Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-12-10

Llau6 over 10 IlS WIG lOT bLc UcucuI Vi ucTScll
and daughters. The Girard Insurance company
obtained judgment of 100000 against him,
| and after his death his widow, fearing that
the property transferred would be seized
to satisfy this judgment transferred it to her
son, A. Ramsey Ninininger, who has held 1t
since, applying part of the income derived
therefrom to the purchase of other property
named in the deed. Mr.. Nininger, aware OF
the danger that threatened his interests,
deemed 1t but an act of just protection to his
mother and sisters to recover to them the
property he thus held on trust as it were for
them. 1t Is stated that the judgment
in payment of the Girard Insurance
company was settled for small sum few
years ago. Part of the property described in
the deed consists of the six tenement houses
and vacant lots ON the west side of Wabashaw
street, between Tenth and College avenue and
the old Nash residence property.
In regard to the transfer to Mr.. Leighton,
it is reported that some time ago there was
slight run on the Bank Of Miles City,
and that he advanced money to MIR.
Nininger to held him over the
trouble and that discovering the true condi-
ton of the firm he demanded to be protected
with the above result. Mr.. Leighton is now
atiMiles City looking after his further interest
in the firms affairs.
THE REPUTATION OF THE FIRM.
The almost unlimited credit extended the
firm was a subject of much remark among
business men yesterday. However, Mr.. Mn
ninger has had a good reputation as
business man and has been
uniformly reported by the mercantile agencies
as prompt and correct in his transactions.
Said one of his creditors to GLOBE reporter
yesterday: "We always considered him a man
of integrity and honor, and have carried him
on our books for from $4,000 to $4,000 fire.
quently during the past two or three years.
We are still in hopes that our confidence in
him will prove to have been we'll founded"
The GLOBE reporter made inquiries at
"Bradstreet's" as to whether they had
any information in regard TO their
save what they had CLEANED from the papers,
as the territory of Montana is reported
through the Chicago office. The register was
however allowed to copy extracts from the
reports on file in their Office, as follows:
JAN 49, 1881. A. R. Nininger Co, Miles City,
menced in 1879 succeeding frm Of the same name.
Mr.. Hsrman retiring. Savage formerly clerk and
has only nominal interest. Have an investment of
$4,000. Heavy buyer and borrower, pays satIsfac-
toriy and transactions correct and legitimate.
Feb. 10-A few weeks sgo sold st. Paul property
and paid off bulk of his bank liabilities. Man Of
good character and habits. Believed to be an hon.
est man and doing good business.
Statement of NininRer Feb 10, 1881:
"Assets at Miles City. $4,000; liabilities about
$sO,0o0. Real estate at Miles City,
Real asta3s aaasa's ii S. Paul to 4ss@
Recently inherited $4,000 or $4,000. Am worth
Sl5o,O5O clear of debts. No liabilities in bank"
This is considered q fair showing. Authorities
deem him safely worth Sl25, 900.
Nov. Is, l88l-In st Paul am generally believed
to be doing a prosperous business, although to
some extent extended, owing to large stock neces-
sary to carry them over the winter. Considerable Of
their paper is discounted in st. Panl, where great
confidence is felt i'll It, and We find houses who are
friands Of it in this city who give almost unlim
tied credit In the spring OF 1881 they were said to
have outstanding some $4,000. Nininger ia live,
pushing man, who knows how to handle his trade
and business, and s believed to be good for any
previous estimates and any reasonable contracts he
will engage In.
On January IS, 1881, the following report
regarding the bank was made to "Brad-
Streets"
Bank Of Miles City, A. Ramsey Nininger, rresl-
dent, Alex. Hardy, cashier. Established In the
spring of $780, Nnnger is said to be sole proprietor
It is simply an exchange bank receiving no regular
line of deposits, and using only nominal capital.
Owns plantation in Lownes county, Alabama, of
5000 acres of which he values.at SS5,000 Parties
who have investigated this property say it is
valuable cultivated and profitable; also owns $50
feet and six houses on Wabathaw street. st. Pau, val
ued at $4,000, mortgaged for $4,000, and part of
Summit Park addition. Good reputation and prompt
and honest in his business In his store business
at times he is said to be heavy borrower, he is
obliged to make large purchases In his bank he Is
said to be safe for such transactions as he makes
On the strength of the above reports and
his general COED reputation, Mr.. Nininger
has been regarded by the merchants of st.
Paul as
MOST DESIRABLE CUSTOMER,
and it is probable had he SO desired he might
have extended his credit to an almost un-
limited extent. There has been strong COM
petition among rival houses for his trade and
the general belief seems to have obtained
that his store at Miles City was a vertable
gold mine. One of the firms that yesterday
filed an attachment against the deposits of his
bank, had succeeded but a short time ago in
selling him their first bill of goods, after long
and persistent effort to win him from his allie
glance to Minneapolis establishment.
Another firm said yesterday, at
isn't our fault that we are not stuck
We tried our hardest only
few days ago to sell him bill of goods, but
without success Another large creditor
said to GLOBE reporter: s'We would desire
to have as little published about this failure as
possible, because it reflects unfavorably upon
the sagacity of the merchants of St. Paul. We
acted foolishly in accepting Nininger's state
ment as made to the mercantile agency as true
without Investigating the values which
he placed upon his property.
1t is easy to say piece of property is valued
at $40 OOOO-but then If put on the market it
might not bring half that sum. Property is
only worth what it will sell for. AS it is, he
is into everybody, but we still hope that things
may not turn out so badly as they look to be
at present"
THE CAUSES OF THE FAILURE.
Expressions of regret for Nininger's failure
were frequently heard by the GLOBE
reporter as he swung around
business circles yesterday. while
among Mr.. Nnlnger's associates such
exclamations as "Poor fellow, I'm sorry for
him." were made. The greatest curiosity was
expressed as to the cause of the firms col
lapse. The most plausible theory was ad-
vanced by an intimate business and social
friend of Mr.. Nininger. He said that Ninin
gers first great mistake was engaging in the
banking business in that wild country, and
in connection with his merchan-
disc. The deposits he had
amounting as shown to SIS, 200 were of course
absorbed in his mercantile operations,
and he was thus liable to be called upon for
large sums at any time without the funds to
meet the demands. He was thus over slum
bering valcano all the time. Again: Ninin-
ger had large stock of goods, bought at high
prices, and transported by river to Miles Cfty
at high rates of freight. Lately the
Northern Pacific railroad reached Miles
City and the suttlers who got their goods
bought at lower prices than Nininger