15858. Fisk & Robinson (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
February 2, 1910
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
f738253a

Response Measures

None

Description

Fisk & Robinson was a New York bond and banking house that filed (or was placed under) an involuntary petition in bankruptcy and had a receiver appointed (Bronson Winthrop). Reports cite shrinkage in value of Buffalo & Susquehanna bonds and other underwritten securities as the direct cause. There is no description of depositor runs; the firm was suspended and placed in receivership (permanent closure).

Events (1)
1. February 2, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shrinkage in market value of bonds (notably Buffalo & Susquehanna securities) that the firm underwrote, leading banks that had loaned on those securities to demand additional collateral which the firm could not supply; involuntary bankruptcy petition filed and receiver (Bronson Winthrop) appointed.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (18)
1. 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.

2. 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 séveral 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.

3. February 2, 1910 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, February 2, 1910

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FAILED FOR $7,000,000. Break of New York Bond and Baking House a Bad One. New York Geb. 2.-The suspension of the Fisk & Robinson bond and banking house, which occurred late yesterday afternoon, was announced on the stock exchange today and caused some declines in stoc prices and considerable iiquitation. mL a 11 firm's lichilities are now estimated at nearly $7,000,000. while the assets are figured at $112,643 less than that amount. It was announed early in the day that the receiver estimated the unsecured obligations will total more than $1,000,000.

4. February 2, 1910 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, February 2, 1910

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BIG BOND FIRM GOES UNDER IN NEW YORK. New York, Feb. 2.-The suspension of Fisk & Robinson, a bond and bank ing house, whose failure came yes. terday 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 seven million dollars. The failure is said to be due to the shrinkage in market value of certain bonds which the firm had underwritten. The failure had a depressing effect on the market.

5. February 2, 1910 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, February 2, 1910

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A BIG BANKING FIRM CALLO FAILS-STOCKS DECLINE Widely Known Firm of Fisk & Robinson Goes to the Wall.-Failure Creates a Sensation on the New York Stock Exchange. VALUE OF BONDS DECREASED [By Associated Press. ] New York, Feb. 2. -The suspension of Fisk & Robinson, 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 market today opened with declines running from substantial fractions to a poir 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. Failure of this firm was due to a shrinkage in the market value of certain bonds which the firm had underwritten.

6. February 2, 1910 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, February 2, 1910

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BIGGEST BANK CRASH IN YEARS Fisk & Robinson of New York Go Under With Liabilities of $7,000,000. HIT BY COST OF LIVING Depreciation of the Value of Stocks Biamed-Has $1,000,000 in Unsecured Obligations. New York, Feb. 2.-The suspension of the Fisk & Robinson bond and banking house, which occurred late asterday afternoon, was announced on the stock exchange today and caused some declines in stock prices and considerable liquidations. The firm's liabilities are now estimated near $7,000,000, while the 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. Did Big Business. New York, Feb. 2.-The banking house of Fisk & Robinson, prominent among the houses dealing in government, state and city bonds and other investment securities, failed yesterday. The firm's representative said the liabilities were approximately $7,000,000, of which more than $1,000,000 is unsecured The liabilities thus are greater than those of any other private banking house which has suspended since the panic of 1907. The concern has branches in Chicago, Boston, and Worcester, Mass. Indirectly the high cost of living is blamed for the failure because it made it hard to sell high grade bonds and the market was affected. An involuntary, petition in bankrupts cy was filed by the creditors in the United States district court 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.

7. 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 & Susquéhanna 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.

8. 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 4½ 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.

9. 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

10. 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.

