The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-03-11

firm controls large amount Of eastern
capital.
The banks of this city are all ex-
perienclng a heavy increase in their
business. Several state that they average
from three to four new accounts every
day-all being considerable depositors
and all being on the lookout for good
buys. They come largely from Kansas,
Iowa, Nebraska and Colorado, and
many of them can sign drafts for
figures with flour naughts" to the
right of them.
A reporter, yesterday. sought
NIB. W. 8. MCCORMICK,
who, as a new member of the City
Council, and prominent banker,
would be apt to have come views re-
gsrding our present real estate boom
which would be of interest.
= ~ hat is your opinion Of the boom,
Mr.. Mccormick Has it come to stay.
Or is 1t only spGrt, and will values fall
back again when the squirt is over?"
asked the reporter.
Mr.. McCorn.ck wore his most eau
tlous expression in answering. well,
oooms are new to me, must confess,
and an opinion from me wouldn't do to
depend on, I'm afraid. There is no
iOubt that all this activity now going
IN is speculation Ture and simple:
,arties who are buving are buying to
sell again, except, of course, in some in
stances in particular places which have
always been in dema g residence
sites, ana which people urrying
to buy for homes u re the
boom puts them out of thu. reach
Still, as far as [ can learn, this sort of
speculation is the usual forerunner OF
the real boom-I mean the boom
caused by building, by manufactures,
by improvements, and by permanent
Investments.
What about the durability of the
present boom?"
It Is backed up by the things | have
mentioned, BY manufactures. and by
he incoming people who come to stay
and make this their home"
What do you think Of prevalent
prices?"
well, while 1 think that things
nay go on, and that the
outlook is good, / would say to
the people who have held laud for years
nat they have never regarded as worth
anything much till noW-sell. 1t may
90 up little OF course but what is the
loss of that little to the securing of
sum that in many instances will put the
owner in easy circumstances for the
rest Of their lives. l think l should
chance it and sell. ;"
Mr.. Mccormick himself is evidently
in no great fear of subsistence of the
Doom as regards his own business. He
mad plans on his desk for an extensive
enlargement of his premises which will
involve some expensive alterations Of
the interior of the bank. The present
Duilding will be run back thirty feet,
and q second vault, the size of the
present one, will be constructed in tue
rear. This will be used exclusively by
the book-keeper, the vault now in use
being retained for the cashier and tel
lers. The additional room gained will
be occupied by the booK-keeper' desks,
the paying and receiving counters re
main ne IN front The staircase leading
to the second floor will be taaen out,
and a considerable space will be gained
Tor the front Office.
Another banker interviewed said the
boom was good for this year
1t least. If there was any
LANCER of the spring activity
subsiding, the influx of summer tour
lists under the new cheap rate, and the
advent of our glorious bathing season
would boom it up again, and of the
thousands who come this summer to
gaze, it was certain good many would
MAKE up their minds TO remain, and if
5he city went at once into the improve,
nents SO long cont mplated, strangers
would find incentives which never be-
fore existed, for them to come along
and grow up with.the country"
Let them come. They can not arrive
TOO fast nor too soon