The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-12-29
ROBIN BACK and SECLUDED


hutton passed on Monday evening by tn,
directors Of the Northern BANK nance
two officers Of the bank as parties e
the irregularities. The Banking Depart
ment has IA copy Of the resolution.
BANKS BID FOR SoRTHERS's DEPosIToRs
The banking Department had no OF
fetal statement to make yesterday con
corning tn. condition of the Northern
Bank The best information obtainabl.
pat tho loss from Robins operations al
more than tSUD. OID. The capital and sur
this estimate ~ correct the depositors
may expect eventual payment IN full
even II the bank should not reopen he
EXPENSES OF a receiv-rship under the
banking Department being comparatively
iittle
prominent downtown banker .x-
pressed the opinion yesterday that IN.
Northern depositors would get quick
dividends Of good size and said that he
had told bankers in the upper part OF
the city that they ought to be- quite ready
TO advance at least 81 per cent on IN.
paas books Of depoeitors II they wished
to secure part VI the banks BUSINESS.
That there was quite a scramble. for
this business was evin0ed by the expert
snce OF one man. who said that ten banks
had solicited his account The banker
who thought 30 well Of the chances OF
back sand that IN his opinion II the as
gets VI the Fidelity Development Com
pany. tine Robin concern which Ia turn
ing the old Morris Park racetrack into
building lots: We're conserved. the de-
positorS would undoubtedly be paid in
full What might happen to the stock
holders. he said. was another matter
which wasn't 10 important. since Robin
owned % 20 per cent. Of the stock. II
was this man also who said that the
a. II ~. u
was about the finest possible and that i,
seemed too bad that Robins manipula-
tons should have prevented the pur-
chase OF the property by the Fourth
National Bank.
James NJ Clifford. attorney for tn.
Northern. and one Of its directors said
that AZ least two-thirds of the deposits
were covered by quick assets There was
also "A lot Of commercial paper and Fl
deity Development and other Robin
securities. The Fidelity's property con-
sisss Of 1000 lots which were valued five
years ago At from 81 800 TO 5000 eac.,
That was before there were transporra-
ton facilities. but now the New York
We~chester and Bosfo on Railroad runs
through the property and has a q; alton
there Mr. Clifford though we'll 81 several
OF her schemes OF which Robin was the
active head He said that the trouble
was hat Robin had been doing big things
wit h other people money. Robins hold
ings in the Fidelity. Mr. Clifford said. were
in the hands Of a voting trust controlled!
He added that the Nort bern could have
been sold recently for sIs5 a share. but
that the offer was turned down
Although Bank Superint endent Cheney
refused 10 discuss the siruai ion il was
learned thar in the opinion Of his depart
before a ~ at ernent showing the depoei-
tors fate can he made Claims against
th. bank may be filed for three mont hs
and all such claims will have TO be
examined very carefully The determine
I ION OF the condirl ION Of the Northern is
thar the bank has great deal Of CONNER
cial paper and thar a man who NAV q
perfectly good pay il apt to be slow about
paving when he has got all there IL to g.,
our Of an institution.
THINGS LOON WORSE. SAYS HoTCHKIss.
Supt Hotchkiss Of the Insurance De-
parrment. who ~ continuing his invest =
CATION OF Robins operaf ions. while not
inclined 20 go into details implied tina,
the invest igaiion has developed some
startling things IL il understood tina,
tbs. discovery has been made thar Robin
OF her company. the name Of which is being
withheld. When asked whet her the con :
tinued investigation of Robins affairs
showed . better or worse state Of things
than was at first supposed the Superin-
tandent answered THAT condi, ions were
decidedly worse than had been supposed
He refused to explain. saying that 70 reveal
the details would hamper the invest ga
tors
Tho department will decide to-day as
20 whether the Etna Indemnity COMPANY
Of Hartford viii be allowed TO continue in
business Theodore II Macdonald. In
surance Commissioner Of Connectir,t.
will he here 70 talk the situat ion over
again with Supt Hotchkiss
Anthony Stumpf. vice president OF th..
Ktna. called on Snpt. Cheney Of the
Barking Department Yesterday and had
n long conference with Mr. Cheney
Chief Examiner Charles Hughes OF the
Insurance Department went over the
books OF the Robin concerns with Theodore
Werner. Office manager for 'he Fidelity
Security companies. His report show al
that ". v. Lomax. secretary Of the !Ftna
Indemnity Company. had been in the
habit OF signing checks in blank. that there
were checks from which Robins name
bookkeeping OF Robins concerns had
been left TO care for itself in some in
stances, the last entry in the books Of
the Babylon Railroad Company being
Of March 81. 1910. The books OF the
written up 70 within a few weeks
Deputy Attorney General Tanner OBJ
tanned yesterday from Justice Amend an
order TO the directors. stock holders
trustees or officers OF the Title and Guar.
antes Company OF Rochester 20 show
cause why tho entire business affairs OF
the Title and Guarantee Company should
not ID turned over TO Supt Hotchkiss
Aieanwh lille the officers. directors and stock
holders can do nothing with the AT airs OF
the company.
sAvSNus BANK ENvosCEs 90 DAT RIFLE
Tho Washington Savings Bank. a,
Fifty ninth street and Eighth avenue
Of which Robin 10 president, forostalIoi
the possibility Of a scrious run yesterday
oy putting " force ia right 70 defer pay
Tho state Banking Department arc max
ING the regular periodical exMminatiOn
OF this bank. but 10 waa said az tho de-
parSm@nt that the sxRminat ton had no