New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-15

amount of Toledo, Cincinnati and st. Louis
Railroad securities, but have no great amount Of
Mutual Union Telegraph. l cannot state the
amount of our assets or what they will be likely to
realize.
1--WE have always been very lenient with our
customers, having ample capital, but the recent
decline has been so sudden that we have been un-
able to get from them additional mar
gins when we most needed them. 1 am
confident that we shall be able to resume business
in short time" In the afternoon the .frm made
an assignment to Theodore NJ. Nevius. its cashier.
who has been In its employ for several years
HISTORY OF THE SUSPENDED FIRM.
The firm. which was originally Boston house, is
composed of George William Ballou, William H.
Bingham, David H. Darling and Allen s. Weeks.
The two st-named men are the Boston partners,
and conduct the branch there at No. ~ Devonshire-
ST., Mr.. Weeks being member of the Boston Stock
Exchange Mr. Ballou, the head of the firm, was
formerly cashier of bank at Greenfield, Mass. He
removed to Boston, where he began dealing in
municipal and county bonds in small way. This
was shortly after the panic in 1878. He was
brought into business relations with George H.
Holt, of this city, member OF the
Stock Exchange. For the accommodation OF
their business. the two men formed copartnershlp
in October 1876, Mr.. Balou remaining in Boston
and Mr. Holt in New-York. The partnership was
for five years. but in May, 1881 before it had e1-
pred it was dissolved by mutual consent. Inc
present firm was then formed. william
Ii. Bingham, who had been clerk
with the New-York branch, was admitted and
membership in the Stock Exchange bought 1or
him. Mr.. Darling had been a clerk with the firm at
Boston, and he and MIR. Weeks were also maue
members of the firm.
Mr.. Ballou removed to New-York when the
present firm was formed and made the principal
office of the firm here. Since then 1t
has been prominent house in Wall Street.
Before Mr.. Ballou left Boston he had become IN
teresed in the construction of a gauge rail-
road from Toledo to Kokomo and from Delphos TO
DAYTON. 1t was called the Toledo, Delphos and
Burlington Railroad, and was afterward con-
sodated with several other roads into the present
Toledo, Cincinnati and st. Louis. This
| road has been placed recently in the
hands of receiver. The securities OF the different
companies were sold largely in Boston by George
William Ballou & Co. 1t has been supposed that
the firm had succeeded i'll dsposing of It's own stock
aud bonds in the road, and that 1t had
| made large profits from the undertaking. 1t
was said yesterday by member OF the hrm
! that it still held a large amount OF the Sc
curities. and that the inability to sell them was
| IN part Jne cause oi INC iauuio'
| spicuous also in the establishment OF the Mutual
Union Telegraph Company, of which Mr., Bailou be-
| came director aud vice-presidcnt. The firm was
the fiscal agent of the company ana
| after the death of John o.. Evans,
| ITS president, Mr.. Ballou succeeded to the
| absolute nagement of the company. lie was one
| of the trustees in whose hands a majority OF the
| stock was placed to prevent its falling under the
| control of the Western Union Company, out he was
| prominent in the subsequent negotiations Dy whch
The Mutual Union system was leased 10 that com
| pany The arrangement was CONSIDERED oy
| the trustees as very advantageous 10 the MUTUAL
| Union Company.
| INTEREsTED IN MINING STOCK AND BOND LOANS
Among other matters of less importance. the firm
was largely interested IN the San Pedro mine In
New-Mexco Strong efforts were made by Dir.
Ballou to persuade General Grant TO accept the
presidency of the company, but they werc unsuc-
cessful. It is understood that the mine has since
| nroyed n great disappointment TO It's friends.
| In addition to Its speculative ventures the hrn
| did a large business in Western county and Inu'
| nicpal bonds 1t successfully placed large
| amount of Cincinnati bonds issued IN ard OF the
construction of the Cincinnati southern hallroad'
| The firm was rated by the mercantile agencies as
having capital OF from $500, 600 oY7oOO 900 and as
doing a large and prosperous business III Is known
| that at the time the original hrn was dls,olVed ln
| 1881 Mr. Ballou was left with nearly the larger
| amount i'm his buslners. The hrm ta5 Deen con-
sidered almost universally as on the bull SIDE OF
| the market and until the time OF the dissolution
If had BEEN il is saId very successful Inc gradual
depreciation in stocks which has been gong on foi
nearly two wears has shruDk its assets until those
| that were left are not readily available. Persons
| familiar with the operations ef the hrn express
| some doubt IN regard to the sums whlcn VIII De
| realized from the remaining assets.