Show TELEGRAPHIC I I BUSINESS FAILURES How Some of Them Were Brought About New York 16Tbe failures yesterday yester-day of George William Ballou Co was followed today by the suspension of the firm of E 0 Stedman d Co bankers bank-ers and brokers 30 Broad street At 1 oclock p m Edmund C Stedman announced an-nounced from the rostrum of the Stock Exchange that pending an examination of the affairs of Ceci Ward Co he had made an assignment The firm is composed of E C Stedman Son Frank who has been a member fur three years past The following statement was made to reporters by Stedmans brother in law Stedman went to the office on Monday from a three days vacation and upon looking into the accounts ac-counts of the firm found a large deficiency defi-ciency He at once caused a thorough investigation and was almost prostrated i by the discovery that during his absence i Fred K Stedman had been speculating I steadily on his own account with money belonging to the firm Although it h positively known it Is suppoed his transactions were through the firm of Cecil Ward Jo The liabilities will not exceed 200OCO and the suspension will be merely temporary It is expected ex-pected the assets will nearly reach this amount The Creditors in Boston of F Shaw Brother met this afternoon at the Shoe and Leather Exchange TTayotte Shaw senior partner preset statements state-ments explaining the causes which led to the firms embarrassments When the Pacific bank failed in 1881 sDveral of their large customers came to them and asked for help This was given and nothing was asKed in return Meantime ho volume of papers which had been used to raise money for them had become be-come large and they found it affected their singlenamed papers Finally as 8 mere temporary emergency as they supposed sup-posed at the time they were obliged to ask them for their papers for their own ue The result has been that they have had to rely upon double name paper to raise money This paper aroused suspicion suspi-cion which continued until they saw clearly that if those other houses could not taka care of themselves their house could no longer arty the burden A statement of the firms liabilities and assets was then presented by the assignee B1 A Wyman as follows Liabilities direct4612000 contingent 2897000 total 7509000 assets 5202000 also claims against parties with whom they have dealings Jnj notes but the amount it is impossible to state today The contingent con-tingent liabilities Sl824OOJ is insolvent insolv-ent but they claim to have collateral actuating to 1695000 for part of the contingent liabilities of which 44700 is called good The insolvent firm accepted drafs for hides to arrive to the amount of 4515 on letters of credit |