Fisk & Robinson (New York, NY)

Episode Information

Episode UID
1050771322
Episode Type
Suspension β†’ Closure
Bank Type
investment
Bank ID
105077 routing
Routing Number
1-0507
Start Date
February 1, 1910
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d11c546bb0ce1932

Response Measures

None

Events (2)
1. February 1, 1910 Receivership
Newspaper Excerpt
An involuntary petition in bankruptcy was filed by creditors ... and Bronson Winthrop was appointed receiver ... Shrinkage in the value of railroad bonds held by the firm caused the failure.
Source
newspapers
2. February 2, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shrinkage in market value of Buffalo & Susquehanna bonds and other underwritten securities led lenders to demand additional collateral which the firm could not supply.
Newspaper Excerpt
The suspension of Fisk & Robinson, a bond and banking house, whose failure came yesterday ... was announced at the opening of the stock exchange today.
Source
newspapers

Newspaper Articles (18)
1. February 2, 1910 The Times Dispatch Richmond, VA
Article from The Times Dispatch, February 2, 1910

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FISK AND ROBINSON FAIL FOR A MILLION Big New York Bond and Banking House Goes Into Bankruptcy. New York, February 1.-Fisk and Robinson, bond dealers, and members of the New York Stock Exchange, failed for $1,000,000 to-day. An involuntary petition in bankruptcy was filed by creditors in the United States District Court late this afternoon, and Brinson Winthrop was appointed receiver, with a bond of $10,000. Shrinkage in the value of railroad bonds held by the firm caused the failure. The failure is one of the largest since the panic of 1907, not SO much as liabilities are concerned, but in view of the importance of the firm, which has branches in Chicago, Boston and Worcester, Mass. The offices are at 35 Cedar Street. The firm was founded in 1899. The business of the firm was principally banking business, and the floating of bonds. The petition in bankruptcy was filed with the full consent of the firm, its members having concluded that this was the only way to avoid further losses for itself and its creditors. A statement issued by the receiver to-night says the firm's secured obligations will amount to approximately $5,000,000 and the unsecured debts to more than $1,000,000. "The cause of the failure." says the statement. "is attributed by the members of the firm to the shrinkage in market value of the 41-2 per cent. bonds of the Buffale and Susquehanna Railway Company, and the preferred stock of the Buffalo and Susquehanna Railroad Company, of which the firm was carrying a large amount. These securities were all in loans, and as the market value diminished, the lenders holding these securities as collateral. have from time to time required additional collateral. "There are other securities owned by the firm which have not as yet a general market, and could not be realized on in time to meet the demands for additional margin on the secured loans and the demands of unsecured cerditors." Little surprise was manifested at the failure in banking circles. where it was said that the firm had received several extensions of credit during the past year. Among the roads whose bond issues the firm endeavored to float were the Louisiana and Arkansas Railway. San Antonio and Arkansas Pass and Gulf and Ship Island. These issues have had no very satisfactory market. and added to the drain on the firm's resources.

2. February 2, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 2, 1910

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Fisk & Robinson, New York, Forced to the Wall. Secured Liabilities, $5,000,000--Unsecured, $1,000,000. Cause, Shrinkage of Certain Bonds And High Cost of Living. New York, Feb. 1.-Fisk & Robinson, bond dealers and members of the New York Stock Exchange, failed for a million dollars today. An involuntary petition in bankruptcy was filed by creditors in the United States district court late this afternon and Bronson Winthrop was appointed receiver with a bond of $50,000. Shrinkage in the value of railroad bonds held by the firm caused the failure. The failure is one of the largest since the panic of 1907, not so much as liabilities are concerned, but in view of the importance of the firm, which has branches in Chicago, Boston and Worcerter, Mass. The firm was founded in 1899 by Harvey Edward Fisk, the eldest son of Harvey Fisk, the banker, and George N. Robinson, who had been in the employ of the banking firm of Harvey Fisk & Sons. Mr. Robinson is a member of the Stock Exchange, but the business of the firm was principally banking business and the floating of bonds. The petition in bankruptcy was filed with the full consent of the firm, its members having concluded that this was the only way to avoid further losses for itself and its creditors. A statement issued by the receiver tonight says the firms secured obligations will amount to approximately $5,000,000 and the unsecured debts to more than $1,000,000. The cause of the failure," says the statement, "is attributed by the members of the firm to the shrinkage in (Continued on Page Twelve.)

