National Republican., 1883-08-15
AWILD TIME IN WALL STREET
A Big Decline for Which the Bulls Were Not
at All Prepared.
A Reaction Which Was Even More Dis
astrous Than the Decline.
The Great House Of George William Ballou & Co.
Forced to Make an Assignment
The Panic Felt I'm London NTarIkets-The
Stock and Grain Lists.
SpectdL Dispdtoh,

night that the market would right itself in o
day or two, although the big bear traders,
who were flushed with success might make
another brief demonstration to-day or to-
morrow, but the violent raiding was over.
Some of the old bear houses became more
conservative, and while some of the fancy
stocks may sell lower, yet they thought good
stocks were already at hard pan, and one
very prominent bear house yesterday de-
clined number of customers of moderate
means saying 1--WE are buying now, and this
is the time to buy"
REVIEW.
Stocks opened with sharp decline of 1 to
IL. The fact that $50 city wires were cut and
useless rather added to the Generalization al
the opening. Brandon and Woerishoeiier
were large buyers Money loaned at 3.
About IL o'clock stocks strengthened to pei
cent. Later Oregon Transcontinental advanced
to 81. There was great excitement in the street
at noon when the failure of George William
Ballou & Co. was announced. Further
depression and agitation followed, until il
became known that the house was short
when the market recovered. Some $4,000
shares of Western Union, Union Pacific, Can
ada Pacific, Louisville and Nashville were
bought in for account of other concerns.
The liabilities of the failed firm, it is under
ltood, will be about $l5O,000. They were
long about 10000 shares of Oregon Trans
continental.
Early on tho second call prices were
steady and l to q above the opening.
Later there was marked decline, great
activity, and lower prices Lackawanna
touched 119B on enormous business, and
western Union Hoped to 724 on selling by
Gould's brokers' who sold the list generally.
WOerishoefier was also q great seller.
A rumor has it that a syndicate is forming
to carry the obligations of George William
Ballou & Co. 1t is reported that the failure
is due to Boston embarrassments growing out
of the late financial failures and customers
being unable to remargin.
United States bonds are strong, and there
are more bids than offers.
A Telegram from Galveston says the drought
has Dursted the cotton bolls open prema-
turely, and the crop will be more rapidly
marketed, and money is required for its
movement.
The largest buyer of Western Union was
Danan Gould broker), and the sellers were
Truman, Benjamin Jameson, and Kendall &
Waller. Walker & Gocuria bought 1900
shares Of Union Pacific. Day g. Heaton were
buying Lake Shore on scale. Sternberger
and Field sold Lackawanna. The telegra-
pliers cut seven city cables, carrying one hun
The general market closed up slightly in ad.
vance of the opening figures, and predictions
as to the morrow are as hard to make as it il
TO count the hairs on cats back. ...s
By Associated Press.
NEW YORK, Aug. 14.-The Posts financial
article says: The stock market opened to II
lower than the close last night for the genera
list of active stocks, the largest decline being
on Wabash preferred and Omaha preferred
The pressure to sell was at first only moderate
but was soon increased by the heavy short
selling directed against Lackawanna, st. Paul
Northern Pacific preferred, Oregon and Trans
continental Lake Shore, Union Pacific, and
New York Central The effort was to bring
out pretty large amounts of long stock of the
last six of the above, under which they all
declined carrying the rest of the market with
them and causing considerable amounts OF
other stocks to be thrown upon the ma ket
Among these was Burlington and Quincy
which declined 2t per cent on sales
of only about 1900 shares, which was
probably nearly all long stock. The
extreme decline was reached about
1870 o'clock, at which time the decline
on Oregon and Transcontnental was Al, Bur-
lington and Quincy, ~; Jersey Central, 81;
Northern Pacific, common and preferred, Ii
Pacific Mail, q st. Paul, II; Western Union,
1t; Lackawanna IL; Illinois Central, II; Lake
Shore, IL, and Wabash, IA. From these ex-
treme declines there was general and very
rapid recovery by IL o'clock, ranging from 1
to 81 per cent, the latter on Oregon and
Transcontinental to 61s, and from that time
until II o'clock the market continued firm
and there was an evident recovery of conf
dence, not only as regards the day, but largely
also as regards the prospect for the future OF
the general market This was in some meas
ure due to the belief that the break was arti-
ficially produced, and that without the ham,
mering of the bears the market would only
have continued dull and comparatively steady
This was the general feeling up TO II o'clock,
at which time the suspension of Geo. VIM.
Bailou IL Co. was announced, MS supposed in
consequence of the decline in prices of stocks
they were presumed to be carrying, but with
in half an hour it was demonstrated that they
had not been carrying many stocks. There
were only $500 shares sold out under the rule
Tor their account, and 1t began to appear that
their failure was probably due as much to the
fact that they had gone short ON the market
at low prices this forenoon, and that the rapid
recovery between 1880 and IL o'clock had
caused losses which, in addition to those they
had experienced on the bull side had caused
their failure. The announcement of the fail
ure ut first caused decline of ! to IL in the
market, from which it reacted in twenty
minutes to Ii, the latter on Lake Shore. AZ
1880 the market was strong at the highest
prices of the day for a good many stocks, The
market was strong, but fcverish. The failure
caused intense excitement. The house did Il
large business, and its customers were prin-
cpally bank presidents Mr.. Balou refused
TO make any statement other than that the
failure was caused by neglect of customers to
respond to calls for margins. One member
Of the firm says the trouble is only temporary.
NEW YORK, Aug II, 3 p. m.-There were
signs of returning confidence in stocks at one
time this afternoon, but shortly after 2
o'clock savage attack was made on Western
Union, the stock breaking four points to 724
The decline was due to stop orders" Mis-
souri, Pacific also broke to 93. The other
active shares declined in sympathy. Toward
the close Western Union rallied to 745, and d
frner tone characterized the whole market
In the final sales, however, Western Union
run off to "a, and the general list lost part oi
the improvement,
THE PANIC IN LONDON,
LONDON, Aug. II, 1 p, m,-There was al.
most panic at the stock exchange here this
morning in American railway securities
which are greatly depressed, and are difficult
to sell. American government bonds are moi
affected by the unfavorable feeling in railway
securities. Mexican railway stock is strong
eovERNMEsT BONDs
United States As 1891 registered -.,,... lllA my
united states AS, 1891, coupon ll2ls li3l
nnlled states is 1907, registered llsH ~
nhleu states is 1877, coupon ira ii6i
Shllsd Sa'es luSA IVS7'