The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-10-05
OUR MANUFACTURES.
An Open Letter From Secretary Gillespie on
the Subject.

An Open Letter From Secretary Gillespie on
the Subject.
To the Members of the Salt Lake Chamber of
Commerce and the Citizens of Salt Lake city:
There is hardly more important cues
ton now interesting Salt Lake city, than
that of extending her manufacturing ia
cilities. With all of the raw products ne
| cessary for manufacturing practically
everything needed in this city and her
tributary market, it naturally follows that
the manufacture of anything of staple
character, can be successfully in
augurated and maintained in Salt Lake
| city. Her connections with all of the rail-
way towns of the inter mountain states
and territories, render her the natural dis
| tributing point for the country indicated.
There arc openings for manufacturing es-
adjustments in all lines and of all sizes.
So long as this condition of affairs re-
mains only as fact or condition, it will be
of no practical benefit to Salt Lake city.
What must be done and can best be done as
saan as possible, is to formulate some
plan by which manufacturing establish
ments, either of local or outside origin, or
those established or to be established,
shall be encouraged to reasonable extent
in this city
After study of the situation, it has oc-
Cured to me that the following outline of
plan could, with great advantage to those
interested in it and to the city in general
be made entirely successful.
For the purpose of encouraging manu-
featuring enterprises, let local Company
be organized with capital stock of, say
900, this stock to be taken by citizens
of Salt Lake city, and the organization OF a
stock company perfected, ds an auxiliary
to the chamber of commerce and to be
known by some such name as the Salt
Lake city chamber of commerce invest
ment development and improvement com
pany. This stock payable in mon thly install
mentS OF l per cent. month, recurring
eight and one third years to pay it all in.
In case anything of unusual Importance
should present ITSELF the constitution and
bylaws could be made to provide that no
greater assessment than 3 or per
cent. should be made in any one month, nor
should the assessments for any one year
exceed 20 per cent. Parties who have
tracts of real estate and desire to take stock
in this company, might put in some of their
real estate, at an equitable figure and take
for the same, paid up stock. AS the devel-
opment company would sooner or later i'm
prove the property so acquired,
this would enhance the value OF
the remaining property, held by the stock
holder who paid his subscription in land.
The stock which he received would prob
ably increase in value as rapidly as his
land would. under ordinary circumstances.
A board ofdirectors of the Company should
have full power to investigate all manufac-
turing and other propositions presented
and if any were deemed worthy, the DeveI-
opment company could take stock in the
new concern, ito such an extent as the cir
cumstances might justify.
A perquisite which would belong 10 the
stockholders of the Development company
would be that of securing donations. in
lands and otherwise, from certain localities
for establishing such industries ia particu-
lar places. The Development company
would, of course, be entitled to represen-
tation in the board of directors of each
auxiliary company. The stock held in each
of these new companies would. in my
opinion, soon become valuable, as the board
OF directors of the larger company would,
no doubt, be the most capable business men
Of Salt Lake city. These various enterprises
would, of course, grow in size ana import
ance, with the growth of the city and the
development of its tributary territory. A
reasonable proportion of stock subscribed
in each OF these companies would be, say,
from twenty five to thirty three ana one
third per cent. by the Improvement COM
pany.
Basing the calculation upon the records
of manufacturing establishments in other
western cities which grew rapidly aud sub
stantialy, as Salt Lake city is
just beginning to do, it is not
unsafe to expect that within eioht
years, these establishments will have
increased in size four-fold. Should this be
the case, the half million dollars invested
by the Investment company, together with
the two million dollars invested by tho
other stockholders in the smaller compa.
MES would give us an investment OF g, 500
600, which, we viii say, may 0e increased
to only three fold, would make it seven and
one-half million Invested ip manufacturing