3. February 2, 1910 The Washington Herald Washington, DC
Article from The Washington Herald, February 2, 1910

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BIG BANKING FIRM IN NEW YORK FAILS Fisk & Robinson's Liabilities Are $7,000,000. VARIOUS CAUSES ASCRIBED Suspension Said to Be Due to,Heavy RailUndertakings on Behalf of road, Depression in Bond Market, and High Cost of Living-House Was a Well-known One. York, Feb. 1.-The banking house the New Robinson, prominent among and in government, and other investment city to-day. The firm's of houses Fisk failed bonds dealing & representa- State, approxi- securi= ties, the liabilities were $7,000,000, of which more was unsecured. The than those of any $1,000,000 mately tives greater said liabilities suspended other than pri- are thus banking house which has some was due The on behalf of the for vate undertakings failure time. directly system. to Buffalo heavy The Susquehanna Railroad Buffalo and $800,000 bonds of Susquehanna Railway Company preferred stock of its and firm owned the subsidiary, Railroad and $1,200,000 and Susquehanna the and was unable to except at a had acted as these Company, Buffalo securities It fiscal very dispose agent and heavy had for of loss. for several years, than the in it otherwise become owned outright at was the The and the securities system suspension. involved railroad house, the time in a of promotion of the banking wealthy coal joint Goodyear, the the people of Buffalo, its and has failed to earn the present Messrs. lumber and due up fixed to to the failure was also and in the bond the cost of living. Joseph firm's charges. Indirectly depression high market the Stanley to the the manager of it W. said the firm had offices, difficult to dispose of imtremely Brown, found high-grade living into exbecause the high cost of funds bonds investors to put their income resecurities pelled yielding a higher turn. Good Basis a Year Ago. On ago the firm made $1,250,000 a statement over A year that it was worth has taken showing Since that time it cent liabilities. issue of $7,000,000 3 per secured unaided an canal bonds, and has New allotments in sales bonds. It has also in substantial New York been dealers of known York City of the heaviest of the as one States government bonds. United of the firm are Fisk The George H. Robinson. and members late Harvey Mr. Harvey E. Fisk second son of the better-known is the founded the even Harvey Fisk, who of Harvey Fisk & Sons. firm up house member of that E. brothers, to Fisk in was partnership a with his Fisk. Mr. 1899, J. Fisk and Pliny Charles was an employe of went with Harvey Robinson Sons, and Harvey & Robinson E. Fisk Fisk & organization of Fisk exchange on the Mr. Fisk was the stock member. in 1899. had spacious offices at generally Cedar The William firm streets, and was priand accounted as standing well up among vate banking houses. Liabilities $1,000,000. New York, Feb. 1.-Irving L. Ernst.

4. February 2, 1910 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, February 2, 1910

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FISK & ROBINSON'S SUSPENSION ANNOUNCED New York, Feb. 2.-The suspension of Fisk & Robinson, a bond and banking house, whose failure came yesterday when an Involuntary petition in bankruptcy was filed, was announced at the opening of the stock exchange today. As a result of the unexpected news after the close of yesterday's business on the exchange the market today opened with declines running from substantial fractions to a point or so with a considerable volume of liquidation by speculators who had not recovered from nervousness caused by the market break of a couple of weeks ago. The failure was due to the shrinkage in the market value of certain bonds which the firm had underwritten. That caused the banks which had loaned money on the, securities to demand additional security which the firm was unable to supply. The receiver estimates that the secured obligations of the firm will amount to about $5,000,000 and the unsecured obligations to more than $1,000,000. LIABILITIES AND ASSETS. Boston. Feb. 2.-The liabilities of Fisk & Robinson, bankers, of New York, Boston, Chicago and Worcester, who falled yesterday, amount to nearly $7,000,000. Manager W. A. Tracy of the Beston office today Issued the following statement of the firm's condition as ascertained last Friday: Assets-Cash, $61,915: loans receivable, $2,122,358; securities, $4,428,444: accounts receivable, $225,250; furniture and fixtures, $10,000. Total, $6,847,967. Liabilities-Loans payable. $5,276,520; deposits, $1,212,349: accounts payable, $246,405: balance in excess of assets, $112,643. Total, $6,847,967.

