Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-01
THE BATEMAN FAILURE,
Mr.. Coon Believes That Every Claim viii
he Settled in EuIl.

Mr.. Coon Believes That Every Claim Will
BE Settled in Full.
!. In the assignment of Bateman 4 Co prefer
ences have been given the Fourth National
Bank of New York for $4,000 for moneys
loaned, and to Baldwin, Farnum Il Co.. the
Chicago correspondents of the firm. for s25, 900
for advances in margins. Expressions of re-
greet and offers of financial aid poured in all
day upon Mr.. Charles E.. Coon. Commodore
Bateman's partner Mr.. Coon was considerably
affected by the tokens of esteem. but was reso-
lutte in his determination to let the liquidation
OF the business of his house take its course.
BOUGHT IN FOR THE FIRM
On the New York stock exchange the follow
ing stocks were bought in under the rule yes
terday for the firm: Two hundred shares of Can
ada Southern. pa shares of Delaware and Hud-
son, 2OO OF Erie common, 200 of Lake shore,
100 OF Missouri Pacific. 100 of Canadian Pacific
iOo OF Northern Pacific preferred. 300 of Omaha
common. 2G0 of Union Pacific 1875 of West
ern Union, 10 of Richmond Terminal 100 of
Wabash preferred and 10 of Lead Trust. There
were sold for the same account 100 shares of
Atkinson. Topeka and Santa Fe stock. Most of
the stocks were said to be bought in at the
order OF Wright x Co., the Buffalo correspond
ents OF the firm.
MR.. CooN's ESTIMATE
Speaking of the failure yesterday Mr.. Coon
said:
1T is not possible as vet to give an estimate
OF our liabilities. but l think they will not ex-
coed SI5O0OO. We have assets of the nominal
value OF II SOC. 900. and we expect to be able to
settle every claim III full in course of time Mr.
Bateman has signed over to our creditors all
ms property and has gone to Washington to
transfer his real estate to the assignee.
Mr. Watson $ Withdrawal from the house had
no connection with our financial trouble He
was practically i'll the position of a salared en-
pioye representing Bateman Co. on the floor
OF the stock exchange. Before Mr. Watson
joined us. last March. he was what Is called a
= broker-that is he executed orders for other
brokers. He was very successful and he found he
couid make more money III that way than by act
ing as the exclusive broker for Bateman 4 Co.
SIX weeks ago he gave us thirty DAYS notice of
his withdrawal. That is all there is to it,
MI. Coon confirmed the impression that the
cause or the firms embarrassment was its ina
DliIty to secure the money expected from the
Engiish capitalists who are interested in the
Atlantic and Danville railroad, which Batcman
Co. were underwriting
Commodore Bateman attempted to float
the securities of the railroad, but failed His
hrm was the fiscal agent of the road and pro-
vlded the money for its construction and
equipment 1t took the securities of the road
Tor the advances Ill money. but was unable to
hnd market for them. The securities were
offered principally in London and the troubles
OF Barring Bros. prevented British capitalists
from investing. Commodore Bateman was the
power In control of the Atlantic and Danyille
road up to December III last when there was a
change, resulting Ill the election of the follow
ing officers President and treasurer. r. NJ s.
Mortley: secretary. J. Rosenbaum; directors.
r. NJ. $. Wortley. j. f. ID. RYDER. Isaac L. Eicc.
T. ]. Goodhart, Charles H. Cromwell, Il. &.
Marshall and J. NJ. Little
MR.. BATEMAS RETURNS TO NEW YORK.
1t was very late last night when Commodore
Batemen arrived in New York from Washing
ton. He went at once to the Brevoort House.
where he was met by his business partner.
Charles L. Coon. and number of friends
MIR. Bateman did not look half as worried as did
Mr.. Coon. and he had pleasant smile on his
face when he was heartily shaken by the hand
by friend after friend.
Mr.. Bateman had very little to add to the
reports in Yesterday newspapers.
II went to Washington with Mr.. Carver"
salu ne. Tor the purpose OF filing duplicate
copies OF the assignment papers. / have also.
as You are aware, made a personal assignment
OF all my possessions. Zeal estate and every.
thing. do not believe any creditor of the
nrin VIII suffer or that anybody in the long run
will be hurt. | would like to say also that if
my health had been better there would have
been no necessity for assignment by our
hrm. have returned to New York TO bear the
responsibilities of the trouble whatever they
may be. am positive that our firm never sub
scrlDed or contracted for in any way an invest
neht that We We're not, as a firm. able to take
care OF. The reports of our trouble in this
mornings papers cover the ground fully |
believe that the schedules of our liabilities and
assets will be forthcoming very SOON.
MI Bateman passed the night with his old
friend, Thomas w. Pearsall and intended this
morning to go out TO Tuxedo, where his wife
and daughter are.
MR.. CooN'S FRANKNEsS COMMENDED
AT the offices of the firm at 81 Broadway, Mr..
Coon was in charge yesterday and he received
many kilograms of coincidence from all parts of
the United States and England. He was COM
mended for the frankness with which he had
told the night before of the troubles of
his firm. Wall street. by the time the stock ey-
change opened yesterday. digested the failure
and fully understood its significance. For this
reason there was no effect Oh the market. If
the news had been delayed until the papers had
been filed IL the county clerk office Yesterday
morning 1t would have reached Wall street in
It's busiest hours and might have caused appre-
hension.
SENATORS SAID TO BE INVOLVED
"Wall street. says the New York Sun, sis dis
cussing the relations of Mr. Bateman with sew
eral members of the United States Senate.
among whom are said to be Senators Plumb.
farwell and Cameron. The report current is
that. besides marketing i'll London a million
In the bonds of the Atlantic and Danville rail
road, Mr.. Bateman induced a number of Sena-
tors to contribute to the construction fund of
the railroad. Precisely on what terms they
made this investment or what security they hat!
Is not known. 1t is said that they had ONLY
Mr. Bateman's receipts. and had no very def
mite contract with Mr.. Bateman. These Seua-
tors, 1t Is now reported. are about bringing
suit for an accounting. Another report is that
If the firm has had any transactions with the
Senators the boot is on the other foot and the
have been remijs i'll their margins
This. though, was but gossip, as both Mr.. Bate
man and Mr.. Coon declined to talk about that
alleged feature in the situation"
1t was reported on Saturday that Commodore
Bateman had sold his schooner yacht the Coro-
net, to Ashley Il. Bateman.
The Alleged Wholesale Discharge Denied, |
he HOY fh1