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

boom and no one doubted that in few Nrars
Mr. Robinson would sell the land nj higher p'''
IMAM ne PAD Tor II. lie paid only parity lo'
OF his real estate giving cages for part u ~,
value other wealthy men in E!mra were y vii7ne
in real estate SIccuaiions al the time MA'l"'M
Arnot had formed Il North side Improvement ->''''"'
ton. a.,
,ulI another oil MI Eobinson's enterprise. wa me
creation OF TWO banks-the Elmrl National Balm am
the flmlra savings laIlk. a., ca
Mr.. EO,n-On', assignment is much more que
his real ,lac spccuations than Il his inN"stnl',9
In the Elmla Municipal Improvement Comlfli; ,i T''
undoubtedly the latter SOMEWHAT EN- ''iIi"99 , IL
The recent stringent money market laN m E hn
Impossible for him continue certain loans he hiu
procured upon his property ana a. cory ~, HI
ne had 10 make an assignment. lie had pu.. m,S
property in the hands of an assignee and nau r., re-
provcmcnt ,mpany. His failure also compeiled me
rmira National Bank TO close it, door as ~ na1
cashed an alleged 0vednit 81 his Tor . tn
misunderstanding statement which came 10 II p iron
its Newl ort 'ndn NE Chase National mamni
10 the effect as IT. officers believed, that the Matn m
Life Insurance Company would advanc" T'1O'nU
additional to Mr.. Robinson upon his properE, , b,,
the officers Of the insurance company after lhor E
consideration of The subject declined TO make NE
loan, and the bank found itself insolvent. me
dcpO>itor will not lose any money but heavy loSS
will til upon The stockholders. The Emira snylnGn
Bank had $4,000 on deposit with the Elmira
viii fail UPON T@a lis depositor..
The election Of Reuben Leland, of New York. -
president and general manager and Of George T..
spencer Of New York. as secretary Of ne Muhicpai
Improvement Company IN thH Mutual LieS n,' to
fake vigorous measures 10 get its money back Mr.:
I GLAND and Mr.. spencer have been here for S"Vrrll
DAYS examining the books and also have had SIN
clerks AT work in The Office Of IN" county clerk taking
abstracts Of the mort cages upon Mr.. Rohnson'S prop
tTtX Mechanics liens We're filed Friday WITH 'he
county clerk to the amount of 1920 81 against tn,
Elmira Gas and Illuminating Company. ON" ~
me caSc, Of the seeming embarrassment OF the I'M
provemcnt company IS its erection of n new electric
power house at cost of $3.50 Ooo The old eectmG
power house did not have sufficiently powerful
plant and therefore. Mr. Robinson erected Il ne"
one The new power house is not vet in use. how
ever and Therefore there Is no return upon I'M
100000 Investment. The Mutual Life lnSuTaTr
Cosnplnvs agents unqucstiOnahly Will seek Immediately
10 secure some return from this Investment.
Mr. Robinson said The Tribune correspondent
TO-DAY Il am confident that my properly i 81
sufficient value 10 pay all my creditors ana lcaNo
me with a balance. rut ] must acknowledEe tha
bring anywhere its value. Every business man
feels the tight money market. ana nave Su u
ike the rest | have surrendered To my chior
nv expectation Of future profits in my invest.
ments and have sought In every way 10 pimeott
them | cannot say for publication just Al
present except that believe That my aS'rIs IRE
worth one million dollars more nj the present time
than my debts. a., ,,.,.,
George f. spencer. the now secretary of me hm,ra
Municipal Improvement Company Is an accountant
He had charge Of the Investigation OF The books oi
Grant a Ward after that firms failure" Now ~ th,n
he was selected for the task he /. performing ny
Iunn T. Davies. the counsel Of IN" Mutual Lie
Insurance COMPANY. Mr. spencer intends 10 MAKE
the books Of the Improvement company II Is ne
impression fnancier>. which they derive rom luh'
with Mr. RolinSon that the Mutual Life Insurance
Comnany has S75OO0@ invested I'm the Elmira Mlnici
csted Iecuniarly {" Keep the Improvement COM
panv ont Of the haniS of u receiver $50 .,.
Charles Davis the receiver 81 the Elmfa National
pank viii take possession of the bank on Monday.