21152. Island City Savings Bank (Galveston, TX)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
January 26, 1885
Location
Galveston, Texas (29.301, -94.798)

Metadata

Model
gpt-5-mini
Short Digest
87762f7a

Response Measures

None

Description

President Clinton G. Wells' suicide (Jan 26, 1885) coincided with discovery of insolvency tied to loans/overdrafts to his firm; bank closed/suspended and sheriff levied attachments. Deposit holders later voted to accept ~74% and the bank resumed operations (partial resumption began Feb 3, full reorganization completed by March 10). No explicit bank run described in the articles.

Events (2)
1. January 26, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent after large loans/overdrafts ($150,000) to the firm Wolston, Wells & Vidor and other heavy advances (e.g., $57,000 to J.H. Blake); sheriff levied attachments and took possession of bank property.
Newspaper Excerpt
the doors of the Island City Savings Bank were not opened this morning ... Wolston, Wells & Vidor gave notice of their suspension this afternoon. About noon it became known that both concerns were insolvent.
Source
newspapers
2. February 3, 1885 Reopening
Newspaper Excerpt
Feb. 3.-To-day the doors of the Island City Savings bank were ... thrown open to give depositors a chance of the 74 per cent. proposition. About one-fifth of the depositors or 300 persons signed the agreement ... receiving their installments of 25 per cent. and three notes of the bank for equal amounts running three, six and nine months for the balance of the 74 per cent.
Source
newspapers

Newspaper Articles (24)
1. January 27, 1885 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, January 27, 1885

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NEWS, EASTERN A Prominent Man Suffers a Loss and Commits Suicide. FIRE DISCOVERED UNDER THE ROOF OF THE CAPITOL. An Insane Mother Kills Her Child and Then Outs Her Own Throat. TWO MEXICANS WANTONLY MURDER SOME SHEEP HERDERS. A Wife is Demied the Right to See Her Husband's Remains. [SPECIAL TO THE SENTINEL.] Suicide and Bank Failure. GALVESTON, Texas, Jan. 26.-Startling rumors are aflost this morning regarding the sudden death at midnight last night of Clinton G. Wells, President of the Cotton Exchange. It is said that death resulted intentionally from an overdose of morphine. Rumor has sitributed the suicide to financial embarasement of the firm of Walston, Wells & Vider, large cotton factors, who are reported M hopelessly insolvent. They suspended payment st moon. Deceased was also President of the Island City Savings Bank, the doors of which bear the notice: Closed on account of the death of President Wells." On the floor of the Cotton Exchange it is currently said that the bank is a total wreck. The depositors of the bank were principally poor people. There is considerable excitement over the flying rumore. Washington Intelligence. WASHINGTON,Jan.26--Fire was discovered this morning in & lot of books and records stored under the roof of the House of Rep. resentatives. Firemen cut away the wood. work, and soon extinguished the fire, which was confined to a space less than twenty feet square. The damage is trifling. The fire is supposed to have started by the electric wires used in lighting the Hall. In the House, Summer of California, introduced & resolution, reciting that the California and Oregon Railroad Company has failed to complete its road within the time limited by the Granite Act, and, notwithstanding this fact has been brought to his attention, the President had appointed a commissioner to examine and report on said line of road, and requesting the President to inform the House the reason which impelled him to appoint such & commissioner. Horrible Acts of an Insane Woman. CINCINNATI, Jan. 26.-About noon yesterday & terrible tragedy took place at Newport, Ky. Mrs. L. Winslow choked her son, 7 years old, to death, and best her 10year-old daughter 80 severely with & baseball club that it is believed her injuries are fatal, and then cut her own throat with a razor, producing & speedy death. She was 32 years She was living with her brother and his family at the corner of York and Taylor streets, Newport. She and her husband, George C. Winslow, have been separated for several years, he living at the present time in Lewiston, N.Y. Afew months ago Mrs. Winslow returned from & sojourn in a sanitarium, where she was treated for insanity. Two Murderous Mexicans. GALVESTON, Jan. 26.-A News Sanangela special says that on Saturday night,

2. January 27, 1885 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 27, 1885

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TWO SUICIDES A Bank Cashier Cuts Life Short-Too Sick to Live. GALVESTON, TEX., Jan. 26.-Startling ruinors were afloat this morning regarding the sudden death at midnight last night of Clinton G. Wells, President of the Cotton Exchange. It is said his death resulted intentionally from an overdose of morphine. The rumor attributes the suicide to the financial embarrassment of the firm of Woolston, Wells & Vider, large cotton factories, reported to be hopelessly involved, and which suspended payments about noon. The deceased was also President of the Island City Savings Bank, the doors of which bear the notice of "Closed on account of the death of President Wells." On the floor of the Cotton Exchange it is the current report that the bank is a total wreck. The depositors at the bank are principally poor people. There is considerable excitement over the dying rumors.

