Evening journal., 1893-05-11
ROBINSON & co. FAIL.
The Market Street Banker and
Broker a Financial Wreck.
TRUST ACCOUNTS TO BEPROTEoTED

NHhsea - kmehts Entered BY IRE
ferred Creditors-Liabilties Far In Ex-
cess Of the Assets.
r. r. Robinson q Co., the well known
banking and brokerage firm at
Fourth and Market streets, in this city,
has failed The Liabilities are placed at
$500, OOO while the assets, good, bad and
Indifferent, Hwill not exceed S204. 900.
Giving them credit for their face value
the shortage will be at least $i25, 900 and
may greatly exceed that amount.
Preferred Creditors Enter Judgments.
For several days rumors have been
current on the street that the furry in
the stock markets would drive the firm
to the wall, but it was offset by counter.
Iumor that the bankers of New York
Philadelphia and Wilmington had come
to the rescue and the crisis had been
passed.
1t was not until last night at a meeting
of the friends Of Henry c Robinson, who
constitutes the firm, that il was decided
to let everything go by the board for the
benefit of the creditors This meeting
was held az Mr.. Robinson house, No 0O5
West street. The banker has been so
much Frustrated since he saw that the
failure was inevitable that he has not
left his home When his friends and
creditors met there last evening they Rd-
vised him to give up and 60 to the wall
like man.
Mr.. Robinson insisted that all trust
accounts should be protected and the
other creditors get what they could In
the settlement of affairs. with
this understanding Colonel Samuel
A. Macallister, counsel, had the
following preferred and confessed iudg-
ments entered in the 'prothonotary's
Office at the Court House this morning:
j. Hood Wright of the firm Of Drexel,
Morgan & Co., Of New York. S75 900. it
being money loaned to tide Mr.. Rob.
inson over the crisis; George W.
Mccullough, $6,100; Martha C. Robinson.
81 600 Joseph l. Robinson, of Minneapo
lis, $4,000, and f. J. Mullhausen
50, 200.
Appraislng the Property.
They Immediately became lien upon
the real estate and personal property
Sheriff Gould appointed Charles G. Brown
aud Edgar L. Haynes appraisers.
They began their work at the Robinson
mansion on West street, and have not
yet completed their inventory Of the
effects found therein.
Many other Creditors.
There are scores Of other creditors Of
the firm. The largest is De Haven &
Townsend, for about $50. The
others are i'm amounts running from
$500 to 100000. Colonel Macallister
says that no trust money will
be lost, although it will be some time
before anything is realized.
Causes of the Failure.
The causes for the failure, as assigned
by persons intimately acquainted with
the business of the firm, are en-
dorsements on notes which had
to be taken up, and declines in the
stock markets, affecting stock. carried
for customers. The stock was protected
for the customers, but the customers
failed to protect the firm.
The trouble in stocks is said TO have
started with the Reading break, but the
losses from bad endorsements have
been threatening the stability
of the firm for long time.
The rumor that the Cordage Trust
decline had anything to do with it is
erroneous as Mr.. Robinson never handled
any of the stock.
The Loss In Reading.
Friends Of Mr. Robinson say that the
late Chief Justice Robinson was partially
responsible for the heaviest loss. Several
weeks ago the banker was serving
on jury in the Superior
Court telegram reached the
banking house telling him to go to
Philadelphia Immediately on matter OF
] 3 !.
made TO get the news TO him in
the jury box, but Chief Justice Robinson
refused TO allow any,,verbal or written
message to be conveyed 70 him.
This refusal is said to have cost the
firm $3.50, 600, as the telegram gave con-
/ fdential information Of the Reading col
lapse before il was even known
on Wall and Third streets. Had it
been delivered, it is thought that Mr.
Robinson could have gene to Philadel.
pha and unloaded before the decline
Before he could get there, after his Jury
service had expired, the crash came with
the above result.
This was followed by troubles over
endorsements and breaks in industrial
stocks until the strain was more than
the firm could stand
A ForlOrn Hope Refused.
Friends learned Of its distress, aud in
some instances offered to make indi.
vidual advances Of $4,000 Mr.
Robinson, who saw the hopelessness
of the case, refused saying,
that he would not take their money TO
put it in the pockets of other persons.
That settled the matter, and the an
nouncement Of the failure became only a
question Of several hours
There was no run on the bank because
the creditors knew of the failure and
realized that they would have to
wait an adjustment of affairs. In some
few instances anxious creditors called
and were told that the firm could not
pay its debts.
Oldest Banking Firm in Delaware.
The firm Of r. R. Robinson & Co
have been conducting private
baking business, which is the
Oldest in the city, having been
established in 1Sl9, though the
present title is not more that
twenty five years old. The house did q
general banking business. and among
its 2 principal correspondents were
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