The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1893-05-30
IT VAS TOO GBEAT.
The Pressure Brought to Bear
Upon Ex-Seeretary Foster.
Forced to Assign For the Bene-
fit of His Creditors.

A Few Years Ago He Was Considered a
s1iIliOnaire-severaI Industries VIII No
Doubt Follow Suit and Hundreds OF
People VIII sufsr-The Loss to Fos-
toria Severe One.
FosToRIA, o., May 27.-Ex-Secretary
Charles Foster and the Fostoria Bank
ing company have assigned. The ex.
secretary was in business in this city as
a dry good merchant, and soon after
the war closed helped to organize the
FOstoria National bank. BY shrewd
speculation in real estate he became
wealthy, and, in 1879, when elected
governor of Ohio-for the first time, was
reputed to be worth 81 100000.
During the next four years he lost
heavily in Lake Superior copper mines.
In natural gas and street railway specu
lations at Findlay during its temporary
bubble burst, he with many others,
was caught for many thousands OF
dollars. He also lost by indorsing
notes for business and political friends.
Since then he has attempted to recouI
his losses, but only became more deeply
involved. The crash was temporarily
averted by his appointment as secretary
VI Elt lICdSuIl " 1t nc VIII
at best not be able to more than pay his
debts.
The presence of the sheriff was the
first inkling many people had that there
was something wrong, and 1t soon
leaked out that an assignment had been
made. The news spread rapidly. and
soon the streets were filled with people
eager to learn the extent of the calami-
ty that had befallen the city. The as
signment of Secretary Foster was the
signal for the assignment of a number
of concerns in which he was interested.
The extent of the failure is so great
that its significance can scarcely be
realized. A half dozen prominent in.
dustries will 20 to the walls, and hun.
employment. The loss to business
men who were depOsitors in Foster &
Company's bank Is one deplorable
feature of the crash, but IL Is confident
~ believed that none of them will suf-
fer to any very great extent.
The loss to FOstoria is a great one and
one that will require considerable time
to recover from, but great as it is the
regret on this account in no way lessons
the regret and sympathy expressed foT.
the secretary. 1t Is generally conceded
that his unstinted generosity and phe-
nOmenal public spirit have been the in
direct cause of his financial downfall,
as he was ever ready to lend a helping
hand to the poor and worthy.
The assignment of Davis G. Foster,
the wholesale grocers. Will probably be
the direct cause of the failure of a
number of grocery concerns throughout
the country. 1t Is said that the firm
has S12j, 900 unpaid accounts and notes
due it.
The deposits of the bank at the time
of its last statement were about $780,,
1,r,A i =yn1n1ScilAIn ffn foiT
what they are at the present time as
the cashier of the company, Mr.. J. E.
Wilkison. Is rsticent and prefers to
have the assignee make a public state
ment.
Mr.. Wilkison is also treasurer of the
Fostoria school district. The board of
education had $4,000 in cash on hand,
and as MesSrs. Davis and Foster are
his bondsmen it is probable that the
loss i'll this case will be considerable.
The assignee is J. B. Gormlee,
prominent banker of Bucyrus, and a
warm friend of Mr.. Fosters. The liza
bilities are given out by Mr.. Foster as
being $500, 600, and the assets as about
the same.
A run was made on the Mechanics
Savings bank as soon as its doors were
opened. but with $4,000 in currency
piled upon the cashiers desk. the de-
mands of all frightened depositors were
promptly met and none turned away.
One of the last acts of Mr.. Foster as
secretary. three months ago, was to au
thorize the printing of millions of
United States bonds. to keep up the
gold reserve. Secretary Carlisle's re-
fusa1 to allow these bonds to go ont has
Occasioned ali the opposition of Wall
street to him.
The failures caused considerable ex,
citement