3. January 27, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 27, 1885

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A SAVINGS BANK FAILS. Suicide of Its President-Large Cotton Broking Firms Involved in the Crash. GALVESTON, Tex., Jan. 26.-The city is in a tremor of excitement since early morning, consequent upon the tragic suicide of Clinton G. Wells, president of the Galveston Cotton Exchange. The doors of the Island City Savings Bank were not opened this morning, causing great uneasiness and alarm among depositors, who are chiefly poor people. Wells was also president of this bank, and a prominent member of the firm of Wolston, Wells & Vidor, cotton factors. About noon it became known that both concerns were insolvent. The Island City Savings Bank was organized about twelve years ago. It had a paid-up capital of $114,000, and deposits amounting to about $475,000. A meeting of the board of directors was held to-night, as a result of which the following card, signed by all the members of the board, was given for publication: "In the limited time we have had to examine into the affairs of the Island City Savings Bank, we find that the assets will realize about 70 cents on the dollar, and the stockholders will certainly lose their capital. If the stockholders will surrender their stock, we, together with others, will agree to raise $100,000 of new capital, and will assume their liability to the present depositors, if accepted by all, on the basis of 70 cents, payable in three, six, nine and twelve months." It is not believed this proposition from the directors will be accepted by all the stockholders. Attachments aggregating $14,000 were placed on the bank this evening, and the sheriff is now in possession. The depositors number over two thousand, principally among the very poorest class, 4 per cent. interest attracting small sums from the colored people. The firm of Wolston, Wells & Vidor have overdrawn their account with the bank to the amount of $150,000. J. H. Blake, cotton factor, doing business at Houston and Galveston, is debtor to the bank $57,000. Wolston, Wells & Vidor gave notice of their suspension this afternoon. Their liabilities are over $300,000; assets, between $20,000 and $50,000. Their liabilities are distributed as follows: Island City Savings Bank, $150,000; to interior of Texas points for cotton about$100,000; foreign, $50,000. It is understood the firm will assign to-morrow to M. L. Asker. Other banks and cotton-houses in the city are in no way affected by these failures.

4. January 27, 1885 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, January 27, 1885

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A CRASH AT GALVESTON. The Island City Savings Bank Fails -The Assets Will Realize 70 Cents on the Dollar. The Cotton Firm of Wolston, Wells & Vidor Engulfed with the Bank-Suicide of Olinton G. Wells. GALVESTON, TEX., Jan. 26.-This city has been in a tremor of excitement since early this morning in e insequence of the tragic suicide of Clinton G. Wells, president of the Galveston Cotton exchange. The doors of the Island City Savings bank were not opened this morning, causing great uneasiness and alarm among the depositors, who are chiefly poor people. Mr. Wells was also president of this bank and a prominent member of the firm of Wolston, Wells & Vidor, cotton factors. About noon it became known that both concerns were insolvent and badly embarrass+ d. Reliable information regarding the assets and liabilities of the establishment were impossible to be obtained until 1ste to-night. The Island City Savings bank was organized about twelve verraazo, with N paid-up capital of $114.000, deposits about $475,000. A meeting of the board of directors was held to-night, as a result of which the following card, signed by all the members of the board, was furnished for publication in the morning: "In the limited time we have had to examine into the affairs of the Island City Savings bank, we find that the assets will realize about 70 cents on the dollar and that the stockholders will certainly lose their capital. If the stockholders will surrender their stock we, together with others, will agree to raise $100,000 new caultal and will assume the liability to the present depositors, if accepted by all OR a basis of 70 cents to the dollar, payable in three, six, nine and twelve months." It is not believed that the proposttion from the directors will be accepted by all the stockholders. A:tachments aggregating $14,000 were run on the bank this morning. The sheriff is now in possession. The depositors number over two thousand, principally the very poorest class of depositors, the 4 per cent. interest attracting small sums from the oolored p pulation. The firm of Wolston, Wells & Vidor have overdrawn their account with the bank to the amount of $150,000 J. H Blake. a cotton factor, noing business at Houston and Galveston, is debtor to the bank in the sum of $37,000 Wollston, Wells & Vidor gave notice of their suspension this afternoon. The ir liabilities are over $800,000 their assets are between $25 000 and $50,000. Their liabilities are distributed as follows: t The Island City Savings bank, $150.000. To interior points, for cotton, about $100 To foreign points, $50,009 It is understood that the tirm is preparing a statement to-night and will assign to-morrow to M Lasker. The other bank and cotton houses of the city are in no way affected by the failure.

5. January 27, 1885 Evening Star Washington, DC
Article from Evening Star, January 27, 1885

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Galveston's Financial Crash. SUICIDE OF A BANK PRESIDENT-DEPOSITORS LOSSES. C. G. Wells, president of the Galveston (Texas) Cotton Exchange, died suddenly Sunday night. It is reported that Mr. Wells committed suicide on account of the financial embarrassments of his firm, Wolston, Wells & Vidor, large cotton factors, which suspended payments to-day. Mr. Wells was also president of the Island City Savings Bank, which is closed to-day on account of the death of the president, and which is said to be a financial wreck. The depositors are principally poor people, The bank had deposits of about $475,000. The liabilities of the firm are over $300,000.

6. January 27, 1885 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 27, 1885

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Suicide. GALVESTON, January 26. - Startling rumors are afloat this morning regarding the sudden death at midnight last night of Clinton G. Mills, president of the Cotton Exchange. It is said his death resulted intentionally from an overdose of morphine. Rumor attributes the suicide to financial embarrassment. The firm of Welston, Mills & Vidor, large cotton factors, is reported hopelessly insolvent. It suspended payment about noon. Deceased was also president of the Island City Savings Bank, on the doors of which is a notice, "Closed on account of the death of President Mills." On the floor of the Cotton Exchange it is currently said the bank is a total wreck. Depositors in the bank are principally poor people. There is considerable excitement over the flying rumors.

