Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1888-07-15
WESTERN SECURITIES.
THEY ARE GROWING In FAVOR
WITH EASTERN M0NIED
CONCERNS.
Mr.. Geo. C. Strong Felt the Pulse on
His Visit East--Some Flat
tering Results.

An EAGLE representative stepped into
the Office of Mr.. Geo. C. Strong and had
the pleasure of listening to that gentle
man entertaining some friends with the
condition OF the eastern money market as
he found it, and also instances OF the
esteem in which western securities held by
the large monied institutions IN the east
After having been at the Chicago conyen-
ton Mr. Strong went TO New York. Hart
ford, North Hampton, Mass, and Boston.
In all OF these places he found the money
market decidedly more easy than on any
former visit for long time. The conf
dence in western securities is increasing
all the time. 1T is remarkable said Mr..
Strong, ..how thoroughly those people all
over the east, keep posted on the condition
OF the crops and other affairs out west.
They are lust as well informed about the
promising crop prospects or Kansas as are
we here at home Should the season con-
tiRue as favorable as it has been, there
will not be the least trouble in getting
all of the money out here that our
peoDle can use talked to
a large number of prominent monied men
and money handlers, who'say that as soon
as the hot weather is over they are coming
out TO Wichita TO make some large invest
ments. Wichita stands Were remarkably
now. much better than she did a year ago.
They are beginning TO understand that she
continues TO go right ahead"
Speaking of western securities, Mr.
Strong related an incident which occurred
in Hartford, Conn, which every one
knows is the home of some of the
greatest insurance companies Of the coun-
try. These companies and other monied
concerns have in the past few
wears. invested SO heavily in
western mortgages that the stock
brokers in New York and Boston began TO
discover they were preferred to their class
of investments and proceeded to scatter
broadcast all over New England circulars
not only denouncing western securities,
but saying that many of the larger insur-
ance companies had severely strained
themselves by taking the same. These re-
ports were paid for in a number of pa
pers In Hartford one paper published
such statement concerning the -Etna
Life Insurance company, one of the
strongest in the world, and the company
promptly had the owners of the paper
arrested and imprisoned for libel. They
then got out an Injunction to restrain
them from publishing .their paper. The
court even refused to dissolve the injunc-
ton and the general public were terribly
incensed at a paper that would try to
wreck one OF their largest and safest con-
Germs.
The insurance companies, in the official
reports of the state officers, are compli-
mented on the character of their invest
ments in western securities, which are
pronounced excellent.
The EAGLE man asked Mr.. Strong if he
had placed the bonds for the various en-
terprises in which he is interested. He
said he had placed the bonds for finishing
Fairnount Female Seminary according to
the origingaI plans; that the material was
already ordered, and work would be
pushed Immediately until il is finished.
The money is also ready for the
Paramount water works, for which con-
tracts have been let on the engine house,
work upon which has already begun. 1t
is located at Fifteenth street and Tyler
avenue, and is brick with stone trim
mings, 32x42 feet, a 70 foot ceiling and d
10 foot brick stack.
1t will have two 5Q-horse power boilers
and the same kind OF pumps as the main
water works OF the city. 1t viii also have
a strong fire pressure and daily capacity
of /. 500 900 gallons The material for the
two miles of mains, hydrants, connec-
lions, ETC., to be put in at once are now en-
route.
Bonds have also been disposed of, with
the money from which is to be immedi-
atelv built the Paramount line from Main
out East First to Wabash, north on Wa
bash TO Central and out Central to the top
of the hill This line will be connected
with the present Paramount line and a
number OF observation cars pat on for
summer travel.