Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-05-18

The failure of r. r. Robinson & Com
pany, bankers and brokers At Fourth and
Market streets, rnmors OF which had been
in circulation for a week, was officially
announced OH Thursday, when confessed
Judgments, aggieSating S93,910, were en-
tered at the county court house.
In All interview with II representative Of
THE GAZETTE, j. Norris Robinson, son
of II. {. Robinson, of X. H. Robinson Il
Co.. made the following statement;
'"The principal causes of the failure are
the endorsement of notes, which had TO
I've taken up; the decline in the stock
market the stocks carried for customers,
which the company protected without re.
ceiving protection from the customers. |
estimate that the liabilities are S35OUOD
and that the assets, good aud bad, pfin-
cipally bad are si4O,o0U less than the
liabilities.
"The trouble started with the Reading
break and ended with the break in indus
trial stocks, chiefly sugar. Ii my father
was not on so much paper that is bad and
is coming due he would be able to pull
through. For himself and customers my
father carried 1000 shares of Reading
stock. He has lost everything"
S. A. Macallister, attorney for the cont
pany. gave list OF the confessed judy
inents and added "'Hhe liabilities actual
and contingent, are about $500 600 and the
nominal assets about S2OitWD, The judg
ment confessed to J. Hood Wright repre-.
sents two checks ono for $4,000 and one
for $25,0O0, money loaned to tide over Mr.
Robinson'S affairs. All trust claims are
amply protected. DeHayen & Townsend
of Philadelphia are the principal creditors.
Their claim amounts to about 100000 The
other claims range from $500 to S3ulO
each. Some Of Mr. Robinsons friends
have not given up hope that he will ulti-
mately be put on his feet again.
II. ..lV al,
was refused, was presented about IL o'clock
Thursday morning. 1t was the paper of the
Wilmington City Electric Company and
called for trfie over So.
Joseph l.. Robinson, TO whom Judgment
has been confessed, resides in Minneapolis,
MINI. He is not related to ii. Z. Robinson.
Mr.. Robinson's personal property was
yeized BY Sheriff Gould Oh Thursday. lie
wns the handsome residence No. HO5
iest street and a farm in BrandywinG
ndred, besides some small dwellings III
wn.
conference of Mr.. Robinsons friends
$ held at his residence Wednesday,
len it was decided the best thing that
aid be done was to wind up the affairs
j the company, Much sympathy Is lell
ior him in his loss.
Mr. Robinson is broken both in spirit
and body and unfit to give personal attcn
lion TO business.
AN OLD ESTABLISHED HOUSE.
The house was established in ISiS undel
the name OF K. K. Robinson a. Co. Tn,
company was composed OF II. K. Robinson
and his three sons, j. Norris Robinson, II
Emmet Robinson and IL, c. Robinson, al
of whom are dead except the latter IL. q
Robinson has been the sole member oI tht
company since the death OF Il. Emrnc
Robinson. which occurred during tEt
latter part Of the seventies. The house la.
always been located at Fourth and Marke
streets 1t had few depoSitors.
The following preferred judgments have
been entered up against the ilrn OF r. Il
Robinson 4 Company in the prnthnno
tary's office at the court house Joseph /.
Robinson, $1,000; j. Hood Wright, New
York, (Drexel, Morgan X Coz, $4,000
Martha G. Robinson, 81 l,bO0 George W
Mccullough, S6,l1D; h. j. MuhlhauScn
$32OU; total, Sa3, 800.
While the liabilities of the firm are no
definitely known, it is said that they vii
reach S35D,O0O while the assets, II 4
thought, will not exceed S2OO0OJ.
Colonel S. a. Macalister. counsel for Il
II, Robinson d. Co., was seen Thursda,
morning and asked for a statement il rt
lation to the failure Colonel Macallistc
was reluctant to discuss the matter At all
and gave out only 50 much information
Us he thought absolutely necessary. ii
was unable to assign the specific cause o
the financial disaster at this time, althougI
he admitted that the institution had bee
shaky for several weeks, and tremendou
efforts have been made to tide the bank
rnpt firm over the crisis which finally cam
and which was inevitable.
1t is said that Mr. Robinson lost as muc
as $4,000 on a single day, and that thI
heavy loss was sustained while the hea
OF the firm was drawn rs Il juror in tn
damage suit of Adams VS., the &c. ClSmo
Company, which was tried at the last teri
oil court.
Besides the preferred creditors there al
numerous other creditors WHO WILL los
heavily by the failure and who have bee
caught in the current which carried tl
firm over the financial cataract to ruin.
For several days the widest kind {
rumors have been heard on the street cor
cerninS the threatened failure, and It ~
even intimated that other failures woul
follow.
This is denounced being without Ill
slightest foundation, however, by DuSlnc'
men in a position to know, and the faiul
can in nowise involve other ilnancli
Institutions, as Criminally circulated b
the rumor-inongcr.
A representative of TnE GAZETTE 50
Mayor Wiley, on Thursday, in relatio
to the groundess rtlmors that have bee
circulated concerning any effect the lnl
ure of Il. Il. Robinson Il Company woul
have concerning the W lihllEton Dcht
Manufacturing Company. Mr.. WilleN,w
is yice-president Of the Wilmington Dent
Manufacturing Company, said: The fai
ure of Mr.. Robinson will have no cife
upon'this company, whatever, Us he du'
not owe us one dollar. We owe him
small sam" The rlmurs in this case,
in the cases of other business concerns,
absolutely without foundation
The affairs of the firm OF r. II. ltot
inson being now in litigation no tran
actions of any kind, of receipt or eNpel
diture, can be made on their accoun
AS soon as opportunity offers the a
counts and standing Of the variol
creditors and debtors Of the firm Will
furnished.
J. Norris Robinson is at the oiiit
simply to take any orders for inves
ments in stocks and securities that nv
be brought to him personally.
Of the total Indebtedness Of 1896, 90
u is understood that fiji 900 is loct
All the remainder held outside the cit
Df course, the matters of the firm arc
iuch condition just now that n0thiI
pt any definite nature is obtainGblc. A
ngares given are but approximate
There are definite possibilities of
Norris Robinson taking up the businC
ht his fathers old stand.
AMONG THE CITY BANKERS.
Among the various bank officials
ne city there is expression of the me
snient spirit towards any commerce