Well dressed man

This picture was in my cousin Marjorie Lasley Elliot's collection. She has no idea who the man was.

This is a tall, stout, white man. Could be in his 60s. Well dressed with a knee length black coat, black trousers, white shirt and black tie. There is a watch chain. He has a balding forehead, beard but no mustache. I would guess the age of the picture to be in the late 1800s.