5. February 2, 1910 Arizona Republican Phoenix, AZ
Article from Arizona Republican, February 2, 1910

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THE HIGH COST OF LIVING Said to Be Indirectly Responsible for Collapse, Investors Being Compelled to Seek Higher IncomeProducing Securities. New York, Feb. 1.-Fisk & Robinson, bond dealers and members of the New York stock exchange, failed for a million dollars today. An involuntary petition in bankruptcy was filed by creditors in the United States district court. Shrinkage in the value of Buffalo & Susquehanna railway stock and bonds held by the firm caused the failure, which is one of the largest since the panic of 1907, not so much in the volume of the liabilities as in view of the importance of the firm, which has branches in Chicago, Boston and Worcester. The business of the firm was principally banking and floating bonds. The petition in bankruptcy was filed with the full consent of the firm, its members having concluded that this was the only way to avoid further loss for itself and for its creditors. A statement issued by the receiver the firm's secured obliwill gations tonight says approximate $5,000,000, and its unsecured debts will exceed $1,000,000. Little surprise at the failure was manifested in banking circles, where it was said the firm had received sΓ©veral extensions of credit in the past year. In addition to the securities mentioned, the firm is also identified with a number of small railways and several independent telephone companies in Pennsylvania and Ohio. Among the roads whose bond issue it endeavored to float were the Louisiana & Arkansas railway; the San Antonio & Arkansas, and the Aransas Pas, Gulf and Ship Island. These issues had no satisfactory market and added to the drain on the firm's resources. The high cost of living indirectly caused the failure according to Joseph Stanley Brown, manager of the New York office. He said it was becoming more difficult every day to sell bonds. because the high cost of living has driven investors to search for securities that bring a higher income than that offered by bonds.

6. February 2, 1910 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, February 2, 1910

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FISK AND ROBINSON SUSPEND Seven Million Dollar Banking House Could Not Withstand Pressure COST OF LIVING IS BLAMED Had Underwritten Securities That Were Shrinking in Values. New York, Feb. 2.-The suspension of Fisk and Robinson, the bond and banking house, whose failure came yesterday when an involuntary petition in bankruptcy was filed, was announced at the opening of the stock exchange today. The liabilities of the firm are said to amount to $7,000,000. The failure is said to be due to the shrinkage of the market value of certain bonds which the firm had underwritten. The failure had a depressing effect on the market. Blame High Cost of Living. New York, Feb. 2.-Fisk & Robinson, bond dealers and members of the New York stock exchange, failed for a million dollars yesterday. An involuntary petition in bankruptcy was filed by creditors in the United States district court and Bronson Winthrop was appointed receiver with a bond of $50,000. Shrinkage in the value of Buffalo and Susquehanna railway stocks and bonds held by the firm caused the failure. The failure is one of the largest since the panic in 1907, not so much as liabilities are concerned, but in view of the importance of the firm which has branches in Chicago, Boston and Worcester. The firm was founded in 1899 by Harvey Edward Fisk the eldest son of Harvey Fisk, the banker, and by George Robinson who had been in the employ of the banking firm of Harvey Fisk & Sons. Mr. Robinson is a member of the stock exchange but the business of the firm was principally banking and the floating of bonds. The petition in bankruptcy was filed with the full consent of the firm, its members having concluded that this was the only way to avoid further losses. A statement issued by the receiver last night says the firm's secured obligations will approximate $5,000,000, and the the unsecured debts will exceed $1,000,000. Little surprise at the failure was manifested in banking circles where it was said the firm had received sevof In addition to year. eral extensions credit the in securities the last mentioned the firm was also identified with a number of small railways and several independent telephone : companies in Pennsylvania and Ohio. The firm had large holdings in t Louisiana& Arkansas railway, San / Antonio & Arkansas Pass and Gulf & : Ship Island. These issues have had no very satisfactory market and added to the drain on the firm's resources. The high cost of living indirectly the caused failure, according to of Jos- the eph Stanley-Brown, manager New York offices. He said that it was becoming more difficult each day to sell bonds because the high price of living has driven investors to search e for securities bringing a higher income than that offered by bonds.

