Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-06-01
FOSTERS u All URE

Staten from Ex-SecrefATy ChAEaee
FOster, whose FAILURE Hiss Been A.
nouncedl, Explaining the CAuse and De-
pIorlns the Results 10 Thoee rho VIII
q Necessity, 30 Sufferers BY the CrHsh.
FosToRrA, o., May 81. Ex-Secretary
Foster gave ont the following stat
ment to the public yesterday:
Words cannot express the deep dls-
tress and humiliation feel 1t could
bear all the burden that my failure
will entail it would be senae Of relief.
Il is no consolation to look back over .
business life that has gained for me 2
position of confidence that has rarely
been achieved; to know that ! aided
hundreds Of people to maintain an hon-
CRADLE standing and to gain compe-
tency, and for some large de-
gree of wealth. know that
now I have by my failure injured
many people, but hope none are ruined
When / returned from Washington
knew that my Endorsements for the
window glass companies and the Brass
and Iron Works Co. were very
large, 50 large in fact, as to induce me
to fear that would have to suspend at
that time. I, however, prevailed upon
friend to give q large amount OF help
and felt confident that could main
tain myself and finally come out all
right. These concerns owed more
than then supposed, and to add to
my misfortunes the affairs Of the Fos-
toria Light and Power Co., of which 1
am large stakeholder and indorser,
proved to be in bad shape finan-
cially. Then came the unfortunate
financial condition Of the country.
Everyone that owed wanted his
money and no one would lend. Pay
in cash, were made in paper. Sales in
fact came to standstill. struggled,
seeking every possible means to tide
over the situation, until am compelled
to assign. did not give up the strug-
gle till to-day, May IS. It will take
the assignee some time to make up the
schedule of my affairs In my affairs
include Foster & Co., the Croker,
hamburg and Calcined Glass Co., the
brass and iron works, and the Foster
Light and Power Co.
Il can see plainly that in settling
my affairs through the courts, thus
compelling my assets to be reduced to
cash, large sacrifices will be made.
This being so, cannot give encourage
ment that my debts will be paid in
full.
The other concerns with which am
connected are all on sound basis, ex-
cept, possibly, Davis & Foster. They
have a suplus of $50, 200, and ought to
pay in full. My failure must doubtless
cause shock to the interests Of the
city, from which I am sure it will
speedily recover. believe our bust
ness concerns are all in sound and
healthy condition, and the two banks
are especially strong. Depositors with
them need not feel any alarm.
I sold my two blocks and four par
cells 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 Co.
II have given mortgages to two
women who relied upon me to invest
their money, it being all the property
they have, amounting to about 81 900.
ut is only just to myself to say that
two things have caused my down
fall. One was neglect of bust
ness, caused by my devotion to politics,
and the other to an overzealous desire
to build up Fostoria. don't know
that at my time of life ought to in.
dulge in the hope of being able to re-
pair my fortunes and pay my debts,
but 1 shall try, and it will be
the one end for which I shall live. In
this hour of unspeakab1e distress /
only ask the generous Judgment of the
public, a public that will be deeply
shocked over the downfall of man
who has enjoyed their confidence to a
remarkable degree.
''The aggregate amount of the La
bilities, including bank deposits, my
individual debts, three glass COM
panies, the Brass and Iron Works Co.,
the Light and Power Co., will be about
100000 The assets on paper will
more than cover the liabilities. Mr..
Wilkison has secured the school fund
and the Building and Loan association
funds against loss.''