Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-03
WHY BATEMAN & co. ASSIGNED.
A Transaction in Stock That Forced Them
to the Act.

a Transaction In Stock That Forced Them
to the Act.
Mr. John A. Carver. assignee Of the firm Of
A. Z. Ba sman 4 Co., the New York and WASH
ington brokers, whose failure was announced
Wednesday, made a statement last evening
which threw some new light upon the causes
that precipitated the suspension. 1t was
deemed desirable TO give out the statement as
the assignee has brought suit against Broker
Frank W. Savin, who intends to sail for Europe
today, and James Gladwin, the New York
agent of A. J. Wright 4 Co. Of Buffalo.
ASSIGNEE GARvER's STATEMENT.
Assignee Carver says that one Of the causes
that precipitated the suspension was the con-
duct of Mr.. Gladwin and Broker Savin. The
firm Of A ]. Wright & Co. suspended about a
wear ago. but subsequently paid up their in
debtedness dollar for dollar, although they had
little or no money with which to resume bust
ness. Mr.. Bateman advanced S20.0 900 to the
embarrassed firm, through Mr.. Charles L.
Coon, his partner, and A. j. Wright Co.
cleared through the house of Bateman Co.
Mr.. Gladwin on the morning of December 80
asked Bateman & Co. If they would clear 500
shares Lake Shore stock for Wright * Co. and
was told thev would AS Mr.. Bateman did not
have the stock. he borrowed it from Broker
savin. and gave him check for the face value.
e54, 900. Then, il is stated, Gladwin went to
Bateman Co.'S office and gave up the name OF
Oppenheim Co. the purchasers OF the
stock and he said he wanted 800 shares at once
and would deliver them personally. Bateman
d Co. gave him the shares and took his receipt.
It is now alleged that Gladwin kept the
stock. and when the stock messenger of Bate
man q Co. went TO Oppenheim K Co. to de-
liver the additional 200 shares Gladwin was
standing by the stock window and took the
stock, saying: This Is all right, &c. He was
familiar with Oppenheim's office and went be-
hind the railing among the clerks, which
seemed TO confirm the statement
1t appears, however, according TO the state
ment Of Assignee Carver, that the messenger
thought there was something unusual in the
operation and he kept watch of Mr.. Gladwin,
and within an hour or saw him go to the
Office of Savin & Co.
Subsequently Mr.. Savin went to the Fourth
National Bank and asked that the check for
S54 900 of Bateman & Co. be certified and then
demanded the legal tenders for it. President
Simmons, according to the assignee, told Mr..
Savin he preferred to have the check go through
the clearing house in the usual way. Later, it
seems, he notified Bateman Il Co. to take up
their loan
Then Bateman 4 Co. discovered their Pc
dicament- They found that they could not
protect their loan within so, 900, and deter
mined to make an assignment
Savin Co. deposited the check for S54. 900
In their own bank. and on December 81 Glad
win returned to Bateman & Co. 81 900. 1t is
claimed that Gladwin took this method to col
lect an alleged claim of Wright 4 Co. against
Batemsn & Co. for Il, 900.
Bateman 4 Co. clam that they owe Wright Il
Co. only SIS, 600. and Assignee Carver will take
prompt action to protect their rights.