The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-04

.ne SAKE OF putting iron into storage yards
70 permit easier speculation OF strangers"
IL TINS Is 80. viii it not be necessary for
ene warrant company to wait until there is
again surplus before it can expect to fill its
yards.n
If the parties in interest are willing 20
walt TIL then, see no reason why they may
not then expect an influx of iron from
nlakers anxious 20 turn il into money. But
whether then there will be a sufficiency of
buyers TO support a falling market and a
largely enhanced product is a problem that
remains to be demonstrated"
IL remains to be explained that there is, of
course, speculation and speculation, and one
or the varieties has as legitimate an
economic function as any purely pro-
ductive industrial line
1t should be added that while the specula-
TOR has part to play, either voluntarily or
otnerwlse, in moving or carrying over from
one season to another one or more agricul-
tural products that there are some reasons
Tor Questioning the Importance of his work
economically. when applied to the products
OF the work shops, furnace or factory.
One Of the hardships of the wealthy is TO
know how TO invest their surplus money
protitably, as well as securely. Govern
men6 bands, of course, are safe enough, but
the high premium and low rate of interest
paid by them do not make them as desirable
as some other securities to many to whom
the return is specially important
Ii there is one question more than another
that am asked, especially upon meeting
strangers, If the opportunity is afforded, it
is;
Now what would you suggest as quite
safe bond in which TO invest few thousand
something which pays fair interest but
does not cost too much"
Having had a good deal of this sort of
thing it has occurred to me that there is a
way out of it with qualification to all con-
cerned The month of November will wit
ness heavy payments of interest and divi;
denus which must in most instances be
reinvisted, and there are hundreds of mod
est investors, particularly at interior, points
who do not know how to get the right kind
or information on securities or how to re-
cogn1ze it when given them.
The plan which l devised is neither en-
tirely original nor startling. Such merits
as it may have speak for themselves.
sent letter to six of the prominent
houses in Wall street, firms known to make
speciality of dealing in bonds, which read
as follows:
"Win you favor me by jotting down on
the margin here the names of such as YOU
may regard as among the more desirable
railway bonds for investment, and returning
by bearers" etc.
do not think any OF the firms would OBJ
lect to seeing its name in print. The re.
quests were sent to Henry Clews. Moore &
Schley, Spencer, Trask & Co.. W. B.
Wheeler & Co., John H. Davis & Co, and
Watson & Gibson. Ali of them replied
The point which | wish to make is that
while there are doubtless many good low
priced investment bonds available, that such
bonds q six leading houses without consul
tation unite in recommending. there are ex-
cellent reasons tor giving such bonds careful
attention when contemplating investing.
The three-four securities which were recon-
meuded more than once are Philadelphia
and Reading, general mortgage As at about
81; New York, Chicago and St Louis, 1st
mortgage 4s at about SO; Tennessee Coal
and Iron, LIST mortgage; Birmingham Divis-
ions, 6's at about 9S, ana West Shore, gen
eral mortgage, as guaranteed by the New
York Central at about l051S. There were
twenty-six other bonds mentioned, but none
of them by more than one firm This is
perhaps the best advice one can get, when
obliged to depend upon the word Of others,
instead of ones own judgment.
ALBERT g. STEVENS,