The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-05-31
FOSTER FAILED.
Ex-Seoretary Foster Forced 10
Make an Assignment.
EndorsementS to Bolster op BuSinoss En-
tsrprises and Dullness Resulting from
Financial Depression the Cause
Liabilities 100000 - Tho
Ex-stOretAry's State
mtnt.
FosToRIA, o., May s7.-Ex-Secretary
of the Treasury Charles Foster startled

OF the treasury Charles roster StarJleu
the business world yesterday by E!ak-
ing an assignment of his vast busin 81
interests for the benefit of his crriit-
ors. His assignee is j. b. Golm.co,
prominent banker of Bucyrus and
warm friend of Mr.. Fosters. The liza
bilities are given out by Mr.. Foster as
being about SGOO,OO0 and the assets as
about the same.
At an early hour the bank of Foster
IS Co. was closed on an attachment for
$4,000 in favor of the Isaac Harter Mil
ling Company, and at the same time
the wholesale grocery house Of Davis
& Foster was closed by an attachment
for 81 200 in favor of o. 4. Brown. The
news spread rapidly and soon the
streets were filed with people eager to
learn the extent of the calamity that
had befallen the city. The assignment
of Secretary Foster was the signal for
the assignment of q number Of con-
Germs in which he was interested.
EX-Secretary Foster gave out the fol-
lowing statement to the public yester-
day:
Words cannot express the deep
distress and humiliation l feel. II l
could bear all the burden that my fnil-
ure will entail, should feel sense Of
relief. 1t is no consolation TO look back
over a business life of forty-fve years
that has gained for me position of
confidence that has rarely been
achieved. To know that aided hun
dreds Of people TO maintain an honora-
ble standing and to gain q competency,
and for some large degree OF wealth.
4 know that now | have by my failure
injured many people, but hope none
are ruined. When / returned from
Washington, knew that my indorse-
ments for the Window Glass Company
and the Brass and Iron Works Company
were very lnrge, so large in fact, as 10
induce me to fear that would have TO
suspend at that time. /, however, pre-
vailed upon friend TO give large
amount of help and felt confident that
could maintain myself and finally
come ont all right
"These concerns owed moro than
then supposed, and TO add TO my mis-
fortunes the affairs of the Fostoria
Light and Power Company, OF which
am large stockholder and indorser,
proved TO be in bad shape financially.
Then came the unfortunate financial
Scondition of the country. Every one
shat ! owed wanted his money and no
one would lend. Payments for glass,
instead of being made for cash, were
made in paper. Sales, In fact, came 70
a standstill struggled, seeking in
every possible means TO tide over the
situation, but am compelled to as
sign. did not give up the struggle
till to-day, May 25 1t will take the
assignee some time TO make up the
schedule of my affairs. In my affairs
1 include Foster & Co., the Crooker,
Mamburg and Calcined Glass Company;
the brass and iron works and the Fos-
Ter Light and Power Company.
81 can see plainly that in settling my
affairs through the courts, thus COM
polling my assets TO be reduced 70 cash,
large sacrifices will be made. This be-
ing so, / cannot give encouragement
that my debts will be paid in full.
'The other concerns with which
am connected are all on a sound basis,
except possibly Davis & Foster. They
have a surplus OF $50, 900 and ought TO
pay in full. My failure must doubtless
cause a shock TO the interests Of the
city, from which | am sure IL will
speedily recover. l believe our busi-
ness concerns are all in sound and
healthy condition.
81 sold my two blocks and four par
cells of land TO Mr.. Hardness when /
arranged for large sum Of money,
and have turned over 10 him my stock
in Cunningham & Co, and the Stave
and Barrel Company. have given
mortgages 10 two women who relied
upon me to invest their money, it being
about all the property they have,
amounting TO about $4,000.
at is only just to myself to say that
two things have caused my downfall.
One was neglect of business, occasioned
by my devotion 10 politics, and the
other 10 an over Jealous desire TO build
up Fostoria. don't know that at my
time of life ought to indulge in the
hope Of being able TO repair my for
tunes and pay my debts, but shall try,
and II will be the one end for which
shall live. In this hour of unspeaka-
Die distress ! only ask the generous
judgment Of the public, public that
will be deeply shocked over the finan-
cial downfall OF man who has enjoyed
their confidence TO a remarkable de-
gree.
''The aggregate amount Of the liza
bilities, including bank deposits, my
individusl debts, the three glass COM
panies, the brass and iron works, COM
pany, the light and power company,
will be about t600,00O The assets on
paper will more than cover the liabili-
ties. Mr.. wilkinson has secured the
school fund and the Building and Loan
association funds against loss"
WASHINGTON, May 81 - Universal
sympathy Is expressed here for ex-Sec-
retary Foster in his financial embnr-
rassment, Especially Is this the case
in the treasury department, where Mr..
Foster was personally very popular.
Act Of Shrewd Constable.