Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1894-02-18
THE STORY OF THE STREET.
The Inside Movements of Wall Street Re
eoive Graphic Treatment

Copyrighted by The WILSON Pres1 SyndieDS
New YORK, February 13.-Railroad
bonds are not the only class or gilt
edged securities, as they are popularity
but not always correctly called, that
have regalned some of their former
strength OF late. State and municipal
bonds are picking up In a comfortable
and encouraging fashion. One OF the
odd features Of the Street since the
panic started in, is the change
| in the nature of business adopted by
many of the banking houses. For ex-
ample. a banker whose reputation was
| based on his knowledge Of and ability
to Scat railroad bonds, made rule 10
touch nothing else, except possibly now
and then to accommodate a good Gus
toner. So far as purchasing or offer
ing TO the public any other kind OF an
Issue, it was not to be thought OF.
But panics like this one upset all
calculations and alter all plans. The
banker to-day is In search OF whatever
will pay best or indeed pay at'all, and
vet be sound and safe for investment.
! Consequently we see old houses striking
out into new paths. Only few weeks
ago, an issue Of SIS, 900, 600 OF Massachu-
setts State bonds were put on the mar
ket. They were Issued jointly by
Drexel, Morgan g. Co., ard Harvey FISK
& Sons, of New York, and house In
Boston. Blake Brothers d Co., OF this
city, were also Indirectly interested In
disposing OF the bonds. The Blakes
are old bond men, and therefore
there was nothing strange In
their becoming heavily concerned.
But il is a long time since the Fisk boys
have advertised State bonds. in large
quantities at any rate, and as Tor
Drexel, Morgan & Co., 1t is difficult to
remember when they INDUCED In any
thing but railroad offerings to the pub
lie. Perhaps they never did so before.
Yet 1t was a good stroke OF business.
The bonds were all sold in a few days
and al prices considerably in advance
OF that paid the Commonwealth or
Massachusetts by the bankers. Inc
houses Interested are believed TO have
divided profits of $3.50, 900 for less than
a weeks work.
This naturally calls attention TO the
people in Wall street who make special
feature of State, County and City bonds.
Strangely enough the bankers who are
| best known In this branch Of financial
trade are not to the manor born; most OF
! them came from outside cities, many OF
them really do not live in New. York
al all. They simply have branches
here. II will probably not be disputed
that the leading houses. in this
department. are those Of N. w. Harris
| ~ a
| Mr.. Harris resides in Chicago. He
| built up his business in the metropolis
of the West. He has several partners
in New York looking after the large
business done by the branch concern
on Wall street near New. But the
selection Of bonds and large portion
of the negotiations in connection there
with are conducted in Chicago. OF the
municipal bonds placed on the market
by this concern, over half are those OF
cities west of the Alleghanies. They
do not confne their operations TO that
territory, however; they nearly always
put In bids for bonds advertised by
municipalities here In the East and very
often they are successful in obtaining
what they strive for.
The homo of the Hayes Is In Cleve-
land. The senior member Of the firm
built up his trade in the active Ohio
city. lie devoted his energies at first
to the buying and selling OF bonds near
at home. Then he picked up stray is
sues farther West aud finally driited TO
the South, where he has handled bonds
both to the advantage OF the localities
and to his own profit He soon got to
canvassing Eastern savings banks and
trust companies, and found them good
customers. A few years ago he estab-
| lished a branch on Wall street, and now
has quite an Office and force OF clerks.
The firm is pretty frequent and desir-
able bidder for the various issues
offered in the Middle and New England
States.
E. H. Rollins & Co., is another we'll
known concern in the municipal bond
field. This firm came from New Eng
land. Boston was the scene of the
firms earlier struggle. But, in common
with all brokers OF this description, u
found NewtYnrk too attractive and re-
munerative a tpot TO neglect So a
branch was established here few years
ago, and BOW it would look as though
the New York Office at 80 Wall street,
was the chief office. The firm does not
confne its purchases to this part Of the
| country. Only few months
ago it went away out to Salt Lake City.
and secured an issue OF bonds right
/ among the Mormons, and il proved a
lucky investment. it is understood.
Farson, Leach & Co. is another promi-
nent municipal bond house. 1t also
claims Chicago for its home and has its
main Office there. II has large branch
on Wall street, near Broadway. The
eastern partners are young men, and
that is q peculiarly OF nearly all the
concerns mentioned. The active spirits
are young, but youth only seems to
make them more alert, enterprising and
successful.
u should be stated that municipal and
State bonds hold their own remarkably
we'll. The prices are always high for
the issues of reliable States and cities.
Even during the darkest days OF the
panic last summer. they rarely dropped
to par always. OF course the houses,
who were able to buy these bonds at
panic prices aud hold on to them, are
now reaping their reward. Prices are
rapidly getting back TO their normal
value and are becoming more and more
In demand. LAWRENCE s. MORT.
Iron Ore Away Down.