7. January 27, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, January 27, 1885

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A FAILURE AT GALVESTON THE ISLAND CITY BANK BREAKS. The Cause Attributed to the Suicide of President Wells, of the Cotton Exchange--Bounty to EadsThe Business Budget. Failures. A GALVESTON BANK. GALVESTON, Jan. 26.-The city has been in a tremor of excitement since early morning. Consequent upon the tragic suicide of Clinton G. Wells, president of the Galveston exchange, the doors of the Island City Savings bank were not opened this morning, causing great uneasiness and alarm among the d depositors, who are chiefly S poor people. Wells was also n the president of this bank and a prominent member of the firm of e Wolston, Wells & Vidor, cotton factors. r About noon it became known that both o concerns were insolvent and badly emS barrassed. Reliable information ree garding the assets and liabilities of st either establishments is impossible to be e obtained until late to-night. The Island City Savings bank was organized about twelve years ago with a paid-up capital n It had of depos$114,000. Drits of about $475,000. A ameeting of the board of directors was d held to-night, as a result of which the d following card, signed by all members rof the board, was formulated and ihanded for publication in the morning: of "In the limited time we have had to in examine into the affairs of the Island City ill savings bank, we find that the assets e. will realize about 70 cents on the dollar, in and the stockholders will certainly lose etheir capital. If the stocknholders will surrender their stock at we, together with others, agree th to raise $100,000 new capital ecand will assume the liabilities to present depositors, if accepted by all on the basis of 70 cents, payable in three, six, nine and twelye months." he It is not believed this proposition from ces the directors will be accepted by all the stockholders. Attachments aggregating no, $14,000 were run on the bank this evenby ing and the sheriff is now in possession. en The depositors number over 2,000, prinhe cipally the very poorest class of depositnd ors, the 4 per cent. interest usattracting small sums from the the colored population. The firm of Wolston, Wells & Vidor have over drawn their account with the bank to rn the amount of $150,000. J. H. Blake, a at cotton factor, doing business at Hous BSS ton and Galveston, IS a debtor to the 'he bank in the sum of $57,000. Wolston ed Wells & Vidor gave notice O the their suspension this atternoor he Their liabilities are over $300,000; assets is between $20,000 and $50,000. Their lia as bilities are distributed as follows

8. January 28, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, January 28, 1885

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THAT GALVESTON CRASH. IT IS THE ALL-ABSORBING TOPIC An Institution Chartered During Reconstruction Days, With Slight Responsibility--The Stockholders Offer 70-Cent Settlement. That Financial Crash at Galveston, GALVESTON, Jan. 27.-The death of Mr. Wells and its attendant financial crash continues to exclusively absorb the attention of the city. From early morning groups of colored men were seen congregating on the corners of the several squares along Market street discussing the tragic death of Mr. Wells and eagerly seeking information from passers-by as to the probable outcome of the Island City Savings bank's affairs. The affairs of the bank, also of the suspended Arm of Wolster, Wells & Vidor, are still in such a tangled condition that additional information regarding either concern is exceedingly difficult to be obtained, even from those presumably well informed. The doors of the Island City Savings bank were not opened this morning except to admit officers of the court bearing fresh batches of attachments. At6 o'clock this evening attachments aggregating $70,000 had been levied upon the building, furniture and papers of the bank. These attachments are run by certain depositors whose accounts range from $500 to $5,000. Each bank was doing business under a charter granted by the legislature during the period of reconstruction. The charter does not provide for an annual statement on the part of the board of directors, nor are the directors or the stockholders held specially liable for deposits or other debts. The statutory law of Texas does not, under any circumstances, provide that directors or stockholders be held especially liable, and for these reasons it IS evident that the failure will prove very disastrous to depositors, unless the stockholders and directors voluntarily undertake and assume the liabilities, which the directors are abundantly able to do, all being men of large wealth and independent of their bank shares. The directors held a protracted meeting to-night adjourning at 11 o'clock. They furnish the following statement: UNITED

9. January 29, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, January 29, 1885

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THE BUSINESS BUDGE STOCKS DECIDEDLY WEAI Suits Against the Gumersells, of St. I -Latest from the Galveston Crash -A Failure at Burnett-Railroad and Other Notes. Failures. AT BURNET, TEXAS, BURNET, Jan. 28.-[Special.]-J & Hicks, a dry goods and grocery of this city, were closed to-day writ of attachment for $5,000 in favo Dodd, Brown & Co., and Tenna S Walker, of St. Louis. The closir t this firm was a general surprise. O bilities and assets unknown. A SUIT IN ST. LOUIS. r ST. LOUIS, Jan. 28.-Jaffray & Co New York, brought suit in equit day against Sheriff Harrington and late suspended firm of Gumersell & to set aside all levies and judgn made in connection with the failu e this firm, on the gro it alleged in the petition, er the confession of judg to James A. Gumersell, for $31,000 y fraudulent and designed to plac te assets of the firm out of reach of 10 process. Similar proceedings are s, brought in regard to the judgment fessed to Turnbuli, Ricl V. & Gumersell, of ot New Jersey, for $35,000. Ne Se It representatives of other eastern e etors of Gumersell & Co. are here, will probably join Jaffray & Co. in a suits. The combined claims 1 Id sented are said to amount to about he 000. Jaffray & Co. have also sworn n$28,000. attachment against Gumersell & o 0THE GALVESTON CRASH. an GALVESTON, Jan. 28.-There al new developments in the affairs . ty defunct Island City Savings bank. to excitement over the failure was $ iswhat allayed by the call or mulgated a meeting this morning of depositors of Turner's hall, at 7 o'clock to-nigh he determine upon a concerted line ( tion, and the call stated that no ty would be admitted unless they ilsented their deposit books. The rs ing was largely attended nd men and women of every attionality and shade, represent of every condition in life, whose a hgated deposits in the broken bank approximated $200,000. The me organized by the election € tle chairman and secretary. Consery speeches were made by a numb prominent gentlemen, counselling eration and recommending a re-o ization of the bank, in whic IImany of the depositors as on, able should take stock in pi astion to their deposits, to be conve into cash as soon as the financia re dition of the bank would warran or they SO desired; or if not, to form ay, tion of its capital he on which they would entitled to dividends in proporti erthe amount SO held, and that sma as positors, who were nable to take

