New-York tribune., 1896-08-28
BLOODGOOD'S FIRM FAILS.
JOHN D. SLAYBACK. THE SURVIVING
PARTNER. ANNOUNCES SUSPENSION.


CHARGES THAT HE DIssTPATED sEcrRr-
TIES OF THE LoTTIMER ESTATE.
John d. slayhack. the surviving member OF the
firm OF John Bloodgood & Co.. with offices In the
Mills Building sent n notice to the president OF
the Stock Exchange at $50 yesterday in when
he said that the firm regretted to be compelled u
suspend. The announcement did not cause much
of A stir on the floor OF the Exchange and many
members said that the suspension OF the hrn had
been looked for for some time.
A Tribune reporter was in the office OF the con-
Germ when the notice was sent out. 1t had been
rumored that the affairs of the firm were coming
to focus. and information the subject was
asked for. Mr.. Slayback asked to be excused
from discussing the affairs Of the firm.
But this may say 10 YOU" ne said: Il sent a
note TO the president Of the Stock Exchange about
five minutes ago announcing our SUSPENSION
When asked for particulars as to the action
taken the cause Of the suspension, the firm IN
debtedness and the names of the principal credit
ors Mr. Slayback would give no information lie
said that there nothing to say further than
had been communicated to the president of the
Stock Exchange.
The firm Of John Bloodgood & Co consisted of
John Boodgood and John ID. Slayback MT
Bloodgood who died the country home OF his
nephew w X BloodgOod at New marlborough
Mass on August II. had been member of the
New-York Stock Exchange since July TO- lsos'
and his partner was admitted to membership on
December 10 1866.
HISTORY OF THE FIRM.
The business on the Exchange was always con
Quoted by MI Slayback. and popularity Of the
concern was that the senior member was never
seen on the aoor of the Exchange. and it is be-
fnfh nTi l.
lege in that direction The style of the firm was
originally Stebbns & BloodGood, the members be-
ing j. II. Stebbins and John Bloodgcod. Mr.
Slayback was a clerk in the employ of Stebbins &
Rlcodgood and when Mr. Stebbins retired from
the firm in 1866 Mr.. Sayback maoc "A mem
Der of the new concern under the name John
Boodgood & Co. They did large business, and
had as customers some of the largest operators
in the Street. Among these were Commodore
Vanderbilt. Daniel Drew. Samuel Barger, Horace
+. Clark, James II. Banker and John Stewart jr.
Some Of the largest transactions in Lake Shore,
New-York Centra and Northern Pacific eff
fected through them.
The finn went through all the trying times
and weathercd all the financial storns in its
day without impaired credit and enjoyed a good
reputation in Wall Street circles After the
panic of 1873 the concern gradually closed up
came SPECTATORS on their own account 1t is
said that the end began then. Mr.. yback
was highly successful spcculator his ventures
were fortunate and it was said that he might
have retired years ago with fortune Of S2,OOO,-
O00 Mr. Bloodgood, on the other hand. was
not a successful speculator and had eXtravagant
habits. He had entire charge Of the office de-
tails. The books were in his charge. and 1t was
said yesterday that when the great shrinkage
in the capital Of the concern became known
to Mr. Sayback i was as much surprise to
him as it matter of regret to his friends.
MIR. sLAYBACK's POPULARITY.
Mr. Slaybacks popularity among the brokers
is accounted for by his generosity. and If the
stories which were circulated yesterday are
true there are a number Of men doing business
on the Exchange to-day who would have failed
long ago but for his timely and disintorosted aid
lie has been the superintendent of the Wash
ineton Square Methodist Episcopal Sunday
school. Fourth-st. near Washington Square. for
thirty years His check has been given regu-
larry eycrv year to be used toward paying |
Methodist ministers Of the New-York Confer
ence whose salaries were small. and he has !
been generous eivcr to all Church enterprises
He is a trustee Of the Syracuse University. and
has given much money toward the support Of
that institution.
The cause Of thr downfall of the firm is be
lieved by many be the result Of the great |
losses incurred by M Bloodgood. The largest |
creditors Of the concern will probably De Mr. |
Slayback and the members Of his family while |
the losses on the Stock Exchange will be small |
The firm would have gone TO The wall accord
ing 10 reports circulated Yesterday long ago |
but for the cash advances made by the surviv- !
lne partner Mrs Bioodgooj. the wife Of the |
dead partner. is on her way from Europe. and !
will probably arrive here on Sunday
DISSIPATION OF THE LOTTlMER ESTATE |
The suspension Of the firm caused much talk /
in financial circles regarding the dissipation Of /
the Iottimer estate under Mr.. BloodeoOds man
agement William Lottmer John Blood |
goods father-in-law, and appointed him
Of three executors Of his large estate which .
was que TO Mr. Lotfimer's success in the dry /
goods commission and importing business The
other executors were Mr. Lottimers business
partner jerome L. Hill and his son. William A.
Lottimer 1t is now rumored that all of the
state but the realty has dwindled away. am
the heirs have begun To investigate the accounts
of Nlr BOOdGOOd. who. il is suspected, appro-
priated TO his own use large part of the /
securities which belonged TO the estate. w. \.
Lottimer the remaining executor. refuses to
say anything on the subject until after the
arrival Of Mrs Bloodgood
The accusation. hOwc er. recalls consider
n BILE loss which the estate suffered some nine
wears ago by the embc2zl@ment Of Mr.. 1il. who
was removed on the application Of the other
exa,utos although never prosecuted.
The facts in the case are. briefly. as follows;
The estate Of William Iottimor which com
prisod large real estate holdings In NeW-Nork
and Connecticut besides extensive personal ef-
fects was managed chiefly by Mr. VII and Mr..
Bloodgood The securities which formed part
Of the late william Lottimcr's fortune were
kent in "A strong box with the Mercantile safe
Drposit Company. Each Of the executors had
a key to this box bat IL vas not supposed To
he nnencd unless in the presence Of two of them.
Mr. fIill who il appears was trusted Implicitly
nv the other executors had been sreculating in
stocks for some time. dealing IN Western Union.