New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-31
b ATEMAN &~CO. TO FAIL.
THEY WILL ASSIGN TO-DAY.


|
GENCY OF THE MONEY MARKET.
Considerable surprise and doubtless much regret
will he expressed this morning in the financial
circles of this city at the announcement that Bate
man & Co.. the well-knowp, bankers at No. 81
! Broadway will file assignment papers to-day with
the County Clerk. The firm de ;idcd last night
to make an assignment because Of the failure of
creditors whom they had relied to meet their
obligations. Commodore Arthur f. Bateman, the
senior member of the firm. will also make an n-
)divdual assignment. Batcman & Co. were n-
I tarcstcd in the Atlantic and Danville Railroad
| doing business for some English capitalists who
. are believed TO have been caught in the recent
financial troubles. and the railroad being TOO heavy
a load for Bateman & Co., in connection with
the tight money market, probably carried them
down
No estimate of the firms liabilities or assets
could he obtained last night, but the firm re-
! fused offers of assistance. and it is believed that
! all creditors are secured The house Of Bateman
& Go. is especially well-known on account Of its
members the leading ones being Commodore A.
| +. Batcman and Charles T.. Coon. ex-Assistant Sec,
retary of the United States Treasury.
There were rumors heard in Wall Street last
| week that Bateman < Co. were not in sound con-
dion. They may bc traced to a notice which Wal.
ter Watson rr the third member Of the firm, posted
| in the Stock Exchange on Wednesday. lie wat
the board member, and announced his withdrawal
| from Batcman a Co. The rumor was revived
| Yesterday, but there were few people who heard
| il who suspected or knew the actual condition
of the firm. Inquiries made at the Office,
but no member could be found to explain the
! real position in which the firm was. Late in the
evening the Office was lighted, and people were
at work there. Mr.. Coon returned TO his home
l 81.
no one except intimate friend. whom he
authorized To make a statement, announcing the
fact that Baieman & Co. had decided 10 make
| assignment and give out facts of interest.
Commodore Batcman and Mr.. Coon work
on the affairs Of their house all day Yesterday,
and decided late in the evening to make an
| assignment TO John 4. Garner. of No. A. Nassau-st
! Commodore Bateman then started for Washington,
and Mr.. Coon, after sending ont the following
brief statement, left his hotel to spend the night
with friends:
The senior partner Mr. Batcman has been
i'll for the last eight months most of the time
in Europe, and has not been able TO attend
10 any business since early in May last, and
although still i'll. has recently returned home
in order gradually 10 liquidae his business.
This has been 10 Il very large extent accomplished.
and tie business of the firm has been gradually
of the senior member precipiiated by the
failure of creditors upon whom they relied to
meet their obligations. Il is believed that all OF
the creditors Of the firm are substantially se-
cured, and viii lose nothing
Tie preferred creditors announced last ni.ht are
Baldwin Il Farnham the Chicago correspondent,
of Tie firm There are also other preferred
creditors il is said. whose names will he given
ont to-day when the official statement is filed
with the County Clerk. There are number OF
outstanding contracts on the Stock Exchange.
which il is believed will be taken care Of all
riaht to-day. Tie failure caused, already
said by the interest which Batcman N Co. had
IN the Atlantic and Danville Railroad, but no
particulars were oJfrined last night beyond what
have been given. Batcman n Co. have done
large and prosperous business until within per-
haps year. and of late they have had only light
business on the Stock Exchange
Walter Watson. jr.. seen ia tie Fifth Av-
cnuc Hotel last n4ht. nut threw little light on
the situation. He said that lie had legal nshi
to Withdraw from the lrm al ahy time. and had
exercised that richt because his outside business
required most ot his attention. But all that IL
known is that Mr. Bicman and 'lr Coon believed
differently. Tor Mr.. Watson Withdrew. 50 il seems.
after the firm became seriously cmharrass'd. Suil
The firm of B1tcman N Co. was or.Tnilei some
year, ago in WashnLtol, II. {. W. W. Dudley
was a member. subsequently IL began business
mere as Green ~ l.lteman. Douglass Green being
the senior member. Nh. Greens recent escIpade
in running to Europe with Mrs. McCrca and his
withdrawal nom the firm are still we'll rcmem
bc,cd BY the public The tirm became known as
Bat t'mau Co.
Ihc senior member. Commodore Bateman,
entered the Navy wien a lad. but has been long
idcntitcd with the banking business lie il
we'll known i'm Yachting circles. a. Commodore of
the American Yacht club. He has been credited
with possessing lar-c private fortune NJ
Coon has been prominent Republican. laNinS
been Assistant Secretary of the Treasury IN.
der iro>G Arthur lc was mentioned tor ms
old place when President Harrison came into
Office
The Atlantic and Danyillc Railroad was char
tered in April, l"S2, and the construction was
begun in April, 1883.
DECREiSING ITS STG"K By S7OOO.OOO