10. January 29, 1885 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, January 29, 1885

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A FAILURE AT GALVESTON THE ISLAND CITY BANK BREAKS. The Cause Attributed to the Suicide of President Wells, of the Cotton Exchange-Bounty to EadsThe Business Budget. Failures. A GALVESTON BANK. GALVESTON, Jan. 26.-The city has been in a tremor of excitement since early morning. Consequent upon the tragic suicide of Clinton G. Wells, president of the Galveston exchange, the doors of the Island City Savings bank were not opened this morning, causing 1 great uneasiness and alarm among the depositors, who are chiefly poor people. Wells was also the president of this bank and a prominent member of the firm ot Wolston, Wells & Vidor, cotton factors. About noon it became known that both 1 concerns were insolvent and badly embarrassed. Reliable information regarding the assets and liabilities of either establishments is impossible to be d obtained untillate to-night. The Island e City Savings bank was organized about on twelve years ago with a paid-up capital It had of depos, $114,000. 1 its of about $475,000. A meeting of the board of directors was held to-night, as a result of which the following card, signed by all members of the board, was formulated and handed for publication in the morning: "In the limited time we have had to 1 examine into the affairs of the Island City savings bank, we find that the assets 1 will realize about 70 cents on the dollar, and the stockholders will certainly lose their capital. If the stocke holders will surrender their stock we, together with others, agree to raise $100,000 new capital and will assume the liabilities to present depositors, if accepted by all on the basis of 70 cents, payable in three, six, nine and twelve months." It is not believed this proposition from the directors will be accepted by all the stockholders. Attachments aggregating $14,000 were run on the bank this evening and the sheriff is now in possession. The depositors number over 2,000, principally the very poorest class of depositors, the 4 per cent. interest attracting small sums from the colored population. The firm of Wolston, Wells & Vidor have overdrawn their account with the bank to the amount of $150,000. J. H. Blake, a cotton factor, doing business at Houston and Galveston, IS a debtor to the bank in the sum of $57,000. Wolston, Wells & Vidor gave notice of their suspension this atternoon Their liabilities are over $300,000; assets between $20,000 and $50,000. Their liabilities are distributed as follows: Island City savings bank, $150,000; to interior Texas points for cotton about $100,000; foreign, $50,000, It is understood that the firm is preparing a statement to-night, and will assign to-morrow. The other banks and cotton houses of the city are in no way affected by the failure.

11. February 1, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, February 1, 1885

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Galveston's Broken Bank. GALVESTON, Jan. 31.-Another mass meeting of depositors of the defunct Island City Savings bank was held at Turner hall to-night, to hear and consider the report of the committee appointed at a mass meeting held last Wednesday. The attendance tonight was not half as large as at the preceding meeting. The committee reported that they had made an exhaustive examination of the resources of the bank and if it was allowed to re-organize on the basis that the stockholders surrender their capital stock and the franchise of the bank, wealthy capitalists had subscribed $100,000 which they would take as stock in the reorganized bank, if the depositors would take a proportionate share of their deposits in stock. This, with the available assets of the bank, if properly and judiciously handled, would enable the bank to pay its depositors 74 cents on the dollar, in installments, as follows: Twenty-five per cent. in cash on the resumption of the bank, and the remainder in three, six and nine months, provided all judgments and garnishments to suits were withdrawn. The report of the committee was favorably discussed by the majority of the speakers, although some opposition was manifested and when put to a vote it was adopted by a large majority. amid considerable enthusiasm. Books were then distributed among the depositors present, in which they were to record the amount of the deposit, how much of it they desired converted into stock, and the amount they wished liquidated on the basis proposed. Ten days were allowed them to return these books to the bank, when stock will be issued to them in denominations of $10 a share. This is regarded as a very favorable adjustment, as the committee stated that if legal redress was sought by the depositors the assets of the bank would not realize to them 25 per cent., if that.

12. February 1, 1885 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, February 1, 1885

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THE ISLAND CITY BANK. An Adjustment by Which the Depositors Will Receive Seventyfive Cents on the Dollar. GALVESTON, TEX., Jan. 31.-A massmeeting of the depositors of the defunct Island City Savings bank was held at Turner hall to-night to hear and consider the report of the committee appointed at a mass meeting held last Wednesday. The attendance to-sight was not half as large as the preceding meeting. The committee reported that they had made an exhaustive examination of the resources of the bank, and stated that if it was allowed to reorganize on the basis that the stockholders surrender their capital stock and the franchises of the bank, some wealthy espitalists had subscribed $100,000, which they would take as stock in the reorganized bank if the depositors would take & proportionate share of their deposits in stock. This, with the available assets of the bank, if promptly and judiciously handled, would enable the bank to pay its depositors 75 cents on the dollar in installments as follows: Twenty-five per cent. in cash on the resumption of the bank and the remainder in three, six and nine months, provided that all attachments and garnishment suits were withdrawn. The report of the committee was favorably discussed by the majority of the speakers, although some opposition was mat ifested, and when put to the vote it was adopted by a large majority amid considerable enthusiasm The books were then distributed among the depositors present in which they were to record the amount of their deposits, how much of it they desired converted into stock and the amount they wished liquidated on the basis proposed. Ten days were allowed them to return these books to the bank, when stock will be issued to them in the denomination of $10 a share This is regarded as a very favorable adjustment By the committee stated that if legal redress were sought by the depositors, the assets of the bank would not realize to them 25 per cent. of that.

