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ROBINSON & CO. FAIL The Market Street Banker and Broker a Financial Wreck. TRUST ACCOUNTS TO E PROTECTED Decline in Reading Stock and Endorsements on Bad Paper Assigned as the Causes-Judgments Entered By Preferred Creditors Liabilities Far in Excess of the Assets. R. R. Robinson & Co., the well-known banking and brokerage firm at Fourth and Market streets, in this city, has failed The liabilities are placed at $326,000. while the assets, good, bad and indifferent, @will not exceed $204,000. Giving them credit for their face value the shortage will be at least $125,000 and may greatly exceed that amount Preferred Creditors Enter Judgments. For several days rumors have been current on the street that the flurry in the stock markets would drive the firm to the wall, but it was offset by counter rumor that the bankers of New York, Philadelphia and Wilmington had come to the rescue and the crisis had been passed. It was not until last nightat 8 meeting of the e friends of Henry C. Robinson, who constitutes the firm, that it was decided to let everything go by the board for the benefit of the creditors This meeting was held at Mr. Robinson's house, No.905 West street The banker has been much prostrated since he saw that the so failure was inevitable that he has not left his home When his friends and creditors met there last evening they ad. vised him to give up and go to the wall like man. Mr. Robinson insisted that all trust accounts should be protected and other creditors get what they could the in the settlement of affairs. With this understanding Colonel Samuel A. the Macallister, counsel, had following preferred and confessed judgments entered in the "prothonotary's office at the Court House this morning J. Hood Wright, of the firm of Drexel, Morgan & Co. of New York, $75,000, it being money loaned to tide Mr. Rob. inson over the crisis: George W. McCullough, $6,100; Martha C. Robinson, $1,600;Joseph L Robinson, of Minneapo $8,000, and E. J. Mullhausen $8,200. Appraising the Property. They immediately became a lien upon the real estate and personal property. Sheriff Gould appointed Charles C. Brown and Edgar L. Haynes appraisers. They began their work at the Robinson mansion on West street, and have yet completed their inventory of the not effects found therein. Many Other Creditors, There are scores of other creditors the firm. The largest is De Haven Townsend, for about $60,000. The others are in amounts running from $500 $800,000. Colonel Macallister says that no trust money will be lost, although it will be some time before anything is realized. Causes of the Failure. The causes for the failure, as assigned by persons intimately acquainted with the business of the firm, are en dorsements on notes which had to be taken up, and declines in the stock markets, affecting stock, carried for customers. The stock was protected for the customers. but the customers failed to protect the firm. The trouble in stocks is said to have started with the Reading break, but the losses from bad endorsements have stability been threatening the of the firm for a long time. The rumor that the Cordage Trust decline had anything to do with it erroneous Mr. Robinson never handled any of the stock, The Loss in Reading. Friends of Mr. Robinson say that the late Chief Justice Robinson was partially responsible for the heaviest loss. Several weeks ago the banker was serving on a jury in the Superior Court. A telegram reached the banking house telling him to go Philadelphia immediately on matter of the greatest importance. An effort was made to get the news to him in the jury-box, but Chief Justice Robinson refused to allow any Werbal or written message to be conveyed to him. the This refusal is said to have cost firm $160,000. as the telegram gave con fidential information of the Reading co lapse before it was even known on Wall and Third streets, Had i been delivered. it is thought that Mr Robinson could have gone to Philadel phia and unloaded before the decline. Before he could get there, after his jury service had expired, the crash came with the above result. This was followed by troubles ove endorsements and breaks in industrial stocks, until the strain was more than the firm could stand. A Forlorn Hope Refused. Friends learned of its distress, and in some instances offered to make individual advances of $10,000 Mr Robinson, who saw the hopelessness of the case, refused saying, that he would not take their money put it in the pockets of other persons That settled the matter. and the an nouncement of the failure became only question of several hours. There was no run on the bank because the creditors knew of the failure an realized that they would have to wait an adjustment of affairs. In some few instances anxious creditors called and were told that the firm could not pay its debts. Oldest Banking Firm in Delaware. The firm of R. R. Robinson & Co., private have been conducting a the baking business, which is oldest in the city, having been established in 1849, though the present title is not more that years The y business, and general twenty principal five banking old. correspondents house among were did a Drexel & Co., Philadelphia; Drexel
