The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-10-11
His Efforts to Compromise His Indebtedness
to the Ritzinger Creditors at so Per
Cent, While Able TO Pay in Full.
How the Contamination of His Scheme
Was Defeated by Timely Discovery.
The Plea Of a Former Patient of the Insane
Hospital for Taking the Institution Out OF
Democratic Hands-POlitical Notes.
MORE OF suLL1vAN's RECORD.
The Inside History of His Transactions wit
the Ritzinger Bank.

MORE OF SULLIVAN'S RECORD.
The Inside History of His Transactions with
the Ritzinger Bank.
John E. Sullivan, the candidate of Sim Coy
Democracy for the county clerkship. says his
peculiar business transactions, particularly the
close relations he held with the Ritzinger bank,
are not an issue in this campaign. Following
this suggestion, his immediate friends and the
Coy managers are claiming sympathy for him.
The decree has gone forth that Sullivan must be
elected even at the expense of other candidates;
that Mr Sullivan oughtto be elected clerk because,
as 1t is alleged, he is very much abused on the
records of courts, his own admissions and the
Nndisputed testimony of witnesses called to tes-
ssfy for and against him in his remarkable ca
reer as litigant not excepting his own testi-
mony. Again, it is urged that Mr.. Sullivan
should be elected because it is absolutely essen
tial for the Democrats in future campaigns to
have full control Of the election machinery of
che county. which they cannot have unless Sulli-
van or man like him is in the clerks Office
Referring to the Ritzirger affair." Mr.. Sullivan
has admitted his Indebtedness to the bank in
notes and overdrafts to the amount of $ll. l63.
Cor the record of note of 81 500. heretofore
overlooked in the inventory of assets, must be
added to 9.663 the sum at which his liability is
placed. This note. like another Of the same
amount, was deposited with the Nassau Bank as
collateral He has acknowledged the transfer
of Ritzinger real estate to him at the time the
bank held this large claim against him for
80 600 on which, he says, he paid 50, 600, the
manning 81, 900 being secured by two series of
notes OF $500 each, series to A. W. Ritzinger,
and the other to the heirs of j. B Ritzinger.
The first Of these notes of the first
series will not be due until Decemhc~
AND ba la nt
1898 OF the series given to j. B. Ritzinger's
heirs the first will fall due the 9Th of January
next year, and the last on the 9Th of January,
1903 Thus, when the bank failed, Sullivan
owed the Ritzingers, the bank and estate, $16,-
16S, exceeding the largest individual claim
against the bank by So, lG3. He says he has
made settlement in full the debt to the
bank by paying part cash and giving secured
and unsecured notes for the balance. The Sc
cured notes do not appear las mortgage
potes, for there is 10 record of them.
GIr. Sullivan does not think it
worth while to tell how large the cash payment
was or the length of time and security the notes
bore. He complains of the publication OF the
appraised value Of this indebtedness. which was
One-half the face value, but no does not deny
that in his negotiations to settle he took advan-
tage of the appraisement and offered to pay fifty
cents on the dollar. He makes no reference in
any interview on this question to the cause of
his proposition to settle at fifty cents on the dol
lar being refused
The matter was pending for several days, ap-
preaching a fulflIment of his wish to pay
- only half the amount he owed the bank.
All propositions to lessen debts due trusts must
be under the court having charge of it, Thus
Judge Ayres was consulted on Sullivans wish
TO pay only half of the $11. 163 he owed the bank
bring the matter to a close by paying So, 58l 90,
Just $7l62 % moro than the overdrsfts charged
against him, or 1913. rs less than the notes he
owed. He was willing to pay the overdraft and
nf tha he 2ua n
was Cancelled.
No written record of the proposition to settle
mo this way was presented to Judge Ayres.
Probably there would have been, had not the
Judge made inquiries as to Sulivan's property.
He had his attention directed to an affidavit now
in possession of City Attorney Taylor. When
County Treasurer Miller became custodian
of the city's funds, inquiry was made as
TO the worth of his bondsmen. John e. Sulli-
van Is one of them, and in the affidavit referred
to he Swore that he owned property valued at
$50. 600 This knocked to pieces Sullivans
proposition to pay so cents on the dollar. Judge
Ayres telephoned Assignee Yandes not to settle
with Sullivan on any other basis than dollar for
dollar. Under this pressure the Democratic
candidate for county clerk gave part cash and
the balance in secured and unsecured notes.
The Ritzinger bank was one favored largely
by small depositors, thus being virtually a saw
Jugs institution. Its Indebtedness at the time of
the assignment amounted to $685. 169 and thus
far ,055 claims against this sum have been filed.
1n0y lnCiuOe nearly Alt tue creditors, whose
claims average about 1920 The assignee has
paid in $33 Sig. 81, which has gone out in divi-
dends Among the depositors were the follow
ing: Gardeners Association, 1904 08; trustee
Knights of Pythias Lodge. No. &C. $317; trus-
tee of Esther Lodge. $246; Germania Circle.
1875 65; Germania Lodge A. P. A., $500 80;
Bakers Association $591 rs; Herman Brant
treasurer, 81, 421 20; Mrs Carnahan treasurer of
charity organization. SAT Oh; German Cemetery.
$l2O; jefferson Building Association, No. 2.
49, IL 80; John Egger, grand treasurer United
Order of Honor $446.42 These claimants were
selected at random, in addition to which there
were hundreds of small deposits of individuals
In the list of notes due the bank the averages
OF this form of indebtedness is small, the
amounts running anywhere from 500 to $3.50 or
@4eO. A very few owe more than ST. 000 but
Mr.. Sullivan seemingly enjoyed exceptional
privileges for his liabilities on notes are largely
ia excess of every other debtor, his total reach
ing Sc 800
In the matter of oyerdrafts favors to Mr.. Sulli
van, who wanted to settle at so cents on thu dol
Lar, again appear extravaganza OF this class of
debtors there were only forty eight. the total
amount being $l4, 1888 95, about one-third Of
which is charged to Sullivan Thirty. four over
drafts we're made under $780, ten over that
amount and under $500, and four reacbine the
thousands, Sulvan's being the largest py $3.50