The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1909-03-02
". Y. BOOTH INDICTED
WITH +. R. ROBBINS
Charged With Conspiracy to Get
100000 From a Bank.
GREAT FISH BUSINESS RUINED
Father Left Him Millions, But the
Young Mans Talent Was to
Squander Money-Became Ex-
pert at Polo.

Chicago, Ill.-W. Vernon Booth,
president of A. Booth & Co., the So
called Fish Trust, which went into
the hands of a receiver last Septem-
Der, and F. R. Robbins, former as
sistant treasurer of the company,
have been indicted. They are charged
with entering into conspiracy by
means of which they secured the sum
of 100000 from the Continental
National Bank of Chicago. The two
men are jointly indicted in one true
bill which contains three counts.
News of the Grand Jury's action
created sensation in Chicago. w.
Vernon Booth inherited from his IA
Their the largest fishing business in
the world The elder Booth was a
hard-working business man who to
his last day could and would clean a
fish or handle sailboat with any of
his employees. His son, William Yer
non, upon his accession to power, was
one of the most widely known polo
players in the country, and as socially
prominent not only in Chicago, but in
the East
Under his leadership, or at least
with his consent, A. Booth & Co.
branched out. Smaller concerns were
bought in, and several years ago the
company had grown to proportions
which attracted the attention of the
Government. The firm was brought
to trial for accepting rebates and
pleaded guilty to one count of the in
dictment. The case is still under con-
sideration by United States District
Judge Lands. Mr.. Booth was men,
Der of the Chicago, the Chicago Ath-
letic, the Chicago Yacht, the Chicago
Golf, Onwentsia and Union League
Clubs, and the news of the receiver
ship last September was entirely a
surprise to the public.
A search for assets was instituted
before Master in Chancery Harvey
Booth in behalf of the creditor banks,
to which the company is alleged to
owe large sums. The liabilities were
estimated at more than $4,000, 900,
but the assets, at first supposed to be
sufficient, dwindled steadily as the in
vestigation proceeded, and have I'M
officially been estimated as low as
$3,700,000. Sensational testimony
was adduced from F. R. Robbins, who
was indicted with Mr.. Booth. The
witness told a startling story of false
statements presented to the banks to
bolster up the tottering credit of the
firm. These statements, by reducing
the figures showing liability and in
creasing the assets, Mr.. Robbins said,
were $2,000,000 away from the true
condition of affairs The statement
of July 10, alleged to have been pre-
sented to the Continental National
Bank, forms the basis of indictment.
Mr.. Robbins said thatwhen Mr. Booth
learned that the statement had been
made to the banks and that 1t was
false, he insisted that the banks be
informed promptly of actual condi-
tons. This had been done at secret
meeting in the Continental National
Bank, the witness said. The whole
fabric of alleged deception was laid
bare, and the future of the great fish
ing business thrown on the mercy
OF the bankers For month the Sc
cret was kept from the public. Then
came the crash
Bonds were fixed at $4,000 in
each case, but capiases were not is
sued. 1t was not regarded necessary
at the time, as it is expected the de-
PENDANTS will voluntarily appear in
court.