R. R. Robinson & Co. - Wilmington, DE

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: May 31, 1894
Location: Wilmington, Delaware (39.746, -75.547)

Metadata

Model: gpt-5-mini
Short Digest: 2be90397

Response Measures

None

Description

Article (Delaware Gazette 1894-05-31) reports the failure of R. R. Robinson & Co. and settlement of losses to a depositor (Knights of Pythias). No run or reopening is mentioned; the firm is described as having failed and deposits were lost, implying suspension/closure. Date of failure not specified beyond the article; interpreted as a closure event prior to publication.

Events (1)

1. May 31, 1894 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure/insolvency of the banking house R. R. Robinson & Co. leading to loss of deposited funds
Newspaper Excerpt: the loss of $69,476.51 to the Supreme Lodge K. of P., by the failure of R. R. Robinson & Co., which was placed on deposit
Source: newspapers

Newspaper Articles (1)

1. May 31, 1894 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, May 31, 1894

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Article Text

# K. OF P. SETTLEMENT. The Beeson Farm and a Block of Wilmington Dental Manufacturing Co. Stock Turned Over to the Knights. As exclusively told in EVERY EVENING Wednesday, the matter of the loss of $69,476.51 to the Supreme Lodge K. of P., by the failure of R. R. Robinson & Co., which was placed on deposit by ex-Mayor Willey, supreme master of exchequer, with the firm, has been adjusted, and counsel for Mr. Willey have secured releases from any further liability under the official bond. The proposition to transfer to the lodge the Beeson farm and stock in the Wilmington Dental Manufacturing Co., valued at $32,700, was made to the Supreme Lodge officers last summer, but they refused to accept it. They afterwards gave the matter full consideration and, rather than stand the expenses of a trial in the United States court, preferred to take the property and realize what they can from it. The lodge took the Beeson farm at a value of $40,000, and what they lose by the settlement depends upon what they realize from the sale of the Beeson farm and the securities. The following is the release given to Mr. Willey by the Supreme Lodge officers: Received of Stansbury J. Willey, late supreme master of exchequer of the Supreme Lodge, Knights of Pythias of the World, full payment and satisfaction of all money received by him as supreme master of exchequer as aforesaid, including all money deposited by him with the banking house of R. R. Robinson & Co., at Wilmington, in the State of Delaware, to the credit of said Supreme Lodge and to the credit of the Hines Memorial Fund or otherwise. In consideration whereof the said Stansbury J. Willey, as well as each of his sureties in the annexed and foregoing obligation, are hereby released and forever discharged of and from all liability under or by reason of the said obligation and the same is surrendered and cancelled. THE VALUE OF THE SECURITIES. The deed of the Beeson farm is in the hands of the recorder of deeds, and while it has not been placed on record yet, it has been duly executed and will be copied as soon as the clerks find time to do so. The Beeson farm has been transferred by Mr. Willey to Andrew E. Sanborn for the Supreme Lodge. The consideration named in the deed is $1. Several real estate men were asked the other day the value per acre of the Beeson farm, which comprises 34 acres. The estimates were from $500 to $1,000. Joseph L. Carpenter, Jr., who is thoroughly familiar with property in that neighborhood, was asked to give a conservative estimate by the officials of the Supreme Lodge on the occasion of one of their visits here. He placed upon the property a valuation of about $800 per acre, or $27,200, which price he would be willing to give for the property. When seen last week he had not changed his opinion and thought the property worth that figure. When the Supreme Lodge was asked to accept a deed for the property last summer, Supreme Keeper of Records and Seal R. L. C. White said: "The only attempt to secure the Supreme Lodge in any way was the tender of a deed to a tract of land in the suburbs of the city which the Supreme Lodge was asked to accept at a valuation of $40,000, releasing in consideration thereof Mr. Willey and his bondsmen from liability to that amount. We find on investigation that this property, which we are asked to accept at a valuation of $40,000, is listed on the assessment books far below that figure, while there is a mortgage of $8,000 against it." Subsequently a tender was made of the block of stock of the Wilmington Dental Manufacturing Co. in addition to the farm, which Mr. White at the time said the Supreme Lodge did not know the value of. A firm of brokers was asked last Thursday to give the market value of Wilmington Dental Manufacturing Co.'s stock. It was stated by the firm that none of the company's stock had been sold by them since the company went into the hands of a receiver. The par value of the stock before the failure was $100 per share. Brokers now believe the stock to be worth from $80 to $100 per share, although it is difficult to give an exact valuation. An official of the K. of P. stated yesterday that the Supreme Lodge preferred to accept this basis of settlement rather than stand the expenses of a trial in court and the risk of the proposed litigation. The K. of P. man also said that he did not believe the property would meet the loss sustained by the Supreme Lodge.