The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1883-08-16
Telegraphic.
WALL STREET.
The Failure of the Firm Of Sted-
man & Co.
The Secret Of the Depression in West
ern Union Stock MacKey in New
Roe-0ther News.


Of persons thronged the visitors gallery at
the Stock exchange this morning expecting
10 see the scenes Of yesterday repeated.
Western Union stock, which closed At "A
Yesterday, dropped to 72h lon the opening
OF the market to-day. II WAS feared that
railroad stocks would suffer similar de-
cline, but these opened at \ slight advance
on the closing figures Of yesterday, aud
soon the Western Union rallied and sold AZ
74h lbut shortly after declined to 70.
FAILURE or sTEpMAN 4 co.
New YORK, August 15.-The failure Of
i {. Stedman a. Co. has just been an
nounced. The firm has made an assign
meut to John McGinnis, If. The lisbli-
ties are small and the firm owes no one hut
its customers. The failure is due to a dis
honest clerk, who took accounts and hy-
pothecsted them for his own speculation on
fictitious accounts. The failure had little
effect on share speculation, No stocks
have been closed out under the rule for this
account.
The assignment Of +, G. Stedman and
Frederick S. Stedman, OF the firm Of +. G.
Slcdmau d Co., brokers, to John Nc
Gnnl>, was filed, with preferences OF
81 900 10 Mrs. Jennie c. Crowley, Of ST.
900 to Mrs. Emma +. West, and il, 900 TO
Miss l., +. Perkins.
THE BALLOU FAILURE.
NEW YORK, August 10. Geo. W. Bal
lou, VIM. H. Bingham, David II, Darn.
aud Allen ;. Weeks, comprising the firm
Of Geo. W, Ballou & Co., bankers, who
failed Yesterday, flied an assignment for the
benefit OF creditors, in the county clerks
flee, TO Theodore NJ. Neyins. No prefer
ences are stated.
CAUSE OF IRE DECLINE IN WESTERN US-
ION,
NEW YORK, August l5.-The weakest
stock on the list yesterday was Western
Union, and those who were not occupied
with contemplating the failure Of Geo. W.
BalIou X co. were inquiring into the cause
CT the decline OF two and one. half per cent.
in Western Union, which has been so well
sustained In spite Of the strike. The Sc
ere, was not long in leaking out. 1t was
reported that no less = capitalist than John
w, Mackey, the great bonanza millionaire,
had taken up the lists against the Western
Union, and had proposed TO use his i'm
mense wealth in opposition TO that comp,.
ny. The report turned out TO
Je true. NJ. Mackey has consented 70 enter
the Postal Telegraph company. Vice.
president Cummns, when asked II it were
true that Mr.. Mackey had joined the COM
pany, answered, "Wen, / received his
check for a large amount to-day. That
/. substantial evidence Of it, is il
notf"
"Will he enter the directory"
eyes. Tomorrow he wal be elected in
the place Of Mr.. Erhardt, who has re-
signed -
Mr.. Cummins then said that one million
dollars had been raised 10 extend the Sys-
TEN, and to this Mr. Aackey had uontribu.
ted largely. How large his interest was he
would not say, but he had given all
that he had been asked.
The fact that Mr.. Msckey had consented 10
Join the company regarded as 4
very important move and great ac-
cession TO the Postal Telegraph company.
He returned to this country on the first Of
this month and has been sought for by the
L
VIM. II. Roberts, who has an interest in
the company, it is said induced him to join
his forces to the enterprise. Mr.. Mackey,
ii is thought may be Instrumental in in
ducing Senator Fair, OF Nevada, also to join
the company. The combined wealth
OF these three men is enormous. Mr..
Mackey could, it is thought, construct an
entire telegraph syste N with his own re-
sources. The Postal Telegraph company
at present has but single extending line
from New York 10 Chicago, and this has
been operated for business only q few days.
Mr., Mackey, it is understood, has pledged
himself to support the company in stretch
Ing wires to and from every profitable
point connected by the Western Union.
GOOD ADVICE.
The Herald says: "Our advice TO the
outside world and TO investors Is to keep
out OF Wall street for while, II they
have money which is to be laid out let them
put it into real estate. That remains the
best security and for some time has beer
the only trustworthy one. Mining hal
caused 4 loss 10 80 out Of every 100 who have
put money into mines; petroleum has be-
come mere gambling; hog products and
grain have burned holes in the pockets OF al
most all who have touched them, and in the
stock market for now a long time the biz
fish have gobbled the little fish, aud Of late
have begun to feed on each other. They
are very hungry, these big fish. We advise
the little fish to keep out Of their way.'