Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-01-30
GALVESrON'S FAILURE.
The Wreck q Hopeless One-There
Has Been ana Wnl be No
Assignment Made.
A Sad Tale Of Woe and Misery Wrought
~ a Wild Spirit Of Speculation.

GALVESTON, TEN, Jan. 2s.-As the
inves tigstion probes deeper and deeper
into the financial affairs Of the broken
firm of wolston, Wells & Vidor the
more hopeless becomes the prospect of
It's creditors ever realizing a cent.
There will be no assignment, simply
for the reason that the firm has moth.
Ing TO assign. The statement made In
the dispatch OF last night that Wolston
NidOr, the surviving members Of the
nrm, had trans erred assets aggregat.
ing S3l 600 for the benefit Of few pre-
terred creditors, Is erroneous Mr.
Nidor, In conversation with CORES
pendent to-day, stated that the firm
had made no assignment and that to
his knowledge none was contemplated
Touching the affairs of the firm, who
were and who were not its cred
| itors, he declined to speak Mr.
Wolston, in conversation with a friend,
said he was irretrlevably ruined and
did not possess dollar In the world;
that all he had was gone in the crash.
| Creditors OF the firm are arriving from
the interior on every train 10 see what
can be recovered from the wreck, only
| TO get disappointed and return home
| depressed The failure OF this
firm and the Island City Savings
bank has been the most disastrous In
the history OF Galveston. II affects a
clase that can in afford to stand the
losses. Wolston, Wells d Vidor were
universally regarded Ms one OF the
staunchest cotton films in the South.
west, being safe aud conservative IN
their mode of business Their credit
until few months ago, was almost
unlimitrd. Producers and interior
dealers consigned their cotton 10 them
uni esitatipgly, x q no Ouse in theil
line had better reputation for prompt
aud honorable dealings until they be
came afflicted with the spirit OF specu
lauon and hegan dealing in cottor
futures At first their operations wer,
cautious but they become more reckless
until they lost all moral restraint anC
bulled and beared the market with ,
seeming disregard of consequences
using the money of their consignors o
cotton and when they drew upoI
them cashing their drafts with TIN
deposit rs' money in the Island Cit
Savings hank. while the liabilitie
reached 5000 600, and irretrievable ruiz
stared them In the face. when the,
began hauling in sail, but too late
The firm had already drifted on 10 the
rocks, when Wells, by far the brain
lest man of the firm, seeing tina
1t and the bank were speedil,
going down to irretrievable ruin, ant
the honOrtd name OF the firm would b
intellectually blotched with contumel,
and disgrace, and VIII all was know
he would be execrated by a oommu
nifty which had honOred and esteeme
him, his proud spirit was broken b.
the ruin he had wrought, and sough
the Lethean slumbers by n
overdose OF morphine, leavin
his partners to face ia
outraged and indignant public Deal
ing IN futures instead OF q strict adhei
ence TO their legitimate line OF bushes
was the direct cause ofthe FIRMS fai
ure. Experts are still busily engage
IN preparing a statement of the firm
liabilities. with a list of creditors, bt
it is doubtful If it will be made publ,