The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-09-22
PAYS TRIBUTE TO
AMERICAN PARTY
Eastern Capitalist Describes
Present Administration
as Excellent.
PUBLIC SERVICE COMPANY
FLOATS BIG BOND ISSUE
Funds Realized Will Be Used
in Carrying Out Projects
of Concern.

DelleNt luc SloW III VI 'poit
Lake City during the Inst year is due
TO tho splendid administration of the
American party. While / know moth
ing about the money spent, funds ex-
pended in improving the water supply,
paving streets, building sidewalks, park
improvements, lighting systems, etc,
will inure to the upbuilding Of the
municipality
Such were the remarks Friday Of
James j. Chambers, formerly Of De
troit, but now president of the Salt
Lake Public Service company, IN an
interview with representative of The
Tribune relative to the recent floating
of bonds to the sum of S2,500,00O by
that company. This vast sum will be
used by the company in carrying out
it's plans for the construction Of cleo
trio lighting and power, steam heating
and water systems IN this city
and vicinity, in connection with which
franchises have been acquired from
parties to whom they were granted by
the city, county and State. The bonds
were purchased by capitalists of Detroit,
ST. Louis and Columbus, through the
Capital Savings and Trust company of
Columbus, O., in favor of which cor
poration n trust deed, covering all the
present and future holdings of the Salt
Lake Public Service company was
placed on file at the County Clerk s Of
fee in this city on Thursday.
On Eve Immense Growth.
t'I think" continued Mr.. Chambers,
"that Salt Lake City is on the eve Of
an immense growth, not a boom, a
steady. substantial growth Of an endur-
ing character. The mining, smelling
and manufacturing industries associated
with Salt Lake have grown enormously
in the last few years and the projects
Of the same lines planned will cause the
city to double its population In the next
ten years.
",The growth is more apparent to
one who is in and out of the city oc-
casionally than to those who remain
here all the time. The congested con-
dition Of the brick market is an indi
cation of what construction is being
carried forward, even though this sec
ton is well supplied with brickyards.
The cement dealers cannot fill their or
ders, and Superintendent Hines of the
waterworks system is authority for the
statement that there are probably $50
foundations, the owners of which can
not secure building material to COM
plete the buildings
MY opinion as to Salt Lake is
shared by many bankers and capitalists
of Chicago, st. Louis, Cleveland and
Detroit, which cities i visit frequently.
l have often entered the Offices of such
men in all Of the cities named, and
found copies of The Tribune, which is
an unquestionable indication that they
are keeping in touch with the progress
of Salt Lake City and the adjacent re-
gion."
Easy to Float Bonds.
In explaining the floating of the
bonds Of his company Mr. Chambers
stated that they are covered by a first
mortgage on all the present franchises,
holdings, etc, and on all lighting, power,
heating and water systems projected by
his company The bonds will bear 5
per cent interest and are redeemable
September !, 1916. He maintained that
he had no difficulty in floating the
bonds, which fact clearly indicates, he
declares, In what manner local fran
chises are considered by moneyed men
of the country.
"We believe" said Mr. Chambers
"that the building of transmission lines
to Park City and Alta, and the furnish
ing Of cheaper power In such districts
will stimulate development work and
enable mine owners to open up their
properties rapidly and effectively, We
Will install a modern electric lighting
power and heating system in Salt Lake
that Will be second to none in the
United States,
''The reservoir which we propose to
build at mill d will increase the water
supply OF Salt Lake equivalent to
100000 gallons each day for thirty
days Of each year during the low water
period. We have an application before
the City Council to double the capacity
Of the reservoir by raising it twenty
feet higher than originally planned, at
cost Of $4,000. one~half Of which ex-
pense our company will bear and the
other half to be borne by the city, and
the city to have control Of that portion
Of the water
j.. B. Wemple OF Detroit, who has
underwritten the entire amount Of the
bond issue Of the company and who has
designed and constructed many systems
Of electric lighting and power, heating
and water, and a party Of capitalists
Of Detroit, st. Louis and Columbus, who
are interested in the Public Service
company: will make visit to Salt Lake
CITY in the near future