The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-22
THE RIGHT KIND OF BOOM.

Finally the boom is settling down to
the sort of thing that will be approved
by those who are really and perma-
nently interested in the welfare of the
city. For time things looked dubious,
and there was cause for apprehension.
It seemed as it a good many
people we're on the point of
losing their heads. A craze
seized them. some being wild
TO buy real estate, and Others equally
wild SC sell. One class did not know
why they were anxious to purchase and
the other did not know why they were
SO eager to sell; the first did not want to
holdcnd improve the property, making
its value equal to the price paid, and the
second had no idea how they could bet
ter themselves by selling. What was
going on here a few weeks ago was SIM
ply madness, and it threatened the per-
mcnent welfare of the city. Prizes were
net based on values, and nothing was in
sight to justify one or enhance the
other. Fortunately halt was called and
needed before mischief had been done.
Nobody had plunged into depths from
which he could not extricste himself
GONE had reached the brink, but they
did not GO over. The brake was ap-
. piled il time, and with tbs checking of
the reckless speed came reflection
People saw whittier we were drifting,
and that disaster would come unless
something more substantial than plug
hats" and glib tongues were provided
as foundation for the boom. The dis
covery was happy one, and the result
is already beneficial. Uhe boom which
was being erected on sand was discon-
tinued, and cue was started on foun
detion of rock. Speculation was largely
discontinued, and there was a.
return to honest buying and
selling, based on merit. Inquiry
develops the fact that pretty
nearly all the transactions lately have
been bona fde; that is to say, the
buyers have not bought with the view
the ink ives dry on the first transfer
deeds. Prices alse have come into
harmony with values; the craze to buy
without knowing what is to be done
with the property has disappeared, as
has also the eagerness to sell before the
owner knows whether or not it will be
to his adva ntsge to dispose of his land.
G.rhe bursting of the boom bubble which
threatened to afRict Salt Lake as it had
done other western towns, giving US a
temporary prosperity brought on by
recklessness and want CT intelligent |
consideration, and leaving US maworse
con dition than it found US, was most
fortunate circumstance, for it has given |
us,a solid boom, with something solid on |
which to bank. Building has begun
and substantial Improvements are be
ing undertaken. The idle men who
filled the streets few weeks ago, and
Wondered why they should be without
employment in the midst of SO mach
alleged prosperity, are no longer idle
ulleSSlt Dc tESa1 CnSICcs LIE UIlCk-
makers who saw nothing for them in
the boom, have since sold all the brick
they can make during the summer, and
are naE declining orders which they
cannot ill. Th6re.is an inquiry for
which there was little reason
TO believe would come. Ia fact, the city
has started in its march Of
development and progress, ard
;s.enjoyinE a boom which las in itsome
Of the elements of boomerang. There
is no longer danger that the good
times" will not continue. They are
here and have contracted to stay. Our
boom is one which takes idle men from
the street and gives employment to all
who age willing to work for fair pay. 1t
IS a boom devoted TO building up the
,ity, to making permanent improve
nents, and to giSing lasting prosperity
20 Salt Lake. 1t is the kind of boom
which We have wanted, and now let US
stay by il.