Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-15

account, and Ballou & Co. state the great
bulk of their liabilities were on short sales.
The stocks bought in for their account
were Oregon q Transcontinental, 500; st.
Paul, 400; Lackawanna, 500; Central Pa
cific, 600; Reading, 1000; Erie, 500; Mu-
tual Union, 100; New York Central, 200;
New Jersey Central, 200; Wabash preferred,
LOO; Lake Shore, 300; Northern Pacific,
200; Texas & Pacific, 1900; Louisville &
Nashvills, 200; Western Union, 500; Union
Pacific, 2,400; Wabash, 100; Kansas &
Texas, 100; Rochester & Pittsburg, 100.
The feature of the market the last hour
was a decline of 81 per cent. in Western
Union to 72M. This was a puzzle to the
street, as the stock had been pretty well
sustained all day, the largest previous de-
cline being IL in the early part of the
day. The explanation given for the break
gas that number of "stop orders" were
in the market, which the bears discovered.
After the bear pressure was removed the
market moved up again, clearly indicating
the unaertone is much stronger than gem
orally supposed. Before the close West
eFn Union recovered 215 of the decline in
the previous half hour. The whole market
declined in the early part of the last hour
4 to "a, the latter is Missouri Pacific,
and when Western Union recovered
the rest of the market did
likewise to limited extent.
In final dealings the market declined "A to
q, the latter in Western Union. The
net result of the days business is an ad-
vance over the closing prices last night
for great majority of the stocks. The
following stocks were higher at the close
to-day than yesterday: Alton & Terre
Haute, 1 and SO; Union Pacific, u; Col
orado Coal, II; Cleveland, Columbus,
Cincinnati & Indianapolis, n; Central
Pacific, 158; Erie, q; Missouri Pacific,
Il; New York Central, IA; Northwestern,
1; Rock Island, 135; st. Paul, "a; Omaha,
1; Manitoba, 2; and Wabash 116. Aside
from those mentioned all changes up or
down, were only fractional
The Evening Post says the majority of
operators are inclined to the belief that the
market has touched bottom at least for the
present, though it is apparent it is now
more subject to manipulation than at any
previous time for a year, though there is
nothing in the general state of business to
cause any very important further decline.
Some violent fluctuations are likely to be
SoOCOO Ny al SlAO1dl l1OdASs 4u6 WIFI
est rumors we're current as to the extent of
the failure of Ballou & Co., and its cause.
At the Office of the firm one of the part
ners said New England customers had
failed to respond to calls for margins. AS
to the extent of the failure no information
could be obtained from the firm, but on the
floor of the stock exchange it was believed
100000 would allow the house to cover
Its losses. The firm is very positive in
declaring everything will be made right as
soon as its customers can be reached, and
that business will be resumed within day
or two. Many timid brokers, who saw the
wild rush from Broad street towards Wall,
in order to get the truth from the firm, be-
lieved the worst predicted yesterday by
the bears as to final collapse of the mar
ket was about to happen.
Frederick L. Talcott said he looked
upon to-day's business in Wall street as
the beginning of a feverish
period, during which stocks might sink
lower than at present, followed by strong
improved movement lasting all winter.
There was no reason in the world why any
panic should be feared, the business of the
country being in excellent condition and
the outlook for large export trade of
grain being unparalleled. The conditions
which preceded the panic of 1873 are all
absent.
Brayton Ives said he did not believe the
failure of Ballou & Co. would affect prices
unless it was to send them up. The
moral effect of such failures was of course
bad at the moment, but there was no rea-
son to believe the winters business would
not be such as to cause flow of gold to-
ward this country by Christmas.
After the exchange closed number of
leading bankers expressed themselves as
feeling more confident of the future. The
going on for some time have
resulted in placing the market on healthy
basis, and already there are indications
that the investment public, both here and
abroad, are purchasing.