The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-03-12
THERE is NO DANGER.

There are some who are apprehensive
that the real estate boom that is now with
US will be short-lived. "How long will
this last?" ''When will the drop Gomez"
s'Can you tel when the bottom will fall out
of this business?'' These and similar
questions are asked every day. We are re-
ferred to Wichita which awoke one morn
ing to find itself the center of magnificent
boom, and awoke the next morning
to gaze upon monumental wreck OF
that magnificent boom. Los Angeles is
pointed out and the story is told of the
glory of its boom and the disaster which
overlook the place. And then it is said that
history will repeat itself, and ours will be
the tale retold of all boom cities.
The wise and knowing ones are
all the time on the lookout
for the preliminary signs of the
expected collapse with the view to getting
from under before the crash comes. They
are watching for pointers which will warn
them in time, all insisting that there is
danger ahead.
The HERALD may err in Judgment, but
it can see no reason for experimenting
trouble. There is none Of the element of
scare in the histories of Los Angeles,
Wichita and other boom towns. There is
nothing in them to alarm. The conditions
are entirely different. Salt Lake is in no
sense flash town, and we don't believe
it is possible to boom it as the cities named
were doomed. II those who are apprehen
sive and are all the time ready to jump will
give their common sense chance
and in GOODNESS and intelligence will con
slider the situation, their nerves will get a
rest.
Up to the present time three-fourths of
the residents of Salt Lake own the homes
in which they live. They are permanent
residents, who will not be Influenced by
booms or depressions. They are here to
stay, let the prices of real estate be high
or low. They cannot be tempted to go by
any offers for their property which are
likely to be made and they viii not depart
if there were no real estate buyers in the
country and land could not be sold for
enough to pay the taxes. Not
only are three-fourths of the
population what may be called
permanent, but these people own fully
three-fourths of the area of the city, and
not much Of their holding is for sale. With
this steady going, permanent population,
is it likely that the bottom will fall out u
of the city, Hardly. Wichita was made
by boomers, and when the booming reached
the limit, there was nothing for the boom
ers to do except to depart. There were so
many of them and so few bona fide resi-
dents that collapse was inevitable. II
all the boomers in Salt Lake were to pick
up their traps, and go elsewhere, this city
would remain populous and progressive,
and real property would be worth very
nearly, if not quite, the present price.
People rushed into Los Angeles by thou
sands and tens of thousands, more than
doubling the population within year.
Many of the old settlers were glad to take
advantage of the strangers, selling their
holdings for fabulous prices and going in
to the country or to other places TO enjoy
their money. The permanent population
was small and when the thrush ceased and
speculation came to an end, there neces
sarily come a collapse. Suppose Los
Angeles had 10000 people who
were there to stay, come rain
come shine, would there have occurred a
crash like that which befell the
cityl Notmuch. Some spectators would
have been hurt, but Los Angeles would
have suffered no relapse.
THE HERALD regards Salt Lake as
removed from the fear of a collapse. We dc
not see how disastrous collapse is possible
The fact that large proportion of our peo-
pie are here for life, come what may, and
the other fact that the Discrimination to SELL
no matter what offers may be made, is sc
strong with many, are guarantees against
the coming of the disaster which makes it
rule to follow booms The city would
have been great without a boom; the boom
will simply hasten things.