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

for large sum Of money, and have turned
over TO him my stock in Cunningham &
/ Co. and the stave and barrel company. |
have given mortgages to two women. who
relied upon me to invest their money,
| which is about all the property they have,
| amounting to about s. 600.
1T is only Just to myself to say that two
things have caused my downfall. One
was neglect of business, occasoned by my
devotion to politics, and the other an over
jealous desire TO build up Fos;oria. l do
not know that at my time of life | ought
to indulge in the hope of ever being able
to repair my fortunes and pay my debts;
that l shall try will be the one end for
which | shall live. In this hour of un-
speakable distress, | only crave the gen.
erous Judgment of the public-a public
that Will be deeply shocked over the fiuan-
cial downfall of man who had enjoyed
their confidence to a remarkable degree
The aggregate amount OF the liabilities,
including the bank deposits, my indi-
vidual debts, the three glass companies,
the brass and iron works company, and
the light and power company, VIII be
about 5000, 600 The assets Oh paper will
more than cover the liabilities. Mr..
Wilkinson has secured the school fund
and the building and loan association
funds against loss.
[SIgued. CHARLES FOSTER"
The wholesale grocery house of Davis &
Foster Will pull through all right if mat
ters are not forced The brass and iron
works are in fair financial shape, show
ing surplus of $40 900; but nuder forced
sale the assets viii greatly shrink, and
they may not be able 10 pay ont The
three window glass houses are in worse
shape; they have S1000 worth of stock
on hand, while their paper is out for over
5000 The creditors will realize 30 cents
on the dollar on the window factory. while
tue stockholders Will get nothing. Or the
light and power company nothing VIII be
left.
The loss to the business men who were
depositors in the Foster bank is one OF the
deplorable features but it is confidently
believed that none OF them will suffer to
an extent that will cause them to assign.
The less to Fostora is great one, and
the town Will require considerable time 70
recover from it. Great regret aud sympa-
thy, however, are expressed for the eX-
secretary. lis conceded that his gener-
osity and public spirit have been indirect
causes of his failure.
A run is being made Oh the Mechanics
Savings bank. but they can pay every dol
lar as fast as called for. The bank is alb
soluteiy sound, and is in no way involved
In the failure.
WALL STREET OPINION.
New YORK, May 26.-The Fostoria Bank
ing company Of Fostoria, o., which as
signed this morning, according to the last
issue of the Bankers Almanac had "A
capital of only $40 900, a surplus of s., 900,
and undivided profits of s., 600 The New
York correspondent Of the Foster Banking
is the National Shoe and Leather
bank.
No establishment is manifested in Vail |
street by well informed bankers at Mr.. |
Fosters failure, One banker said that the |
trouble with Mr.. Foster was that he WAS |
interested i'll 100 many things Just now, |
when Ii was Il bad time to be carrying too |
much sail.
Mr. Foster was generally considered by |
Wall street men TO take an active interest |
in Wall street affairs. The amount of his |
Speculations, however is said by those in a |
position TO know TO have been greatly eX-
aggerated. Mr.. Foster has been III an easy |
financial condition for years, even before |
he accepted the secretaryship of the treas
ury. As far as can De learned, he specu-
lated very little. Some of his paper is
held by New York banks, but the amount
partment he has paid off Sl50,000 of his
and but for the difficulty in
making loans would have been able TO
carry on his various enterprises.
Senator Calvin >. Brice who was a part
ler with Mr.. Foster eight years ago, said:
Il think his troubles are due only to local
;auses, and doubt if there are any New
IOrk complications"
WASHINGTON, May 26.-Universal SYM
Dathy is expressed here for ex-Secretary
Foster in his financial embarrassment.
Especially is this the case in the treasury
department.. where Mir. Foster is person
ally very popular. At the office of the
Of the currency the fact was
learned that the only national bank in
ifOstoria is the First National, ana that on
Jhe last call this bank had a 35 per cent
reserve on hand. when the legal require
nent is only ID per cent. Consequently
he failure of the Foster bank, it is
hought, will not affect the First National
Il any way.
OTHER FAILURES.
FINDLAY, 0. May 26-President Weisel
If the Peoples bank of North Baltimore
vas here this evening endeayoring to pro-
'ure aid. Failing TO secure this he an
lOunced that the bank would close its
ioors in the morning. having been dragged
lown by the Foster failure 1t was
heavily involved in another recent failure,
md this second blow has caused its col
apse. Mr.. Foster was "A stockholder in
he bank.
BRUNSWICK, Ga, May G-The Bruins
wick State bank did not open for business
his morning and remained closed all day
The bank WAS depository of the state,
md held $50, 900 of the states money Its
ffairs are undergoing investigation, aud
iothing viii be done until the banks con-
.ition is known.
MELBOURNE, May 26.-The Mercantile
Financial Trustees and Agency company
las suspended. The company had a
apital OF $50, coo, eco The British deposits
u the institution amount 10 s., 500 600
PHILADELPHIA, May 26-The announce
nenJ is made that the whole amount
necessary TO guarantee the success of the
inancIal adjustment plan of he Reading
abroad has been subscribed
TACOMA, Wash, May 26-The bank of
'uyallup at Puyallup closed its doors this
morning. A. q. Matthew has filed suit
or a receiver. stating the liabilities of the
ank as 200.