7. February 2, 1910 The Ogden Standard Ogden, UT
Article from The Ogden Standard, February 2, 1910

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FAILURE OF $7,000,000 New York Banking House Closed by the Shrinkage in Bonds New York, Feb. 2.-The suspension of Fisk & Robinson, a bond and bank ing house, whose failure came yesterday when an involuntary petition in bankruptcy was filed, was announced at the opening of the stock exchange today. As a result of the unexpected news after the close of yesterday's business on the exchange the market today opened with declines running from substantial fractions to a point or so, with a considerable volume of liquidation by speculators who had not recovered from nervousness caused by the market break of a couple of weeks ago, The failure was due to the shrinkage in the market value of certain bonds which the firm had underwritten. That caused the banks which had loaned money on the securities to demand additional security which the firm was unable to supply. The receiver estimates that the secured obligations of the firm will amount to about $5,000,000 and the unsecured obligations to more than $1,000,000. Boston, Feb. 2.-The liabilities of Fisk & Robinson, bankers of New York, Boston, Chicago and Worcester, who failed yesterday, amounted to nearly $7,000,000 Manager Tracy of the Boston office today issued a statement of the firm's condition as ascertained last Friday.

8. February 2, 1910 The Calumet News Calumet, MI
Article from The Calumet News, February 2, 1910

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BIG FAILURE IN NEW YORK Suspension of Fisk & Robinson Announced on the Stock Exchange Today. LIABILITIES SEVEN MILLIONS Assets Figured at $112,643 Less Than That Amount-Said Unsecured Obligations Will Total More Than Million. New York, Feb. 2.-The suspension of Fisk & Robinson, a bond and banking house, which occurred late yesterday afternoon, was announced on the stock exchange today and caused some declines in stock prices and considerable liquidation. The firm's liabilities are now estimated at nearly $7,000,000, while its assets are figured at $112,643 less than that amount. It was announced early in the day that the receiver estimated the unsecured obligations will total more than $1,000,000. The shrinkage in the value of railroad bonds held by the firm caused the failure. The firm has branches in Chicago and Boston. The manager said that it was increasingly difficult to sell bonds, because of the high cost of living: this had driven investors to search for securities bringing higher incomes.

9. February 2, 1910 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, February 2, 1910

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FISK-ROBINSON CRASH CAUSES SHAKY MARKET Business Opens with Declines Running from Substantial Frac= tions to Point or So. NEW YORK, Feb. The suspension of Fisk & Robinson, the bond and banking house, whose failure came yesterday when an involuntary petition in bankruptcy was filed against the firm, was announced at the opening of the Stock Exchange today. As a result of the unexpected news after the close of yesterday's business on the exchange, the market today opened with declines running from substantial fractions to a point or so, with a considerable volume of liquidation by speculators who had not recovered from nervousness caused by the market break of a couple of weeks ago. The failure was due to the shrinkage in the market value of certain bonds which the firm had underwritten. That caused the banks which had loaned money on the securities to demand additional collateral, which the firm was unable to supply. / The receiver estimates that the secured obligations of the firm will amount to about $5,000,000 and the unsecured obligations to more than $1,000,000. It was the financing of obscure, though promising, properties that reacted on the firm's credit, it is said. This reaction was brought about by the utter stagnation of the bond market, where government bonds are quoted at about par and city bonds are going begging. "Conservative investors, who favor city and government bonds, are not satisfied with the small return on their money from these investments." said Joseph Stanley W. Brown, manager of Fisk & Robinson and one of its .petitioning creditors, today. "They are sacrificing security to income because the cost of living has so greatly in-

