The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-06-11
DEALERS WORK
UNDER COVER
Battling Condition of the Local Real
Estate Market.
CAMPAIGN FOR STATE ST.
LARGE AMOUNT OF BUSINESS
PROPERTY SOLD ON OPTIONS.

Not since the collapse of the boom of
the early 9e--has there been a more in
teresting week in salt Lake real estate
circles than the week just closed; never
has there been time when local deal
ers were so completely baffled. The rec
ord of transfers furnishes no idea what
ever Of what has been going on The
important work of the week has been
under cover. Men who have been ma
nipulating deals of gigantic proportions
refuse absolutely to show their hands
for fear that something would be done
to upset their plans In almost every
case where a piece of business prop
erty has been secured absolute silence
has been enjOined in order that the pur-
chaser might secure ether pieces in the
immediate neighborhOod before the
prices are advanced as the result of the
deals already made.
There is a widespread conviction that
a movement is on foot that is to have
a marked influence on the future devel-
Opment of the city The fact that
large majority of the recent purchases
Of business property, especially those
made by Los Angeles investors, nave
been of uninpToved ground and invaT-
iably east of Main street. has given rise
to the idea that a campaign has been
on from the beginning to pull retail
business from Main street over to State.
Additional color was given this by the
report that Henry Phipps the wealthy
steel magnate of PittsbuTg, had under
contemplation the erection of a large
building on a portion Of the ground he
owns on East Second South street, be
tween Commercial and state streets A
feature of this same report was that
syndicate I'm Los Angeles was planning
to put in a large department store on
State street
State Street Has Friends.
Among the arguments put forward in
favor of State street as a retail business
street are the statement that the weight
of population is pulling to that side of
the city; the fact that a majority Of
the residents of the southeastern part
Of the city come up State street on the
street cars: the cOngested condition Of
business on Main street, together with
the high rents; the location of the city
and county building and the theatres
1t is known that number of Out-Of-
town buyers have been in the city dur
ing the week looking over the ground
quietly. A number of these are from
Los Angeles. It is also known that
local dealers have had commissions to
purchase prospective business property.
II is also known that options have been
taken on "A number of pieces in various
parts Of the city It is also known that
many deals have been defeated by the
property owners by taking their hold
ings off the market or in advancing the
prices radically above the figures at
which they were listed a short time be
fore. it is also known that a large
amount of property has been tied up on
options taken by dealers This is the
situation on the eve of the arrival of the
Los Angeles guests. and this is what
makes the general situation so interest
ing and at the same time so battling
The real estate business of the next
week promises to be unusually large
Game Residence Sold.
The residence of John T. Game. 20 B
street was sold during the week to Dr.
Joseph s. Richards for so, 500 The
deal was negotiated by futile Brothers
The lot has an east frontage of ninety
two feet and a depth of 165 feet. The
house was built thirty-five years ago
at a cost of $4,000. 1t has fifteen rooms
and all modern cOnveniences, and is
considered desirable property. The
same firm sold TO Emily z. FARMLAND
the Louisa Rogers farm Of four acres
on Ninth East and Fourteenth South
for $4,000
O F. Peterson reports the sale Of a
lot 7x10 rods with an additional lot of
5x1O rods in the rear on Third South
street. between Fifth and Sixth East,
for NJ. 5. Ascheim to Mrs Emma Writ
ing for $1,000 Mrs. Whiting will build
a substantial home on a portion of her
purchase
All the dealers report a good demand
for building lots, especially those of
moderate cost. Several tracts of acre
age property have also been purchased
during the week These will be plated
and placed on the market q little later.