Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-12-10
NININGER'S LAY OUT.
SENSATION OF THE DAY IN ST. PAUL
BUSINESS CIRCLES.
The Extent of the Smash Talks With the
CreditOrs--They Express Great Attach
ments for Money at Merchants Natianal-
Theories and Gossip:

ments for Money at Merchants Natianal-
Theories and Gossip.
To say that the business community of St..
Paul was surprised and shocked yesterday over
the news of the failure of the firm of A. R.
Nininger & Co., of Miles City, Montana, which
was conveyed in telegram to the GLoBI,
would be drawing it mild. Some of the St.
Paul houses directly interested in the welfare
of the firm, had received brief kilograms from
their correspondents at Miles City,
announcing that the firm and the bank of
Miles City, which are one and the same, had
made an assignment, but the majority of the
merchants were first appIised of the disaster
through the newspaper account. The failure
was the sensation of the day in commercial
and financial circles, and in the absence of pos
tive information as to the cause of it all sorts
of rumors were set afoat, and speculation ran
riot. Before 10 O'Clock yesterday
morning it became generally known
of st. Paul were heavily involved in the down.
fall of the heretofore considered prosperous
firm, and
THE EXCITEMENT AND COMMOTION
on "the street" were greater than at any time
since the memorable Jay Cooke failure of
1878. Mr.. Nininger, the senior member of
the firm, has resided in st. Paul the greater
portion of his life, and the transactions of his
house have been so directly connected
with the business of the city that
the collapse is regarded in the light of local
calamity. In many counting rooms yester-
day morning, after the first shock of surprise
had worn away, there was an industrious
overhauling of the books in order to discover
ba a1otin vii ho 10 pcadf firm,
There was good deal of running to and fro
and anxious consultation among the local
creditors, but GLOBE reporters who visited
each of the firms interested were unable to OBJ
tain anything but general statements
as to the condition of affairs. At each of the
houses the response to reportorial inquiries
for particulars of the failure was, 'We have
no information other than that published in
the newspapers Putting together the in
formation gathered liz various quarters, the
results were readily corroborated by the best
authority obtainable, and showed that the
total liabilities of A. r. Nininger 81 Co., were
$275, ,000 while their available assets were only
S125, 900, it having been discovered that all
the property in st. Paul which had been held
by Mr.. Nininger had been transferred by him
to his relatives and preferred creditors. 1t be-
ing known that the bank of Miles City (owned
by the firm of A. R. Nininger & co., had a
large deposit (amounting, it is said. to S50,000)
in the Merchants National bank, a number of
THE HEAVIEST CREDITORS
proceeded to get out writs of attachment
thereon, and Deputy Sheriff Harrison was
kept dancing attendance on Cashier Merriam
throughout the day. The writs issued up to-
o'clock last evening were in favor of the fol
lowing named parties for the amounts desig-
nated
Beaupre, Keogh & CO.. $32 ,022 OF
Auerbach, Finch & Van Slyck. 49,. 9,20l Ga
Decoster & Clark. rk............. 1,494 70
Granger & Hodge. ge................. l,702 Is
Campbell & Burbank. ...-.......... 1859 50
Forepangh & Tarbox. ......... 1,153 A
Total. Observation-Disclosures. $47, 7,133. .76
In the verifcation of the writs. Beaupre,
Keogh 81 Co., showed that since March last
they had delivered to A. R. Nininger & Co.,
Indebtedness but $6,969.S1 had been paid.
Granger & Hodge made affida-
Wit to having sold the firm goods to the value
of $3,07O.27 of which 81 ,36S.12 had been paid.
In each of the verifications it was alleged
'that said defendants Ca. R. Nininger & Co. }
have disposed of part of their property with
intent thereby to delay and defraud their
creditors, and that said defendants are about
to dispose of the rest of their property with
In addition to the claims above
enumerated it was learned by per-
sistent reportorial inquiry that
Averil, Russell q Carpenter were creditors to
the amount of S1.400 and that the North Star
Boot and Shoe Manufacturing company of
Minneapolis had extended a large credit to the
firm. Lindeke, Warner & Schurmer were an
nounced as preferred creditors to the amount
of 81 900 and Gordon & Ferguson to the
amount of $1,000. Iler Il Co, wholesale
liquor dealers of Omaha were also reported as
holding large claim against the firm.
INQUIRY AT THE BANKS
showed that the only institution holding the
firms paper were the Merchants National
and W.. "A. Culbertson & Co. Cashier Mer-
riam, of the Merchants National, declined to
state the amount of Nininger's liability to
the bank, but said it was in the value of q
loan, which was secured by collateral of three
times of the value of the loan. Report has
it that the loan amounts to $20,00O
and is secured by mortgage on Mr.,
MIR. Nininger's plantation in Alabama valued
at $4,000. W. R. Culbertson & Co. are re-
ported to be interested in the failure to the
amount of $4,000.
In regard to the deposit of the bank of
Miles City in the Merchants National bank,
the officers of the latter declined to
name the amount. They, however, received
telegram from Alex. Harding, the assignee of
Nininger & Co., notifying them of the assign
ment and instructing them to place the
deposit to his credit. They responded that
that they would do this as aoon as they had
received official notice of the assignment. As
the attachments have been made on the bank
before official notice of the assignment has
been received, it is likely that a good deal of
legal complication will ensue, that the bank
will hold the money until the lawyers have
fought their battles for the possession of it in
the courts. AS sample of the com.
plications that are likely to grow out
of the failure it may be stated that gentle
man day or two ago deposited a sum of
money in st. Paul bank, and asked that it be
placed to the credit of the bank of Miles CITY.
Hearing of the failure yesterday he came to
the bank and demanded the return of his
money, which demand was of course refused.
1t will be q point to decide first when the
deposit would come under the control of the
bank of Miles City.
TRANSFER OF PROPERTY
Yesterday morning there was filed for record
in the office of the register of deeds deed
from A. Ramsey Nininger and wife to Gather
inc Nininger (his mother), and Pauline Ninin.
ger and Mrs. Kate E. Whiting (his sisters),
which conveys in consideration of mutual
love and affection and 81, the following de-
scribed real estate: Lots and 2, block 3. Ba-
rillo ond Guerip,s addition. Ioto y ond @ XII.