The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30


higher. The OId-fashioned buildings in
some sections of Main street were not able
to take care of the office demand. As a
result, the backward pressure of high
prices and lack of suitable accommoda-
tons has been forcing business southwark
on Main street, over on the cross streets,
and even on the streets running parallel
with Main street. New buildings have been
going up in these localities, and business
which is almost as fluid as water-haS
been flowing out from upper Main street
to localities where cheaper rents and bet
ter accommodations could be secured. The
transfers of business property during the
year have been principally to shreWd buy
erS who are making purchases along the
direction of this business overflow.
The most striking instance of this kind
OF buying is found in the recent purchases
of Samuel NeWhouse. Mr.. Newhouse was
able to read New York for profit of many
hundreds of thousands of dollars on real
estate investments. He has studied the
growth OF other cities in the United States
and Europe. He knew the natural laws
which work on real estate values, and he
knew the industrial forces which were at
work to make Salt Lake Increase in popu-
latIon and prosperity during the years to
come. So ne went just below the old bust
ness district and paid approximately ST.
10000 for land which would catch the
natural business overflow.
In his wake have followed other buyers.
They have been taking over property on
South Main and State, on the cross
streets, and in all directions in which busi-
ness is likely to spill. This has inaugurated
movement OF speculation, which is syn
onymouS with antiCipaton-antfcip of
the growth of Salt Lake and its business
center along natural lines.
FEATURES OF REALTY MARKET.
The real estate market, therefore, pos
seSses the following features:
Speculative buying of business property
along the lines of expansion, and the erec-
ton OF suitable buildings to supply the in
creased demand and to make the property
pay greater revenues.
Erection of better buildings in the Older
established business district, to take care
of the demand and to keep business from
moving entirely away to secure modern
accommodations.
Purchase and Improvement of manufaC-
turing and wholesale sites to accommodate
the increasing business which is centering
in this city.
Improvement of cIose-in residence sites
by apartment houses, to make valuable
ground earn greater revenues and to take
care of the additional population.
Purchase of less valuable residence sites
and the erection of houses to furnish homes
for the additional population.
All this shows a healthy real estate mar
ket, developing along natural lines, and af-
fOrding stability for investments.
So much for the past and present of the
realty mart. But the investor must look to
the future.
The first thing to be determined is
whether the inherent and surrounding re-
sources of city will produce increasing
developments of industry. Mo argument is
needed on that point for Salt Lake. Copper
and lead and the more precious metals are
being taken from the ground in quantities
which must increase enormously as Bing-
ham, Ely and other camps are opened. Fuel
in almost inexhauStibe quantities lies at
her very doors. Iron exists in Utah in
greater deposits than anywhere else in the
known world, and must be developed in
time. Vast new tracts of farmnu land are