Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-08-15
TOUCHED BOTTOM.
Another Big Day On the New York Stock
ExchaDge-Great Excitement
Caused By the
Suspension OF Prominent Banking and
Brokerage Firm-The Worst
Believed TO be Over.

Dy neaVy short-seiiing directed against
Laokswauna, s.. Paul, Northern Pacific pre-
fered, Oregon and Tranacontinental, Lske
Shore, Uuion Pacific and New York Central
The effect was 10 bring out pretty large
amounts OF long stocks OF tie last six of the
above, under which they all declined, carry
ing the rest-of the market with them and
causing considerable amonnts of other stocks
10 be thrown upon the market. Among
thsss were Burlington and Q 1incy, which
declined q per cen'. on sales of only about
300 shares, which was probably nearly all
the long stock. The extreme decline was
reached about J0:30 O'Clock. at which
time the decline on Oregon and
Trsnscontinental was AZ, Burlington
and Quincy q, New Jersey Central %,
Northern Pacific common ard preferred !.
Pacific Mail 2, S.. Paul Il. Western Union
II, Lackswanna J, Illinois Central ] !, Lake
Shore i and WABASH j From these ex-
treme declines lh're was a general and rapid
recovery by ii O'Clock, ranging from / 10 81
per cent, the latter on Oregon and Trans
continental TO Gl !, snd from that time until
II o'c ock the market continued 6rm, and
there was an evident recovery of confidence
not only as regards TO day, but also as regards
the prospect for the future oil the general
market. This was IN some measure due to
the belief that the break was aftificially pre-
uuCeCj ana tnat WltnUut Tue nam merlng oil
the "oears" ths market would only have con-
tinued dull and comparatively steady. Tns
was the general feeling mp to II O'Clock, a,
whicn time the suspension Of George WiIlism
B.llou d Co. wss announce d. he announce
ment OF the fsi' 'ure at first caused a decline
of 10 per cent. in the market, from which
it reacted in twenty minutes J 10 ] : per
cent the latter on Lake Shore. 1880
o'clock the market was at the highest prices
OF the day for a good many stocks, and
strong but feverish. sThe total sales up to
1890 O'Clock were about $1,000 shares.
After 1890 o'clock the market was at first
stronger, and there was an advance Of
from J to L per cent, the latser on Ore gon
on Union Pacific. After ! 80 O'Clock there
was decline Of / TO ! ] per cent, the latter
on Oregon and Transcontinental, with IL on
Wabash preferred, l on Northern Pr
ci6c, on Union Pacific, on Wabash CON-
mon, and lees than on the rest Of the lis.
These changes left the market little lower
than at 1890 O'Clock. Aboat this time also
were begun sales for account of b ,llou g. Co.,
and during the day Is, 400 shares of stock and
544 600 in bonds were closed out for e oun
Of the firm. A ms sjority OF the slocis were
bought in on short account, aud Ballou &
Co. state tina the great bulk Ct their liabilities
we're on short sales. The stocks bought in
for their account were Oregon and Trans.
Continental 600, ST. Paol 400, Lickswanns
500, Central Pacific 600, r ading 1900, Erie
500, Mutual Union l00 New York Central
200, New Jersey Central 200, Wabash pre-
ferred 100, Lake Shore 300, Ner hsrn Pa
ci6c 200, Texas and Pacific 1900, Louisville
aud Nashville 200, W,stern Union 500, Union
Pacific 2400, Wabash 100, Kansas As and Texa
100, and Rochester and Pt;sburg 100. The
feature of the market in the last hour wss
decline OF st per ceot. in Western Union
10 724 This was a puzzle TO the street, as
the stock had been pretty we'll sustained all
day, the largest previous decline being in
the earlier part Of The day. The explains
tion given for the break was that u number
of stop orders" were in the market,
which the "bears" discovered. After the
"beai" pressure was removed the market
moved up again, clearly indicating that the
under,one is much stronger than is generally
supposed. B FIRE the close Western Union
recovered % OF the decline in the prev ous
half hour. The whole market declined 10
the early part of the last half hour 10 24
per cent, the latter on Missouri Pacific, ans
when Westero Union recovered, the reat II
the market did likewis, to limited extent.
