11464. Bank of Miles City (Miles City, MT)

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over to me for and daughters. The Girard Insurance company obtained a judgment of $60,000 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 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 it 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. It is stated that the judgment in payment of the Girard Insurance company was settled for a small sum a 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, a it is reported that some time ago there was slight run on the Bank of Miles City, and that he advanced money to Mr. Nininger to held him over the trouble and that discovering the true condition of the firm he demanded to be protected with the above result. Mr. Leighton is now tiMiles City looking after his further interest in the firm's 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. Ninninger has had a good reputation as a business man and has been uniformly reported by the mercantile agencies as prompt and correct in his transactions. Said one of his creditors to a GLOBE reporter yesterday "We always considered him man of integrity and honor, and have carried him on our books for from $10,000 to $15,000 frequently during the past two or three years. We are still in hopes that our confidence in hlm will prove to have been well founded. The GLOBE reporter made inquiries at Bradstreet's as to whether they had any information in regard to their failure. The reply was that they had not, save what they had gleaned trom 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.18,1881 A.R. Nininger & Co. Miles City, Montana-A R. Nininger and W Savage commenced in 1879 succeeding firm of the same name, Mr Harman retiring. Savage formerly clerk and has only nominal interest Have an Investment of $75,000. Heavy buyer and borrower. pays satisfactorily 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 honest man and doing good business Statement of Nininger Feb. 10. 1881 Assets at Miles City, $147,000; liabilities about $80,000. Real estate at Miles City, in Plantation Alabama $9,000. $30,000. Real estate in St. Paul $75,000 to $100,000. Recently inherited $10,000 or $15,000 Am worth $150,030 clear of debts. No liabilities in bank. This is considered a fair showing Authorities deem him safely worth $125,000. Nov. 15, 1881. In St Paul am generally believed to be doing 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 in it. and we find houses who are friends of it in this city who give an almost unlimited credit. In the spring of 1881 they were said to have outsta some $60,000. Nininger live, pushing man, who knows how to handle his trade and business, and is believed to be good for any previous esilmates and any reasonable contracts he will engage in. On January 18, 1881, the following report regarding the bank was made to Bradstreet's Bank of Miles City, A. Ramsey Nininger, rrestdent, Alex. Hardy, cashier. Established in the spring of 1880. Nininger is said to be sole proprietor. It s simply an exchange bank receiving no regular line of deposits, and using only nominal capital. Owns plantation in Lownes county, Alabama, of 8.000 acres of which he values'at $35,000. Parties who have investigated this property say it is valuable, cultivated and profitable also owns 150 feet and six houses on Wabathaw street, St. Paul,va ued at $20,000, mortgaged for $8,000, 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. as 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 good utation, Mr. Nininger has been regarded by the merchants of St. Paul as A 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 a strong competition among rival houses for his trade and the general belief seems to have obtained that his store at Miles City was a veritable 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 alle giance to a Minneapolis establishment Another firm said yesterday, isn't our fault that we are not stuck. our tried hardest We only a few days ago to sell him a bill of goods, but without success. Another large creditor said to a GLOBE reporter: 'We would desire to have as little published about this failureas 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 It easy to say a piece of property is valued at $10,000- but then if put on the market it is might not bring half that sum. Property only worth what it will sell for. As is, be 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 he as reporter swung around business circles yesterday while among Mr Nininger's associates such exclamations as 'Poor fellow. m sorry for him, were made. The greatest curiosity was expressed as to the cause of the firm's col lapse. The most plausible theory was ad vanced by an intimate business and social friend of Mr. Nininger. He said that Nininger's first great mistake was engaging in the banking business in that wild country, and in connection with his merchandise. The deposits he had amoanting as shown to $75,000 were of course absorbed in his mercantile operations, and he was thus liable to be called upon for large sums at any time withont the funds to meet the demands He was thus over a slum bering valcano all the time. Again: Ninin ger had large stock of goods, bought at high prices, and transported by river to Miles City 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