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

, az THE MARKEr-SALES AND PURCHASES
TO CLOSE TRANSACTIONS.
,r, xo,,onent at the Stock Exchange was not
.,,'S.J Yesterday. although the activity was less
thon on Monday. The downward movement was
continued and the Willard shares, when nave leu
,ha recent decline yielded quickly TO tue trem Gu
don. nressure brought against them. Inc price vi
DRAGON and Transccntinental fell TO o. uecilhe
es or.r 4 ner cent from the close Monday. Be-
fors the end of the first hour, however tho course
of .neculaton was turned temporarily, and before
noon Oregon and Transcontinental rallied to 6l0s
The reaction. which was general, was gladly wei
coined by the Exchange.
faw minutes after noon the failure OF George
william Ballou g. Co. was announced to the Board.
The first effect of the suspension was q rapiu ou'
fractional decline, which was checked Dy ohe us >
coyery that the transactions under Tue ioio
,ro,e nnrcbases and not sales. The news rippled
tbrouoh the Exchange and under the IN
.tant stimulus of purchases for the
account of the firm the marhe'
rallied again The real effect OF the failure Oh 'no
movement of prices yesterday was precisely con
trary to expectation. The fact that the Hi was
UNEXPECTEDLY short of stocks was the suo'eo' "
rorch curious inquiry in Wall Street afterward'
II was suggested by several persons that the hri'
finding itself on the verge of failure. had not only
sold its own stocks In the last few days but had
sold the market short in the desperate hope that IL
might recover part at least of its previous osseS.
An officer in a prominent Wall-st. bank SAID that
even in its failure the firm had overrated lts own
importance The notice read from them rostru Oh
the Exchange was as follows:
tn m, Chairman of the Ne,o. York Stock Erchange
SIR: Owing TO the failure OF our cusoners h W a
good their margins. we regret 10 announoe 'NA' W" NV
unable 10 meet our contracts ,...-o.orv ,ro
Hoping that spension may De put temporary "0
~n"in GEORGE wM. BALLoU & co.
CLOSING ACCOUNTS WITH THE FIRM.
In the first few transactions which were closed
under the rule In consequence of the failure most
of them were sales 1t was not long, however be-
fore the chairman was buying more stocks than ne
was selling for the brokers VINO
were publicly closing their accounts Win
the suspended firm The total sales or stocks
amounted TO 6 400 shares aud the total purchases
70 12.4OO shares, under the rule. In ADDITION
there were purchases of bonds aggregating $42ooo,
mar yalue. The largest amount bought OF bonds
was S22.O 900 Texas and Pacific incomes Inc
LARGEST amount of a single stock bought was 4,ooo
shares of Lake Shore, the next largest amounts
he,np !. 200 shares each of Reading and Wapssh
nreferred. OF the shares sold, the largest amount
Of single stock was 600 shares OF Union Pacihc.
Tn only two cases where both sales and purchases
vera made of the same stock did the sales exceed
the nnrcbases. The bonds bought in under the
rule ware Texas and Pacific incomes, $2ZOoo
New-York, West Shore and Buffalo hrsts' @lo'ooo'
and Denver and Rio Grande consois, @o'ooo-a
total of $4,000. The transactions In STOCKS uhder
the rule were as follows: