The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-27

The loans % business men who
were dspositors In the bank Is one of
the deplorahe features OF the crash, but II
10 confidently believed that none OF them
will suffer to an extent that will cause
them tn go under.
run was made on the Mechanics Saw
iugs bank this morning rs soon a. Its
doors opened. but the demands were
promptly met. The assignment of Davis
and Foster. wholesale grocers, will prob
ably he the direct cause Of number OF
failures In the grocery concerns OF the
state. The firm has $4,000 unpaid ac-
counts and notes due il. The deposits OF
the bank At it, last statement were $i10,-
600. Tho failure II due to the fact that
Foster had been heavy indorser for three
assigned window glass house, and the
brass and IRON works. his indorse-
msnu sggrsgating over $500. 600.
Stringsncy In the money market
caused the banks to request the payment
Of these notes. A the bank had also in
dorssd much OF this paper, it 10 not
thought that IL can pay the depostors in
full. Tho grocery creditors will lose moth
ing. The three window glass houses have
shout $1,000 worth Of glass on hand. with
notes out which will more than absorb il.
The brass and iron works may pay out
dollar for dollar, with . little to avoid
sacrificing its assets. The Fastoria Light
and Power Company. which includes
i,ium. mating gas and electric light plants.
is,thought 70 have some large obligations
Outstanding.
No other business or manufacturing in
tsrssts are thought 10 b. involved and no
further failures are looked for. The loss to
FossoriA 10 great. but the regret on this &C.
count in no way lessons the sympathy ex-
pressed for tho ex-sscsetary. 1t IL con-
coded that his generosity and public spirit
had bern the indirect cause Of his down.
hand.
Gov. Foster today Issued statement sx-
pressing his deep distress and humiliation
ever the failure. saying that his indorsc-
ments for the window glass companies and
the Rrass aud Iron Works Company were
large and prscip.tstsd the failure, and con-
tinues ~ follows:
lean eco plainly that In settling my a0airs
through the courts. thus compelling my assets
% bs reduced In caah. large sacriiics will 10
mada This hslnx 20. I cannot give encourage.
ment that my debts will b paid In full The
other concerns with which arm connected are
on seand basis, except possibly Davis 4 Fos-
Ter. They have surplus Of $4,000 aud ought
10 ray In full. IL 10 only Just To myself to say
that two things caused my downiAii--one was
neglect OF business. occastoned by devotion Ia
politics. thu other the sssious desire TO bniid
Mp fostoris- do not know that AZ my time OF
life Ieusht to indulge la tho hops os being ahso
Gu repair my fortunes and pay my debts but
tia, shall Try viii BE- the Que sad for which
shail ivs
The government Graves the generous
Judgment OF the public and estimates the
liabilities OF the various concerns involved
~ tsn,a the assets Of which on paper
more than cover tho liabilities. lie con
cinies by saying that tho school fund and
building ana the loan associations fund
are secured against loss. IL is thought
that he will no. be able 20 more than paw
his debts, According to the lates. Issue
oil the bankers Almanac, the Foster
Banking Company has capital Of So, =
na, surplus of g. GO and undivided
profits amounting O. sa.sn.
Ak Secretary 81 the Treasury Charles Foster
tegan business 10 festaris =. n dry roois ,as-.
chant seen after the war closed lie s,efpei to
organize tho Tcs,er,s National bank Hy
shsu~d Investments "a ? real estate he became
wealthy, and ia 1874 when elected gevernar Of
OAio iar ths arss tire, ropu;si 90 b. worth
sI.eo,aso. bai during the next feGr years he
lost heavily IN lake Superior cope; taiues in
natafal gss aud street railway speculA i!oas AZ
flaaisY, dnrig< It's temporary ta0r9 ne In
vested largely, and hsa the bubble burst he
With maay others. Was caught Tor ihausancs Of
soa.Ar. Tie also lost hy tndasslng notes Tor
hasinras u,ea aud political itieads since thea
he attempted - tceo9p als losses. hut oaiy he
cane saoss aeeply aas9issd crash va.
Temporarily avoided hY Ais apgaiu,rnea, =. sec
tstsEy og tAs ,rSAsasY
TlfFsx. a.. May St-At O'Clock this
morning no Of Fosters r,f5a creditor,
secured attachments aSsscsaung Sslnu.
and the sheriff went 10 Fostoe.a and levied
on tie goods 10 secure tae claims. III.
said that many here vii Lose hy The
failure,
Fisntsy. u. May y ~~s'resiien. i1ov!
Weasel. Of the Peoples bank. at North
baltimore. which carried the heavy &c
posits of the oil coant~y heVe. ass this
evening" underwriting - procure aii. Fal.
ing - secure tAis he announced "a; h..
hank would close it's doors Tomorrow
morning, having been dragged down Nv
the failure "a; ex-Seereissy Char ~ Foster.
MN Icss. May NJ 81 Foster IS genera :
considered ~ Wall street men To aaye
taken a. active latersst ia Wall stree; al
iasgs ard IS supposed - have been asso-
e ssed Nth s~asEa- Calvin ;. Brsee and
0ea. >srlaei TAomss in sonle Of sAe ?
desl.. Tie amount Of SPECULATION he is in
: sait - have ee~n Srsssslv exa-~~rs;ssi
senator talyia : ATsee sasa ,ass morning
tsnaw nstaaax - Posters sss,sc.-ies.: ee.yus, /:
vast as.F5 tssls se-asatsg Sfae~ K,.ssxe last
sss ssvatars department - F25A - s. = ssss Il
h. ssksgastsns asFo. ae2 aag tas she 4 fgr, ~
ia Taasins saAzs ~ a14i4 have aeSa ssts "a
carry % ala vassSssss rss.F psis<A
ws.sssxaFes osgY. Nav ~ CasvegSA,
sysapsshy Is sxrrssssi here wssA ex-Src-
Rotary Fasser IA A.s auAme!si tiiabas.s es.
ssssslaliy sn the ageAsary department.
wtsexr he - sssy Ysora ~. Those intimate
vita aim kasw .. sae eicss quarters IN