13. February 2, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, February 2, 1885

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GALVESTON'S BANK TO RESUME. Creditors to Accept 74 Cents on the Dollar and New Capital to be Subscribed. GALVESTON, TEX., Feb. 1.-A called meeting of the depositors of the suspended Island City Savings Bank was held last night. The report of the depositors committee appointed at the previous meeting was read and adopted by a nearly unanimous vote. Its report embraces a proposition from the heaviest stockholders and several leading citizens not interested in the bank stipulating that if depositors and other creditors agree to accept 74 cents on the dollar they will subscribe $100,000 for new capital. The majority of the depositors have agreed to accept the proposition, and it is now believed that the resumption of the bank is assured within a fortnight. Seventy-two thousand dollars of new capital is already subscribed. The proposition, however, is contingent on all the creditors accepting 74 per cent., their claims to be paid 25 per cent. within ten days and the balance in three, six and nine months. A number of parties holding attachments against the bank property have signified their intention of accepting the settling. CASHIER GARLICK DIES. William Garlick, late cashier of the suspended bank, died this afternoon from paralysis. Last November Mr. Garlick returned from a year's sojourn in the North, his health growing better. About Dec. 1, from the books of the bank, he discovered that it had been wrecked during his absence. Confiding these matters to friends at this time, Mr. Garlick said his health was so restored that he could have lived for years, "but this discovery," said he, "will kill me. I will be dead in two months." The cashier's prophecy was fulfilled to the very day. No shadow of blame for the bank's failure attaches to Mr. Garlick's management or memory.

14. February 2, 1885 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1885

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TO REORGANIZE A BANK. GALVESTON. Tex., Feb. 1.-A called meeting of the depositors of the suspended Island City Savings Bank was held last night. The report of the depositors' committee, appointed at a previous meeting, was read and adopted by nearly a unanimous vote. This report embraces a proposition from the heaviest stockholders, and several leading citizens not interested in the bank, stipulating that If the depositors and other creditors agree to accept seventy four cents on the dollar, they will subscribe $100,000 for new capital. A maJorlty of the depositors have agreed to accept the proposition, and it is now believed that the resumption of the bank is assured within a fortnight. Of the new capital $72,000 is already subscribed; the proposition, however, is contingent on all the creditors accepting 74 per cent. Their claims are to be paid, 25 per cent within ten days. the rest in three, six and nine months. A number of persons holding attachments against the bank property have signified their intention of accepting the settlement. William Garlick, cashier of the bank, died this after noon from paralysis. In November Garlick returned from a year's sojourn in the North, his health greatly improved. About December 1, from the books of the bank, be discovered that it had been wrecked in his absence. Confiding these matters to friends, at the time, Garlick said his health was 80 restored that he could have lived for years, out this discovery said he, "will kill me. I shall be dead in two months." The cashier's prophecy was fulfilled to the day. No shadow of blame for the bank's failure attaches to Garlick's management or memory.

15. February 2, 1885 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, February 2, 1885

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What Caused a Bank Cashier's Death. GALVESTON, TEX., Feb. 1.-William Garlick, late cashier of the suspended Island Savings Bank, died this afternoon from paralysis. Last November Garlick returned from a year's sojourn in the North with his health greatly improved. About the first of December from the books of the bank he discovered that it had been wrecked during his absence. Confiding these matters to friends at the time he said his health was 80 restored he could have lived for years. "but this discovery," said he, "will kill me. I will be dead in two months." The cashier's prophecy was fulfilled to the very day. No shadow of blamo of the bank's failure is attached to Garlick's management.

16. February 4, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, February 4, 1885

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The Island City Bank Re-Opens. GALVESTON, Feb. 3.-To-day the doors of the Island City Savings bank were a tors thrown open to give deposichance of the 74 per cent. proposition. signing About one, fifth ofthe depositors or 300 persons signed the agreement, representing about 30 per cent. of the bank's deposits. Among those who signed the agreement were many of the largest depositors. None of the suits filed in the justice's court, against the bank, have been cancelled. The parties who filed these suits are small depositors. A number of suits in the higher courts have been withdrawn.

17. February 5, 1885 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 5, 1885

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CRIME, SAMUEL KINTZ, produce dealer at Stroudsburg, Pa., has failed for $30,000. Kintz is treasurer of the county, and his official books show a a descrepancy of $9,000. JOHN GILBERT, aged 23, graduate of the college of 'pharmacy of New York, and member of a highly connected family in the Empire State, was convicted of forgery Tuesday at Baltimore. GEO. STICKNEY, late treasurer of Union county, D. T., has been indicted by the grand jury forembezzlement and malfeasance in office. His shortage now figures up $12,405.06. He has been arrested. CLINTON G. WELLS, president of the Botton Exchange of Galveston, a member of the extensive cotton firm of Walston, Wells & Vidor, and president of the Island City Savings bank, has committed suicide. Both the savings bank and the cotton firm have suspended.

