The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-08-15
TELEGRAPHIC
The shaky Stocks.

A1SOCANOs
New York, 14.-In early dealings, the
stock market showed heavy and de-
pressed, Oregon TIsnscontinental de-
clined AZ to So. Chicago, Burlington s.
Quincy 2H to l17A, Michigan Central
~ to 8lM, Jeorsey Central 21< to 500,
Pacific Mail to %, Reading N to 30.
Wabash IL to -, Wabash preferred 15S
TO 80 and Western Union 10 z. AbOu.
noon sustaining orders made their OPP
pearsnce and q rally Of e 27-8 took
place. The whole list participated in the
advance. Oregon Transcontinental de-
veloped marked strength, advancing to
60N against 56 in early dealings to 60X
ct the close yesterday. As we write The
whole market is strong and on the
advance. 4 much better feeling pre-
wills.
New York, 14.-One Of the sensations
Of the day was The failure of George w.
Ballou s. Co., Of this city and Boston.
The failure is, understood to have been
caused by the inability of customers to
mako good their margins, snd the fact
that the firm ha4 had considerable money
tied up in the Cincinnati, Nole1o and 81.
Louis Narrow Gauge railroad, which re
Gently went into q receivers hands.
About 10 600 shares of various stocks
were cloeed out under the rule for their
secoust, inc udjng Oregon TrRnscont-
mental, New York Central, Denver and
Rio Grsnde. Missouri Pacific, jersey
Central, Wabash Pacific aud Lake Shore.
The rally in the market before IL O'Clock
was on reports that leading operators had
purchased large blocks of stock at private
sale. At the office of George w. Bsllou
it is said they HAYS no statements to
make. They expect to Tesu. e business
in q short time. Up to the present hour
the deliveries are prompt and money 10
good supply at 4 on accepted collstersls.
The share market is firm and less active.
About II, 600 shares of stock have peen
closed out under the rule for account Of
George W. Ballou.
The firm is composed OF William
Bingham, bosFd member; David Il.
msrling, George William Balluu and
Allen S. Weeks. No definite particulars
could be Obtained. The house did large
and extensive business and its customers
were principally bank presidents through
out the country, Boston capitalists sud
New England estates. A member Of the
firm said the trouble was merely temper
sry and the principal stocks carried by
the firm were Ontario and Western,
Missouri Pacific and Western Union.
He roughly estimated the liabilities
would amount TO between $500, 600 and
500, COO. Under the stock exchange
rules relating to failures, all Of the stocks
carried by the firm were sold at the ex-
change and the prices were not materially
affected, but there was no end to the
rumors and the excitement. It is
said the failure will seriously
cripple several other large houses,
There were signs of returning conf
deuce in stocks at one time this ST err
noon, but shortly after pm. a savage
attack was made on Western Union, the
stock breaking four points, to 722z. The
decline was Que to stop orders. Mig
souri, Pacific also broke to SO, Other &C.
tive shares declined in sympathy. t.
wards the close Western Union RALLIED
to 745s and frmer tone characterized
the whole market. Ia final sales, how
ever, Western Union run up to74. Gen
orally, the list lost part of the improve
ment.
Boston, IA prominent broker of
this city said Bslleu's Suspension was
occasioued by the refusal Of banks to fur
Their certify the firms checks, but that the
embarrassment was possibly only TEN
porsTy one. The firm has bean q large
holder Of San Pedro, Toledo, Cincinnati
and st. Louis, and Mutual Union stock,
and the suspension was due n large de-
gree to the decline in these shsres.s