New-York tribune., 1910-12-28
TELLS Of ROBINS METHOD
Vice-President of Rochester
Company Before Hotchkiss.
MAKES A "CLEAN BREAST
Closing of Northern Bank Cred
tied to Evidence of Cashier
of the Etna.

| tied to Evidence Of Cashier
of the Etna.
Title and Guarantee Company Of Rochester
and a director OF the Northern Bank. IN
terrupted one Of the special hearings in the
Northern Bank affair conducted by the
Superintendent OF Insurance within the
last few DAYS in order, he said, to make a
''clean breast Of all he knew and to offer
certain securities he had collected on
|learning OF the state Of the company's gen
| eraI securities.
| He was allowed to take the stand, Fred
eric K Morris, Robins confidential man.
having been excused for that purpose.
However, Stumpf was not allowed to swear
| in his testimony.
| His testimony indicated that Robin oper-
ated through confidential men In each one
of his companies, these confidential men
doing all the work Of transferring securt-
ties and writing checks to stand off other
checks. without the knowledge Of their fell
low directors or the con1pany's officers, ex-
cept themselves In his statement Stimpf
said
| Two days ago Mr. Gage and Mr. KEEL
eey. of the 4Etna company, called my at
| tentfon to the fact that their company was
undergoing an investigation and that the
| examiners had found that important Sc
| curities were missing. They said they had
made an effort to find these securities and
had succeeded in securing from Robin 3
number of securities to the amount OF
So, 600 Or $4,000 and wanted TO know what
had become of the rest They said l had
received them and had signed for them and
was therefore morally responsible. 1 ad-
uaitted I had signed for them last spring
but said I had turned them over TO Mr..
Robin and Mr.. LonaX and Mr.. Motifs and
knew nothing Of what happened to them
after that.
Got Securities in Advance.
This circumstance was commented on
by Superintendent HotchkisS as strange, as
Robin was not the owner of the company
and had no right to its securities. Stumpf
reply was that Robin expected to buy the
company and SO all the securities were
given TO him in advance. Stumpf said he
frequently signed papers without reading
them and always had absolute faith in
Robins way of doing things.
He was asked about some of the "kitinge
checks by which accounts were matched
dS dIlSL tdtu ctHti. d!id edIO AtO ACft10i.i-
bered one for $4,000 and had telephoned
Robin about it. and was assured it was
all right and was to pay for some bonds
about to be purchased
''H-el. here's one for 500 put in Mr..
Hotchkiss
"oh, ] forgot about that was the an
swer II must have thought I. was for
$50 when I signed it
Then you signed almost anything that |
was put in front of your?
"I guess did l was very foolish. had |
too much confidence"
Continuing with his interrupted narrative. |
stumpf said:
On "Wednesday. December 21, l felt I had |
went to his home and tried to get TO his |
bedside. I found him fat on his back and |
not at all desirous that I should see him. |
bedside and told him all these troubles, and |
wanted to know what he had TO say for
had e wss ha ser and
Rochester Title and Guarantee Company
we're and he said +th they we're al in the safe
10 give them up. We made search, ana
1900 was all we could find He told me
use all his property could find In the office
and see him through this business as well I
as ! could, being sure to see that all the
I left his bedside and went to the Office
If the Fidelity Development Company. Nor
is couldn't find the securities. He found
le finally admitted that the good securities
lad been sold and others substituted in
heir place.
He handed Inc slip showing that the
Rochester Title and Guarantee Company
vas owner of 500 shares Of the Fidelity
DEVELOPMENT Company, ny IS 5000 zoo South Shore Shore
Traction bonds and $4,000 Babylon Railway
,onds
1 told him these would not do. that I
lad to find some securities. something else
hat would satisfy these people.
I got at the safe and looked over all the
"a pers. Then I discovered all this lEtna
abaTs nf got bsys ssar frsed sea
lares held by the Northern Bank, and the
carnegie Trust Company has promised to
rec SOS shares. making 71os shares in all.
propose to turn over to you these SeCurl- !
les in lieu Of the others
Superintendent Hotchkiss said this would
not do, as it would merely be to reverse the
,ase by making the Rochester company
,wn the ,4Jtna company, whereas the old
ownership had been the other way about.
Where is the $4,000 in corporate stock?"
asked Mr. Hotchkiss.
THAT went to New York City on April
- said Stunlpf.
Etna's Cashier Testifies.
It was the evidence of Frederick W.
Bogert, the cashier Of the ufItna Indemnity
Company, that first gave the alarm which
in the closing of the Northern
Bank.
On Monday, week ago, he was examined
oy Charles Hughes, examiner of the In
surance Department, at the office of the
Fnna. and there told of the sale of the
Babylon Railroad Company bonds to the
Etna company and of the sale of the Title
and Guarantee Company of Rochester
stock to Robin.
Checks of the Bankers Realty and Sc
,urity Company had been passed for both
purchases, he said. Robin had paid share
# the purchase price Of the Title and
Guarantee stock by a check of the Bank
.rs' Realty and Security Company, said |
3ogert, and this had been deposited in the |
riverside branch of the Northern Bank |
md initialIed by Vice-Presdent Brewer
did you see the entry in the passbook?
II did
''At what date?" III
That was on October %"
when did that passbook next go TO the |
'ank?" III
"On October 81
And when did 1t come back"