Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1883-08-16

Details OF the Failure1 of this Tw. New
York Houses which Were Wrecked
by Tho PANT.

Details oil the Fsiiurs1 of this Two New
York Houses whicl, Were Wrecked
by the Panic.
New York, August i5.--The failure
yesterday of Geo. VIM. Ballou n 90.
was followed to-day by the suspension
OF the firm Of IL. Steadman & Co.
bankers aud brokers. AT O'Clock D.
IN. Edmund G. Sleadman announced
from the rosirum Of the stock ex-
change at,pending REORGANIZATION into
the affairs ofCecil. Ward d Co. lie had
made an assignment. The firm Is
composed OF +. &. Steadman and his son
Frederick, who has been member for
three years past. The following state
lnent was made to a reporter by
Steadman's brother-in-law: STEAD
man returned to the office Monday
from n three days vacation, aud upon
looking into the accounts oil the firm
found n lage deficiency. He at once
caused a thorough investigation and
was almost Frustrated by dis
covering that during his absnce
Frederick S,eadman had been
specializing heavily on his own ac-
count with the money Of the firm.
Allhcagh not positively known, it is
supposed his transactions were made
through the firm of Cecil Ward Il
4 Co. The liabilities will not exceed
5000 600 and the suspension will he
merely temporary. 1t Is expected the
assets will nearly reach this amount.
Edmund G. Steadman IL well known
as poet and prose writer. He has
been Il member Of the stock
exchange since 1865, and always been
looked ON with respect by Wall street
mell generally for his integrity in bus
mess transactions. His sou Frederick
is but % years old. The iattsrs friends
say that of late speculation was almost
mania with him, and doubtless he
expected toreturn the money 10 the
credit Of the firm when he
should have made up his
losses BY hirCier ventures.
Many EXPRESSIONS of sympathy were
uttered aJr Il G. Steadman aad offers
of edancial assistance have already
ben made by friends. He has de-
iclined them all, however, saying he
would settle his affairs in the usual
way.
AT the office of Geo. VIM. Ballon
this afternoon, Brigham, one OF the
partners, said their books are so far
behind that it will be several days be-
fore a statement could he
prepared as TO the amount of liabili-
ties. Half million dollars was
thought by the firm to- be exagger~
ated.
SHAW d BRO.
Boston, August 15.-The creditors of
Shaw a. Brother met this afternoon ut
c1, na lao \, or. hn -
sr., made n statement explaining the
causes which led to the firms embar-
rasment. When the failure of the
Pacific bank occurred in 1881, several
of their large customers came to them
and asked for help. This was given
and nothing asked in return.
Meantime, the volume of paper which
had been used to raise money for them
had become largA, and they found
ii affected their single named paper.
Finally, though mere temporary paper
as they supposed at the time, the .
were obliged to ask them for their pa
per for their own use. The result has
been they have had to rely ON double
name paper to raise money.
This paper aroused suspicion, and the
firm continued until they saw clearly
III these other houses could not TAKE
ere of themselves their house could
no longer carry the burden. The
statement of the firms liabilities and
assets as there presented by
the assignee, f. A. Wyman
is as follows: Liabilities direct
$4,6l2, 900; contingent, 5,970,000; total
$7,5OD,0 900. Assets. s. $4,000; also
claims against parties with whom they
have dealings in notes the amount o.
which it is impossible to state to-day
or the contingent liabilities 81 ,S23, 00
is insolvent and the balance has
not been provided for, being
trade paper. They claim to have
collaterals amounting to SlG9,50O for
part of the contingent liabilities, oil
which S66,703 is called good and the
balance insolvent.
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