Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-05-27

In natural gas and street railway specula-
tions at Findlay during its temporary
boom he invested largely. When the
bubble burst he, with many others, was
caught for many thousand dollars. He
also lost by indorsing notes for business
and political friends Since then he has
attempted to recoup his losses, but only
became more deeply involved. The crash
was temporarily averted by his appoint
ment as secretary of the treasury. 1t is
thought he will at best not be able to NOR Q
than pay his debts
Statement From the Ex-secretary.
The following statement was given to
the public by the ex-secrstary:
"Words cannot express the deep distress
and humiliation which feel. IL could
bear all the burden that my failure will
entail should feel sense of relief. 1t is
no consolation to look back over a busi-
ness life of 45 years, which has gained for
me position of confidence that has rarely
beeu achieved. know that ] have aided
hundreds of people to maintain an honor
able standing and to gain competency
and some a large degree Of wealth / know
that now i have by my failure injured
many people. But hope none are to be
ruined.
ut will take the assignee some time to
make up the schedule of my affairs In
my affairs / include Foster g. Co., the
Crocker, Mambourg and Calcined Glass
companies the Brass and Iron work and
the Fostoria Light and Power company. 1
can plaiLly see that in settling my affairs
through the courts, thus compelling my
assets to be reduced to cash, large sacri-
fees will be made. This being so, can
not give encouragement that my debts will
be paid in full The other concerns with
which am connected are all on a sound
basis except possibly Davis e. Foster.
They have a surplus of $50 900 and ought
to pay in full My failure must doubtless
cause shock to the interests Of the city,
from which, am sure, it
Will speedily Recover.
II believe our business concerns are all
in a sound and healthy condition and that
two banks are especially strong. DEPOSIT
tors with them need feel no alarm.
81 sold my two blocks and four parcels
of land to Mr.. Hardness when arranged
for large sum of money. and have turned
over to him my stock in Cunningham %
Co, and the Stave and Barrel compan
have given mortga to two women
who relied upon me to invest their money,
it being about all the property they have,
amounting to about $1,000.
1T is only just to myself to say that two
things have caused my downfall, one was
neglect of business, occasioned by my de-
votion to politics, and the other to an
over Jealous desire to build up Fostoria
do not know that at my time of life
ought to indulge in the hope of being able
to repair my fortunes and pay my debts,
but shall try, and 1t will be the one end
for which / shall live.
I'm this hour of unspeakable distress
only crave the generous judgment of the
public-a public that will be deeply
shocked over the financial downfall OF q
man who has enjoyed their confidence to
remarkable degree. The aggregate
Amount of Liabilities
including bank deposits, my individual
debts, the three glass companies, the brass
and iron works companies and the light
and power company will be about t800, 900.
THE assets on paper will more than
cover the liabilities. Mr.. Wilkeson has
secured the school fund and the building
and loan fund against loss"