Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-01
|BATEMAN & co. FAIL.
INABILITY TO REALIZE ON ATLANTIC
AND DANviLlE PAPER.
a Forced Assignment and About Mill
lion 20 Pay--Thc Virginia Road which
tho Firm Tried 60 Operate.
New Yora Herald.

That the failure was imminent was gene
rally understood in Wall street Yesterday,
for MIR Walter Watson bad il proclaimed
on the floor OF the New York Stock tx
change that he had withdrawn from the
Arm. and tina; he would no longer be IN
any wise responsible for its transactions or
n was late last night before tho particu-
lars OF the trouble could be ascertalned;
Then IL was learned that the firm had
really gone under and would De cohpeie"
20 suspend business
The Arm had been unable TO realize on
certain securities, and English associates
who were expected TO come forward with
cash failed TO do so.
Bateman a Go. practically. owned the
' Atlantic ana Danville railroad IN Virginia;
and il appears that the hrm had exhausted
itself in irving "a carry the enterprise
Unable TO hold out longer. an assignment
was made Yesterday TO Mr.. John Garner, OF
the firm of Sherman X Sterling.
NOT SUDDEN COLLAPSE.
Commodore Bateman and the remaining
partner. Mr. Charles Coon, were In consul,
iation up 10 u late hour last night, ana
when they parted the following circular
was given out:
been i'll for tho past eight months and has
NOT been able 70 attend 10 any business
since early last MAY, and although still I'll
he has recently returned home 10 hquldate
his business.
"This has been to q very large extent &C
comnlished and the business of the firm
has been gradually reduced. The assign
ment of the firm and the senior member
was precipitated by the failure OF debtors
upon whom they relied TO meet their ooli-
cations. 1t is believed that all OF the cred;
itors of the firm are substantially secufeo
and will lose nothing"
Mr.. COOKS HOPES.
What the extent If the firms business
during the past few months has been. or
what number of outstanding contracts
they have. il was impossible to learn last
night Those who knew refused TO speak
ON the subject. Commodore Batemen lett
for Washington early in the evening.
MIR. Charles Coon, who appeared 70 he
completely crushed by the failure, saw
M the Fifth-Avenue Hotel He said he did
not believe the liabilities would be greater
than the assets, and that all creditors
would ultimately receive what was uue 10
them. he could not give any hgures oil
assets and liabilities. -,
in all probability be made public to-day.
The papers will he filed with The county
clerk this afternoon.
The trouble that led directly 10 the
firms suspension was an attempt TO carry
most of the Atlantic and Danyllle railroad
stock and operate the road ihere was
syndicate of English capitalists also inter
ested in the road. and these Engilshmen
are referred 10 in the circulars as the Gus
TONERS that failed 10 aid the house IN meet
ing its obligations. Mr.. Bateman and bis
partners first became Interested IN the
road about three years ago and practically
built most Of the track and purchaser
nearly all of the rOling-stOck. When the
franhiss London t1e
| Epelishmen could not aid the firm as they
| had agreed 20 do. and It was Impossible TO
realize upon the securities Of the company.
PREFERENCES.
The first referred creditors of A. T..
Batemgn q Co are their Chicago CORE
spondents, Baldwin & Farnham. There are
several other preferred creditors whose
names will be made pubnc to-1ay. Mr.
| Coon withheld them for reasons OF ms own
last night There are probably several
English firms and one IN this CITY. 1t was
stated last night that during the last two
wears the firm did more business tor Eng
1ish than for American patrons.
saw Mr.. Walter Watson at the Hoffman
House last night. When questioned Ms 10
the notice Of withdrawal that he gave on
tie Stock Exchange, he said that he went
into the firm with the understanding that
| he could withdraw at any time. His out
side business had been gradually increas
ing, and it had reached such proportions
that il required ell his attention. He en-
physically denied that it was 70 try TO
escape being held jointly responsible with
Nessrs. Coon and Bateman for the firms
indebtedness that he had withdrawn.
yEoM AFFLUENCE TO POVERTY.
Mr.. Bateman went 70 Washington last
night and is expected TO remain there
until tonight. He refused just before
starting to make public the purpose OF his
visit. but il is believed he went there to
consult with the head OF the company's
Office in that CITY. Considerable business
was transacted through that office, and 1t
was there the firm Of Green Il Bateman.
the predecessors Of a. L. Bateman d Co.,
was organized. ten wears ago.
II was asserted last night bya gentleman
who is conversant with the affairs of both
Mr.. Coon and Mr.. Bateman that they were
worth over million dollars n few years
ago, but tor some time they have been prac-
tically poor men. The Atlantic ana Dan
vile enterprise had been the direct cause
of the trouble, he said, but there had been
other equally injudicious investments. Mr.
Batemans illness also had considerable TO
do with it. He said that the assets would
probably cover the liabilities, which would
In all probability aggregate 81 ,0oO.OOo.
GREEN BATEMAN.
The firm was known up to February r.
1890, as Green X Bateman, but on that
date II was dissolved by communication
10 the president of the New York Stock
Exchange. as follows;
President Of Nep York Stock Exchange:
Dear Strive beg to announce that Mr..
Douglass Green is no longer member OF
the firm of Green X Bateman, all connec-
ton having ceased from this date. Very
truly YOURS. GREEN d BATEMAN.
Ne,o York, February 18th.
This notice resulted from the scandal
that attended the marriage OF Green TO
Mrs, Snell-McCrea, the daughter OF the
murdered millionaire of Chicago by col
ored minister at Old Point Comfort on
February Sd. Green, IL was claimed, was
insane His wife. from whom he had not
secured divorce was IN savannah at the
time with their children, and he deserted
them for the charms OF the pretty Mrs
McCrea.
The firm was composed previous TO
Green's second marriage and flight of
Douglass Green. Arthur j.. Bateman and
ex-Assistant Secretary Of the = treasury
Charles 4. Coon. The firm was an exceed
ingiy prominent one on the street, having
their offices tEen, as now, at No. % Broad
way. Green was admitted TO the Stock
Exchange in June, 1889. while Commodore
Patelnan had been q member several years.
Green paid especial attention TO the exc
cution of orders for the purchase and sale
of stocks and bonds on the moor Oh INC
Exchange. NJ
When Green withdrew from the firm MIR.
Bateman made this statement:
"Green's future. 80 far as business was
concerned. was exceedingly bright. he
not only made money in Wall street, but
also IN real estate speculation: Our house
has made sometimes as high as 81 600 a
day. However for the past year Green's
interest in the firm has not been large, and
his retirement will not have any effect upon
our business"
The announcement that Green was no
longer member Of the firm was made at
The formers request in letter 10 Commo-
dore Bateman. When he had dispatched
this note he engaged passage for Europe
FOR himself aud Mrs. McCrea and sailed on
February 18th.
THE RAILROAD BURDEN.
The Atlantic aud Dapyille Railway Com
pany was chartered April Il, 1882. The
main line runs from Norfolk and Ports
mouth, Va, 10 lawrenceyiiie, distance
- ,,s,,axv Ave miles An extension OF the