Savannah morning news. [volume] (Savannah) 1868-1887, 1885-01-27
GALVESTON THUNDERsrRUCK.
Suicide of the Cotton Exchanges Presi.
dent and TumbIing Firms

dent and TumbIing Firms.
GALVESTON, Jan 26.-Startling rumors were
ahOat this morning regarding the sudden
death at midnight last night of Clinton G..
wells, PRESIDENT Of the Cotton Exchange. II
was said that his death resulted from NOR
phine. The rumOrs attributed the suicide
to financial embarrassment of the firm of
Weston, Wells & Vidor, large cotton factors.
who are reported to be hopeIessly involved
and suspended payment about noon. The
deceased was also President of the Island
City Savings Bank, the doors of which bore
the notice: ''Closed on account of the DEAN
of President Wells" On the floor of the
Cotton Exchange it was currently repOrted
that the bank was a total wreck. The de-
posltors Of the bank are principally poor peo-
pie. There was considerable excitement over
the flying rumOrs.
A DAY OF EXCITEMENT.
GALVESTON, Jan. 26. II:45P.M-Tbe cit,-
mas been IN tremOr of excitement since
early tins morning, consequent upOn the
tragic suicide OF MIR. Wells. 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 President of this
bank, and prominent member of the firm of
Wollston, Wells VidOr, cotton fac
tors. About noon it became known
that both concerns were insolvent
The Island City Savings Bank was organized
epoub Il years ago WIFI Il Ddlu up capital OF
$ll4,OO0. 1t had deposits of alb Jut $475.O00 The
board of directors in a card say that the
assets viii realize about 20 cents on the dollar
ana That the stockholders will certainly lose
their capital. IF the stockholders will sur
render their stock we, together with Others
Will agree 10 raise $iO0, 900 new capital and
VIII assume the liability to the present de-
posltors, If accepted by all, on the basis of 70
cents, payable IN three, SIX, nine and twelve
months"
ACCEPTANCE IMPROBABLE,
1t is not believed that this proposition by
the directors Will be accepted by all the stock
holders. Attachments aggregaung $4,000
were placed on the bank this evening. and the
Sheriff is now in possession. The depOsitOrs
number over 1000, and are principally of the
very poorest class-4 per cent. interest at
tracing the colored population and inducing
them to deposit small sums in the bank.
The firm Of WollstOn, Wells Vdor have
overdraWn their account with the bank to
the amount of $l50.000
J. II. Blake, a cotton factor doing business
at Houston and Galveston, is a debtor To the
bank for the sum of $57 600.
Wollston, Wells Nidor gave notice of their
suspension this afternoon. Their liabilities
are over 100000 and their assets between
$4,000 and $4,000. The liabilities are dis
trlbuted as follows: Island City Savings Bank.
$l5O,OO0; interior Texas points, for cotton,
about $l00, coo: foreign. S50,OOO, It is under,
stood that the firm is preparing a statement
tonight. and will assign to NJ. Lasker to-
morrow.
are in no way affected by these failures.
THE RUN AT NEW HAVEN.
NEW HAVEN, CONN. Jan. 26.-The run on
the New Haven Savings Bank continued to-
day. From o'clock to the closing hour a
line varying from 70 to 2G0 persons was kept in
order by squad of police. About 300 ac-
counts were closed and 100000 paid out. The
bank still has plenty of money ON hand, and,
moreover, Treasurer THttle saws that he can
obtain all the funds required faster than the
money can be distributed.
BATCH OF BREAKS.
NEW YORK, Jan. 26.-M. M. Katz, a dry
goods dealer at Wilmington, n. c., has made
an as s-lgnment, making local preferences of
$4,000.
}. P. KehOe, fancy goods dealer at Mobile,
Ala, has made an assignment.
LONDON MERCHANTS FAIL.
LONDON, Jan. 26.-GeOrge Crobbe & Co..
merchants, Of No. l47 Leadenhall street. E.
e., have failed. The liabilities are placed at
f75,000.