The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-12
FOURTH EDITION


The Causes Of the Collapse of the Old
Established Banking Firm of n. n.
Robinson a. Co.-The Failure Not the
Fault of the Firm.
There never WINS failure In this city
In which there was as much genuine
and regret expressed for the
parties concerned as there has been
In the case of Henry @. Robinson. IL
1t would have been possible for his
friends to have saved him. they would
would gladly have done SO. and
meeting for that purpose was held at
his residence. No. 905 West street on
Wednesday, evening. /
There were some OF the most promi-
nent and wealthy men In this city
present and several OF them offered to
advance $4,000 individually, but MIR.
terrible mental strain for weeks, re-
spectfully declined their proffered
kindness az he said that he would only
Ibe taking their money! to pay over to
Others. He was no doubt induced to
take this course by the unsettled con-
ldition OF stocks and the money mar
iket, and from tho fact that great
part OF the firms liabilities consist
of other mems debts, which they re-
fuse to pay. and for which the firm
has become responsible.
MIR. Robinson has the satisfaction of
knowing that although he is now over,
lwhelmed with trouble, no one ques-
tions his honesty. or attributes the
failure to any fault on his part, except
that he has boon too generous hearted.
There are numbers of instances where
he has endorsed notes for his custo-
mers when they were In difficulty,
which they have been unable to meet
when they fell due. for which no has
become responsible.
CAUSE AND AMOUNT OF THE FAILURE.
A very slight incident was the lead
ling cause of tho failure. When the
case OF Adams VS.. Clymer for damages.
was before the November term of
court, special jury was called of
which Mr.. Robinson was one. At that
time there was considerable furry In
stocks. the Reading especially. On
the day he was on the jury telegram
REACHED the clearinghouse telling him
Ito go to Philadelphia Immediately OH
10 matter OF the greatest importance.
An effort was made to got the nows
Ito him in the jury-box, but Chief JUS
+ tlce Robinson refused to allow any
verbal or written message to be con-
tYeyeG TO MIN.
This refusal is said to have cost the
. firm sl60,00o as the telegram gave
confidential information of the Read
ing collapse before it was oven known
. on Wall and Third streets. Had II
+ boon delivered it is thought that MIR.
Robinson could have gone to Philadel-
. phia and unloaded before the decline.
Before he could get there, after his
jury service had expired, the crash
. came with tito present result. After
Z tho case ended and MI. Robinson was
: discharged, he remarked to u reporter
THAT he would have been better off had
he paid tho plaintiff tho %, 600 claimed
from Mr.. Clymer, and thus avoided
Serving on the jury.
= As said yesterday the liabilities will
y not fall eLort of $3.50 900 while rough
S estimate OF the available assets place
n them Mt Sl25 900.
o As soon as MIR. Robinson found that
: the firm would have to go under ho
insisted that all trust accounts should
h be protected and the other creditors
j. get what they could In the settlement
!. OF affairs. With this understanding,
!. Samuel A. Macallister, his attorney,
e had the following preferred and con-
4 fessed judgments entered in the pro
phonotary's Office ut the Court House
= yesterday.
J.Hood Wright, of tho firm of Droxel,
& Morgan q Co., OF New York, $4,000, II
!. Icing money loaned to tide Mr.. Rob
= inson over tho crisis; George W, Nc
t. Cullough. 60 100; Martha {. Robinson,
1000; Joseph L. ,kob.nson, of Mime
/, apolis, IS 900. and L. j bIullhausen,
$500, making total Of S93, COO.
!. The matter was placed In the hands
= OF Sheriff Gould yesterday afternoon
!. who formally soizad all tho real and
It personal estate. Appraisers have beer
Il appointed and are still engaged III
making an inventory of the persona
= effects oil tho residence on West street
There arc u great number of creditors
q In addition to those named above, the
n largest being De Haven & Townsend
for about $50 900, The others are ii
\ amounts running from S5D0 upward
y Colonel Macallister says that no trus
money will DO lost although 1t will b.
some time before anything is realized
These creditors will OF course hay,
Ito wait, but MIR. Robinson h Is express
led the intention, ii his life Is spared
OF paying every dollar he owes.
AN OLD ESTABLISHED FIRM.
The house was established In 1S4
under the name OF Il. II. Robinson ,
60. The company was composed 0
Il. II, Robinson and lis three sons, j
Norris Robinson, II. Emmett RobinSU
land II. G. Robinson. all OF whom ar
dead except tine latter.
., II. &. Robinson las been the sol
" member OF the company since tn
death of IL. Emmett Robinson, whie
occurred during the latter part Of tn
seventies. The house has always bee
located at Fourth and MmEet streets
1t had few Gepositors although gel
Ieral banking buslnAss was done.
Among the principal correspondent
IMhra reNel II %. phllRdelnhli