Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-02-20
A TIN PLATE MILLDIDIT
The Cause of Gov. McKinley'S Pecun-
iary Ruin.
FAILURE OF A STAMPING WORKS
At Youngstown - s15o,ooo Put
Into Plant With $4,000
Capital - General sympathy
Expressed for the Governor
Friends Will See That All
Notes With His Endorsement
Are Paid.

YOUNGSTOWN. o., February l9.-The
sole topic OF conversation in business
circles continues to be the failure
OF Robert Walker and the appointment
OF receiver for the Stamping Works
and Grard Stove Works. which follow
ed. AS the facts come 10 light, and tho
financial condition OF Mr.. Walker and
the concerns In which be WAS interested
are better known, people are only sur
prised that the crash did not come
months ago.
There are no dishonest motives attrib-
uted to Mr.. Walker, and his failure is
believed to be bona ide one, thoughas
complete as IL could well be. Clrcum-
stances have proven he was floating a
great deal more commercial paper than
he was able 10 pay, and the public In
great many quarters censnre him severe
ly FOR deliberately carrying down tho
friends who had placed eXplislt conf
dence In him, and had indorsed notes
without a question, They think Mr..
Walker should have known that tho
plants on which he WAS expending the
money raised through the kindness and
blind confidence OF those who trusted
could not be fully paid.
THE STAMPING WORKS,
which have not assigned, but for which
a receiver was appointed, is in an un-
settled state. The company has paid
up capital OF $50, 900. Then IL borrow
ed at various times and from banks aud
elsewhere throughout this section or
the State $4,000. indorsed by Robert
Walker personally. IL also borrowed
Sl0,0 900 on its own responsibility. This
makes Sl50,00 that had been put up In
q plant with capital OF $50, 600.
On every hand and from every per-
sou, irrespective OF party. are heard ex-
pressIons OF sympathy for Governor
Mckinley, whose kindness, confidence
and friendship led him into losing so
much. A number OF his friends here,
who are among the ablest men In tho
city, have dubbed together and raised
sufficient money 20 enable the Governor
20 pay all the notes bearing his indorse-
ments. This money will be loaned 20
the Governor on his personal notss,. by
thus relieving the strain. Governor SfcV
Kinley can ges
INA POSITION TO LIQUTDATE
the debts that have been piled on bis
shoulders.
The failure Of Robert Walker caused
a slight run on the Girerd Savings
bank this morning. Those who with
drew deposits were principally farmers.
AL demands arc promptly met, and con-
tidence is fast being restored.
Governor Mckinley left for Columbus
this morning on the SIS train on the n.
Y, p. & O. railroad. lie eclIned 10 talk
about the failure, but ho said he
would pay every note on which he had
gone as surety. A statement was furn-
lshed Governor Mckinley just before
he left to-day, which showed that there
we're $4,000 worth OF notes out which
bore his name a. endorser. This
was the total amount OF the known ones.
but there are several more, the amount
OF which are not positively known, but
which will run 10 up 90 100000.
Mr.. Mckinley has declared bis inten.
tlon Of paying
DOLLAR FOR DOLLAR,
however involved. The papers upon
Hnlcn MS udult dul lf1bbhofvifNy hN~
ure are estimated varlously 40 from
$50. 600 10 $40, 900. Conservative esti-
mates OF the Governors financial ca
pacity place his fortune at 100000,
not A great fortune for public man.
He has not been involved in specnla-
tIons. and only his kindness OF heart
impelled him TO bolster up the legit
mate enterprise OF lifelong friend by
lending his name and his credit. He
has ever been doing such things In
oulet way. and his liberality aud charit-
Able generosity are quite well known
and heartily acknowledged By those
who have the good fortune OF knowing
him more intimately.
The Governors losses may have "a
important bearing upon bis political
future. II has been said that no power
on earth could eventually keep him out
OF the White House. A Presidential
csmpalgu cannot be undertaken By
man whose fortune does nOt make him
entirely independent There are many
who refer % bin a. the prospective
Savior Of tho party, and Who would
make great financial sacrifices 20 sec
hin succeed. But Mr. Mckinley l. =
proud man and those who know him
best say that be would accspt tte az
distance % 20 man In that vay. Like
other. who have occupied The position
OF Governor before him, Els hnsnces
have suffered. lie may, Ike Others, os
compelled 70 retrieve bis fortunes upon