New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-01
BATEMAN & co. SUSPEND.
sTocKssoLD FOR THEM UNDER THE RULES.
MR. COON THINKS THE LIABILITIES WILL
AMOUNT 10 s75oOoo AND THE
AsEETS I'll 100000.


The suspension OF Bateman g. Co., at No. 81
Broadway, was formally announced yesterday ut
the Stock Exchange. IL was generally looked
upon as nnimportant, because the firm had been
curtailing operations for months There were
1899 shares Of stock bought under the rules and
100 shares were sold. The complete list will be
found below. The purchases indicate that the
default on the part Of customers, to which Is
RsCribed the failure, arose out OF operations on
the short side OF the stock market.
Mr.. Bateman had not returned from Washington
yesterday He went to that city TO transfer his
property there to the assignee, John A. Carver,
Of Sherman Il Stillman, at No. AZ William-st
Mr.. Carver wns out of town. but he is expected
to return tomorrow. The closest estimate of the
condition OF the firm was derived from Charles
f. Coon, the sole remaining member besides Mr.
Bateman since the withdrawal OF Walter Watson
jr., on December 90. Mr.. Coon said that rough
estimate Of the liabilities would put the figures at
$3.50, 900, and tic assets were fully worth $780,
0o0 although they consisted largely Of securities
which were unmarketabe at present. There was
little doubt however that in time the creditors
would be paid In full.
The friends of the firm ascribe the need Of
the assignment to the inability to collect in
debtedness due from customers most of whom
are out-of-town men. II is said that some of this
indebtedness arose out of complications growing
from the handling of the finances of the Atlantic
and Danville Railroad by Bateman & Co., but 1t
is admitted that the relations Of the house with
that rood could not be held directly responsible
for the assignment. When Mr. Bateman went to
Europe eight months ago he acknowledged to the
English syndicate which interested in the
enterprise that he could not carry it along
further. In consequence. r. NJ. S. Wortley, OF
Newgass g. Co., London, and relative OF j. L.
D. Ryder a London capitalist largely interested
in the road, to America and took the affairs
of the railroad In charge. The American directors
were willing to resign, and on December IL, at
the annual meeting of the stockholders Of the
Atlantic and Danville, the following board Of
directors was chosen ]. f. D. Ryder, r. NJ.
S. Wortley, Isaac L. Rice. p j. Goodharts Charles
H. Cromwell. r. c. Marshall and j. NJ. Libbey.
The new members were Messrs Wortey, Good
hart. Cromwell and Marshall. Mr.. Wortley WAS
elected president and treasurer and ]. Rosenbaum
secretary. Mr. Bateman retired from the treas
urcrship Of the company several months ago. and
Mr.. Coon, who took the Office. held it for only
a short time
The assignment Of Bateman & G.. gives pref
ences OF S45, 600 to the Fourth National Bank for
loans and advances and Of $4,000 TO Baldwin,
Farnum & Co., Of Chicago, correspondents OF the
New-lork firm, for money advanced MS margins
Mr.. Baeman filed additional assignment
President Simmons, of the Fourth National Bank,
said yesterday that the bank was fully secured on
it's loans.
The purchases for the firm at the Stock En-
change under the rules were follows: Two
hhndred shares OF Canada Southern, 24i Della
ware and Hudson, 200 Erie common, 200 Lake
Shore, 200 Missouri Pacific 90 Canadian Pacific,
l 90 Northern Pacific preferred, 300 St Paul and
Omaha common, 200 Union Pacific. 1873 Western
Union, 10 Richmond Terminal 90 National Lead
Trust and 100 Wabash preferred: or a total Of
1899 shares One hundred shares Of Wabash
common were bought in.