18. February 7, 1885 Roseburg Review Roseburg, OR
Article from Roseburg Review, February 7, 1885

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elevated road was laid on the 9th ult. El Paso, Texas, is making it hot for bnnko men, tramps and horse thieves. The Y. M. C. A. of New York last week celebrated its thirty-second anniversary. Chief Engineer Melville wants to go on another expedition in search of the North pole. A white female child, aged 16 months, was found in a Chinese brothel at San Jose, Cal, George J. Gould, son of Jay Gould, has purchased a seat in the New York Stock Exchange. The heirs of Ahneke Jans are about to begin another suit against Trinity church, New York. The Senate failed to pass the Nicaraguan treaty. It lacked five votes for a two- thirds vote. A forty-foot whale, worth $1,200, has been captured off the village of South- ampton, L. I. The brig Hibernian and the schooner Messenger from Portland, Maine, are be- lieved to be lost. Florida is discussing the erection of an executive mansion at Tallahassee to cost $10,000 to $12,000. During the last year 320,800 steerage pas- sengers and 59,500 cabin passengers land- ed in New York city. The report that fourteen men were frozen to death during a recent blizzard in Nebraska is denied. The run on the New Haven, Conn., Sav- ings Bank subsided after two days. Over $20,000 was drawn out. Only two tickets were sold for Victoria Morosini-Schelling's concert in Rockford, Ill., last week, and she did not sing. The entire building fund of a Methodist society in a Michigan city is said to have been lost at faro by two of the trustees. The coinage of the United States mint at Philadelphia during last year aggre- gated 52,270,000 pieces, valued at $16,949,- 000. The widow of "Stonewall" Jackson has consented to allow his war horse, "Old Sorrel," to go to the New Orleans exposi- tion. Tons of the best butter have been bought at twenty cents per pound from New York dairymen within two weeks past. A speculative Yankee has rented six- teen halls in Washington, in which he will put up 5,000 cots for inauguration week. At the annual Hebrew charity ball at the Academy of Music, Philadelphia, 600 were present. The receipts were over $18,000. A vigilance committee, called the "Si- cily Guards," has been formed in Gage county, Neb., to protect horses and mules from thieves. A 70-year-old citizen of Morrisville, Vt., who had lost a second wife a few months ago, dropped dead recently while about to marry another. The Governor of Ohio renews his recom- mendation that in Presidential years the election of state and county officers be held in November. William E. Lehman, aged 53, was found dead in his cabin at Deal's shore, near An- napolis, Md, cut to pieces. There is no clue to the murderer. Theodore Schuren, a prominent and wealthy florist of Cleveland, O., was found in bed at a hotel in Young-town, dead from escaping gas. The State Sunday law compelling the closing of saloons, billiard halls, cigar stores and fruit stands, is now being rig- idly enforced in Little Rock, Ark. Thomas Daily, a wealthy retired banker of Atlantic City, N. J., dropped dead in the Catholic Cathedral of Philadelphia, while attending the funeral of a sister-in-law. All the funds of the Island City Savings Bank at Galveston in the hands of the State National Bank, of New Orleans, have been attached on a claim of $31,000. New York city provides free baths only for the summer season, and it is now pro- posed in the interest of good sanitation, to extend the privilege to the winter months. The House committee on postoffices and post roads will favorably report a substi- tute for bills pending before it relative to a reduction of newspaper postage from two cents to one cent per pound. The fly wheel of the Western Nail Mill, Belleville, Ill., burst the other day, caus- ing damage of $10,000. No one injured. The escape of 300 workmen is miraculous. The building was nearly demolished. Secretary McCulloch has addressed a communication to the Speaker of the House, recommending an appropriation of $500,000 for the construction of an ad- ditional vault for the storage of silver. U. F. Mahony has instituted a suit against the Union Electric School of Tel- egraphy, at Cincinnati, to recover ex- penses incurred by himself and wife in going there from San Francisco to learn telegraphy. Mrs. Mary T. Dovley, of Des Moines, Ia., suicided last week with opium. She also administered some to her son, aged 5, and a daughter of 10. The son died, but the girl recovered. They were in destitute circumstances. Vigorous'efforts are being made at Cedar Rapids, Iowa, to enforce the prohibitory law. Several liquor sellers have been held in bonds for maintaining a nuisance, and there have also been two or three convic- tions for violating the law. President Smith, of the Oregon Railway and Navigation Company, denies that the usual dividend will be passed because of a decrease in the earnings. He says it will be paid, and that the earnings are at the rate of more than 6 per cent. Secretary Lincoln has instructed Briga- dier-General Augur to turn over to the civil authorities for prosecution such lead- ers among the Oklahoma boomers as vio- lated section 2148 of the revised statutes relating to the subject in dispute. A Straightsville, O., dispatch says: The mine at Plummer Hill has been fired. There is no hope of extinguishing the fire. The mine is valued at $200,000. Addition- al guards were placed there recently, which fact is supposed to be the cause of the incendiarism.

19. February 8, 1885 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, February 8, 1885

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adopted resolutions denouncing the recent dynamite outrages. The wife of Rev. C. H. Snell and a 11-year-old son were murdered by George Miller, a hired man, near Inkster, D. T., for purposes of robbery. Geo. F. Thomas' fine house on Staten Island, a wedding present from Commodore Vanderbilt to his oldest daughter, burned yesterday. Loss, $65,000. Papers in the Swaim court martial are in the hands of Secretary Lincoln. The accused, it is understood, is found guilty of all the charges, and his dismissal is recommended. The will of Robert A. Wallace, carriage manufacturer of Buffalo, who died eight years ago, was lately found on his dead body, his coffin being opened for that purpose. William Garlick, cashier of the suspended Island Savings Bank, of Galveston, Texas, died two months after its failure. The calamity, for which he was not to blame, killed him. At Fort Smith, sentence of death was passed in the United States Court upon Fred Ray, Wm. Meadows, Wm. Phillips, Mason Holcom, white men, and William Nixon, a negro, for murders committed in the Indian Territory. The dispute between Lewis May, the assignee of John J. Cisco & Son, New York, and Mrs. Green, relative to a loan due the firm by her husband, has been adjusted by Mrs Green giving her check for $702,000, the full amount claimed. Gen. Hatch, it is said, will build forts in the Indian Territory, in anticipation of further raids. Fifty-six wagon loads of boomers reached Arkansas City, Ka., Saturday, and passed resolutions condemning the course of President Arthur. Mr. Mutchler, chairman of the House Commitee on Reform in the Civil Service, has been instructed to make an adverse report on the bill to prohibit the removal of any honorably discharged soldier or sailor or dependent relative, except for specified cause.

