The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-03

H'A'Al = "a l'u tt4sL III lllo btu tbthtl. Iie Is
quite another individual from the seedy cit
izon, who wears a hat Of the vintage Of 1870.
and carries q cane left over from long line
Of ancestry and peddes options around after
the more imposing negotiator has abandoned
them. The banker that promotes is rich and
reputable. He has built up large and iegti-
mate trade in the regular way and has
thousands of customers who pin their invest
ing faith upon" his recommendations. He
tool; up industrials, as the stool, tickers now
call them, because they were new in the fin
ancial field, were prosperous in their branch
Of business and showed handsomer profits in
the way Of dividends aud larger commissions
than the old securities listed on the stock ex-
change. While numccr Of the enterprises
so foated have not turned out as expected,
the majority Of them stand on an equal footing
with railroad, gas and water projects.
S. v. White was one Of the first Wall street
men to take up and issue to the public the
shares Of industrial establishments. He was
in his prime when ne began and was a mil
llonaire. Everybody knows the chocgered
career Of the ex-piilar Of Henry Ward Beoch-
| ers church. lie is o millionaire one year
and bankrupt the next. The third year ne
I pays of his debts with interest to date and
the fourth year he makes a lucky speculative
! hit and is able to draw cnecks for large sums.
When he took up industrials, ne was having
one Of his fortunate years. His success in
the new domain Of finance wa instant and
striking. lie brought out half dozen com
/ panies that We're well known and whose So
curities the public quickly and eagerly sub
scribed for. Had he stuck to the Legitimate
promoting Of such enterprises, he might have
avoided the failure that came 20 him from
attempting TO corner wheat and bull sugar
Connected with Deacon White in q graa5
many Of MS projects was Washington e. Con-
nor the head Of the firm of Connor & Co.,,
whose dingy Office on lower Broadway have
been the scene OF many rich specuiaton7 and
turns in the market. Connor was one ot Jay
I Gould'5 trusted brokers. He is to day the
snrewdest manipuator Of the market i.I
Russell Sage. He is q close friend Of Sage
and his offices shared somewhat in the wreck
caused by the efforts Of Norcross. the bomt
| throwor, TO annihiate tho famous money
lender. Connor made lot OF money with
White and he was clever enough to keep it
He liked the industrial limo and followed il
after White went under. He will probably be
heard from again in this connection when tbs,
times improve.
John H. Davis & Co.. is another banking
house that promotes on C largo scale. It has
sold millions oidouars worth of the preferred
and common stock of industrial concerns
during the past four or five years. Nearly
all the undertakings in which Davis was in
terestcd have pauned out wen. The firm has
not abandoned the department. because it is
altogether too profitable. Just before the
panic beganit offered bonds Of a Western
brewery and for the past week or two the
house has been given considerable promi-
nence in connection with statement that it
! was backing one of the numerous schemes
for underground rapid transit here in New
York. The firm seems to be cooped up and
! cramped in its small suite of Offices on upper
Wall street, but the Offices are large enough
for the conducting of big negotiations.
A. NJ Kidder Co.. is another banking con-
cern that makes a speciality Of promoting.
1t is situated on Wall street and right next
door to Davis. 1t was rather slow in starting
in the fresh financial departure, but its con-
scrvative course made it a power when it did
begin. The success that crowned most of its
efforts in this direction showed the standing
of the firm and tho stability Of its clientage,
Most of the members of the firm are young.
Mr.. Monroe, one of the partners, is the chief
factor in the promotion Of the projects that
lthc house undertakes. He is full Of activity
and is shrewd and far seeing in his opera
Etions.
The other side of Davis, and nearer Brosd
way, is the firm of Chrystie& Janney. It has
acquired an enviGho reputation in the pro-
motion neld. Both the partners are young,
but the vigor and ambition Of youth have
made them all the more successful. They
arc said TO be especially sasacious in thoir
selection of industrial entarprisas. They
rarely fail to push their projects to a success
full issue. Chrystte got his training. first as
/ clerk in the National Park bank and after
wards while getting in confidential capacity
for the hig banking house of kountge Bros.
Janney was with Kountze forawhilo and then
picked up a pile of experience as cashier Of
bank that grew up with the country in Colo
RADIO.
Mention might be made Of half do1on
other banker-promoters. Clarence II. H.Wildes
is prosperous and popular young Wall
street banker who has frequently played sol-
taire with promotion and finished the game
according to Hoylo every time. Several of
the trust companies have yentured upon tho
promotion sen with moro or less success.
The Manhattan, Guaranty and Indemnity,
Central and State trust companies hayo all
takena handin floating industrial enterprises,
There was II large profit in every transaction.
Probably the success attending theso ventures
will induce other companies TO engage in pro-
motion when the fruit is once moro ripe.
y
Outside Of the regular bankers that under
take promotion, there are some representa-
tivos Of banking houses abroad who make II
business 1t would hardly do to discuss
the subject without referring to William
Wayne Bclyin. He is only about SO years
old, but he began young and hit success soon
after he was old enough to VOTE He was
born in Richmond, Va. lTo made fortune
in Seattle and ON the Pacific coast and then
went to London and opened offices, He got
in touch with the banker-promoters in Eng
land and on tho continent and has handled
with discretion and sagacity many OF tho
gigantic schemes during these latter days Of
promotion.
, LAWRENCE s. MOTT,
L