The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-15
The Boston House Follows.


BOSTON, Aug. lathe announcement that
George William Ballou & Co. had suspended
caused an excitement on the street and In bust
ness circles second only to that following the
suspension of F. Shaw, Brother & Co., few
days ago. The first intimstion to the Boston
hous of any trouble was dispatch from Ballou
stating that assignment had been made TO
Theo. NJ. Nevins, a clerk in the New York house.
1t was smuch Of a surprise to the Boston firm
rs the public generally, and at first was dih1-
cult to understand Later information, however,
slated that the assignment was due to the failure
sT0f their numerous customers to advance the mar
gins needed 10 carry their stocks. The hrm Tor
a long time has been carrying large amount of
allelasses of securities, and the ''slump" OF the
past few days has been greater than they could
withstand. II " az first fntimated that the fall
ure was the result of the recent trouble in To-
ledo, Cincinn att and ST. Louis railroad affairs, in
which the hOuse is very largely interested. Two
OF its members, however. authoritatively denied
it. d. Il. Darling one OF the members OF the
above. He was, he asserted, perfectly astound-
ed upon receipt of dispatch from Ballou an
have had an opportunity oil comforting with Bal
lou he would have certainly adj
vised against suspension, as he believed
was all right, he claimed, but of course would
now have to go down with the New York con-
Germ. Mir. Darling further stated that the firm
last night had securities 8Ed cash representing
ftIfftIes. and he could not understand how there
was any necessity for suspension. He was as
"
which the New York house would undoubtedly
furnish as soon as possible. He could not tell
how much the liabilities were nor what was the
amount of assets at present.
The house of George William Ballou & Co has
done banking and brokerage business in Boston
cr ten Years, the present senior partner starting
here In 1873 alone as broker In county and State
bonds in 1878 the New York house was estab-
lshed at No. IA Wall street, with Balou and
William Bingham in charge, while d. H. Darling
was given control of the Boston house. Later
son Darling and Allen s. Weeks became members
: n Nd "a afi I'D u.
house has built up an extensive and very profit
a bic business, and became well known through
out the country, chiefly in connection with Mu-
tua Union.
The Transcript says of the failure of George
William Ballou & Co thar it came a thunder
holt upon the community here. 1t will now be
seen that Ballou mas acted manfuliy, and stood
by his friends, and If the house goes down, it
goes down having made the heaviest subscrip-
tiOns ana largest OUTLAWS for labor and money to
push through enterprises identified with his
name One OF the leading Boston bank presi-
dents said to-day: 81 never had any dealines
with Ballou or his house, and never made or lost
money in his enterprises but say If all the
Delphos people had done as much as Ballou to
sustain that enterprise 1t would not now have
been in the hands OF a receiver" The Boston
house was carrying the Toledo enterprise, while
the New York house engaged more largely III the
stock markets, mostly, it is believed, on q COM
mission business. The buying of 10000 shares
to-day under the rule for Baliou,s account
showed that either for himself or his customers
lie was astrlde the market, long on
Oregon Il Transcontinental and Lackawanna
and short on Northern Pacific stocks. This Is
the present die NINA of the average stock opera
tors. month ago this New York house was
long by $4,000 shares of stock, and accounted a
arm believer In higher prices 1t was also said
tHat, with the Seney and Briee party, they were
hulling the market. The short sales were proba-
bly, OF recent origin. No estimate can be made
OF the liabilities, but it is generally assumed
that they can't be extensive, and that Ultimate
ly the loss must be comparatively small The
Boston house, which was carrying Delphos
securities had about 5000, 900 or $500, 900 on
this account, $1l9, 900 of which was Cincinnati
Mo- fhann hftn
account OF the Southern Ohio Coal Company,
and 81 1, 900 on accOut of the Delphos trust.