The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1903-08-06

or NEW YORK STOCK BROKERS
SHIFTING HIS OFFICE HOURS
FROM PITTSBURG 10 NEW
YORK IN SINGLE NIGHT.
PAID A QUARTER MILLION CASH
FOR BUSINESS OF JOSEPH cow
AN & COMPANY.
one Of the Quickest Big Deals Known to
wan Street, the Negotiations Last
ing But Very Few Minutes.
Deciaf to cIarlssburQ Telegram.

Special to carIssburg Telegram.
New York, August g.Edward 7. G.
Slease, the young millionaire. stock brol<-
er. made his debut in the New York
financial district on Tuesday of this week
in 4 manner which opened the eyes of
even those New Workers who are ac-
cnsto1ned to see large deals eonsummat-
ed with amazing rapidity. The head
quarters of Mr.. Slease are in Pittsburg.
He, making frequent trips back and
forth to New York, realizing, however,
that his business had developed to such
proportions that an entrance to New
York Ia the shortest possible space of
time was desirable, proceeded to
shift his Office hours to New York in a
single night. Persons unfamiliar with
the mechanism of the stock brokers' of
flee can hardly realize the magnitude
OF such an undertaking. Most men con-
tempIating opening headquarters of a
large branch office business in New York
would have rented a suite of rooms and
would have then consumed the better
part of three weeks in properly fitting
them up with furniture and equipment
appropriate to brokers' offices. \ large
force of Office clerks would be selected
and engaged. then the average broker
would ait down and wait for his custom
ers to come to him. This last stage
building up patronage-is often the work
of years. But Mr.. Slease was not built
on these business lines. He did not pro.
pose to spend months and years waiting
for patrons to como to him.
He came to New York last Saturday.
looked over the field and quickly came
to his decision. He would buy UP the
successful brokerage concern. bag and
baggage, plant and patronage. complete.
He has had a close business relation
with Joseph Cowan & Co., No A Broad
way, with numerous branch offices in
other cities. He knew that this firm had
been successful. and that their financial
standing was of the very best. This
was the kind of business Mr.. Steasc
wanted. and did not propose to vast"
ten years in waiting for it to come to
him.
On Monday afternoon he learned that
joseph Cowan, the senior member of the
firm, was prepared to leave for Euro
pean trip of more or less extended dn-
ration, and rcahzed Una. Pi""'P' -
was necessary. Last night ne re''s"eu ~
Mr.. Cowan over the iost distance te's.
phone and made an appointment io' Wv
next day at 10 o'ciocS. luesa"s ne wa %
in consultation with Mr.. Cowan. He
blutiy asked the head OF lne SueeeSsi"'
financfers to put a price on nis p''s'"'9S'
What forf" asked Mr. Sow"h'
Il am going to buy you out si''iii''S'S
replied Mr.. slease'
Then followed a long silence uul'"I =
which the ticker talked N",u'''i"o"s.s -, :,
market doings Then Mr. Gown" S'"''"
his price.
How do you w"nt'
Cash"
"When?"
"Now."
Mr.. Slease, without word S"1 uoM"
and wrote his check Tor I"s e',''is =
amount. 1t is generally unu'IStoou =,
Wall street that the purchasing price
was quarter Of " mil,'on uoa'"'s : -,
Messrs. cowon 4 Co. have one OF en' m
largest businesses iA t"S