10. February 2, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, February 2, 1910

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News of the Day. Joseph G. Waters, for many years prominent Georgetown business died yesterday. The Genesee Hotel, at Leroy, N. was partly wrecked and 21 persons hurt by R natural gas explosion. Mrs. Phillip W. Webster, 42 old, of Niagara Falle, yesterday birth 10 her twenty-sixth child. married at the age of 16. Five pairs twins and one set of triplets were cluded in the number. Dr. William Penn Compton, & known physician of Washington dropps desd yesterday afternoon while on one of bis patients. Dr. Compto was 45 years old,a son of the late Compton, of Maryland. Inspector Henry G. Beyer, or geon Charles F. Stokes will be the surgeon general of the United navy, according to the present indic tions, to suceeed Admiral P. M. Rixe the incumbent. The latter's term expire 108800009 "14 pus exed Security uc be named within a few days. Henry V. Wold, a city conneilms and clerk in the Southern Railws office in Lonisville, Ky., choked death yesterday on a piece of which he was eating at R lucch count in 8 saloon. Mr. Wolff had taken a few bites when he grew black the face and fell to the floor. A sicisn WSS called, but Mr. Wolff dead before the doctor arrived. Support combining both backing challenge have deen accorded Presider Taft by two caucases within the past bonrs, one by the frightened regulars from New York State, other from the H Juse "insurgents, acted in the of enemies only implied susp cion of the honesty of administration's declared pu Ρ€ΠΎΡ‡Π΅Π΅. CRUCOSES, howaver, avoided taking ive positions on the subject of changio the House rules, Life-severs watched all of yesterds in vain for the crew of the three-maste schooner Francie, which went to piece on the shoals between the E atterss and Big Kinnskeet life-aavio -lations. That no dead budies washed np on the beach is probably to the fact that the men fell prey to * veral schools of maneating hich are said to have Infested waters of Cape Hateras within the week. The first congressional reception sinc the establishment of a new regime at White House, heretofore one of the overcrowded functions of the winter passed into history last night with a few more than 1,300 guests. In tion to the leaders of the two houses Congress and many of their followers there were present to greet the presider and Mrs. Taft and isters, accompained by their families, Supreme Court justices and 3 number from residential circles. The banking house of Fisk & inson, of New York, prominent amos the howies dealing in government, and city bonds and other investment securities, failed yesterday. The firm' representatives said the liabilities 0102 ;0 '000'000'2$ more than $1,000,000 18 unsecared

11. February 2, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, February 2, 1910

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BOND HOUSE FAILS. Fisk and Robinson Have Million In Unsecured Claims. NEW YORK, Feb. 2.-The representatives of the banking house of Fisk & Robinson, which dealt large ly in government, state and city bonds, say the liabilities of the failed firm are approximately $7,000,000, of which more than $1,000,000 1s unsecured." The liabilities are greater than those of any other banking house*that has suspended since long before the panic of 1907. The failure was due directly to heavy undertakings on behalf of the Buffalo & Susquehanna railroad system. The firm owned $800,000 bonds of the Buffalo & Susquehanna Railway Co., and $1,200,000 preferred stock of its subsidiary, the Buffalo & SusquΓ©hanna Railway Co., and was unable to dispose "of" these securities except at a very heavy loss. It had acted**as fiscal agent for the system for several years and had become involved in 4th otherwise than in *the securities owned soutricht at athe time of the. suspension. The railroad was a joint promotion of the banking house, and the Messrs. Goodyear, the wealthy coal and lumber people of Buffalo. and up to the present has failed to earn its fixed charges. Indirectly the failure was also due to the depression' ih' the bond market, and to the high cost of living. Joseph Stanley W. Brown, The manager of the firm's offices,' said* the firm had found*it extremely difficult to dispose of high grade bonds because the high cost of living impelled investors to put their funds into securities yielding a, higher income, return.

