The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-01
FORCED TO GO TO THE WALL.
The Ritzingers' Banking House Com
PEELED to Succumb to the Inevitable.
The Brothers Make an Assignment for the
Benefit Of Their Creditors, and the
Bank Will Not Be Reopened.

The placard on the glass door Of Ritzinger's
bank. bearing the legend Bank, Closed" will
not be reversed this morning. The bank has
suspended. To use the exact language of Mr..
Frank Ritzngsr, 1T has been talked to death"
For several days rumors have been cur
rent to the effect that it was in unfavorable
condition. but there was apparently no tangible
proof in substantiation of them. The talk and
gossip of the street. however. had the effect to
excite the fears of their depositors, and quiet
but steady run was inaugurated, which had the
dual effect of causing the withholding of de-
posits, and to cause steady drain. which
resulted in seriously impairing the banks
condition. On Saturday two Of the other city
banks extended assistance which they consid
cred ample, without request for it on the part
of the embarrassed firm. but the partners seeing
the turn affairs were apparently bound to take,
concluded to ask no further aid and
succumbed to the inevitable. making an
assignment for the benefit of their creditors
and naming George Yandes as the assignee.
Work was Immediately begun upon the prepar-
alton of schedule of assets and liabilities,
which. however, has not yet been footed
up The exact amount Of either is,
therefore, not known at present. although
it is confidently asserted by those
in position to speak with full knowledge of the
situation that the depositors will eventually re-
ceive dollar for dollar on their claims.
The failure OF the bank is attributable to
losses sustained the direct result of the panic
Of 1873, and the business complications
growing out of i. Ritzinger's was one
of few of the city banks that be-
came heavily encountered with real estate
as the result Of the coun less failures of that dis
astrous epoch, and careful management has
failed to dsentangle it from the troubles into
which it was then forced added to this, the firm
lost money by the more recent failures Of sew
eral local firms which it had been carrying
heavily, and the two combined to make
it short of funds, or convertible assets It's de-
posters are largely among the Germans, and a
class of people who, having little to lose, become
easily alarmed and the drain to which it has
been subjected was of much larger proportions
than had been regarded remotely probable or
even possible But, once fairly started. the talk
of the streets spread it invariably does in such
cases. with the rapidity Of thought and the stories
became the staple Of conversation in all quar-
tors. While there have been no large crowds
| surrounding the banks DOORS clamoring for
their money, the fact remains that nearly every
man who has visited it during the past ten days
has done so for but one purpose and that the
withdrawal of his money. The result of all this
is shown in the announcement of the banks
suspension. The rumors, doubtless, had their
origin in the announcement of the failure Of
Simon Bunte, wholesale liquor-dealer. Of whom
it was said the Ritzinger's were his
financial hackers, and had suffered
serious loss by his failure. While
it is no doubt true that the bank had be-
come involved to such an extent that its ulti
mate suspension was possibly necessary,
its closing at this time is certainly the
direct result of street talk. The idea
that this establishment had any connection,
direct or indirect, with any other indianapolis
bank is totally incorrect and no other
is at all involved in its failure 1t was
partnership concern, and was owned
exclusively by the brothers Ritznger, Frank and
August. The assets consist largely of real
estate in Marion county, most of it of preferred
quality. The Messrs. Ritzinger were
seen last night by a Journal reporter in
Smith & Wilson. In reply to the reporters in
quiry Mr.. Frank Ritzinger said. impressively.
eve have been talked to death. We have done
what we regarded, after mature reflection, the
best and only thing possible for Us to do
under the circumstances, in order to
protect the interests of our depositors and cred
itors. have no statement to make at present
concerning the matter"
prominent banker was called upon by the
reporter, and asked for his opinion OF the
effect OF the failure upon the other
banks. ut may precipitate something
of run, and doubtless will cause some excite
ment, said he. but if the people are calmly de-
liberate and conservative no further disasters
are to be apprehenGed. The bank had no
connection with any of the SIM
liar Institutions of the kind in the city, and
to the best of my knowledge they are prepared
and equipped for any possible emergency. This
bank was one of several, notably Fletcher &,
Shapes. that became too heavily loaded with