New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27
LLMIRA NATIONAL BANK CLOSED.

,,,,,,.rvco,rrcrop CHARLES DAVIS MADE RE
CFIyER-MAYoR ROBINsoNS OPERATIONS
r,m,r, Nav &C isp,cIal.-The city OF E'mira sur
ferei another misfortune today. but one winch hau
| been expected. TIE Elmira National BANK was pu'
I'm the hands OF receiver by Son'roher H0"''''
Following rs II does. the assignment OF MAYOR hoo
,nson his failure +, regarded most unfortunate
Mr. Eciels named receiver OF tue DAM 'h''''N
Davis OF Enghamton. former Deputy collector III
thu New yort r,nsto.n House. Mr.. Davis belongs 10
,ho Ant. snapper wing OF the Democratic party III
,,,s STATE The appointment being palpaby q
,t,l one the creditors OF the bank are dssat'shed
with II. at, -
II Is evident that the bnnk has Ocen bndi' man
ace1 Its loans to Mayor Robinson aInouhtei 10
90 900 panh Examiner Gatche tcegraphei to
Mr. EcLcls that a result OF MS eAnmihano' "' wa
~ tho opu,on that the bank was hopelcssy inHoivrh
The mutual Life Insurance Company OF New LOT"
to-day took possession Of the Emira MuhiciPa 'o"''
nnny which owns the gnsworks. the ecc'ric s''''''
lines the waterwOrks. the electric light pan. anu
other property In this city, worth about *.ooo'oo''
mi. IL the company which Mayor Robinson or
ron,zed and Of which he was president until Il
tu aovs oro The Mutual Life holds the bohds u
h company and controlling interest In itS S'och'
having loancd large amount OF money 10 "''"'
y,,nSop upon these securities The Insurance COM
many declined to make other loans TO support 'ia!"r
robinson,s real.estate spccnlatons. Mr. h""hSo"
dpDOeed from tne once vi pr~0"'"' ~ ~
ectinc of the directors OF the Municipal Improvement
Compcny I'm New-Y0rk City u few days ago. anu
Howard Townsend, q junior member OF the hrm Oh
Davies Short g. Townsend the Mutual Lie III
suronce Companys legal representatives was e'c"u
nc his successor. Mr. Townsend, however has no"
resigned and Reuben Leland OF Ncw-iork. has been
elected president in his place. At the same meeting
George f.. spencer. OF New-lork OF The law hrf"
Of Davies short q Townsend. was elected secretary
In nloce OF c. II. Baldwin. Mr.. Baldwin was re-
toincd "A nm officer however, being elected treasurer
OF the company.
An officer OF the Mutual Lie said today: Ih"r'
s nc reason for wondering why the Mutual Life WITH
drew It's support from Colonel Robinson IL lO"'u
HIS property cncumberrd. and while. perhaps worth
all 1t IS morg need fop. It Is what In nanrla parlanc
f. known MS n SLOW asset Colonel Iibinson Sprcai
ont TOO much and when hard times ovcr,1h nm NJ
found himself unprcpared for them. me .iu,i,i
Life may say, Is amply secured LOT M lhr nu ~
agemcnt Of his interests. C1lonrl Robinson VIII hav'
substantial balance 10 his credit when maj SUI
mcnt Is made. II the large amount Of req! csla'e III
Elmra which he holds Is sold under iorr'i1a",'' ,n-
outlook for his creditors Is dOup,mi'nnI -, ~ g
tho fnIl nrnount Of their claims. ]: this properly i
nursod It will improve In value . =,
MAYOR Robinson made u similar statement. w
lIeye that have assets Sufficient 10 ply M NY .
tors but they not quick assets Ihey , I'm, nd
converted into cash In a moment "l|r h'e ~"
Something received a large fortune from my iather
and / do not believe 1t Is all gone. .,, "a ,.,
AR Robinson tniNrmAd n friend TO-DAY ''ht NJ h"d
tnrncd over 10 the Mutual Life Insurance company
securities worth 81 .5OoO 900 -, .n,,o, g. ,.