
% permit the suggestion even OF
! check to the growth, development and
prosperity which have set in. Land
will continue to command it's full value,
md there will be the constantly growing
demand for houses for the incoming
strangers. 1t is well for all that the
PAPER boom has suffered collapse, for
t gives the solid, substantial boom
;hRnce.