Island City Savings Bank (Galveston, TX)

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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.

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FAILURE AND SUPPOSED SUICIDE

-C. G. Wells, president of the Galveston (Texas) Cotton Exchange, died suddenly Sunday night. It is reported that he committed suicide on account of the financial embarrassments of his firm, Wolston, Wells & Vidor, large cotton factors, which suspend. ed payment. Mr. Wells was also president of the Island City Savings Bank, which is closed 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.

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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.

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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.

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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

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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

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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

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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.

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Galveston's Suspended Bank

GALVESTON, Jan. 31.-A called meeting of 'the depositors of the suspended Island City Bank was held to-day. The report of the depositors' committee appointed 'at a previous meeting was read and adopted by n n° nearly unanimous vote. This report embraces a proposition from the heaviest stockholders and several leading citizens not interested in the bank, stipulating that if'de- if depositors and other creditors will agree to accept 74 cents on the dollar, they will subscribe $100,000 new capital. A majority of the depositors agreed to accept the proposition, and it is

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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.

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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.

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Killed by the Dishonesty of Others. GALVESTON, Feb. -William - Garlock, late cashier of the suspended Island City Savings Bank, died this afternoon from paralysis. Last November Garlock returned from a year's sojourn in the North, with his health greatly improved. 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 the time, Garlock 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 Garlock's management or memory.

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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.

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Too Much for Him

GALVESTON, February 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, 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, 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 is attached to Garlick's management.

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GALVESTON is much excited over the suspension of the Island City Saving Bank.

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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.

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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 capitalsubscribed $100,000 had ists 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.

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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.

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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.

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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.

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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.

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STATE NEWS

Galveston public schools close May 31. The Laredo ferry now makes all night trips. Taylor wiil raise $25,000 to grade the road to Elgin. Scarlet fever cases continue to be reported at Austin. Crop prospects at Abeline have almost disappeared in the drouth. The Democratic State convention will meet in Galveston in August. I. V. Collins' safe at Crockett, was cracked on Monday night and contents taken. Wichita Falls stockmen fed 15,000 bales of hay last winter, and now divide up stock. Regular trains are now run on the San Antonio and Aransas Pass road to Pettus. The Red Fish Club, of Houston, have taken up their rods for the summer fishing season. The Land Board has applications from actual settlers for ten locations in Ochiltree county. Denton and Graperine both get the go-by in the location of the Gulf, Colorado and Santa Fe. Saba court is in session with a full docket: rain is very much needed to insure safety of small crops. The contract for building the Austin County Court-house has been awarded to Houston parties at $35,500. Erie Thomas, arraigned at Big Springs for killing J. B Fuller May 5, was declared not guilty yesterday. Helena joins the proeession of Texas towns that have one, two and threeyear-old cattle to sell for hard cash. The Grand Commandery K. T. of Texas is in session in the Corsicana asylum, with a full attendance of delegates. An excursion by coach from Beeville to Pettus to take in the new railroad was given by Chase & Sons' livery on Tuesday. Laredo has at last caught the undertow of the great strike wave, and feels hit hard. Thermometer above 100 right along. The special committee of the Texas Bar association. to consider amendments to the judiciary laws, is in session at Austin. The Galveston Tax payers have formed a protective association to resist the increase of assessments by the city government. County Physician Johnson, of Galveston, recommends for that county a hospital service similar to that of the marines. Antonio Valdez, well known in this city, was killed by a premature mining blast in Guadalupe rock quarry, Huesachito, Mexico. Frank Latham, colored. convicted of perjury in the case of his brother Rans, charged with murder, has been sent up for nine years. The Farmers Alliance and K. of L. members met at Fort Worth yesterday and nominated a full county ticket, State Legislators and Congressman. Carl Brossman, eight years County Treasurer of Austin county. is on his way to visit his mother in Germany, whom he has not seen for 30 years. Midland is to have a 20 acre stock yard with water for the accommodation of stock men. It 18 the best shipping point on the staked plain. The Texas State Fair association. of Dallas, met yesterday and declined to arbitrate with the Dallas State Fair association. Too big for its boots. San Marcos' tabernacle rises visibly and rapidly; the crop prospects in that section are lovely; the Commissioners Court is in session and S. M. is happy. The Engineers are busy locating the route between Aransas and Papalote, the later creek will be crossed a few hundred yards east of Hatchie's store. The Island City Savings Bank, of Galveston, not having made satisfactory settlement with its cred tors, suit will be brought for full amount of deposits with accrued interest. A rate of 2 cents per mile has been made for all parties wishing to attend the State shoot in this city. Tickets good from the 17th to the 2 d; on sale at all principal stations. Geo. Edwards, Marshal of Texarkana. openly assaulted Evangelist Wolf while he was holding forth in the streets of that town Monday night. The evangelist drove across the street into Arkansas and continued services. Charles Livermore, the Young Men's Christian Association protege of Galveston, of unsavory memory, who was accused of misappropriation of tire relief funds, attempt to rob and other deviltry, had his case nolled yesterday on account of lack of evidence. Sherman has been quietly working to secure the extension of the St. Louis, Arkansas and Texas road, and had raised $75.000 of the $150.000 required

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THE FAILED FIRM

Mrs. Kaufman to be Secured for the Advances She Made. Special Telegram to the Statesman. GALVESTON, July 18.-There are no new developments to report in the assignment of Kauffman & Runge. Julius Runge arrived home from New York at noon, but was accessible only to his most intimate friends. A full and complete statement of the firm's condition is promised in a faw days, when all details of the unfortunate affair will be given. The transfer of all realty, buildings, stocks of merchandise and other appurtenances owned by the firm in this city and county, aggregating $253,800, in favor of Mrs. Clara Kaufman, Bremen, Germany, was made to secure that lady for advances she had made to the firm from time to time. It is thought the creditors of the house will be paid in full, if time is allowed it to liquidate its liabilities. From the fact that Mr. Runge is president of the First National bank and r director in the Island City Savings bank, a run was predicted upon these depositories this morning. This, however, did not materialize, as depositors became convinced that each bank was not affected in the least by Runge's failure and could promptly meet all demands on call. The excitement caused by the assignment of this old and popular house has subsided, and business has resumed the even tenor of its way.