Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-26
SATTERLEE & CO, STOCK
BROKERS.

Liabilities $500, 600; Assets, Tire
Common Sleeve BufGons-A Ezigl
Old Commission Firm among Gu
Guilible Business Men.
| On the lst of January, 1867, a shingI,
was hung out to the breeze, at 20 Broad
way, which bore the legend Satterlee &
Co., Commission Stock Brokers. The
opening of the firm, which was celebrated
with an early lunch, was the occasion of
much conViyiaIity. The members-Iiv-
ingston Satterlee, Hiram Van Dusen,
Richard B. Bostwick, and Geo. b. Sat
terlee-were men of fashion and of fam
lily.
Such was the situation on the fst of
January. On the 10th of Junethey failed
for $500, 600, after short but speculative
career, under circumstances that were
considered very suspicious. In Septem-
Der they offered to pay fifty cents on the
dollar, paying ia the notes of the firm
with the Endorsement of George b. Sat
teriee. This gentleman was a special
| member of the firm, and as such incurred
no liability, not being responsible for the
sum he had invested in the concern.
This, he claims, was 100000
Several of the creditors wrote 70 Mr..
Satterlee desiring to know the cash value
OF the property on which he proposed to
ind0rse the paper Of the late firm. He re-
piled that, being in landed estate, it was
difficult TO say, and that he was nOs pre-
pared to fix its value, and that the assets
900.
All the creditors accepted this coinpro-
misc save Baird 81 Co., locomotive build
ers, of Philadelphia That firm claimed
$40, 459, under somewhat peculiar circum-
stances. The firm of Satterlee had pur-
chased from Thos. NJ. Tying forty-eignt
bonds of the Chicago and Northwestern
railway belonging to Baird & Co., and
paid for them by draft at sixty days.
due on the 18th of June. The firm failed |
on the 10th. Baird & Co. had the COM
pany arrested on charge of fraud. They
were released on bail, George c. Satter |
lee, the father, being one of the bonds
men. The laws delays were sufficient, |
it would seem, to staYe off any further |
action until Sept. IA, 1868, when a |
friendly suit was begun by Cyrus B. Bost-
wick, brother of partner of the firm, |
and himself member of the old firm of |
Satterlee & Co., which was merged into
that of January, 1867. Ethan Allen was
receiver, and he took an assign
ment from them of what assets they had.
and they turned over some slips of paper
representing shares, as follows: ''The
Shade River Petroleum Company, the
Fee Simple Petroleum Company, the Co.
lumbar Insurance Company, the South
American Navigation and Marine Rail
road Company, and so on ad infnitum.
Their returns of moneys owed them
were equally rich. H. Tracy Arnold,
cousin of the Sattsrlees, and clerk in
rural bank, owed the firm $145, zoos. IL.
Bostwick owed it $11,772. Livingston
5atterlee owed it $4,000 Other mem
)ers of the families of the firm took pro-
DortiOnate slices. To balance this the in
lebtedness of the firm should have been
n the same direction, but it wasn't. The
National Bank of the Commonwealth |
stand claimants 100000, which they
ent Satterlee and his brethren on the Sc
,urity of 1000 shares in the South Ameri-
an Navigation and Marine Railroad, anda
heir notes for $50, 900, drawn on II. T.
arnold, the cousin and clerk before men
toned and Endorsed by them. The Far
ners' Loan and Trust lent them $24, 600
IN the securities of 24O shares of the
south American Railroad, and note
lrawn by George B. Satterlee, the special
PARTNER, for the benefit of the firm.
IOyt, Sprague & Co., of Rhode Island,
ent them $25, 900, taking as security 100
hares of the same, and 25 in Central
Park, North and East River Railroad
company. Sylvester Taylor, of Provi-
ence, Rhode Island, is mentioned as q
iaimant for various sums, amounting
4 the aggregate to $4,000 but his occu-
alton and business place are marked un-
nown. Other unknowns are claimants
or various sums, one being $35, 1928.
he old company is down for 1913, $40,
nd George b. Satterlee, the special part
er, for $50, 413.52.
The assets actually handed over to Mr..
than Allen, who is personal friend of
ne firm, and perhaps advised them pro-
prior to his becoming receiver,
ERE three sleeye-buttOns. In the sched-
lie of their personal effects they returned
leir clothing and jewelry. Richard
had six suits of clothes, twenty
)uT shirts, craYats and collars innumera-
e; and George b. Satterlee about the
me. They had only one pair of socks
tween them.
The father of the Satterlees, George G. 1
atterlee, was in Court for examination
'sterday morning, but the hearing was
'stponed till Thursday.-Ne1O York SIN. I