The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
Senator w. A. Clark, E. H.
Hartman, George J. Gould,
Samuel Newhouse, Daniel
Guggenheim and Henry
Phipps, Some of the Men
Who Are Spending Millions
Here in the Belief That the
City Is Soon to Have an
Unprecedented Growth.
BY EUGENE B. PALMER.

believing that there will be more pro-
portionate development in Salt Lake
City in the next few years than in any
other city in the west?
George Gould Optimistic.
George ]. Gould is the head of one of
the greatest railroad systems in the
world. Reared in the atmosphere of
finance and of profiting by reading the
future, he is regarded as one IF the
ablest men in this line in the world to-
day He is q builder and he builds ju-
diciously. When he was in Salt Lake
some three years ago. he said:
Salt Lake City within the next de-
cade viii &C through one of the most
marvellous periods of growth ever ex
Terienced by an American city, in my
opinion. Much. of course, depends on
] general financial conditions during this
time, but if the country enjoys reason
able prosperity. Salt Lake will make
great strides. 7 do not care to say al
] this time Just what our company viii
DO but | will say that we intend to
erect handsome passenger station and
large shops and prepare for popula-
/ ton several times as large as there is
/ here at present"
! Mr. Gould has expressed himself sim
/ ilarly several times since He has
/ financed the Western Pacific railroad TO
| connect Salt Lake City with San Fran
cisco and to develop intervening terri
/ tory. Construction is in progress, and
| it is expected the main line will be COM
pleted inside of about two years. He
! has bought land in Salt Lake City for
/ the biggest shops west of the Missouri
river. and has commenced clearing the
ground for handsome passenger sta
ton.
| Is George J. Gould, so shrewd in 9TH
er things, insane-On the one subject of
salt Lake City's future?
Samuel Newhouse's Investments.
Samuel Newhouse saw the POSSIBLE
ties of Bingham when it was discred-
tied and well-nigh abandoned mining
camp. He developed the Highland Boy
mine, promoted the Utah Consolidated
Mining company, turned sneers into,
plaudits, made a great and dividend
/ bearing property out of the Highland
| Boy, brought a new era to Bingham
and started the flow of eastern capital
on a large scale into Utah mines. He
has performed a similar feat i'm Beaver
county. and has been uniformly sue
| cessful in his mining enterprises. He
/ has been an equally shrewd judge of
real estate. A few years ago, all New
York laughed at the "euileless west
| eTner" who bought q little narrow piece
bI l6iiu NIltt6 IOfOduNde luttlSBENS
Fifth avenue. The Wise Men of Goth
am declared the strip was SO narrow
and Of such a shape that il was not
worth a quarter what the westerner
had paid. But the westerner, who was
Mr.. NewhOuse, said nothing. He wait
ed two years, and then sold the land for
just $2S5,000 more than he paid for it
to the company which erected on it the
famou0 Flatiron building. And the
Wise ON of ofIa m ba1 IN admit that
the man from the west was a shrewder
judge of New York real estate than
they were. Mr.. Newhouse has since
doubled and uuadruDled his money on
suburban realty near New York.
Last month Mr.. Newhouse paid ap-
proximately S1,00O000 for downtown real
estate in Salt Lake City. He has an
viii require several million dollars
more.
VIII Spend Millions.
Commenting on the subject recently,
he said:
My opinion OF the future of Salt
Lake is best shown by the fact that /
have recently invested something over
81, 900 in Salt Lake real estate, and
am preparing to spend several times
that amount of money in erecting steel
buildings and making other improve
mentS.
Il am perhaps ra-conservative |
when l say I believe the population of |
the city will increase $4,000 in the next |
three years People do not realize the |
magnitude of the operations in Bing-
ham alone, which are bound to add !
greatly TO the population in this terri |
tory. When the Boston Consolidated |
and Utah Copper mines are working to |
their full capacity of $1,000 tons daily. |
these mines, with the concentrating
mills and smelling works, will give en- |
ployment to 10000 additional men.
meaning an addition to the population
of not less than $1,000 from this source |
alone. The new railroads and their
shops will employ many more men. and /
the city cannot help growing
while / look for rapid growth i'm
mediately. I think the increase will be |
even greater after about three years. |
when the country in general will begin |
to see what an enormous output of con- |
per is coming from Bingham, and to |
comprehend more clearly the POSSIBLE
tiles of Salt Lake City"
Is there a croaker who will say that |
Mr. Newhouse has been making his |
purchases with stage money" and
that he is about to interrupt a hitherto |
uubroken chain of success by an error
in Judgment as to Salt Lake City?
Daniel Guggenheim's Words.
Nobody who has studied the career
of Daniel Guggenheim will ever accuse
him of lacking in shreWdness and fore
sight and intelligent judgment of con-
ditions. He is at the head in the min |
ing and smelling world today. At his |