St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-02
WHISKY AND STOVES DID 1T.
The Bank of Ritzinger Bros, the Old
est in indianapolis, Falls.
4 Hundred Thousand Dollars Lost
on Old Rye.

INDIANAPOLIS. Ind, Feb. 1.-Ritzinger
Bros bank, established in 1867, and which
has done large business among the Ger
mans, did not open its doors this morning,
the proprietorS. Frank l.. and Augustus W.
RitZinger, having made an assignment to
George Ii. 1andes. The papers were exc
cuted after midnight this morning While
there had been some talk affecting the
standing OF the bank. it was not generally
discussed, but the rumOrs had been wide
spread enough TO affect the banks custo-
mers, causing a falling off in its business to
such an extent as to neceSSitate suspension.
The senior partner, when asked what
caused the assignment, tersely said the
bank had been talked to death. While
there had been no run on the bank. old Gus
toners had dropped OFF. On Saturday two
of the other city banks extended assistance,
which they considered ample, without re-
quest of it on the part of the embarrassed
firm, but the partners seeing the turn af-
fairs were apparently bound TO take, cox
cluded tn ask no further aid and
sUCCUMBED TO THE INEVITABLE.
AS yet no statement of assets and liabili-
ties Is made, and until the schedule is conf
plete, the partners refuse 10 talk further
than TO say every dollar will be paid. One
of the attorneys says the assets will amount
TO between $500, 600 and $500. 600. but
much of it is in real estate not easily
convertible into cash. He would express
no opinion as 10 the liabilities, but they
amount TO a great sum, il is believed. In
banking circles it is said that the Ritzingers
have lost 500. 900 within the last nine
months on whisky, and $40, 600 on stoves.
which is the melting cause of the failure.
Back of this. however, the bank suffered in
the panic of 1878 and again in 1884, at both
of which times it had to withstand heavy
runs, but was able then to hold its head
above water. But the continued dull times
and the loss of business it could not over
come. George Yandcs. the assignee, is the
ex-president of the Citizens National bank.
which recently went into liquidation. and
is regarded as q conservative financier in
whom the depositors will have confidence.
The suspension naturally causes
MUCH EXCITEMENT
and there is some feeling among depositors.
An angry crowd has surrounded the banks
doors all morning. So far there has been
no demonstrations, although much bitter
talk is heard. A run has begun on s. A.
Fletcher q Co.'s bank, but it is hoped and
believed they will be amply able to weather
the storm. This bank is the oldest in the
city, and is regarded as one of the most
substantial. The effect has not yet been
felt by the National bank. At l O'Clock
this afternoon the run on Fletcher's bank
had perceptibly decreased, and at no time
had there been any disorder. In anticipa-
ton of this state of affairs. Mr.. Church
man, manager of the bank, had provided
dollar for dollar in cash for claims. and this
fact becoming known went a long way
towards restoring confidence. The other
banks had also provided themselves against
possible demands, and it is believed now
that the furry will die away before night.
Early this morning G. p. Marriott, depos-
itor in Ritzinger's bank, found A. w. Ritz
niger, the junior partner, and excitedly
thrust pistol into his face. threatened ia
kill him. He was taken away, however,
before he did any harm.