Salt Lake Stock & Mining Exchange
The Salt Lake Stock and Mining Exchange was the outgrowth of the rapid development of Utah’s mining industry during the last quarter of the nineteenth century. Organized in 1888 to provide mine developers the opportunity to offer shares in their properties to the public and to raise the necessary capital to carry out development work the stock exchange played an important role in the growth of Utah’s economy.
In 1899 the Exchange, located at 18 West 200 South was incorporated by J. E. Jackson, E. H. Airis, D. H, Petery Jr., Timothy Egan, William H. Tibbals, R. L. Colburn, M. S. Pendergast, Ben D. Luce and Herman Bamberger. The Exchange continued to serve an important role in the economic life of Utah and in 1908 Samuel Newhouse donated property at 39 Exchange Place for a stock exchange building, Samuel Newhouse came to Salt Lake City in 1896 when he acquired the Highland Boy mine (now part of the Kennecott Copper Mine, a National Historic Landmark). Newhouse developed a strong commitment to his adopted home and worked diligently to make Salt Lake City the business and financial center of the West. He erected Utah’s first skyscrapers, the Newhouse and Boston Buildings, on the west end of Exchange Place, constructed a hotel on Fourth South and Main just across the street from the Newhouse Building, donated land for the Commercial Club Building also on Exchange Place, planned for the construction of a theater across the street from the Stock Exchange Building, and two business buildings which would compliment the Boston and Newhouse Buildings and be located on the east end of Exchange Place. The Salt Lake Stock and Mining Exchange Building located in the center of Exchange Place was to be the heart of the complex. Unfortunately, Samuel Newhouse overextended himself and investments in unsound mining ventures led to his demise.
Located at 39 Exchange Place in Salt Lake.
Salt Lake Stock and Mining Exchange
1908-1909, John C. Craig
This street is named Exchange Place after the Salt Lake Stock and Mining Exchange Building. As part of his efforts to make south downtown the financial center of Salt Lake City, Samuel Newhouse donated this site to the Salt Lake Mining and Stock Exchange in 1908. Organized in 1888, the exchange provided the mechanism for raising capital to develop Utah’s lucrative mines. During the uranium boom of the 1950s, the Salt Lake Mining and Stock Exchange was particularly busy. A mania for buying penny stocks to finance the development of uranium mines swept the country. With hundreds of these mines located in Utah, the Salt Lake Mining and Stock Exchange became the nation’s center for the trading of uranium stocks.