The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-06-03
TELEGRAPHIC.
Foster Has Assigned.

FosToRIA, O., May 26-Ex Secretary
of the Unl,ed States Treasury Charles
Fostor and the banking house Foster i
Co, has assigned There is great excite
ment at FoslorIa.
1he city was shaken to its circumfer~
ence this morning by the announcement
of the Foster assignment. Ms it was rec
ognized this meant the downfall of some
OF FostorIa's most prominent institutions
The assignment was made to ] B. CORN
ley, president of the Frs National bank
of Bucyrus, of the banking house of Fos
ter & Co. the wholesale house of DAVIS
| & Foster and Charles Foster individually
| The affairs of the Mambory Crock & Call
cined G ass Company, the brass and iron
works and the Fostoria Light & Power
Company ale so involved il is expected
:hev wi be ID the hands of an assignee
before the close of the dav. Everything
ls in chaotic condition. The bank car
RED several hundred thousands dollars
in deposits, and bad negotiated loans for
the brass works and glass houses. giving
Its own endorsement. This causen the
crash Banks holding the governors
paper demanded payment, and, having
20 much paper out, he was unable to re
sponu. Governor Foster has issued
81 at. ment xpitssing his deep distress
and humi iatIon over the failure, saying
bis Endorsements for the window glass
companies and the brass and iron works
company were very large and preciDits
ra6 tho fol ilur.. unh cOnfipupc foIlouc
can see plainly that ID settling my
affairs through the courts. thus compel
Ing my ass. is to be reduced TO cash,
arge sacrifice will he made. This being
so. cannot give encouragement that my
debts will be paid in full. The other
concerns with which | am connected are
on sound basis, except possibly Davis
& Foster. They have surplus ot $50
600, and ought to paw in iull. Ii is only
just to m,self to ssy that twc things
eau sed my downfall; one the neglect of
Business coca siontd ny a devotion to
politics. The other I'D over z~alous desire |
to build up Fos:oria do NOT know |
that at nv time of lite Iought to indulge |
in the hope of being able to repair E.y
fortunes an pay nv debts, but that I |
shall try, and it will be the end for |
which l shall live.
The governor Graves the generous
judgment of the public and estimates
the liaf iIitIes of the various concerns in
volved at $6n0 000.the assets at which.
on paper, will more than cover the liza
biisies
He concludes by saving the school
fund and the building and loan assocla-
ton. funds are secured against loss.
Ex Secretary Foster began business IN
FostorIa as a dry goods merchant shortly
game the Fostoria National bank Bv
shrewd investments IN real estate he be
came wealthy, and in 1879. when elected
governor OF ONO for the first time was
repu,ed worth $I,OOO,OO0 During the
next fou wears Re lost heavily IN Lake
Superior copper mines, in natural gas
and street railway specuations. AT
Find ey. during it's Temporary boom, be
'nvt sted largely When the bubble
for thousands OF dollars He also lost bv
endorsing notes for business and political
friends. Since then he bas attempted to
reeoup bis losses. bu, has only become
more deeply involved The crash was
averted by his appointment
as secretary of the treasury. Il is thought
be will Eot he able TO more than pay his
debts According to the Ia:est Issue of
he bankers manac, the Foster Bank,
ug Conn nv has a capital OF $40 100;
surplus, $4,000; undivided profits, $4,000,