The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-06
THE RITzINGER CREDITORS.
A Meeting Held to Consider Plans for
Realizing the Best Percentage.
The Firm Protest that They Lost No Money
in Whisky SpeculatiOns-As Yandes
Still Unable to Form Definite Opinions.


day or two ago some of the heaviest depos-
itors of the Ritzingers met to consider what
could be done in assisting the trust to yield the
best returns. AS but little information could be
given as to the causes of the failure, the condi-
ton of the assets and the views of the assgnors,
committee was appointed to open the way for
some defined purpose toward which action could
proceed. Whether the committee had actual
understanding as to what might be done, or
moved upon suggestions as to possibilities is not
known. One or two of the BODY it is presumed,
have had a conference with the Rit-
fingers, though it is not supposed that
this had any effect on the meeting
last night when about forty of the depositors
gathered in Mr.. Seidensticker's Office. There was
no feeling manifested other than to see the assets
realize the best returns. The failure received no
harsh criticism, nor, indeed was it referred to in
any way but as misfortune that could not be
avoided. No speeches were made but what ex-
pressed desire to reach a conclusion satisfac-
tory to all creditors. Nor did anyone hold
tenaciously to any particular idea he might en-
terrain as to the manner of settlement With
Gabriel Schmuck as chairman and c. c. Koerner
as secretary, the meeting formally considered
whatever was suggested
A motion that the Ritzingers be intrusted
with the winding up of their affairs. as they
knew more about them and the true value Of
their assets. would have been voted on, and no
doubt, favorably, had not Mr.. Seiden-
sticker spoke of the legal COM
plications that would arise. He did
not see that this would benefit the depositors,
since the first thing to be done must be proceed
ings looking to the canceling of the assignment.
This, perhaps, would meet with opposition, as it
must end in turning the property to the
RitZingers Ii the many were willing, the few
who had begun suits must withdraw them. IL
they did not they would sleze the property under
execution and get everything, while the majority
would have nothing to look to for the collection
of their claims. Again. if the Ritzingers take
charge, they must pay dollar for dollar. 1t has
been shown that they cannot do this. On the
other hand legal complications would arise and
probably leave the situation no better than it is
now.
Mr. Schmuck said the Ritzingers have adj
mitted that the matter of 800, 900 had forced
them to suspend. If the suits already filed are
TO be Withdrawn there must be unanimous Con-
sent on the part of the plain tis before anything
can be done. If this were possible petition
must be signed by all the depositors asking for
restoration of all the property to the Ritzingers
for settlement This would require great deal
of time and trouble. He did not see that this
plan could be carried out.
George A. Dickson suggested that it is prob
able the Rltzingers can make proposition to
buy the claims of the depositors at so much
the dollar. He understood that they able
to give security to this end. He would therefore
move that committee OF three he appointed TO
wait on the RtZingers. and ascertain from them
whether they are willing to consider a plan of
this character. If So that they be requested to
propose to the depositors how and In
what manner they will buy the
claims, how much they will pay on
the dollar what length of time they will need
in making the payments. and what security they
can offer. AS this motion seemed to meet the
wishes OF everyone present. it was carried with
out a dissenting voice. On motion Gabriel
Schmuck George Dickson and John A. Schu-
macher were appointed as such committee, at
the call of which the nextmeeting of the deposit
ors Is to be held During the pending of the
Dickson motion some one inquired if the Rt-
Fingers could be seen. Mr.. Seidenstcker said
they were in town and could be readily ap-
preached.
Trustee Yandes said yesterday that nothing
could be told as to the exact condition Of the
banks Indebtedness or ability to pay. He could
not tell yet whether it would be eighty or
seventy cents on the dollar.
A gentleman of financial prominence and one
interested in the affairs of the Ritzingers as a
banks failure with Frank Ritzinger and gone
into details. The latter was asked if the bank
had been interested in speculation Of any charac
ter He said mo; positively no. We have done
nothing but legitimate business, lending money
on ordinary rates of interest We never owned
any whisky except fifty barrels. Money had
been advanced on q draft secured by bill Of
lading for that much whisky. The owners
failed. We took the whisky, and sold it immedi-
ately. Wholesale liquor dealers kept accounts
was advanced to them on warehouse receipts of
whisky as security. This security, at the time
gave AS good margin, but the price declining
rapidly, we lost largely by the firms debtor be-
to get only an ordinary rate of interest, and if
the owners had doubled their money it would
have been no additional profit to
''Our losses on the whisky firms we're heavy
Rickhoff owing US $1,000; Sweeney, Sc 900, and
Bunte about $40, 900. In addition to these sums
were losses through the Walters stave debt of
$4,000, which was carried by us many years;
the debts of Andy Wallace for $40, 900, j. Vegtle
for So, 500, and F. Dietz for So. 000 While these
debts except those relating to whisky, which
years, we worked hard and lived
SO economically that our entire expenses
did not 60 beyond So 500 year. After the
Fletcher s. Sharpe Failure. $500 900 was drawn
from u.s. and great part of this never came
back / felt no uneasiuess until within two
weeks of our assignment. A quiet run took
from as $95 000 Until last Sunday noon we
hoped to continue business, but, on reviewing
the situation with friends decided that afternoon
to make the assignment.
II had thought we would pay about eighty
cents on the dollar. but Mr. Yandes says my es-
innate on part of the assets is too high and may
reduce the dividend to rs per cent. Our New
York drafts were fully protected, and we never
drew for a dollar without providing for the
money. Our business has been conducted hon.
orally and according to the rules of legitimate
banking. whatever the ability shown. and feel
sure that in time, when the facts are known,
justice will be done that score Now. Of
course, the suspension has been very hard on
many people, and they incline to judge us
verely."
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The Phillips CatherwoOd Suit
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