Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-02
BATEMAN G. CO.'S FAILURE.
Their Liabilities Estimated to BE Nearly
500, 900.
New York Times

While tho news of the failure of Bate
man & Co. came as something Of surprise
Wednesday 10 large share of the Wall
street public, it failed to produce any
particular effect upon the stock market.
The announcement in the morning news
papers that assignments would be MED IN
the county clerks Othcc IN the nam" OF
the firm and OF its senior partner was read
by the brokers long before they reached
their offices. Moreover, as it was generally
understood that Bateman d Co. had been
inactive for long time, the street was IN
a philosophical frame of mind when busi-
ness on the Stock Exchange began.
Had the news been received IN the course
of the business day there would probably
have been more OF less of furry III conse-
ouence. With that consideration IN mind
a number of financial men took pains yes
terday 10 thank Mr.. Charles T.. Coon, the
second member of the firm, for the course
he had followed in making statement on
Tuesday night regarding the intended sus-
The assignments of the firm and OF Mr..
BatemAn were filed with the county clerk
yesterday morning. Both named John A.
Carver as assignee. In his personal as
signment Mr.. Bateman gave up ali ms
property for the benefit OF his credl-
tors without preferences. Two creditors
were preferred by the firm assignment,
however. the Fourth National Bank OF this
city for $4,000 for loans and advances. and
Baldwin Il Farnum, Chicago correspond
ents of the house, for $4,000.
President Simmons, of the Fourth Ma
tional Bank, said yesterday that his bank
had ample security for its loans to the
firm.
There we're no very definite figures TO be
had Yesterday as TO the firms liabilities
l,,4t 80 lEQlU that the
former will DO far from 100000. Mr.. Coon
said that they would not amount to NIL
lion. but would exceed half million. The
assets were ample he added, TO show 81
for every dollar of Indebtedness.
BARRING BROTHERS.
Tightness in the money market, the trou-
Bile produced abroad by the embarrass-
meut of Barring Brothers, the consequent
inability of English investors. to furnish
funds TO help out the firm, and the lmpos-
sibility Of realizing on the securities the
house held led to the suspension. At a
time of such financial stringency the IN
vestments in the Atlantic and Danvllle
railroad were more than Bateman X Co.
could carry without assistance, while the
hands of their foreign allies were tied by q
bad money market in Europe.
On the Stock Exchange the following
stocks were bought in under the rule yes
terday for the firm: Two hundred shares
of Canada Southern, pa shares OF Della
ware and Hudson, 200 of Enc common, 200
of Lake Shore. 200 of Missouri Pacific, 100
of Canadian Pacific, 100 of Northern Pa
cific preferred, 800 of Omaha common, 200
of Union Pacific, 1875 Of Western Union,
10 of Richmond Terminal, 100 Of Wabash
preferred. and 10 of Lead Trust. There
were sold for the same account 100 shares
of Atchison, Topeka and Santa he stock.
Most of the stocks were said to be bought
in at the order of Wright Il Co., the Buffalo
correspondents of the firm.
Just how Alfred Watson, Jr., stands IN
regard to the suspended firm is q matter CT
some speculation in Wall street. hlr.
Watson was made junior partner last
March, and was to do two,dollar" busl-
ness for the house, it was explained yesier:
day. Announcement of his Withdrawal
from the firm was posted on the Stock Ex-
change several days ago. Although his
dropping out played no part In the sus-
pension, ii came so soon before That event
that attention was mutually drawn to IT.
A report was current yesterday after
noon that Bateman 4 Co.'s troubles we're
in part due TO speculations in silver by Re
publican senators: have nothing 10
ASktQ ADOub lnt iQAAOls
Mr.. Bateman, who went to Washington
with his assignee Tuesday night, returned
with that gentleman TO this city last eve-
ming. Hs went to the Brevoort House,
where he met Mr.. Coon. OF his assign
ment and of his trip he said
II went TO Washington with Mr. Carver
to file the assignment of my business and
personal property IN that city, a. had IN
New York city. have made personal
assignment of everything, real estate, &c:
have looked over my books carefully and
/ do not believe that in the end anybody
will be hurt. And feel that il my health
had been better in the last two years there
would have been no necessity for an as
"I have come home to bear the respon.
sibilities, whatever they may be. We have
not subscribed 20 or contracted any in.
vestments that we cannot. in time, care
for.
1.-THE reports in this mornings news.
papers cover the ground fully. have had
a long talk with Mr.. Carver on my trip 70
Washington, and he feels assured that the
schedules of liabilities and assets will be
ready very sooD."
Mr.. Batemap spent last night at the
home of his friend, Thomas, w. Pearsall.
This morning he will go TO Tuxedo. where
his family IL. He will probably return TO
the city tonight.