12. February 2, 1910 Evening Star Washington, DC
Article from Evening Star, February 2, 1910

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BIG BANK FAILURE Debts of Fisk & Robinson Are Almost $7,000,000. BONDS SHRINK IN VALUE High Food Prices and Hocking Pool Collapse Aid Disaster. BANKS ASK MORE SECURITY Secured Debts of Firm Said to Be $5,000,000-No Other Houses Involved. Wall Street Failures in Past Eight Months $3,000,000 Fish & Robinson 1,000,000 Lathrop. Haskins & Co 2,000,000 J. M. Fisk & Co. 3,000,000 Roberts. Hall & Criss 1.250,000 Tracy & Co 180,000 Freeman. Rollins & Co $10,430,000 Total NEW YORK. February 2-The suspension of F'sk & Robinson, the bond and banking house, whose failure came yesterday. when an involuntary petition in bankruptcy was filed against the firm, was announced at the opening of the stock exchange today. As a result of the unexpected news, after the close of yesterday's business on the exchange, the market today opened with declines running from substantial fractions to a point or so, with a considerable volume of liquidation by speculators, who had not recovered from nervousness caused by the market break of a couple of weeks ago. Fisk & Robinson have branch offices in Chicago, Boston and Worcester, Mass. Their liabilities amount to $6,847,968. Of that sum $1,212,349 was money placed with the firm on deposit. The assets, if they could be realized at the figures set upon them last Friday by the firm, would exceed the liabilities by $112,644: but in view of the fact that $4,428,444 are in securities which are virtually unmarketable at this time, the deficit is apparently great. Bond Shrinkage Caused Failure. The direct cause of the failure, according. to the official statement of the receiver, was the shrinkage in the market value of the 4Β½ per cent bonds of the Buffalo and Susquehanna railway, of which the firm was carrying a large amount. That caused the banks which had loaned money on the securities to demand additional col ateral. This the firm was unable to supply. Indirectly, according to an employer of the house, the failure could be attributed to three things: First, the advance in the cost of living; second, the collapse of the Hocking pool, and third, the action of the United States government in casting out municipal bonds from the list of securities to be accepted as deposit for circulation.

13. February 2, 1910 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 2, 1910

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FAIL FOR A MILLION. Fisk and Robinson File a Petition in Bankruptcy. New York Feb. 2.-Fisk & Robinson. bond dealers and members of the New York Stock Exchange. have failed for a million dollars. An involuntary petition in bankruptcy has been filed by creditors in the federal court and Bronson Winthrop was appointed receiver with a bond of $50,000. Shrinkage in the value of Buffalo & Susquehanna railway stocks and bonds and bonds held by the firm caused the failure. The failure is one of the largest since the panic of 1907. not so much as liabilities are concerned. but in view of the importance of the firm. which has branches in Chicago, Boston and Worcester. The firm was founded in 1899 by Harvey Edward Fisk, the eldest son of Harvey Fisk. the banker. and George Robinson, who had been in the employ of the banking firm of Harvey Fisk & Sons. The business of the firm was principally banking business and the floating of bonds. The petition in bankruptcy was filed with the full consent of the firm, its members having concluded that this was the only way to avoid further losses. A statement issued by the receiver says the firm's secured obligations will amount to $5,000,000 and the unsecured debts to more than $1.000.000. Little surprise was manifested at the failure in banking circles. where it was said that the firm had received several

