The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-08-15
BUSINESS MIT1ERS..
A $500, 1000 Failure on Wall Street,.
Situation Among the Bulls
and Bears. EEAfR..
Opinions of Prominent Men on the
Significance of the Late FURRY
n Hopeful Views Of the Oitiook.

Opinions OF Prominent Men on the
Significance of the late Fiarry---
/, HopefuI Views of the OUTLOOK.
New YORK, Aug. IA decided improve
ment has manifested itself in the markets on
Wall street; prices advanced II to "a, and
the whole market is strong. Fears OF panic
are dissipated T8 a7ss +. ~. is..ls..
LATER-There were signs OF returning
confidence in stocks at one time in the after
noon, but shortly after 2 p. m. a savage at
tack was made on Western Union the
stock receding four point, to
72Z. The decline was due to
stop orders Mssrli Pacific also broke to
90. Other active shares declined in sympa-
thy Toward the close, Western Union
rallied to 741s, and fIlner tone character
lied the whole market In the final sales,
however, Western Union ran off TO "A, and
the general list lost part of the improvement.
Intense excitement was caused by the an
nouncement of the failure Of George William
Ballou & Co, bankers The firm is COM
posed of VIM H. Bingham, board member;
David H. Darling, George William Ballou
and Allan 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 capt.
talists and New England estates Mr.. Ballou
refused to make statement concerning the
suspension, other than it was caused by the
failure of his customers to respond to calls for
margins. Another member of the firm said
the trouble was merely temporary, and
everything would be Strengthened out in a
few days. The principal stock carried by the
firm were Ontario & Western, Missouri Pa
cific and Western Union. 1t is roughly esti-
mated that the liabilities amount to between
$40O, 900 and $500, 600 Under Stock Exchange
rules rotating to failures all of the stocks car
ried by the firm were sold at the exchange.
THE NEWS IN BOSTON. .,
Boston dispatch says: The announce
ment that George William Ballou & Co had
suspended was the cause fof excitement on
the street and in business circles, second only
to that following the suspension of F. Shaw,
Bros. & Co, few days ago The first init
nation to the Boston house OF any trouble
was a dispatch from Baliou stating
that au assignment had been made to
Theodore M Nevins, clerk in the New
York house 1t was q complete surprise to
the Boston firm.
VIEWS OF PROMINENT MEN.
The following are the views of prominent
Wall street men on the present state of the
stock market and Mondays furry:
Mr. Jay Gould said: 'Th my opinion
some stocks are selling far below their in
trinsic value 1 think people who have ready
cash TO buy stocks and pay for them can do
so with profit. IL is better, perhaps, for
margin operators to keep out for awhile, as
they fill the market with stop orders, W hich
are often bad feature.
Mr., Russell Sage said: This fall in prices
seems TO he unnecessary and not founded
upon any sound commercial principle or upon
the business outlook, present or future. All
that is wanted now is confidence. With CON
fidence there would be decided improve
ment. Until confidence is restored in two or
three properties we shall have an unsettled,
feverish market The parties having control
of the new enterprises, which have suffered
mostly, have the experience and ability to
protect their properties, as believe, and if
so we must have sharp rally within a short
time. This raid was one of the series which
have occurred IN Wall street, and which viii
be repeated. Those who are familiar with
their history and management will profit
largely by the advance which win follow this
decline 30
Mr.. A. s. Patch, president of the stock ex-
change said: frhe disturbance of Monday
in the stock market was purely local and
| does not apply to general business throughout
the country 1t is limited to liquidation IN
stocks. Sellers of stocks temporarily over
look the enormous crops in this country and
the poorer outlook for crops in Europe In
abe end this condition Of affairs win tell in
the stock market The condition of the
country at large is prosperous and when the
present nnreasoning disposition 10 sell stocks
has had its run people will suddenly wake up
to the fact that it has gone too far and theirs
will be plenty of buyers. The situation, in
my opinion, isnot dangerous to commercial
interests" s@EE tE#A&E
President Dowi of the Bank of America,
said: Il do not think the situa-
ton is at all bad. 1t viii come around ALI
right in a short time. We have been making
too many securitiesi too much iron, too much
dry goods There will be turn in the street
very soon. The decline in the market
was caused merely by tho failure of promi
nent operators to support their specialties
The recent failures are local in their nature
and are not to be taken as signs OF any gen,
eral financial weakness The failure of the
Vermont bank is entirely attributed to a spec
ialty twas largely concerned in the South
eastern railway scheme and when that failed
the bank suffered" hss Et-f
u. Mr. Willard, of Scranton & Willard, said
''There is considerable liquidation going on
but do not think it is likely to result il
anything very serious The market has go
to go to the bottom, but we cannot tel
where the bottom is"
a IN LONDON.
LONDON, Aug 14-There was almost
panic at the stock exchange here thi
in American railway securities, which
are generally depressed and are difficult tc
sell American government bonds are not af
fected by the unfavorable feeling in railway
securities Mexican railway stocks arr