Bismarck tribune. [volume] (Bismarck, D.T. [N.D.]) 1878-1884, 1881-12-09
HEAVY FAILURE.
A Black Eye Administered to Miles City
by the Failure of A. r. MIN
niger & Co.
The Liabilities Of the Firm Placed at
S285, 900. With Assetts to
Cover Them.
Interview With Mr.. ::Nininger, Who
Claims the Reported Liabilities
re.0ver- Estimated.
The Unsuspected Advent Of the Rail-
road Partially the Cause Of
the Failure.
I
Together With an 0Yerstock, Close
Competitor, and the stringency Of
the Money Market.
Heavy Failure.

MILES CITY, NJ. T., Dec. 8-There was
great excitement and unusual surprise in
this city today, when the report was cir.
culated that the firm of A. r. Ninlnger 6
Co., had failed There was CONSERVATION
among the depositors in the bank, owned
by this firm, but it is believed this part Of
the institution is all right. The liabilities
are placed at $685., 900, with nearly ample
assets. There is much sympathy ex-
pressed for G. W. Savage, junior member
of the firm and resident manager. This
firm was one of the largest in the north
west, and has carried at different times
as high as $3.50, 1000 stock. The cause
of the failure is attributed to sharp COM
petition and overstocking of goods in an
ticipation of the railroad not reaching
this point this winter. Most Of the credi-
tors are in st. Paul, and Mr.. Savage is
sanguine of an arrangement whereby the
business may continue
WHAT MR. N1NINGER SAYS.
Mr.. A. r. Nininger, being in this city,
TRIBUNE reporter called on him last
evening in his room at the Sheridan
house to see if he could throw additional
light on the Miles City failure.
"Well," said MIR. Nuninger, "We have
made an assignment to Mr.. Alexander
Harding, cashier of our bank, preferring
all depositors in the bank
"The TR1BUNE's Miles City cores
pondeut says your liabilities are 1885,
600. How does that compare with the
facts, Mr.. Ninlnger?" asked the reporter.
Altogether too much; $150,000 will
cover our entire liabilities and we have
ample assets to meet them but Of course,
not the ready cash.
"What are the causes which led to the
failure, Mr.. Nininger?" asked the re-
| porter.
'Well, there is yard of reasons. In
the first place, when we purchased our
usual fall and winter supply Of goods,
there was little prospects of the railroad
! arriving at Miles City this winter, and we
purchased an unusually large stock.
Last winter, provisions and sup
plies of every sort run short and we con-
cluded we would not run any risk
of a repetition this season and ordered
VERY HEAVY STOCK,
probably the largest ever shipped to Miles
| CITY. The continued fine weather has
been against u.s. The railroad has en-
tered the town, and now freight is un-
loaded quickly from St. Paul, and rival
institutions, saving fifteen per cent. ON
their money and getting freights eighty
cents cheaper, are not pleasant competi-
tors It was simoly a. case of betting
against the railroad, in which the railroad
won. We have no Indebtedness except
our st. Paul creditors and the bank de-
positors, which latter, as I have stated
will first be taken care Of
"What are your prospects for the fu-
ture?' asked the reporter.
"That depends entirely upon our credi-
tors. shall leave for Miles City in the
morning, and I think we will soon be in
working order again. There has been a
terrible stringencY in the money market
at ST. Paul lately, which has been a par
tial cause OF bringing about this state Of
affairs in our business, bu1
|if ouf creditors will let us
90 on am confident we can straighten
everything out in few months. Our
trade is excellent, but our profits compar-
atively small on accocnt of the high
frelghts we were obliged to pay"
After learning that the creditors were
mostly St Paul houses, and being re-as-
sured that there need be no uneasiness on
the part of bank depositors, the reporter
bid the gentleman adieu and went his
way, wondering what would be the final
effect of the railroad to. Miles City and IT
the old saying was true, that "a poor be-
ginning makes q good ending"