The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-27

FosToRIA, O., May 26.-Ex-Secretary oi
the Treasury Charles Foster has failed, and
has made an assignment Mr.. Foster be
gan business here as a dry goods merchant.
Soon after the war closed he helped tC
organize the Fostoria Banking company
BY shrewd speculations in real estate lie
became wealthy, and IN 1873, when elected
governor of Ohio for the first time, he was
repuied TO be worth a cool million. Dur
ing the next four years lie lost heavily in
the Lake Superior copper mines. he also
lost heavily ia natural gas and railway
speculations in Findlay during the tenn
porary boom of that town. he was alsc a
loser by indorsing notes for business and
political friends. Since then he has at
tempted to recoup his losses, but only be-
came more deeply involved. The crash
was temporarily averted by his appoint
meDt AS secretary of the treasury. 1t Is
thought that he will not have more than
enough to pay his debts.
At Sis o'clock this morning Attorney
Scott of Toledo filed at Tlfiin deed of as
Sigument of all the property Of Charles
Foster, including the firms Of Foster & Co
and Davis & Foster, TO James ". Gormley
of Bucyrus, for the benefit of the creditors.
The Isaac Harter Milling company and o.
r. Brown are safe; for at = O'Clock this
morning the former secured an attach
lnent for $1,000 and the latter for 81 200,
and the sheriff at once went to Fostoria
and levied upon goods to secure the claims.
Excitement runs high at iiffin, and it is
said that many people of Tlffin will lose
by the failure. In Fostoria the business
world is paralyZed, and the result here
will be far-reachiag, involving majority
e lr .f, f,-Ta h,,-
houses.
lie affairs of the Alambery Crockerv
company, the Calciued Glass company, the
Fostoria Brass and Iron works and the
fostoria Light and Power company are so
involved in the failure that they Will be
put in the hands Of assignees ut once.
Everything is in such a chaotic condition
at present that facts and figures cannot be
obtained. The bank OF Foster & Co. car
ried several hundred thousand dollars in
deposits. The bank had negotiated loans
for the brass works and the glass house,
being compelled to give its own indorse-
ment, and it was this fact that caused the
crash.
FOSTERS STATEMENT.
The following statement was given to
the public this morning:
wv ords cannot express the deep distress
md humiliation | feel. If | could bear all
the burden that my failure will entail
should feel a sense of relief. 1t is q con-
ISOLATION to look back over my business life
of forty-five years, which has gained for
me position of confidence that has rarely
been achieved, / know that | have aided
hundreds OF people to earn an honorable
standing and TO gain a competence. and
rome a considerable degree Of wealth. |
know that | now have in my failure lnjur-
Pd many people, but | hope that thev will
ha yr,SpaA I
1ngton / knew that my Inducements for
the glass and window company and the
brass and iron company were very large
so large, In fact as TO induce me to fear
that would have to suspend However
prevailed upon a friend to give ME
large amount of help, and then felt conf
dent | could maintain myself and finally
come out all right.
These concerns owed more than | sup
posed, and, to add to my misfortunes. the
affairs of the FostorIa Light and Power
company, of which | am u large stock hold
cr and Indorser, proved to he in bad shape
financially. Then came the unfortunate
financial condition Of the country. Every
one that owed wanted money. PAYMENTS
Jor glass, instead of beng made IN cash.
were pade IN paper; sales, in fact, came to
standstlH. L struggled, seeking every
possible means to tide over the situation
until am compelled to assign did not
give up the struggle until today, May 26.
1t will take the assignees some time to
make up a schedule of my affairs. In nv
niialrs include Foster Il Co., the crock
cry and calcined glass companies. the
brass and iron works, and the Fostoria
Light and Power company
/ can see plainly that IN settling my
hilalrs through conrt, thus compelling
many assets TO be redured TO cash. large
sacrifices will be made This being So, |
cannot give the encouragement that nv
debts will be paid IN full The other con-
Germs with which l am connected are all on
sound basis, except possibly Davis &
Foster. They have surplus of $50 OoJ
and ought TO pay in full. My failure must
uoGhtless cause a check 20 the interests of
the city, from which | am sure it will
specify recover. / believe our business
concerns are all in sound and healthy
condition, and that the two banks are
especially strong. DepositoIs will then
not need to feel any alarm.
y sold my two blocks and four parcels
of land TO Mr.. HHkness when arranged