The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-12
BIC REAL ESTATE
COMPANY FORMED
1t Is Capitalized for 100000,
and Prominent Men Are
Interested.
MEANS MUCH FOR THE
FUTURE OF SALT LAKE
Company Will Improve Prop
erty on Third South and
West Temple.


tion of the new syndicate for the hand
ling of real estate in Salt Lake City
were completed with tho filing of tho
articles Of incorporation Wednesday.
The company, which is to be called the
Salt Lake Realty Owners company, Is
capitalized for S500,000. in shares of
the par value Of 81 each. The officers
of the company are as follows: w. f..
Hubbard. president; j.. w. Houston,
secretary. treasurer; ". II. Child, vice.
president These. with f. P. Clark and
Samuel Bender of Butte. will form the
board of directors, Besides these there
are also associated in the company a.
L. Pomcroy and Z. S. Hubbard of Los
Angeles: II. B. Cole of Salt Lake City,
and several other parties, the amounts
of whose interests have not yet being
fixed.
The amount of stock controlled in the
company by the largest stockholders
follows: J, ". Houston. $4,000 shares;
". e Hubbard 5000; Il. B. Cole, ls.5 %;
w, II. Child. lS,500: Samuel Bender.
$4,000 and II. p Clark, II 800, OF the
100000 shares Of stock, 400, 900 will be
placed in the treasury, the remaining
100000 being paid up. The company
has purchased the property at the cor
ner of Third South and West Temple
for 100000,
Intentions of Company.
IT is the intention OF the new com
pany 10 carry out extensive real estate
improvements in different portions of
the city. The Metropolitan hotel, which
forms a part of the property acquired
by the new company, will probably be
enlarged and the small buildings TO the
east of il Will be replaced with hand
some business structures OF the sky
scraper variety.
Negotiations are now under way for
the purchase of considerable property
IN locations near Third South. and other
property will be considered as RAPIDLY
as plans can be laid for the proper ey-
ploitation OF it. 1t is proposed to issue
bonds on new properties which are pur-
chased by the company, and the money
raised In this manner will be used for
further improvements. In this way the
field of operations viii be made ex-
tremely large. Several good corners in
the business district Of the city Will be
purchased and extensive improvements
will be carried out.
Besides the actual operations OF the
company itself, it is known that other
undertakings will be put under way in
the near future as the indirect result OF
the movements Of the new company.
Another Big Building.
On the west side of West Temple at
the corner of Third South is the prop
erty owned by tho heirs to the Peory
estate, This property has already been
improved with q concrete foundation
which was 10 serve for large building
Speaking of this property Wednesday
evening, Joseph s. Peerv, one OF the
heirs 10 the estate. said that it was
probable that q good office building
would be erected on the location in the
spring. 1t is also understood that the
Western Investment and Trust com
pany. which owns property adjoining
the Peery property, is having plans pre-
pared for 4 new business structure,
With all the great Improvements car
ried out near the corner of West Tem-
pie aDd Third south, and with other
operations under way in different por-
tious of the city, IL is expected that
within few months it Will be ueces-
sarv to enlarge the field Of operations
and extend the business section OF the
city even farther south and west than
ii is at the present time
The formation Of the Salt Lake Real.
ty Owners company was reported about
ten. days ago, but at that time articles
OF incorporation had not been filed and
it was impossible 20 give out the names
Of the Officers. 1t was known, how
ever. that the parties interested were
all prominent capitalists and real estate
dealers. Matters connected with the eX.
plotarlon of different properties have
been going on for some time. and the
incorporation of the company means es-
pecially the enlargement of opportuni-
ties tor further undertakings.