New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-29

I.kR
rln,,ro y w. May 2S.-1vc years ago DaNl1 I.
po,,,so, with a fortune varionNy estimated nj
~ . r,illion dollars 10 million. started In
., ao,o,on- Emra and earn reward in the appro-
bation Of is citizens ana an increase Of MS io'lu"e'
, .,lt ~ THIS laudablc enterprise was disclosed ast
~ a., II. assignment of all his property to meet the
- ~ his creditors and the transfer Of the Seat
,r he had organized the hands Of others.
~, history Of his undertaking and the causes OF
g., topure doubtless would interest mary persons Ii
ia no added that Mr.. Robinson might have carried
, his plnns successfully but for the present ugh'
rov market Like Charles Foster, the eXSecretlry
., ,be Treasury, whose assignment was announced
.s,ordav Mr. Robinson was unable 10 raise money
hv mortganng his property selling securities at
,beir actual value-the backs and men with money
70 loan being dlstrusiul.
Mr. Robinson is Mayor Of Elmira. lie Is son OF
Ex-Governor Lucius Robinson who was a resident OF
This CITY for many years ard finally died here Lucis
rohnsons term Governor covered The years 1885,
1878 and 1879. and his son. David C. Robinson hrd
the position Of private secretary II the "ovcr'or lor
The entire period of his fathers term OF once In
l-sO the father and returned from Aipahy 10
Emira the family mansion on the s"u'h size OIL tne
city was opered. and the two men began over again
their business life in Elmlra. Lucius ROBINSON beng
a mar of large wealth. abstained, however, from
active business occupations. but having pe or many
wears one OF the trustees of the Munai Lie lhs"i"'e
Company Of New-York and one OF It's mos' ru''eu
officers
upon retiring from the Office OF Governor lie "'u
hcen state Controller and his judgment upon matters
of fna,ce was excellent. and therefore MS hhe"oc
in the method of conducting the business OF he s4e
life insurance company was naturally great ms
con David G. Robinson. through his fathers intro
duc,ton established friendly relations with the oicerS
Of the same company-relitionS when Nno'equen.N
proved of value TO him when he was seeking capt."
for his scheme TO unite the great corpora"o'" VI '
city under one head. lie was elected trustee ol
the Mutual Life upon his fathers death In lo"l
David C. Robinson, upon returning from Albany 10
r,m,ro entered upon the active pracuce OF the E"'
A., h.came the attorney for the New York, Lake Erie
and Western Railroad Company IN TINS part Oh 'he
State and this gave him large anu iu'r"'iNe P'"
lice Upon his fathers death large tract Vi i'"''
fifty acres upon the south side OF Eimira' came io
,h ,osscsslon of himself and his sister IL WIS III
,tractvo rloce for residences and therefore When
Mr. Robinson and his sister offered some OF mo io'S
for sale they found there was a good ue1hho ioi
them Doubtless this experience lea VT. ho"l'Non ~
think that If population ana cap'i coulu y" at
,racted TO Elmira his land and that OF Ms sister
could be sold at far higher rates than II was u'eh
selling. Ia, -
His first step in the development OF lhe ci'! was
,he nurchase Of a controlling interest In the cinei
street railway of the city, the Elnira ana Hor'ee"us
80 p,,,ov Cornany He also bought
tho West Water Street Railway ana NaPie
Avanue Railway companies and thus gained possession
Of all the transportation companies OF the city. lh''e
railways which Of the usual morse raii""s
tvue he has converted into electric railways vi w,
host type one can therefore travel 10 any Pr' VI
r,n,ra and IL is spread over several miles oi
territory at a high rate OF speed. lie mas "iSo "
.o,dea tho existing lines Of street railway ohe oi
these extensions Joined the city with te >or'n'ih
Central shops beyond the Interstate fair sio"'
The land OF the Interstate Fair Is o"heu ~ WI
Robinson and other land OF his Is sl'ua'e' !"
vicini,y He thus brought into the market lot resi-
larg
mis- sister and himself.
