The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-11-26
AMONG THELENDERS.
They Have Plenty of Money For
Investment Here.
]. P. BACHE ON THE SITUATION.
The Glass of Property Eastern Investors Prefer
H. Effect of the Recent FURRY
in the East.
]. P. BACHE ON THE SITUATION
In order to ascertain lust what effect .he

In order to ascertain just what effect The
recent furry in the east had had upon the
moneyed men there, who had been invest
ing in loans on realty in this city, a HERALD
reporter yesterday called upon several rep
resentatlves of eastern investors in this
line and ELECTED information very encour-
aging to borrowers here, in that The recent
excitement has had no perceptible effect on
any who have real, genuine faith in Salt
Lake as field for such investment save
IN rare Instances. 1t seems that the only
| ones who have ordered a cessation of their
investments for the present are those resid-
ing IN the far east and the New England
states, most of whom have never visited
the city and cannot therefore have a very
intelligent idea of its great future, its COM
mercial Importance and value as a field for
safe and profitable investment in real es-
tate loans.
In brief interview on this subject with
Joseph z. Bache, who does not find his
duties as clerk of the supreme court so
onerous but that he manages to find time
TO engage in other matters, it was learned
mat but one OF his correspondents had ad-
vlsed rest for a time in loans, and the
cause In this case was not the result of the
hurry in the east but by the doubtfulness
of the exact location of site and appoint
ment of buildings for the worlds fair. The
gentleman alluded to is Junius Mulvey, of
Hyde Park, Chicago, who is heavy holder
in property Immediately adjoining jackson
park, and who is unloading the same and
putting the cash derived therefrom into
Salt Lake city through Mr.. Bache. Mr..
Mulvey made special trip to this city last
spring in order tnat he might act more in
arllo h FOL
alter two weeks stay returned with
most favorable opinion of Salt Lake, and
Informed Mr. Bache that he considered the
security offered here by borrowers who
were able to offer inside property, both i'm
proved and unimproved, as security, to be
equally as safe as the same grade of loans
in Chicago, where only or Z per cent.
could be obtained. Mr.. Mulvey is
a man of wide experience in the
loaning business, having represented one of
the largest New England insurance COM
panles as their financial agent in Chicago
for number of years, and his opinion in
this regard is OF considerable value, as
tending to show how Salt Lake impresses
an eastern investor of conservative ideas
and with experience in the loaning bus1-
ness, from the standpoint of the lender.
'How long have you been placing loans
here" asked the reporter of Mr.. Bache.
about fourteen MONTHS replied that
gentleman, land during that time | have
brought upwards of 100000 into the city,"
Then the report that you had placed
several millions in the territory is untruea"
suggested the reporter.
II don't claim to have done anything of
the kind, - replied Mr.. Bache. 1.-THE men
who usually talk about millions are men
who have no conception of the amount of
work necessarily entailed in carefully loan
ing out such sum Of money. Such talk is
nonsense
"Where do your clients reside?"
I'm Chicago, New York, Pennsylvania,
Minnesota and Michigan"
"How do the loans range as to amounts2"
"From five hundred to ten thousand dol
lars. The loans are made principally at
, per cent, especially SO if the property is
business or close in. Others are at to 10
per cent, and they run from one to five
years, my correspondents preferring three
to five year loans.n
what sort of property is preferred?"
Property within a radias of one and a
half miles of the postoffice, the major part
being within three fourths of mile of the
, center of business and improved property u
5 Mr.. Bache had quite an extended &C.
, quaintance with eastern moneyed men,
among them being Cyrus H. Mccormick
the millionaire manufacturer of Chicago
and James Mulvey, who has entrusted
stated that one of his correspondents had
gone to the trouble and expense of sending
: out his own engraved notes and form OF
: mortgage for use in his Salt Lake invest
, ments.