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Show Mining Man Donates Valuable ! Site for Xcw Mining Exchange Ex-change Home. V . MEMBERS OF 'CHANGE J ' ; . .ACCEPT FINE OFFER I ' Means; New Exchange Building fi iii Skyscraper Part of II; .. 'the City. jj ! '' By unanimous vote "Wednesday aftcr- i ' ; noon tho members of tho Salt Lake Stock ' and Mining llxchango nccaptod Uio oiYcr II of Samuel Nowhouse of a block of ground . ; for a now exchange building. This prne- ticnlly closes a riuostlon that v has been dgltatlng the minds of tho slock oxclmnge f members for over two years, for while "the matter of accepting1 or refusing Mr. Xowhouse's offer was entirely In the .hands of the members of the governing board, tho board preferred the members to express themselves Individually. I .J This happy outcome of the exchange I ' site Is the culmination of ft promise I mado by ilr. Xewhouso two years ago . to James A. Pollock, president of tho exchange, ex-change, to the effect that he desired to ' place the exchange in a more adequate , homo than the one now utilized on West i Second South street. ' ' ilr. Pollock called the members togeth er yosterdav and presented the proposl- Hon-Mr. Xcwhouso had made. Mr. New- house gives absolutely to the exchange a ( -block of ground in tho heart of his now i' 'businoss section. S2 by 03 feet in extent. ,, .on Exchange Place, being the street on , whlch bath the new skyscrapers are fac- ,. ing. This particular piece of ground cost ' Mr. Newhousc $37,000 n year ago, and the improvements since that tlmo havo so onhanced the property thnt reul estate I. ' oxpcrls place a valuation of hoiwoon $60,- "000 and JU0.000 on the same at this date. " The onlv restriction placed by Mr. Xew-h Xew-h house on this generous gift is that tho 'exchange erect a suitable building, the ' ( ; kind and cost of which being entirely In tho hands of the exchange. There are two means by which tho i - money necessary to the erection of this ; .sbuildlng can be raised, as stated by Mr. ( Pollock at yesterday's meeting, one being i Jy voluntary subscription on the part of "the members, the other being by an Issue I of bonds. The latter course is favored ffrom a. business standpoint, and several members expressed a willingness to take several thousand dollars' worth of the ' 'bonds, while Mr. Pollock stated that he ,t -could place at Inst $60,000 worth of the .bonds in western hands without any V 'trouble. The cost of the building was j only stated approximately, but the mem-! mem-! -bers are in favor of a JGO.OOU nome, or even a more costly one, making It an ' rtrnamont as well as an ideal center for i the business of the exchange. I The members of the exchange, one and f .all expressed themselves very cnthnsloa- j tically over this offer of Mr. Xewhouse. f ' .it being the-Ilrt-L. instance whore a local J mining man has taken such a substantial 1 Interest in the exchange and Its welfare ' Mr. Newhouse was given a vote of thanks in "a very hearty manner, and the meet- 2 Ing .broke up wJth expressions of gratl-1 gratl-1 tude and gratification on all sides. The governing board has expressed itself t favorable to accepting the offer, all that T t-iood in the way of final action was the .wish for an Individual expression from f iht members. And this was given yes terday in a most positive manner by ev-i ev-i ' oryone. The gift has enhanced the value . , of the memberships $-".00 each on tho V value of the real estate alone, while with i .the bulldinc erected, an additional val-' val-' nation of $500 or more will attach to these , j memberships. j - Mr.. Xewhousc's recognition of tho Salt l-ake Stock and Mining Exchange Is a tribute to that body and Its members In several ways. It illustrates the estimation estima-tion In which the Institution is hulil by a hard-headed business man. recognlzinc In it a power for good In the community K ' and a powerful business factor. Tho local ' , ..exchange is one of the busiest and best i managed In the I'nitod States, having a reputation throughout the land for fairness, fair-ness, straightforwardness In Its dealings, and one of the most prosperous exchanges in the land. |