In 6nai dealings the market declined 1 10 (
par cent, the latter ea Western Union The
net result Of The days business is an advance
ever the closing prices of last night for a
great ms ority of STOCKS. Tire folosiug
stocks were higher at the close to-day lh an
Yesterday: Alton and Terra Hsute, 81;
Union Pacific, u; Colorado Coal, II; Clevs-
land, Columbus, Cincinnati and adiauapoli.,
II; Central Pacific, Il; Ecie, 4; Missouri
Paci6r, }; New York C.nlraj, II; North
western, l; Rock Island, Il; 81. Paul, &;
Omahs, l; Manitoba, 2, aud Wabash, II.
Aside from those mentioned all change,
either up or down, were fracti1n,l.
WHAT THE 'rosr" SAYS
The Eoening Post says: "a msjority OF
operators are inclined to the beIi,f that the
market has touched bottom, at lea,t for the
present, though i, is apparent it ia now M 9re
utjsct to m inipulation than at any previous
time for the year, and though there is moth
ing in the general state of business to eau, ,e
any important further decline, some violent
aactu ations are likely 10 be caused yet by
artificial msans. The widest rumors we're
current as 10 The extent Of the failure OF
Bsllou Co., and its cause. At the Iii ,e OF
the firm one Of the partners said their New
England cusom rs had failed to respond TO
calls Tor margins. AS 10 the extent of the
failure, no inform alton cnuld BE- gained from
The firm, but on the a)or of the Stock
Exchange it wac believed 100000 would
allow the house to cover ils losses. The firm
is very positive in declaring that everything
will be made right as soon as its customers
can be reached, and that business will be re-
sumed in day or two. Many timid brokers
who saw the wild rush from Brosd street
toward Wall in order TO get the truth from
the firm, believed tnat the worst pre- iicted
yesterday by the bears as to the final COL
laIss OF them arke', was about to happen"
FREDERIC L. TALCoT
said he looked upon to-dsyis busioess in
Wall street SIS marking the beginning OF a
leverish period, during which stocks might
sink lower than at prefent, followed by a
strong upward movement lasting all winter.
There was ne reason in the world why any
panic should be feared, the business of the
country beirg in an excellent condition, and
the outlook for large export trade of grain
being unparalleled. The conditions which
preceded the panic of 1873 are all absent.
BaAYToN IVES
said he did not believe the failure of Ballou
q Co. would affect prices, unless it was to
send them up. The moral effect OF such a
failure was, Of course, bad at the moment,
but there was no reason to believe the winter
business would not BE- such as TO cause flow
of gold toward this country by Christmas.
Alter the EIcAsnge closed a number Of
leading bankers expressed themselves as
feeling mere confident of the future. L;qu.-
dations have been going on for come time,
and hsve resulted in placing the market
on healthy basis, aud already there are
indications Of investments, the public both
here and abroad purchasing.
THE BALLoU FAILURE
The sensation of the day was the announce.
ment OF the suspension OF George William
Esllou 4 c., and caused iotense excitem .ut.
The firm Is composed of Wm. 81. Bingham,
Board member; David 81. D.rilg, George
William Ballou and Alien S. Weeks. Nc
definite particulars could be obtained. Tn,
house did large and extsnsv We business, snc
its customers were the principal bank presi.
| dents throughout the country, Boston capi
talists and merchants OF the New England
| States. Ballou refused to make any state.
ment concerning his suspension, other thar
it Was caused by the failure of his custo mer
10 respond 10 calls for margins. Auothe
member of The 6rm said the trouble wa
merely temporary, and that everything vii
be s!raighlened cut in a few DAYS. 1t i
roughly estimated that the liabilities
amount to between 100000 and $500 600.
The Feeling al Boston.
BOSTON, August 14.-The announcement
that George w. Ballou & Co. had suspende
caused an excite ment on the street and i
business circles, tecond only to that iollowip
the suspension of F. Shaw, Bros. & Co.,
few days age. The first intimstion to th