Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-12-31

BATEMAN CO. ASSIGN.
Unfortunate Investments in the Atlantic an6
Danville Railroad the Direct CauA.
THE FAILURE PREcIPIrArEp By THE INABILITY
OF CREDITORS OF THE FIRM TO MEET THEIR
oBLIaATIoNs-MR. BATEMAS COMES TO WASH
INaToN.
A special from New York to the Philadelphia
Press says: The firm of Ba.eman Co.,
bankers of No. 81 Broadway, made an assign-
ment today to John A. Carver of Shearman a
Sterling. Commodore Arthur Edgerton Bate
man, one of the members of the firm, also
made an individual assignment to the same gen
tleman and the assignments will be filed in the
county clerks Office in the morning.
The senior partner" said Mr.. Charles T.
Coon, one of the firm, "has been i'll for the las,
eight months, and most of the time Commo
dore Bateman has been in Europe. He has
not been able to attend to any business since
early in May last, and although still i'll, he has
recently returned home in order to gradually
lquidate his business. The assignment of the
firm and also the senior member was precipi.
tated by the failure Of creditors upon whom
we relied TO meet our obligations. 1t is be-
heved that all of the creditors of the firm are
substantially secured. and will lose nothing"
RAILWAY TO BLAME.
1t was learned, though, that the disaster was
the direct result of the firms investments in
the Atlantic and Danville Railroad Company OF
Virginia. This road was chartered in 1892 and the
main line of 205 miles runs from Portsmouth,
Va. to Danville, Va. With its branches there
are all told 2S2 miles Of track. The bonded in
debtedness of the road is put down in Poor's
Manual at S, 9o2, 600 and the stock indebted
ness at $4,000
1t is known that this company has been q
favorite one with Commodore Bateman for
several years. Associated with him in its de-
velopment have been certain English capital
lists and their inability to squeeze through the
recent money pressure and come to the sup
port OF the firm has been the direct result Of
the firms collapse.
1t Is not known what the liabilities or assets
OF the firm are, but there is scarcely doub;
that they Will run up TO pretty good figures
Bateman was reputed worth 81. 500 600 three
years ago. Douglass Green, who eloped with
and so was Col. W. W. Dudley of Indiana.
THE FIRM.
The members of the firm are Commodore
Arthur Edgerton Bateman, Chas. E. Coon. ex
assistant secretary of the treasury under Pres
ident Arthur, and Mr. Walter Watson. jr. Thi,
firm was organized on February 26. 1880. Com
exchange since September 20. 1882, and Mr.
Watson dates his membership from Februar,
%, 1889. Commodore Bateman was seldom OF
the floor, and since the present firm was formeC
Mr. Watson has done the firms business on th,
exchange.
THE RAILROAD BURDEN.
The Atlantic and Danville Railway COMPANY
was chartered April q. 1882. The main lin,
runs from Norfolk and Portsmouth, Va. t.
Lawrenceville, a distance of ninety-fve miles
An extension of the main line from Lawrence
vile to Danville is still under construction
There are three branch lines, the largest O
which is the Bellfield branch. from Claremont
Va, to Bellield, Va, a distance of fifty-tv,
miles. The two other branches, the Nanse
mond river branch and the Hodges ferr,
branch, are three and one-half miles and fiv,
miles long, respectively, making the tota
length of lines in operation 1881 miles.
For the year ending December 81, 1888. tn,
net earnings Of the road were S96.S47. Tn,
last financial statement issued showed a capita
stock of $3,170,000; funded debt. 81, 1885,. 200
car trust notes outstanding, S28, ,665. making
total Of S5.734, ,665. The cost of the road ant
equipment was placed at S5.604, ,055. The Mer
camille Trust Company is the trustee of bond
and registered stock.
MR.. BATEMAN COMES TO WASHINGTON
According to the New York Sun there wer,
rumors concerning the financial condition o
the firm. Many visits were made to the ofic,
in search Of Commodore Bateman, or Mr.
Coon, or Mr.. Watson for the purpose of ascer
tanning the truth of the reports concerning tn,
firm, but they were all absent, and it wal
learned last night that Commodore Batemar
and MIR. Coon spent the greater Fart of the da,
closeted with their lawyers, Sherman & Ster
ling, 45 William street. Commodore Batemar
left for Washington last night, leaving hi
family at his home. 5th avenue, and MIR. Coor
returned to his home at the Fifth Avenue Hote
at o'clock. There were many visitors waitins
to see him about the affairs of his firm. HI
SAID that the firm had made an assignment t.
John A. Carver of Shearman & Sterling anC
furthermore that Commodore Bateman had
made an individual assignment to the same
gentleman, and that these assignments would
be hled III the county clerks office this morn
ing.
LIABILITIES AND ASSETS UNKNOWN.
1t is not known what the liabilities or asset,
of the firm are, but there is scarcely doubt
that they will run up to pretty good figures. Il
is said that there are several preferred credi
tors named in the assignment of the firm, es
pecially Baldwin Farnham, the Chicago CORE
spondents of the house.
There are several other preferred creditors, i.
is understood, but it was the opinion last night
that they are all fully secured. The firm. it is
said. has few outstanding engagements on the
stock exchange, and this has been because OF
the gradual liquidation directed by Commo-
dore Bateman since his return to America from
his English and Mediterranean trip month O,
30 ago.
All that Mr.. Coon would say about the Allan.
tic and Danville trouble was that the firm had
been large investors in railroad securities
which were nol immediately marketable.
WE'LL KNOWN IN WALL STREET.
The firm has been well known in Wall street
Commodore Bateman has been one of its mos,
picturesque figures for half dozen years and
retired from his place in Washington and was
known to the bankers ard brokers of Wal
street. Commodore Bateman was master.
mate in the navy and is q relative of Senate,
John Sherman. On his retiring from the navy
he opened an Office in Washington and started
business as a banker and broker with New YorL
connection. With him at that time was asso
ciated Col. Dudley. The Washington Office il
in charge Of Francis E. Trowbridge, formerly .
prominent member of the New York Stock Ex.
change.
INVESTMENTS IN WASHINGTON.
Commodore Bateman in the last few year.
has made large investments in Washington
property. He owned the famous yacht Meteor
but sold her year ago and bought the
schooner yacht Coronet. then owned BY R. B.
Bush, who raced the yacht across the Atlantic
with the Dauntless and won hands down.
He is an exceedingly nervous man and has
suffered from nervous prostration for nearly
two years. He made frequent trips in the
Meteor along the Atlantic coast, and two
months ago he returned from an extended tour
in the Coronet in European waters.
Three years ago he was reputed to be worth