11. February 3, 1910 New-York Tribune New York, NY
Article from New-York Tribune, February 3, 1910

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WALL STREET QUIET NO ALARM DISPLAYED Fisk & Robinson Receivership Makes No Trouble. There was no stock market disturbance yesterday as a result of the naming of a receiver for the important bond house of Fisk & Robinson late in the preceding day, prices suffering only small fractional declines at the opening, and weakness not developing until the last half hour of trading No panicky movement had been expected, as it had been understood that the failure would not involve other houses or institutions, and its causes were known, and for the further reason that the chief banking interests of this city had been advised of the embarrassment of the house several days ago, and, therefore, took such measures as were deemed necessary to prevent a possible break in stocks. J. P. Morgan & Co. and some of the large banks were asked for help, and made a careful examination of the firm's condition, the result of which was their decision that the wisest course for the firm to pursue was to allow itself to be placed in a receiver's hands. Bronson Winthrop, the receiver. has not yet been able to complete the statement of the firm's exact position, supplementing the accountants' statement, published yesterday, which showed an excess of assets over liabilities of about $112,000 as of the close of business on January 28, but the figures may be ready to-day. Mr. Winthrop was appointed ancillary receiver in Massachusetts yesterday. Arrangements were made yesterday by various institutions for paying the interest on bonds hitherto payable at the office of Fisk & Robinson. The Knickerbocker Trust Company announced that it would pay the interest on the securities of the Buffalo & Susquehanna Railway Company, as trustee under the mortgage, as is customary when the fiscal agent defaults in payments. Interest coupons on the first refunding and terminal 5 per cent bonds of the Gulf & Ship Island Railroad Company will hereafter be paid at the office of the Bankers' Trust Company. The March 1 coupons on the bonds of the Louisiana & Arkansas Railway Company will be paid by the Standard Trust Company. There was a sale at auction yesterday of $4,000 first mortgage 41/2 per cent bonds of the Buffalo & Susquehanna Railway Company at 66, which compares with the quotation a month ago of 72 bid and 77 asked. It was mainly in consequence of the depreciation in market value of these bonds, of which Fisk & Robinson themselves hold about $1,200,000, and of the preferred stock of the railroad company. of which they hold about $800,000, that the receiver was named. The general manager of the Keystone Telephone Company in a statement yesterday said that the corporation would not be materially affected by the failure. Fisk & Robinson, he added, had been fiscal agents for the company for five years, and the company had a balance with them of between $200,000 and $300,000, which, however, was a special deposit, being part of the proceeds of the sale of the company's last issue of $1,000,000 bonds.

12. February 3, 1910 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, February 3, 1910

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FAILURE CAUSES STOCK DECLINES SUSPENSION OF FISK & ROBINSON FIRM AFFECTS NEW YORK EXCHANGE. New York, Feb. 2.-The suspension of Fisk & Robinson, a bond 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 the 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. An involuntary petition in bankruptcy was filed by creditors of the firm in the United States district court yesterday afternoon and Bronson Winthrop was appointed reciever with a bond of $50,000. Shrinkage in the value of Buffalo & Susquehana railway stocks 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, Mass.

13. 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.

14. 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.

