St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-29
STORY OF The STREET.
Inside Movements of Wall Street
Receive Graphic Treatment.

are not the only class of gilt-edged Sc
curities. as they are popularity but not
always correctly called. that have re-
gained some of their former strength of
late. State and municipal bonds are pick
Ing up III comfortable and encouraging
fashion. One of the odd features of the
street since the panic started i'll, is the
change i'll the nature of business adopt
ed by many of the banking houses. For
example, a banker whose reputation
was based on his knowledge of and
ability to float railroad bonas made a
rule TO touch nothing else. except pos
slbly now and then 10 accommodate a
good customer. So far as purchasing or
offering to the public any other kind of
an issue. it was not to be thought of.
But panics like this one upset all cal
culationS and alter all plans. The banker
today is III search of whatever will pay
best. or indeed pay at all, and yet be
sound and safe tor investment. Conse-
quentlY we see old houses striking out
into new paths. Only few weeks ago
an issue of S5.O00.G0 of Massachusetts
state bonds was puton the market. They
were issued jointly by Drexel, Morgan
d CO., and Harvey Fisk & sons, of New
York, and house in Boston. Blake
Brothers d Co., of this city. were also
bonds. The BlakeS are Old bond men,
and therefore there was nothing strange
in their becoming heavily concerned.
But it is a long time since the Fisk boys
| ave advertised state bonds, in large
| Quantities at any rate. and as for
| DreAel, Morgan IL Co., it is difficult
! to remember when they INDUCED
| in anything but railroad offerings TO the
pablo. Perhaps they never did SO be
fore. Yet it was good stroke of bust
| ness. Tie bonds were all sold in few
days and at prices considerably in ad-
vance of that paid the commonwealth
of Massachusetts by the bankers The
houses Infested are believed to have
divided profits of $780, for less than a
| week 5 work.
This naturally calls attention to the
| people in Wall street who make a spu-
| cial 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 at all. They simply have
| branches here. 1t will probably not be
| disputed that the leading houses in this
! department are those OF N. w. Harris &
| Co. and w. } Hayes Il Sons. MIR. Har-
ris 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
| aud large portion of the negotiations
| in connection Herewith are conducted
in Chicago. OF the municipal bonds
placed on the market by this concern,
| over half are those of cities west of the
| Alleghenies. They do not cOnfue 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 sue
cessfui in obtaining what they strive for
HThe home Of the Hayes is in Cleve-
laud. The senior member of the firm
built up his trade in the active Ohio
| city. He devoted his energies at first
to The buying and selling of bonds near
at home. Then he picked up stray
| issues farther West and finally drifted
! to the South, where he has handled
bonds both to the advantage of the
localities and 10 his own profit. He
soon got to canvassing Eastern savings
banks ard trust companies, and found
| them good customers. A few years ago
he established branch on Wall street,
and now has quite an Office and force of
clerks. The firm is pretty frequent
and desirable bidder for the various
issues offered in the Middle and New
| England states.
E. Ii. Rollins q 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, it found
New York too attractive and remuner-
oti IN Co bro,N .l,
was established here few years ago,
and now it would look rs though the
New York Office at 33 Wall street were
the chief office. The firm does moi
confne its purchases to this part of the
country. Only a few months ago il
went away out to Salt Lake City, and
secured an issue of bonds right among
the MormOns, and it proved lucky i'll
vestment. it is understood. Farson
Leach & Co. is another prominent mu-
nicipal bond house. 1t also claims Chi
cago for Its home and has its main Office
there. 1t has large branch on Wal
street, near Broadway. The Eastern
partners are young men, and that is 6
popularity of nearly all the concerns
mentioned. The active spirits are
young, but youth only seems to make
Them more alert, enterprislng and sue
cesSful.
1t should be stated that municipal anC
state bonds hold their own remarkably
well. The prices are always high fol
the issues of reliable states and cities
Even during the darkest days of tht
panic last summer they rarely dropped
to par. OF course the houses
who were able to buy in these bonds a
panic prices and hold on to them ar,
now reaping their reward. Prices ar,
rapidly getting back to their norma
value, aud these securities are becomin.
more and more in demand.
LAWRENCE S. MORT.
The Mothers Wall.