Samuel Newhouse and Salt Lake City’s “Little Wall Street”

Abstract

Samuel Newhouse was a mining developer who used the fortune he acquired to develop a new financial center in Salt Lake City. Taking advantage of the siting of the new Federal Building, Newhouse commissioned twin eleven-story skyscrapers flanking a new street which cut through the city block. The new financial center which he envisioned was slow to attract businesses, and a decline in his mining stocks, reduced access to European capital, and competition from existing land-holders in Salt Lake City contributed to his bankruptcy. However, his twin skyscrapers and new street remain as evidence of his bold real estate venture.