The state herald., 1893-06-02
CHARLES FOSTER FAILS.

1
The s..sssrst.ry Of ths Treasury Com.
PEELED to Make an Assignment.
I The Hon. Charles Foster, who was secretary
Of the treasury under President Harrison,
made an assignment for the benent OF his
creditors on the Goth. 1t 10 not yet known
what his liabilities are, but they Will probably
reach 100000. His assets, though much
more than that amount, shrink so
much In the process Of realizing upon them
that they will not more than meet the liabili-
ties. Mr.. Foster has been the leading bust.
ness man Of his home, Fostoria, Ohio, and ID
Identified with number Of business enter
priscs.
The bank of Foster 4 Co, the wholesale
groeers, Davis Il Foster, have also assigned.
The annirs of the Mambourg Glass Com.
psny, Crocker Glass Company, Calcined Glass
Company and the Brass and Iron Works Com
psny and the Fostoria Light and Power Com
pany arc so involved, the governor being a
heavy indorser Of their paper, that these insti-
tutions viii be placed In the hands OF an as
signee.
The bank Of Foster & Co. carried several
hundred thousand dollars In deposits, having
the accounts Of majority Of the business
men Of fostorla. The bank negotiated the
loans for the Brass and Iron Works and the
Crockcr, Mambourg & Calclned Window
Glass houses. To do this the bank had to give
Its own Endorsement, and II was this fact that
caused the crash The great strlngency Of
the money market compelled all banks hold
Ing the governors paper TO ask payment, and,
having so much paper out, he was not able to
carry the load
| According to Mr. Fosters statez,-nt, Ia
discovered the extent to which, .-.ss<-
dorsed Immediately on his return from official
life at Washington, and the crisis was almost
precipitated Mt that time; but he succeeded In
getting $4,000 Of his friend, Dan Harkness
Of Bcllvue, giving for the same deed for the
two Foster blocks and his stock In the Gun.
bingham Stave and Barrel factories. This re-
lief caused the governor To hope he could pull
through, hut the continued money stringcncy
compelled him to meet more paper rs II ma
tured, until finally he saw no hope OF relief,
and general assignment was the only course
left.
The failure Of Mr.. Foster is most dcplora-
BILE; II Is more so, II Is q great calamity. His
failure Is due TO his efYorts to build up Fos-
toris. 1t was his sole ambition 70 see lis own
town prosper There was no enterprise he
was not ready to encourage, no citizen he was
not ready to help. 1t was bis big, generous
heart that pulled him down. Those who will
lose will not have single unkind word to say
Of him. lie has given up everything without
reserve. His millions Of friends will not de-
scrt him In his distress; millions who hope
he will bear up manfully under the crushing
blows. lie has acted honorahly and still
commands the profound respect Of every
citizen.
In speaking Of his failure Mr.. Foster said:
Words cannot express the deep distress and
humiliation feel. II coald bear all the
burdens that my failure will entail, should
feel sense Of relief. Il IL no consolation to
look back over business life OF forty-tve
years that has gained for me petition OF
confidence that has rarely been achieved, to
know that have aided hundreds OF people to
maintain an honorable standing and 10 gain
competency and some large degree Of
wealth. l know that now have by my fall.
ure Injured many people, but hope none are
to be ruined
cit is only Just to myself that two things
have caused my downfall. One was neglect
of business caused by my devotion to politics,
and the other 10 an overzcalous dcslre to
build up Fosiorla. don't know that at my
time Of life ought TO indulge In the hope OF
being able 10 repair my fortune aud pay my
debts, that shall try will be the one end for
which shall live. In this hour OF un,psaka-
BILE distress only crave the generous judy
ment OF the publIc-a public that will be
deeply shocked over the financial downfall u
man who has enjoyed their condolences 10 u
remarkable degree. TIT aggregate sa:,slpi
OF the liabilities, including bank ,L6oss{5 my
individual debts, the three a,ass companies,
the brass aud Iron works company, the light
and power company, will I've about eG00, 900
The assets on paper will more than cover the
liabilities. We have secured the school fund
and the building and loan association fund.
pgalnst loss"