20. February 12, 1885 The Magnolia Gazette Magnolia, MS
Article from The Magnolia Gazette, February 12, 1885

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SOUTHERN GLEANINGS. le d Bennett Parsons, a farmer seventy-two years of age, was murdered near Jonesboro, Ala., a few days ago, and his wife n, crime. andtwo daughters are charged with the y Mrs. Cole, widow of Judge James L or Cole, of Placquemine Parish, aged sixty. o nine, was found murdered in bed few d mornings ago. Thieves took her jewelry. including a diamond ring from her finger, h Five persons have been arrested on susof m picton. Franklin J. Moses, formerly Governor of South Carolina, recently finished a term of three months in the Detroit (Mich.) of Correction for obtaining money ochalse preteuses. He was at once arrested by a Boston officer, to stand trial in that city on an indictment for swindling other Colonel T. W. Higginson and several professors of Harvard University. t On returning to his home in Jackson County, Georgia. a few nights ago, Mr. Basil White found his bride wife hanging of dead from a joist in the stable. Her maiden name was Elizabesh Beatty, and h she had been married but one week, her husband being a widower with one child. The new relationship proving irksome she sought relief in suicide. The mother of a dead infant found in Dallas, Tex., a few days ago, in a well, has been discovered in the person of Ella Coleman, a young woman from Sherman, t Tex. When her crime was discovered she took a train for the East, and officers went in pursuit of her. She is a prepossessing a young woman, single and about eighteen years old. h A few nights ago a farmer named P. n Smith, residing four miles north of Cov. ington, Tenn., was murdered by unknown a persons. His body was found in the woods e near his house, his skull having been split open by a hatchet. Robbery is believed to have been the cause of the murder, the t been taken. money in his possession at the time having 1 Fire at Lewisville, Tex., a few nights the ago, destroyed the principal part of town. The heaviest losses, with insurance, are: B. Plew, loss, $2,000; insurance, $1,700; W. H. Hyder, loss, $3,000; insurance, $1,600; $500; insurance, none; John & loss, $1,000; H. Kenly Owens, Co., loss, insurance, insurance, none: Mrs. May Rawlings, loss, $2,500; none; E. F. Stover, loss, $1,500; insurance, none. The total loss is estimated at $10,000. The origin is thought to have been incendiary. During the year 1883 Ballard County, Ky., lost several bridges, the most im portant passways in the county. A reward of $1,000 was offered for the apprehension of the guilty parties, with evidence to convict. No clue was obtained, and would "never have been, most short likely, but for the arrest, a time ago, of Wm. Beard, charged with breaking into a store. After the arrest and incarceration of Beard, he concluded be to cause the bridge-burning business to divulged and secure the company of his confederates. He managed to get an interview with Mildred Coffee, of that county, one of the party, and induced him to peach on Tobe Hendricks, who, Coffee fired the Scarborough bridge across says, the west fork of Mayfield Creek, on the Milburn & Paducah Road. Hendricks was arrested upon Coffee's affidavit, and is in jail at Wickliffe. He denies any knowledge of the burning, but it is understood that both Beard and Coffee will testify to the effect that they saw him setting fire to it. It is hoped that further developments will reveal the whole diabolical scheme by which Ballard County suffered so heavily in the loss of bridges, as well as her'Courthouse, by fire. Wm. Garlock, late cashier of the suspended Island Savings Bank of Galveston, Tex., died a few days ago from paralysis. John Drake, who murdered his wife Thomaston, Ga., has been sentenced to be hanged-on the 20th of March. Alice Thompson colored, was shot and fatally wounded by Samuel Reynolds, colored, at Nashville, Tenn., a few days ago, because she refused to marry him. Reynolds escaped. band of rustlers raided a stock-yard the eastern part of San Autonio, Tex., a in few nights ago, and ran off fifteen head of horses, valued at $2,000. The safe in Pat Byrnes' saloon in Chattanooga, Tenn., was cracked a few nights by professionals and $4,000 stolen$2,200 ago in greenbacks and $1,775 in notes. A diamond drill was used in cutting the hole into the combination, and it was then shattered with a chisel and the door opened. The boiler in the Snider Brewery at Louisville, Ky. exploded a few dayssince. John Bush, an employe, was struck and fatally injured by a piece of iron. Frank and Henry Kippers and Rudy Lamleng, three children playing in an adjacent yard, were struck and seriously hurt. The cause of the explosion was a mystery. There are rumors of mismanagement of Marine Hospital in Memphis, Tenu. the Charges are made by ex-patients of negligent attention, dirt, and a want of kindly on the part of the nurses. Affidavits care been prepared and forwarded to the Surgeon-General have of the Army, with the a view to having him examine into matter. The dead body of James Evans, white, was picked up near the mouth of Dooley's Evans Bayou, La., a few days ago. started from Mooringsport, in Caddo Parish, for Shreveport in a skiff during the re- by cent cold spell and was last seen alive passing colored man in the act of making a fire in his skiff, which was moored at the mouth of the bayou. The jail at Abelene, Tex., was set on a few days since by a prisoner named fire Butler, charged with robbing a drammer from Fort Butler but a short while and was named arrested Levy, Worth. himself before out, that he would burn but swore to the there

