Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-09-30
new INVESTMENT
BOND HOUSE HAS
HAWAII BRANCH
Concern Closely Associated
With National City Bank.
N. Y, Has Office Here


exclusively in investment bonds II
: largely the same as in the National
'ity Bank OF New York and istknown
as the National City Company When
an investor here. Individual corporate
or bank. desires to buy or sell some
| investment security II Is no longer
necessary to communicate by mail
cable or wireless with a mainland
bond house or bank The transaction
can be arranged right in Honolulu.
On Thursday announcement was
made in the Star-Bulletin that the
National City. Company had taken
over the bend department of the Ma
tional City Bank of New York and
purchased the business of Y w.
Halsey & Company. dealer in invest
ment bonds. The business of the
combined organizations viii be car
ried on by the new company and ex-
isting representation will be main
tanned here by H. A. Bruce as repre-
sentative.
Vast Business Assumed
The National City Bank of New
York has deposits which are approach
ing half a billion A large proportion
of these are, for other banks. Such
banks would desire to secure a rate
of interest higher than the City Bank
was allowing ON daily balances and
would give instructions for the in
yestment iof q part in commercial
paper en- 80. So and SO days and in
investment bonds upon which quick
realization was always. possible. This
resulted in the founding of the bond
department which grew to great pro-
portions.
The bank would secure with others
through underwriting some securities
hut il was often necessary to deal
with bond houses to obtain the ones
wanted Hence relationship was long
ago established with NJ w. Halsey
/ e Company through which many
bends were purchased and sold
Haisey House Well Known
~ w Halsey g. Con1nany was first
established in New Yark. Later q
branch was established in Boston.
still later in Chicago and aga:f Mater
/ in San francisco. These branch
houses in turn EXPANDED until great
chain of bond houses had been formed.
These houses did sOaae business with
and for banks hut the larger part of
! its business was with individual In
vetors.
Before the death of N. w. Halsey
| he entered into arrangements with
certain of his department managers
whereby they we're taken into the
business and an agreement made
| whereby they, IL sale were at any
time contemplated, exercised right
| to purchase Before the sale to the
National City Company the manager
OF. the Chicago house exercised his
privilege and that house is now known
as Halsey, Stuart & Company.
Weeks Is Coast MANAGER
The San Francisco house was man
aged by CYRUS PIERCE and George X.
Weeks and when the City company
bought the interests of the Halsey
estate it also secured the interests
cf these two. It has retained. how
ever. George K. Weeks as manager
of its Pacific coast branch.
The business of the bond depart.
ment of the bank grew so as to be-
come unwieldy for the bank to carry
| In connection with its ordinary bank
ing business and hence came the idea
lof the forming Of company to con-
duct it and this idea expanded into
the annalgamation OF the banks bond
department business and that of Hal
sey & Company
No Local Competition
It is net the purpose Of the National
City Company to enter into competi-
ton with or compefs against local
brokerage houses. On the contrary
| it viii deal almost exclusively in MAIN
Hand and foreign bonds. Its purpose
I, is u supply the demand in Hawaii
for such securities. 1t saves time and
trouble in negotiating purchase or
sale of such securities, furnishing a
place for the quick and ready transac-
ton of any and all business of the
nature which it undertakes.
Fl. A. Bruce, who is the Hawaii
representative of the new company,
has been local representative here for
Halsey & Company since the first of
fha voar haforo which time he was