14. February 3, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 3, 1910

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Fisk & Robinson Failure Affects Stock Market. New York Bankers Do Not Fear for Other Bond Houses. Bronson Winthrop Appointed Receiver at Chicago and Boston. New York, Feb. 2.-The suspension of Fisk & Robinson, the bond and banking house. whose failure came yesterday when involuntary petition in bankruptcy was filed against the firm, was announced at the opening of the Stock Exchange today. As a result of the unexpected news after the close of yesterday's business on the Exchange, the market today opened with declines running from substantial fractions to a point or so, with considerable volume of liquidation by speculators who had not recovered from their nervousness, which was caused by the market break of a couple of weeks ago. The banks holding securities as collateral for loans made to the concern are being urged to retain the securities for the time being and not sacrifice them in the present market. It was the opinion of bankers that there would be no serious disturbance, for the reason that the banking and bond house was not a heavy holder of stocks or of bonds which were handled en the Stock Exchange. The principal creditors are a number of interior banks and these institutions are secured. Local banks do not figure to an appreciable degree as creditors of the firm. The best judgment of the banking community is that no other bond houses are in danger. A detailed statement of the condition of the firm will not be forthcoming until the end of the week.

15. February 3, 1910 The Oskaloosa Herald Oskaloosa, IA
Article from The Oskaloosa Herald, February 3, 1910

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BIG BOND FIRM IN BANKRUPTCY Fisk & Robinson of New York Fail. LIABILITIES ARE $6,735,324 Failure Is Due to Financing of Buffalo & Susquehanna RailwaySecurities Were Unsalable. New York, Feb. 2.-Wall street was astonished to get the news over the ticker that Fisk & Robinson, one of the most reputable bond and banking houses in the street, had been thrown into bankruptcy on the petition of three small creditors. The alarm of the street was further increased when the full extent of the failure was disclosed by the statement of Receiver Bronson Winthrop of the firm of Winthrop & Stimson. Liabilities Over Six Millions. The firm's liabilities are given at $6,735,324. while the assets are claimed to be $112,644 in excess of that figure In view of the fact that the firm was unable to meet the call of the banks for loans made on some of its securities, it is likely that the depression following the failure will cause a loss of from $1,000,000 to $3,000,000 to the creditors. The cash from depositors alone totals $1,212,349.12. Financed Small Railroad. The failure is directly due to the financing of the Buffalo & Susquehanna railway, a short line running from Buffalo into Pennsylvania and joining the Buffalo & Susquehanna railroad. The firm owns $1,200,000 bonds of the railway which have no market, and $700,000 of the preferred stock of the railroad, which is quoted at 70 and is equally unsalable. The unsalability of the securities, with the lack of activity in the others held by the firm, brought about the liquidation. It was the financing of obscure though promising properties that reacted on the firm's credit. This reaction was brought about by the utter stagnation in the bond market, where government bonds are quoted at par or below, and railroad bonds are going begging. The high cost of living is given as one of the principal contributing causes to the present unpopularity of high grade bonds, the income being insufficient to meet the demands of the times. The firm had branch offices in Boston, Worcester, Mass., and Chicago, and membership in the New York stock exchange.

16. February 3, 1910 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, February 3, 1910

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Plenty of Investigating, Anyway. n. Bond Shrinkage Caused Failure of Big Brokers Fisk & Robinson, Declared Bankrupt Tuesday, Are Suspended from Stock Exchange. / NEW YORK, Feb. 2.-The suspension of Fisk & Robinson, the bond and banking house, whose failure came yesterday when an involuntary petition in bankruptcy was filed, was announced at the opening of the stock exchange today. As a result of the unexpected news after the close of yesterday's business on the exchange, the market today opened with declines running from substantial fractions to a point or so with a considerable volume of liquidation by speculators who had not recovered from nervousness caused by the market break of a couple of weeks ago. The failure was due to the shrinkage in the market value of certain bonds which the firm had underwritten. That caused the banks which had loaned money on the securities to demand additional collateral, which the firm was unable to supply. The receiver estimates that the secured obligations of the firm will amount to about $5,000,000 and the unsecured obligations to more than $1,000,000. BOSTON, Feb. 2.-The liabilities of Fisk & Robinson, brokers of New York, Boston, Chicago and Worcester, who failed yesterday, amount to nearly $7,000,000. Manager W. A. Tracy of the Boston office today issued the following statement of the firm's condition, as ascertained last Friday: Assets-Cash, $61,915; loans receivable, $2,122,358; securities, $4,428,444; accounts receivable, $225,250; furniture and fixtures, $10,000; total, $6,847,967. Liabilities-Loans payable, $5,276,570; deposits, $1,212,349; accounts payable, $246,406; balance in excess of assets, $112,643; total, $6,847,967.