21. February 20, 1885 Wessington Springs Herald Wessington Springs, SD
Article from Wessington Springs Herald, February 20, 1885

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SUICIDE OF A BANK PRESIDENT. C. G. Wells, President of the Island City Savings Bank, Galveston, Texas, Suicides-Bank a Total Wreck. GALVESTON, January 28.-It has been known for months to friends that the firm of Welston, Wells & Vider, cotton factors, were heavy borrowers, but the true condition of affairs was suspected by no one. Mr. Wells went to his office Sunday morning and remained at his desk about two hours. The exact time at which he swallowed the fatal dose of morphine is not known. About one o'clock Mrs. Wells noticed that her husband was passing into a comatose condition and she hastily summoned physicians. About eleven o'clock in the evening the doctors succeeded in restoring him sufficiently to enable. him to converse. He then told them he had taken twenty grains of morphine. He soon relapsed into a heavy sleep from which he never awakened. Mr. Wells was a member of the firm named and President of the Cotton Exchange. He was the very embodiment of honor and to this fact is attributed his selfdestruction. An intimate friend of the dead President said: "C. G. Wells was an honorable man. You must not think that the manner of his death indicates the least stain upon his honor and integrity. He never did anything in his life that any man need be ashamed of, but he killed himself simply because he was too sensitive to fall because of financial disaster brought about by the ordinary misfortune and vicissitudes of commerce." No one imputes a single dishonest act to the unfortunate man. As President of the Island City Savings Bank, and with the knowledge of the members of the board of directors, he loaned his own firm $150,000. He also befriended J. H. Blake, a cotton speculator, advancing him $57,000 from the bank funds. These loans caused his death. The firm of Welston, Wells & Vider lost heavily by last year's short cotton crop, and Blake lost everything in speculating. Both failures are complete. Welston, Wells & Vider's assets will scarcely reach $25,000. Their liabilities exceed $300,000. Blake's liabilities are placed at $100,000. His assets are almost nothing. The broken bank is in the hands of the Sheriff under attachments from the District Court for $14,000. The liabilities of the bank, including deposits, exceed $50,000. Half of the depositors are colored people. The bank offered four per cent. on deposits. Among the directors are Julius Kunge, of Kauffman & Kunge; Salvano Blum, of S. Rlum & Co,; Morris Taylor, of Alman Lewis & Co., and Sampson, Hendenheimer & Co. These gentlemen are each worth from $100,000 to $1,000,000. It is evident therefore that the depositors will be paid in full. But at a meeting of the directors Monday night it was determined to offer the depositors seventy cents on the dollar. The commercial stability of the city is shaken by these failures, which are the most disastrous known here for years, but it is not believed any more suspensions will occur. All other banks are prepared for a a heavy run.

22. February 26, 1885 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, February 26, 1885

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TELEGRAPHIC BREVITIES. The national assembly of Peru will be convened on the 1st of March. The French and Italian socleties of Galveston have combined by arrangement for an excursion to New Ort ans which will leave March 3. In the United States court at Louisville Ky., yesterday, Judge Baxter in the Knights of Honor case decided thatex-Supreme Treasurer R. J. Breckenridge must pay $111,495 in cash to the court Thursday. The preliminary examinations of C. E. Gilman, J.J. Sullivan and Thomas T. O'Brien, for committing perjury in the late trial of Mackin and the other parties concerned in election frauds in Chicago, began before the United States commissioner yesterday. About one hundred representatives of the various electric lighting companies of the United States and Canada met at Chicago yesterday to perfect organization, with a view to advancing their various interests. Committees on permanent organization and to se lect topics for discussion were appointed. At the joint session of the Illinois legislature vesterday for the purpose of voting for United States senator, Lawrence, Republican, was absent, The Republicans refused to vote, breaking the quorum. Two ballots were taken. Morrison received 98 votes. Schlessinger voted for Haines, Streeter for J. M. Palmer. Both ballots were exactly the same. Adjourned. The Island City Savings bank of Galveston resumed business yesterday under the new arrangement, to settle at seventy-four cents on the dollar. The bank was crowded all day with depositors receiving their installments of 25 per cent. and three notes of the bank for equal amounts running three, six and nine months for the balance of the 74 per cent. of the deposits. The workmen in the Wabash railroad machine shops at Moberly, Mo., have been notified that after to-day the wages of those receiving over thirteen cents an hour will be reduced 10 per cent, and those receiving less than that sum per hour will be reduced 5 per cent. The men have protested and it is said that if their wages are not restored there will be trouble. About five hundred men are employed in the shops.

23. March 11, 1885 The Waco Daily Examiner Waco, TX
Article from The Waco Daily Examiner, March 11, 1885

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The Island City Bank Again. Galveston, March 10.-The Island City Savings bank completed its reorganization to-day and will resume a regular banking business on Thursday morning with a capital of $100,000. At a meeting of stockholders to-day the following board of directors was elected: H. Kempner, F. Lammars, H. Marwitz, Leon Blum, .T. Sansheimer, Morris Lasker, Julius Runge, A. Bornefeld and Samson Heidenheimer. II. Kempner was elected president and F. Lammars vice-president.

24. March 11, 1885 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, March 11, 1885

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The Island City Bank. GALVESTON, March 10.-The Island City savings bank completed its organization to-day and will resume a regular banking business on Thursday morning, with a capital of $100,000. At a meeting of stockholders to-day the following board of directors was elected: H. Kempner, F. Lammars, H. Maxwitz, Leon Blum, J. Sansheimer, Morris Lasker, Julius Runge, A. Bornefeld and Samson Heidenheimer. H. Kempner was elected president, and Lammars, vice-president.