The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-28
FINANCIBR INSANE,
HIS BANK CLOSED
Continued from Page One.

the institutions under examination are I'M /
plicated.
Complete Inventory Next.
The only statement from the banking
department says:
THE banking department has been !
conducting an examination of this insti-
tuition for several days, and because of
discovered conditions and also Irregular /
ties in transactions having taken place.
during the time the examination has
BEEN in progress. the superintendent
deemed il necessary tc take possession
for the protection of the depositors.
This institution has a capital of $780,
eco and book surplus at the time Of its
last published statement, November 10,
1910. of $lS5,965. It's deposits at that time
were S69l2,5 So. No furtifer statement will
be made until complete inventory OF
the assets is obtained"
In no time at all this morning. groups
Of frightened depositors gathered at the
main bank building in West l25th street
and at all the branches.
Since Robin took charge, the Northern
has made something OF a speciality of
small tradesmen's account, and many
tradesmen had deposited all of the
money taken in the heavy holiday
buying on Saturday. Deposits were
received at several of the branches
long after banking hours on Satur-
day, it was said, and shopkeepers
found the greater part of their working
capital tied up.
still Has Confidence.
on tie directorate of the Northern
Bank are Frederick d. Kilburn formerly
State superintendent of banks, and
Postmaster Il. NJ. Morgan. Postmaster
Morgan said that although the news OF
the closing Of the bank had come as
surprise to him he still had absolute
confidence in the hank. He knew nothing
Of the alleged irregularities in the man
agement Mn. Morgan said he had a
considerable sum in the Northern, and
that he lnew Of one stakeholder who
deposited $4,000 last Friday, and who at
that time had S60O00 already on deposit
there
Chief Examiner Hughes. Of the insur-
ance department. went to the Northern
Bank last week and demanded all the
cash OF the Title and Guarantee Company
of Rochester. A certificate OF deposit was
offered 10 him by the bank officers but
he insisted on certified checks, and finally
got $4,000 for the Aetna and 5000 for
the Title and Guarantee Company In that
form and deposited the checks In another
bank
Mr.. Robins associates had testified in
the insurance departments inquiry that
Mr.. Robin had a controlling interest in the
Atlantic National Bank of Providence, on
which Robin had drawn draft FOR Si3, 900,
although he had no account there. This
afternoon an officer OF the Atlantic Ma
I Cd e1,I- a..
long distance phone and denied that
Robin controlled the bank.
Comptroller Predergast was director
in the bank until he was elected a year
ago. Then he resigned and sold his stock
Joseph G.. Robin, who was chairman or
the executive committee OF the Northern
Bank and considered more influential
than Frank l.. Grant, the president, i'm
its business, came from a noble Russian
family bearing the name OF Robinovitch
When he was a boy under ten years old
the family was exiled for political rea-
sons, and some OF its members came 10
this country. bringing Joseph and his
sister with them. For reasons which he
has often said were purely political he
dropped the Russian suftix from his
name
Reporter at One Time.
Fifteen OF twenty years ago Robin was
a reporter in the employ OF a local paper.
In 1896 he first appeared in banking as
one of the promoters of the Popular
Banking. Savings. and Loan Association.
In 1850 Mr.. Robin organized the Wash
! instOn Savings Bank. Of which he was
president and trustee. In 1903 he came
/ into control Of the Bank of Discount.
which two or three years later was
merged with the Northern National Bank
OF New York
The Northern was then changed from
| a national 10 a State bank At about
the same time +. Augustus Heinze and
| MessTs +. r and O. r. Thomas were
! engaged in securing control of a chain
I Of banks, and Mr.. Robin becoming asso-
ciated with them acquired control of the
| Riverside Bank. Their association lasted
| from the latter part of 1905 TO the panic
| Of October. 1907.
| Mr.. Robin launched out into real estate
and trolley enterprises, He also secured
control of the Aetna Indemnity Company
/ His connection very likely sprung from
| association with Heinzes
Buys a Race Track.
| Mr.. Robins principal real estate ven
ture was the purchase of the Morris Park
/ race track and the organization OF a real
| estate company to develop the property
as a residential section
In fractions he was active in promot-
1 ing the South Shore Traction Company.
which, after the opening Of the Queens
/ horo Bridge, in June of last year. OBJ
/ taiDed a franchise TO build a trolley road
/ across it,
/ He was a director OF the Carnegie
] Trust Company up to about a year ago.
when he retired. In addition TO the COM
/ panies above mentioned, he is president
and director of the Fidelity Development
/ Company and a director OF the Bankers
| Realty and Security Company. the At
| lantic National Bank, of Providence; the
Anthony Stumpf Publishing Company.
and the Hotel Cumberland. Three years
| ago, just before the panic, Mr. Robin
was rated by one Of the credit agencies
/ at Sl,000,Q 600,
/ -