The Globe-republican., 1893-06-02
A BIG COLLAPSE.
Failure Of Ex-Secretary OF the
Treasury Foster.
Liabilities About $500 .OOO-Mr. Foster
Gives the Public 2 Statement of the
Causes That Led to His
Assignment.
The Foster Failure.

FOsToRIA, O., May 27.-The business
world was startled by the news that ex-
Secretary of the Treasury Foster had
failed, and that he had turned his heavy
financial interests, in an embarrassed
condition, over to an assignee.
The assignee is J. 3. Gormley,
prominent banker of Bucyrus and a
warm friend of Mr. Foster. The liza
bilities are given out by Mr.. Foster as
being 5000, 900 and the assets as about
the same.
The assignment of Secretary Foster
was the signal for the assignment of a
number of concerns in which he was in
terested. The brass and iron works
was one of the concerns to assign. Be
sides Mr. Foster, Mr.. Portz was one of
the owners of this concern. The liza
bilities and assets of this company are
included with the personal statement
of the secretary. The Malbourg, Cal
cined and Croker Window Glass COM
panies, three concerns that have been
backed by Mr.. Foster, also failed.
Mr. Foster gave out the following
statement for publication:
Words cannot express the deep distress and
humiliation l feel II 1 could bear all the
burden that my failure will entail should feel
. sense of relief 1t is no consolation to look
back over q business life of forty-f years
which has gained for me position Of confidence
that has been rarely achieved I know that
have aided hundreds Of people to maintain an
honorable standing and to gain a competence
and some large degree of wealth know that
now ] have bv my failure injured MANY people
but hope none are to be ruined. When l re-
Hhn& to
dorsements for the glass and window company
and the brass and iron company were very large
so large, in fact, as to induce me to fear that
] would have to suspend at that time !, how
ever prevailed upon friend to give me a large
amount of help and felt confident that / could
maintain myself and finally come out all right.
These concerns owed more thin then sup
posed, and to add to my misfortunes the af-
fairs Of the FOstoria Light & Power Co, of
which / am large stakeholder and in
dorser, proved to be in bad shape tinan-
caly Then came the unfortunate financial
condition OF the country Everyone that
owed wanted his money and no one would lend.
Payments for glass instead OF being made in
cash were made in paper Sales, in fact, came
to standstilL l struggled seeking every pos
sible means to tide over my affairs until am
compelled TO assign. l did not give up the
struggle until to-day twill take the assignee
some time TO make up the schedule OF my AZ
fairs. In my affairs include Foster & Co, the
Crocker. Mambourg & Calcined Glass Co, the
brass and iron works and the Fostoria Light
& Power Co
lean see plainly that in settling my affairs
through the courts, thus compelling my assets
TO be reduced to cash. large sacrifices will be
made This being SO cannot give encourage
ment tina, my debts will be paid in full.
The other concerns with which I am con-
cerned are all on a sound basis except possibly
Davis & Foster. They have . surplus Of 3d.
600 and ought to paw in full
Ny failure must doubtless cause q shock to
the interests Of the city from which am sure
il will speedily recover. believe our business
concerns are oil in a sound and healthy condi-
ton and that two banks are especially strong.
Depositors will then not need to feel any
alarm / sold my two blocks and four parcels
of land to Mr.. Hardness when arranged for
large sum Of money and have turned over to
him my stock in Cunningham Co and the
stave and barrel concern I have given mort
cages to two women who had relied upon me to
invest their money which is about all the prop
erty they have amounting to about 9. OO0
1t is only just to myself to say that two
things have caused nv downfall One was neg
lect OF business, occasioned by my devotion to
politics and the other to an OverZealous desire
to build up Fostoria. do not know that at my
time Of life l ought to indulge in the hope Of
ever being able TO repair my fortunes and pay
my debts; that shall try will be the one end
for which shall live. In this hour Of unspeak-
able distress only crave the generous judg-
ment of the public-a public that will be deeply
shocked over the downfall Of q man who had
enjoyed their confidence in a remarkable de-
gree. The aggregate amount OF liabilities in
GLIDING bank deposits my individual debts. the
three glass companies, the glass and iron
works, the light and power company, will be
about 500, 600 The assets on paper will more
than cover the liabilities
Mr. Wilkinson has secured the school fund
and the building and loan association funds
against loss CHARLES FOSTER