New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-15
FAILURE OF BALLOU & co.


the NewYork house. IL wac as much OF surprise 20 the
Boston firm the public generally, and al rst 1t was
difficult to understand. Later information, however
stated that the assignment due the failure OF their
numerous customers TO advance the margins
needed TO carry their stocks The hrm has for long
time been carrying large Of all classes OF secu
rifles and the slump OF the past few DAYS has been
greater than they could withstand. 1t WAS at nrst
ntmated that tle failure the result OF the recent
troubles in the Toledo, Cincinnati and st. Louis KALI
road Company's affairs, In which the house is
very largely interested two Of the members being d.
rectors of the road.
This was, however. authoritatively denied by d. H.
Darling the members house, and the failure
is attributed by him solely to the given ABOVE
He he asserted perfectly astounded upon receiving
the dispatch from Mr. Baou announcing the assignment
and said If he could have had opportunity OF
comforting with Mr. Baou he would certainly have adj
vsed against the suspension. he believed that 1t was
not necessary The Boston house. he claimed. was all
right but 1, OF course would have go down with
the w-YOrk concern.
Mr. Darling further stated that the firm last night had
securities and cash amounting fully $1,000000 sur
plus and above all liabilities and he could not I'M
derstand how there any necessity for suspension
He anxious to get full particulars anybody,
which the New York hOuse would undoubtedly furnish
as possible. He could not tell how much the
liabilities were, what tho of assets at
present.
prominent broker OF this city said that BalIous
suspension occasoned by the refusal OF the banks
tofurther certify the firms checks. but that the
rassment was probably only temporary The firm
had been a large holder OF San Pedro, Toledo, Cincn-
natl and St Louis and Mutual Union stocks, and the
suspension due in large degree the decline in
these shares.
The Transcript says OF the failure Of G. W. Ballou Co.
that II came thunderbot upon the community here.
IL will be that BIlluu acted manfully and
STOOD by his friends aud II tue house down
down having made che heaviest and largest
OUTLAWS OF LABOR and push through enterprises
Identified with his name. One of the leading Boston
bank presidents said today: IL never had any dealings
with Ballou his and made lost money
Ia his enterprises. but say that II all the Delphos
people had done as much as BsDu to sustain that en-
terpnse II would not have been In the hands OF
receiver"
The Boston house carrying the Toledo enterprise.
while the New York house was engaged more argely la
stock markets, mostly 1t 10 believed IN commission
business. The buying and selling OF 10000 shares TO-
himself or his customers tina, astr1de the
market long" Oregon IranscDntfDenal and Lacka-
wanna, ana "shorJ" NOr,nern Pacific stocks. THIS
the present dilemma OF the average stock
operator mouth this New-YoTk house was
long by $4,000 shares stock aud accounted firm
believer In higder prices IL was also said that Win
the SeDey anu Brice party they were "0uHlng
the market. The "short" probably OF recent
origin. No estimate be made OF the liabilities out
II is generally assumed that cannot be extensive
and that the ultimate Losses must Do comparatively
small The Boston house. which was carrying tue
De pnos had about S2O0O S3OOOOO ON tnls
account $4,000 OF which In Cincinnati Northern,
$4,000 Dayton bonds, $1,000 on account OF the
Southern Ohio Coal Company, aud $4,000 on account
OF the Depl0s trust