New-York tribune., 1910-12-28

, ,count good. Robin borrowed $1,000 from
the bank through Norris, his confidential
man. using collateral which he seems te
have acquired from the uEtna, and thsr
deposited the last mentioned sum to ths
,1Btna's credit in the bank. The $a00O'
check given the Bankers Realty for the
Robin. without the knowledge of the .4tna' !:
officers. had thus borrowed See.0o OF
the .fFtna's money-for such time as he
| bank for collection
| Thus matters rested until the iinportu-
nifty of the u43tna I'm for the ssoooe credit ,h1 n
banks possession, and Ito be attended to
soon'' whenever asked for. forced another
move. Without the knowledge OF the
December 9 deposited to the credit OF the
.f,tna in the bank a Bankers Realty and and
with the bank again for collection
Robins personal check for $4,000, also
lection check OF October % being then
returned 10 Morris and cancelled
| The passbook was then further changed
pei IN 1e s aes IS OF Of s ocfeSsr nSok for s end
| the other as of the same date for <a.ooo De,
ing made. It has not yet been ascertnined
who made these entries, but on the state
ment that the two collection checks We're
| certainly not in existence until December .,
the admission by Morris, Robins conn
Dental man. that The entries were takes
seems justified.
on December Robin still had $500 OF
the -9itna's money. borrowed" without Its
knowledge The examination began the
18TH and a departmental demand for the
missing psssbook made longer coneealment
| teresting transaction took place ROBIN
took his $500 note UP at the Northern
Bank by draf- on the Csrnsg1e ae, IanS' rus
giving such company, so the evidence Is.
his note and ample collateral. met the draft
first given e anernef nsenes on shs sof Mhies Ed Ed
ward P. Metcalf, director OF the sttna'
is PRESIDENT, where also he had 10 account
ments were Informed Of this transaction
apparently in time to stop 1t. Roo.n drsIt
on Providence was protested, ana the Car
negie Trust Company has his note ana col
thus paid
Record for District Attorney.
AS a consequence Of these transactions,
however, the departments ordered all FUNDS
of the 1Ftna and the Rochester company
withdrawn from the Northern Bank anG
the facts before the Banking Department
AS soon as the record is fully transcribed
1t viii be placed at the disposal OF the Dis
Superintendent G OF Insurance Hctchkiss
has taken possession of all Of the remain
ing sssefs f 81 Jne a1e he Tl,e later ~ company
Win VIII probabiy be Mauidated by the New
York department. There is undouotediy q
lFtna Indemnity Company, whose sfnall
surplus is unquestiona bly,. wiped put sno
whose capital is impaired Whether thls
company VII be rehahilitated Or relnsufeo
has not vet been determined
The testimony taken is Illuminating as TO
the methods OF endless chain finance ana
&c .boo1sft tn emphasize the rule insisted
on by the New York department. that the
pubic interests demand that when the
oensfei 0easee to o. new hands it must be informed
as to the Transaction and satisfied that
the new owners mean fair and are entltleo
to confidence.
The following statensent was given out
last night by the lF1tna. Indemnity Conn
pany::
In an interview with the officers of the
sFtna Indemnity Company the latter stated
that the report given ont by tne insuraIef
rarticulars They also said that as soon
as kncNledge of the manipulation by Mr.:
the Insurance. Department of Connecticut.
which co-opeTared. with the New YORK &c
partnnent in making full and detaiieo eNx
animation Of the financlal TRANSACTIONS ol
the AFFILIATED companies
In reference to the statement made IN the
repnr. OF the Insurance Department con
lions IF Nh. Robin. the officers Of the.
lFtna Indemnity Company stated that they
are firmly convinced that MI olitiiiEi Was
a victim of misplaced confidence IN Mr
Rohir and that when Mr.. Stun1pfs atten-
rion was called to the transactions of A1r.
Robin affecting. the Title and guarantee
Company he took immediate and effeeuve
u1ea suress to see that the 1Ftna Indemnity
Company and the Title and Guarantee Com
pany should not suffer in any manner from
As result of air. stun1pf's efforts thus
far Mr. Robin has been entirely eliminated
from the stock control Of the company.
and the officers of the .Etna Indemnity
COMPANY are now in a position 10 TRANSFER
the control of that company TO strong fnsn-
c.al. interests Negotiations With tins enc
irl view are nearing coIzipieeion
O H CheneE, state Superintendent of
Banks. issued q short statement in which
he said that the department had been
investigating the bank for several days.
and had determined to take possession
because of the conditions disclosed and
certain irregular transactions that had
taken place during the progress Of the
examination.
Arba X Afford. an examiner in the
department, was appointed q special
deputy superintendent of Banks. as
agent. TO assist superintendent Cheney
i'm The liquidation of the institution.
Deposits of Nearly 100000.
Mr. Cheney stated thatthe bank has
capital of 100000 and q book surplus at
the time of its last published statement, |
November 10 1910. Of S1S5,965 It's de- |
posits at that time were S6,912.3S2- No
further statement will be made by the |
SUPERINTENDENT of Banks until a com |
plete inventory Of the assets is OBJ |
tanned, il was said.
Robin, according to his friends, began |
showing signs Of mental arrangement |
several weeks ago He had organized |
trolley system 10 go across the !
Greensboro Bridge which he financed in !
one of his various companies, and had |
said that he expected to sell it TO the |
PENNSYLVANIA Railroad and clear up |
about s. 00O, 900 on the deal.
Robin had been hard pressed for funds |
from all sides in connection with his |
business enterprises during the last few |
weeks. and recently his affairs reached |
an acute stage, his friends say. Ten
days ago the clerks in the Offices in the |
Times Building were put to work nights |
with three hours allowance for sleep, |
and Robin is said TO have instituted |
other peculiar customs in his business |
offices
He knew that the Insurance and Bank |
ing departments were investigating his |
affairs. and he fell i'll under the strain |
LII H.