New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27

upon having just Whht you VI" '~''
was so strong that intimatons OF possible coapse
were frowned down. The first announcement, Oh the
failure was dlscredted hut this fact dd ai'a' 'he
cncernrss for Il confirmation ana details. MANY Iehr
Ing that II true. the result would DC ois'SIo"' ="
the business interests OF the State The apprehension
was founded on the knowledge that Mr.. Foster was
n heavy holder in many OF the larger manufacturing
Embellishments of Northwestern Ohio, number Oh
which sprang into existence during the Doom ca"Seu
by the discovery Of natural gas ana the deVeioph'"t
of the oil fields. Upon receipt OF conhIra.ioh Vi
the assignment and scattering details rs 10 the eN
font OF the failure excitement occasoned bv the
early announcement gave way TO expressions OF SYM
patty. Inquiry at the banking houses soon allayrd
the fear Of failures here. as little business WAS zone
I'm this city BY the bank OF Foster a COMPANY whie
the manufacturing establishments ana wholesale
grocery in which the cx-Secretary was the principal
owner had only n limited trade In Columbus
The president OF one OF the leadlng Nauoh"i
hanks said he was not surprised although he had
no previous Information OF the embarrassed con-
dltjon Of Mr. Foster, as no man coulo dcVo'e MS
time to politics he had done ana expect Ills
private business enterprises to prosper Mr. rosters
enterprises we're numerous and diversified, ana nc
was regarded as the leader in everything In ana
about Fostoqia. Scarcely anything was done WIN
out consulting Mr.. Foster, and everybody banked on
him as well as borrowed from him. The failure was
likely to DO serious in Northern ONO, Dut no. helc'
A dispatch from FOstoria says: Mr.. roster
borrowed $4,000 from his friend Daniel HARNESS.
OF Bellevue giving for the same deed for the TWO
ros,er blocks and his stock In two factories. This
relief caused him to think he could pull through
but the continued money stingency compehed hi'n
to meet more paper as 1t maturcd, until hhaiiy ne
saw no hope of relief and q general assignment was
the only course left"
II Is said by personal friends of the exsecretary
NfH Encfar 40
forty business houses and manufactures all OF
which are controlled by his associates. MANY OF
these have been losing money, and his par.h,er S
relying upon his leniency, have been involving nm
The failure OF Ex-Governor Foster adds another
the list of 0hos who nav s,s Sesn
reported to be wealthy man on entering The Office.
made assignmeh OF ms extensive wholesale T.,sr meg T
some heavy losses while Governor, but rec1verra
upon retiring from Office ioadly was , seIiossy
his losses on accOlnt Of Endorsements In the Arch
bishop Purcell case. Foraker at one time seriously
considered declining TO be a candidate for second
tern, because OF his financial embarrassmens. while
Campbell Vas saved from suspcndng only through the
tide him over in the pinch. The recent msforiunes
OF Governor Mckinley are fresh In the minds OF the
public.
The suspension Of Foster Co.. bankers. Of Fostoria,
Ohio. and the consequent failure OF several enter
prises in that city in which Charles Foster, exsec-
Wall street yesterday The failure was not entirely
unexpected Mr. Fosters business interests suffered
more or less neglect while he In the Treasury De-
partment. and Of bis friends have known that he
was struggling against adverse conditions. lie hns
had some large loans to meet and the sirngency In
money has prevented renewals OF paper. Since he
left the Treasury office he has paid OF about $4,000
Of and his friends believe that be would
have pulled through" all right had II not been for the
monetary distress of the last few months.
The collapse Is not looked upon important 10
NewYork interests. His Indebtedness In this dty IL
not heavy, and 1t is not concentrated. His indebted
ness here account OF bills receiveable has been
largely reduced in the last month"; and even 1t were
all in one bank 1t would cause embarrassment Mr..
Foster had made large sacrifices In bis real estate
holdings In order TO meet maturing notes. No idea
can be formed here Of his total liabilities but his
friends believe that his creditors in time will be paid
In full.
President Crane, Of the National Shoe and Leather
Bank. the New-York correspondent Of Foster e. Co.,
said yesterday that the firm had q balance at the
bank Mr.. Crane said al think Mr.. Foster will be
able to pull ont, anyway. lie owns pretty much all
OF Fost0ria, and think that lack Of ready money Is
the only trouble Mr.. foster has launched oot into
number Of business schemes In order to enhance the
value Of his property IN FOstoha, and these have used
mp all his capital At the First National Bank 1t
was said that the firm had not borrowed extensively
Of the First National, and the bank would not lose
anything.
Many downtown bankers, who believe that an issue
Of Government bonds last autumn would have averted
the present monetary crisis not Of the fact
that Mr.. Foster, In the last sixty days Of his nd
minisraton Of the Treasury Department, had favored
the loan. lie was finally overruled by President
Harrison, men who are weninformed to the facts
declare Mr.. Foster had arranged with J. rerpont
Morgan for the placing OF $780, 1000 Government
bonds and the President had consented to the Issue
at one time, In there should have been gold ex
ports on two particular days us large as had been
arranged for. The shipments not made as had
been expected and Mr. Harrison then decided that no
Government bonds should be sold.