The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-01-30
NOTHING FOR DEP0SIT0RS
lNTHE BROKEN GALVESTON BANK
A History of the Fraudulent Financier-
ing that Reads Melo-Dramati-
cally Speculation in Futures
and its Bitter Results.

GALVESTON, Jan. 29.-As investiga-
ton probes deeper and deeper into the
financial affairs of the broken firm of
Wolsten, Wells & Vidor, the more hope
less becomes the prospect of its credit
ors even realizing cent. There will be
TO assignment, simply from the fact
that the firm has nothing to assign.
The statement made in a dis
patch last night, that Wolston and
Vidor, the surviving members
of the firm had transierrd
assets aggregating $3l 900 for the benefit
OF few preferred creditors is errone-
Gus.
Mr.. Vidor, in conversation with the
associated press correspondent to-day,
stated that the firm had made no assign
ment, and that to his knowledge none
was contemplated. Touching the affairs
of the firm, who were and who were not
its creditors, he declined to speak.
Mr.. Wolston, in conversation with
friend, said he was irretrievably ruined
and did net possess dollar IN the
world; that all had gone in the crash.
Creditors OF the firm are arriving from
the interior on every train to see what
can be recovered from the wreck, only
to meet disappointment and return home
disheartened. The failure OF this
firm, and the Island City Savings bank
has been the most disastrous in the his
tory Of the city of Galveston, and affects
a class that can lily afford to stand the
losses.
Wolston, Wells & Yidor was univer-
sally regarded as one of the staunchest
, cotton firm in the southwest, being sal.
, and conservative in their methods
business. Their credit, until 4"
few months ago, was almost unlll-
tied. Producers and interior de95Is
; consigned their cotton to them unesl
tatinely, and no house in their lin, lau
better reputation Tor prompt an, nom
orable dealings until they becato III
fected with The spirit OF speculatoll aha
began dealing in cotton futures Az liIsI
their operations were cautifSi men
thew became more reckless ar iost az
moral restraint and bulled 40 peared
the market with a seemiD disregard
l of consequences, using IL, money Oh
, their consignOrs' cotton, az Mhen Iney
drew upon them cashin, thelr dIalts
with the depositors' mony II! IA Vne isia1u
City Savings bank, upii tnoir na aLIo
{ ties reached 100000, "a lrretrleVGple
ruin stared them in tn race, WHeh IuSy
began hauling in sail out 100 late, me
firm had already DRIED onto the rocks,
> when Wells, by ir the bralniest
/? man of the firm, seetg that it and the
% bank were speedilSoing down to ire
=, gocable ruin, andi honored name OF
v the firm would beletlaceably blotched
d with contumely al disgrace, and when
l. ali was known h would be eXecrated
v by communit who had honored
> and esteemed him. his proud
= proud spirit as broken by, the
N ruin he had wrought, ana ne
S sought ut msthsa s eaVng his partner.
to face an Outraged and indignant pub
lie. Dealing i futures instead of &
a. strict adberere to their Legitimate line
70 of business VS. the direct cause of the
js FIRMS failure Experts are still busily
is engaged ir preparing a Statement
s. of the irm's liabilities. witt
We list OF the creditors, but /
90 is doubtful it will be madepublic.