The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-28
A WALL STREET COLLAPSE.

SUSPENSION OF THE FIRM OF MEssRs. EUGENE
N. ROBINSON co.
throb OF genuine excitement pulsated in Wall and
Broad streets yesterday afternoon. About a minute
before tho gong struck signal the close OF business
in the Stock Exchange the announcement was made
that Messrs. Eugene N Robinson Co, stock brokers.
OF Nos 81 and IS Broad street, unable 10 meet
thor engagements. The announcement fell like
thundcrbot the Exchange, for the house had
been very wealthy one and had recently OPP
Grated quite heavily the bear SIDE Their
dealings had many ramhcations and their
checks for quite large amounts were held
by various parties In the street. As the
nounccment OF the suspension was made a crowd of
excited brokers rushed to the officers Of tho suspended
firm with their checks In their hands, painting from
haste and excitement and clamoring to learn what
was to be done. Mr. Robinson not IN. 1t seems
that just after sending word Of his embarrassment to
tho stock Exchange he Jumped into u cab aud was
driven up town Mr.. Madden, his partner, who was in
the Office, said he had been III for time, and had
not been TO the office for the days previous He
could give any exact information TO the condi-
ton OF the hrm's affairs. While he trying to combat
tho myriad inquiries the excited throng Mr. Blood.
good and Mr.. Boocock appeared tho scene to
for the holders Of checks what had better be done
After some consultation with Mr.. Madden these gem
tlcmcn examined tho nrms check book anu the col
ress the crowd continued to Increase, ana, they
joslled each other about comparing notes and exhibit
ing checks they ccnsurcd severely tho course ot tho
firm In issuing checks to within lew moments before
their suspension. Alter while Mr.. Bloodgood
announced that he had examined the check book
OF tho suspended trim and found that during
the day checks had been issued TO the amount OF
$4,000 Against this he said he had obtained securities
valued ~ 500 900, with which he would proceed 10 the
Mechanics Bank, whore they were 20 be deposited rs
security Tor the payment OF Tie checks Followed by
quito curious company OF Interested brokers, clerks
aud others, Mr. Bloodgood and Mr. Madden went TO the
bank but II now nearly four o'clock, business for
the day was wound up and deposit would be re-,
package Of securities that had been turned over 10
him and TWO gentlemen present offered to AID
IN tho settlement OF the matter by advancing $500
the securities. The crowd l!cd back again to tho
Office OF tho firm TO arrange for the pay.
Mr. Madden called In order TO ascertain
what had been done but he SAID the matter
actIy how affairs stood with his firm. He said the
suspension accustomed by the banks refusal IN the
afternoon 70 certify any more OF their checks 40 NEE;
their obligations they offered a deposit OF collateral
worth 100000 Tor loans, but the bank would
not aivanco on this collateral The checks,
however, would all be PAID, Mr.. Madden
said, and he did not think the outstanding Liabilities
OF the firm beyond the checks issued would amount
TO much. His illness, which had kept him away from
business Tor several days, prevented him from know
ing just how the FIRMS AFFAIRS stood at the moment
OF SUSPENSION. The trouble he said, was due TO MT.
Ropipson's personal spcculatous.
ThE FArE OF A BEAR .
The stories on the street the effect that MI.
Robinson had operated largely for some time past
being a bear, on Lake Shore and some other Stocks
which have advanced considerably the past TOW days
An his contracts are covered, and everything now
depends the payment OF the checks.
me nrm transacted much Of Daniel Drews business
In his pamest DAYS. and quite rich until very re-
Gently La 1915 they moved from the opposite side OF
Broad street with $500, 600 In cash Since then Mr.
Robinson has been u loader IN active operations, AZ
one time "bulr' in Lake Shore and more recently
ssbearn In coal stocks II Is SAID 100, that what pre-
c,pilatcd the suspension u sudden demand Tor the
return Of q considerable amount on deposit by Gus
toner. Mr.. Madden thinks the hrm VIII resume Ia q
| few days