New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-17
QUIET RESTORED IN WALL S1REEE
BRISK TRADING WITHOUT EXCITEMENT.
THE AFFAIRS OF THE FAILED BROKER Firms
ALETTER FROM Mr.. sTEDMAN.


The excitement IN Wall Street is dying out grad
ually aud business at the Stock Exchange appaIn-
entity is drifting rapidly toward the duiness wHIon
was its most marked characteristic a oelOne
the s;ch h"r Was bewn rom on Wednesday was
continued yesterday with greater rapldlty: Inc
upward course OF prices was ha =; Western upon
Telegraph early in the afternoon alone maIrGu .no
otherwise universal joy, but it was speedily To-
covered in the later dealings ana ,s s, t material
advance from the last prices OF the previous gay,
There were no failures other disasters 10 ais
turb the market and give occasion ioI reSu
break of extraordinary excitement NOT were Inere
anv new features in the recent failures at the STOCK
Exchange by which fresh alarm o Gopia sre 0o
sTcsa o Bank .s Ssss n ths Opinion
the worst had been passed and that
there was no further danger to be feared Tor tlme.
to prepay called bonds without rebate of interest,
at the rate of SIS, O00 600 week, was Regarded oy
every body assurance or easy rates lor money
HIGH Inv necessities of business. While the stock
market by no means renewed a,togelneI. ", Va
its fevershness, the dealings were conducted VIII
much less excitement than on the first two DAYS Oh
Edmund c. Stedman. the head of the firm of Z. c.
Stedmau g. Co., whose failure was announced on
Wednesday, replied Yesterday III published icy
ter that the statement that he had assured Cecil.
Ward g. Co on Monday that the firm would lose
nothing by tho dealings of his son. was aosolntely
writes follows:
or all the assertions made by ono OF the nrn named
this ia the most unpardonabe Ii Is true that went 10
their Office Monday afternoon TO make investlgaton
taking a friend with The whole OF the rest OF the
statement is absolutely false. assured them that, no
matter whom exposure might hurt, the Wnole huair
should be probed TO the bottom.
His son has made in writing full confession of
his transactions with Cecil, Ward IL Co.. which VIII
be submitted to the Governing Committee of the
Stock Exchange 1t will not be made public until
after the committee has taken action on 1t. Mr.
Stedman was the recipient yesterday OF large
number of letters and telegraphlc dispatches from
various parts of the country all bearing assurances
of sympathy and deep regret at his unexpected mis-
fortunes.
The affairs of Cecil Ward 81 Co. are understood
to be in a complicated condition. and no great pro.
gress was made yesterday toward settlement OF
failure o. the firm will be made soon by the Com
mittee on lusolvencies of the Stock Exchange
Prominent members of the Exchange said yester-
day that If the failure was due 70 the causes which
subsequent events had revealed. the Board member
of the firm would find reinstatement TO membership
difficult, and perhaps impossible. The suit which
has been begun against the members OF the iirm Is
not likely, 1t is said, TO be compromised, and new
suits may grow out Of it,
At the Office of George William Ballou IL Co., II
was said that there was nothing new IN regard TO
the firms suspension. The statement which Ii III
course of preparation has not yet been completed,
and probably several days will yet be required
before it will be ready for the creditors. IL was
SAID by persons, who prOfessed to be acquainted
with the operations of the house. that the surprise
Of the Boston partners at the failure due to their
ignorance of the real state of affairs and OF the
operations Of the senior partners at Ncw-fork.