15. February 3, 1910 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 3, 1910

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CORPORATION'S LIABILITIES $37,000,000 Great Packing Company With Plants in Mexico Fails Assets Are Believed to Be Sufficient to Meet All Ob= ligations NEW YORK, Feb. 2.-The Mexican National Packing company, a New Jorsey corporation controlled by English investors, and operating slaughter houses and packing houses in Mexico under concessions from the Mexican government, failed today with diabilities, including stock, of $37,000,000. Assets were not announced, but it is estimated that they are in excess of the liabilities. The company will continue to operate its plants. Henry de Kay was appointed receiver by Judge Lanning in the United States circuit court in New Jersey this after noon. COMPANY'S FUNDS TIED UP The appointment of a receiver was not brought about by any condition in the livestock market, but by the tying up of part of the company's funds in the United States Banking company in Mexico City, which suspended recently, Samuel Untermyer, as counsel representing English bankers and other investors in the property, said tonight: While we have not definite figures showing the position between the packing company and the bank at the time of the suspension of the bank, we are advised that the packing company had more than $500.000 gold to its credit in the United States Banking company at the time of the bank's suspension. "The tying up of the packing company's immediate resources and the uncertainty as to the possible action that might be taken led to the appointment of a receiver to conserve the assets until a settled course can be pursued. The company continues operations, and all its plants are maintaining their volume and supplying people of Mexico with their meat products. It is not expected that these operations will be interfered with Arrangements were under way in England for furnishing the company with a large amount of additional capital at the time of the suspension of the bank These arrangements will proceed without interruption." HAS EXCLUSIVE CONCESSION Among the concessions held by the company is an exclusive right to slaughter cattle in Mexico City until 1926. Its share capital is $22,500,000, and it has a bonded debt secured by a a mortgage of about $12,500,000. and floating debt of $2,000,000, of which however, only $300,000 is due Bonds stock and debts are held mainly in England The British and Mexican Trust, Limited, of London, procured the receiver as the holder of about $6,000,000 of the bonds, approximately two-thirds of the stock, and as the owner of $300,000 of floating debt. Liabilities Total $7,000,000 BOSTON, Feb. 2.-The liabilities of Fisk & Robinson, bankers 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 Friday: Assets-Ca $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, $246,405 balance in excess of essets, $112,643. Total $6,847,967. Market Feels Failure NEW YORK, Feb. 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 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. Investigators Make Report NEW YORK Feb. 2.-The governing committee of the stock exchange will today receive the report of to Haskins which mittee failure resulted appointed of Lathrop, investigate the & com- Co., the in the collapse of the Columbus and Hocking coal and iron

16. 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.

17. February 10, 1910 The Mathews Journal Mathews, VA
Article from The Mathews Journal, February 10, 1910

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WALL ANUTR ST, FIRM BREAKS FISKE & ROBINSON FAIL FOR $7,000,000-$1,000,000 UNSECURED. NEW YORK-Special-The bankIng house of Fisk & Robinson, prominent among the houses dealing in Government, State and city bonds and other investment securities, failed yesterday. The firm's representatives said the liabilities were approximately $7,000,000, of which more than $1.000,000 is unsecured. The liabilities are thus greater than those of any other private banking house which has suspended since a long time antedating the panie of 1907. Bronson Winthrop was appointed receiver. The failure was due directly to heavy undertakings on behalf of the Buffalo and Susquéhanna Railroad system. The firm owned $800,000 bonds of the Buffalo and Susquehanna Railway Company and $1,200,000 preferred stock of its subsidiary, the Buffalo and Susquehanna Railroad 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.

18. March 22, 1910 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, March 22, 1910

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CREDITORS OF BANKRUPT BROKERS ELECT TRUSTEE. NEW YORK, March 22.-A meeting of creditors of Fisk & Robinson, bankers and brokers, of 35 Cedar street, was held yesterday before Stanley W. Dexter, referee in bankruptcy; at 7 Broadway, many claims were filed and Stanley Brown was elected trustee with a bond of $50,000. Both partners were briefly examined and said they had turned over all their property to the receiver. When the referee inquired if there was to be an offer on composition the attorneys informed him that there are too many intricate reclamation proceedings pending for any offer at present. A balance sheet on February 1, the day the bankruptcy petition was filed, gives liabilities, $6,968,500, and assets, $6,700,784; deficiency, $267,716. Of the liabilities $5,313,976 are secured loans, consisting of time loans, $2,828,392; demand, $2,331,000; firm's proportion of syndicate loans, $154,584: interest accrued, $17,641, and to be deducted bank balances applied on loans, $13.094. There is an additional secured liability of $135,900, provided the securities pledged under certain loans realize the valuation placed upon them in the statement of assets. Credits for $79,491 are secured by liens against the exchange seat or by collateral. Among the other liabilities are depositors unsecured, $1,226,291; sundry creditors unsecured, $171,989: account of securities borrowed, $35,002; employees, $939; interest not earned. $360. Among the asets are cash, $44,270,; exchange seat, $85,000; loans, accounts receivable and overdrafts, $1,915,912 (secured by collateral of market value, $2,322,191); accrued interest on loans, $5.752; securities (including securities pledged under syndicate loans and securities borrowed.. $4,450,076; accrued interest on securities owned, $41,066.