But his plan for developing EImira olu HUI sup
With the acquisition OF the street OF r"'i""s my
No II embraced the getting into his ccnuo' v'V''
one Of tlA big corporations supplying me pun. 20
Ylm,ra with transportation facilities, with water
It., cas and with electricity. He bought con
trolling number OF shares of the water"orAs com
many This company pumps up water out VI wv
(Aemung River to a reservoir above 'he Guy anu Wv
s,.,rihute. tho water I'm mains through the city II
&c q valuable plant and II is paying cohcern' ''
cities own their waterworks, but "A private coipo'"
a., Tins suppl.s Emira. Furthermore, MI. hoo
,cscn bourht a controlling interest In the flhr" va"
and Illuminating Company, the sole gas coihP""S "
tbe city, and thus secured possession VI ''"
valuable monopoly. There had been d company V.
Ln,zed 10 supply the city with electricity LOT HUM
no,,nc purpcses the Elmira Illuminating 'ohp""H
RI controlling number Of shares In TINS company
,rero also purchased by Mr. Robinson. lie 'h"S "au
become the owner OF the street railway co"pa"ic9 ~
A. cas connanv of the waterworks company All"
~ the elecfiic light company-al the corI''i"''o''
which dirs.ty serve the public in the Sl'y.
All ,bese companies Mr.. Robinson put III coiuo
-, ,o,bcr ORGANIZATIONS which he termed Inc
Elmira Municipal Improvement Company" 1T ""'
Organized in Ncw-Jersey and makes It's r'i''' ~
officers OF that State. In effect II was
organized TO hold the stock Of the various Ne" o'"
cornora,ions doing business in Elmir"' MI
had himself elected president of the Elmri MUNICH
$780,. rs,l,rav companies, the gas company INV
electric light company and the waterworRs COMPANY
Where did Mr.. Robinson get the money i w
large enterprise? 1t IS plair from 'he u'S'oo,'
~ the last week that he obtained i"'ee PP -,
90 q from the Mutual Life Insurance company Vi
" - Who, wos the amount is not known
,h oscers Of the Elmira Municipal Improvement
Company will not disclose IT. Nh'' y w. .,on
that the Mutual Life Insurance company ia"
o.,,,or. IN nrotect itself from loss by holding an
abundance Of collateral for It's loans 10 wv , ,,",
A,,,nicnal Enforcement Company and 10 MI i'o"'"
CON persorally upon his real estate MT. hoD'iiSon
said Yesterday that the Mutual Lue heiu Pf
here and elsewhere worth four uIheS WHAT ~ ~ nc
loans upon He owned property IN New" io'h 40 w,
as here One fact Is clear, and tha' II ' "
Mutual Lie has loaned Mr.. Robinson f''o'ooo
sonaly for il has filed with the County 'i'rA Vi
Chemung County a blanket mortgage 10 ''i'' "'
The Mutual Life also controls "A majority vi -" "a.
OF the Elrnira Municipal Improvement 'o"p'
agent in this transaction Is the Ne" ioih
and Indemnity Company, which Is one oil ''c H
brAnches Of the Mutual Life A leeai ih'u ,
a,ed her. shows that the Guarantee ana lhuei'i''''
Commny holds as trustees for the Dohono'u ~
the EJmra Municipal Improvement company 49,
shares out of 1000 Of the water worRs conip''
14s7 shares out OF 100 issued by the Finn" o
and Illuminating Company 1887 shares out oi -'o0
n, IN. Electric Illuminating Company; 3,'61 out Vi
q 500 shares OF the Flmra and Horseieaon '
Railway Company; 167 shares ont OF 2oo VI w
Maple Avenue Railway Company. and ga sii"'''
out OF 1000 Of the West Water street n''i'
Company Added to this among the assets "I ''''
T,lmira Municipal Improvement Company are the l",i
state Fair grounds. There Is difference OF opihio"
as their value. 49,
Matthew Arnot. an Elmra capitalist. estimates