17. February 3, 1910 The Oskaloosa Herald Oskaloosa, IA
Article from The Oskaloosa Herald, February 3, 1910

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BIG BOND FIRM IN BANKRUPTCY Fisk & Robinson of New York Fail. LIABILITIES ARE $6,735,324 Failure is Due to Financing of Buffalo & Susquehanna RailwaySecurities Were Unsalable. New York, Feb. 2.-Wall street was astonished to get the news over the ticker that Fisk & Robinson, one of the most reputable bond and banking houses in the street, had been thrown into bankruptcy on the petition of three small creditors. The alarm of the street was further increased when the full extent of the failure was disclosed by the statement of Receiver Bronson Winthrop of the firm of Winthrop & Stimson. Liabilities Over Six Millions. The firm's liabilities are given at $6,735,324, while the assets are claimed to be $112,644 in excess of that figure In view of the fact that the firm was unable to meet the call of the banks for loans made on some of its securities, it is likely that the depression following the failure will cause a loss of from $1,000,000 to $3,000,000 to the creditors. The cash from depositors alone totals $1,212,349.12. Financed Small Railroad. The failure is directly due to the financing of the Buffalo & Susquehanna railway, a short line running from Buffalo into Pennsylvania and joining the Buffalo & Susquehanna railroad. The firm owns $1,200,000 bonds of the railway which have no market, and $700,000 of the preferred stock of the railroad, which is quoted at 70 and is equally unsalable. The unsalability of the securities, with the lack of activity in the others held by the firm, brought about the liquidation. It was the financing of obscure though promising properties that reacted on the firm's credit. This reaction was brought about by the utter stagnation in the bond market, where government bonds are quoted at par or below, and railroad bonds are going begging. The high cost of living is given as one of the principal contributing causes to the present unpopularity of high grade bonds, the income being insufficient to meet the demands of the times. The firm had branch offices in Bos(on, Worcester, Mass., and Chicago, and membership in the New York stock exchange.

18. February 3, 1910 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, February 3, 1910

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WALL STREET BANKERS FAIL FOR $7,000,000 Fisk & Robinson Held Too Many Railroad Bonds. The New York banking house of Fisk & Robinson, prominent among the Wall street houses dealing in government, state and city bonds and other investment securities, failed on Tuesday, with liabilities of $7,000,000, of which more than $2,000,000 is unsecured. The liabilities are greater than those of any other private banking house which has suspended in the last five years. The failare was due directly to heavy undertakings on behalf of the Buffalo and Susquehanna railroad system. The firm owned $800,000 bonds of the Buffalo and Susquehanna Railroad company and $1,200,000 preferred stock of its subsidiary, the Buffalo and Susquehanna Railway company, and was unable to dispose of these securities except at a very heavy loss. It had acted as fiscal agent for the system for several years and had become involved in it otherwise than in the securities owned outright at the time of the suspension. The railroad was a joint promotion of the banking house and the Messrs. Goodyear, the wealthy coal and lumber people of Buffalo, and up to the present has failed to earn its fixed charges. The members of the firm are Harvey E. Fisk and George H. Robinson. Mr. Fisk is the second son of the late Harvey Fisk, who founded the house of Harvey Fisk & Sons. In addition to its business in government, state and municipal bonds, the firm was also busy in floating the securities of railroad and industrial companies in the interior.