The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-02-02
Fiske & Robinson Bond Conn.,
pany of New York, Goes
To the Wall.
LIABILITIES 7 MILLIONS
BUT FIVE MILLIONS ARE STILL
SECURED BY GOOD COLLATER.
ALONE OF BIGGEST WRECKS
SINCE 1907.

New York, Feb. 2.-FSke & Robin
son, members of the New York Stock
Exchange and one of the best known
bond houses in New York, were petit
toned into insolvency yesterday by
| three friendly creditors. The liabilit-
les of the firm approximate $7.O0O,0OO,
| with nominal assets slightly in excess
| of that sum.
Calling of the banks for better col
lateral than is held as security for
| some Of the firms loans. inability for
the firm to market 100000 of the
| bonds and preferred stock of the Buff
| falo and Susquehanna railroad COM
pany and general dullness of the bond
market are assigned as the causes of
the failure, which, according to JOS
eph Stanley Brown, floor manager Of
the firm and one of the petitioninS
creditors, was decided upon when it
| became clear to the members that to
continue would be dangerous and I'M
| fair to the creditors.
With Mr.. Brown the signers of the
petition in bankruptcy were Henry
Clark and John Fl. Thompson. On
their petition, which alleges a written
| admission by the firm of its inability
to meet it's obligations, Judge Hand.
| in the United States court, appointed
Bronson Winthrop, of Winthrop &
Stimson, receiver, with a bond of
$4,000.
Debts Nearly 100000.
The receivers attorney last night
a. ha
said:
"The receivN found a statement
taken from the books of the firm by
Patterson, Teele & Dennis, public ac-
countants. as of January 2S, 1910,
which shows assets of $6,S47,96 .96;
and liabilities $6,735, 324.37-balance
excess of assets $112,644.59.
at has been impossible as yet to
ascertain the exact amount of secured
and unsecured obligations of the firm,
but it is estimated that the secured
obligations will amount to about So
100000 and the unsecured debts to Ov-
err 100000.
''The cause Of the failure is attrib-
uted by the members of the firm to
the shrirkage in market value of the
az percent bonds of the Buffalo and
Susquehanna Railway company, of
which the firm was carrying a large
amount.
"These securities were all in loans,
and as the market diminished the
lenders holding these securities as
collateral have from time to time re-
quired additional collateral. There are
other securities by the firm which
have not as yet general market, and
could not be realized on in time to
meet the demands for additional mar
gin on the secured loans and the de-
mands for unsecured creditors.
Appeal From Receiver.
ut is hoped that the creditors of
the firm whose claims are secured by
the Buffalo and Susquehanna Railroad
bonds and Buffalo and Susquehanna
Railroad stock will withhold sale of
the same until plan can be devised
to conserve the value Of these secur-
tiles. II the Buffalo and SusQuehan-
ma securities are thrown on the mar
ket both the creditors who hold them
as security and the estate will be
greatly damaged.
LAS soon as the statement of Pat
terson. Teele & Dennis, of January
IS is brought down to date detailed
statement of the financial condition
of the firm can be made