St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-28
FOSTEK,S w ALL.
He Attempts to Lay the Blame on
the Administration.

CLEVELAND, May 2S.-In response to
a telegram sent him by an afternoon
paper, Gov. Foster answered as follows:
''Thanks for your offer of space. My
present mental distress precludes ac-
ceptance of your kind offer to any eX-
tent. My failure simply illustrates the
great folly of permitting oneself
to be in debt beyond, the
reach of reasonably quick as
sets for relief when the nOur or difficult
borrowing comes. When people are in
such condition, and the stability OF eX-
listing financial conditions is shaken, the
result is inability to borrow, suspension
and failure. Business is largely done
with borrowed money. Consideration
of the maintenance OF sound financial
condition is essential to legitimate lend
ing. That public confidence has Tor
some time been shaken In the
ability or capacity OF the govern
ment to maintain gold pay
ments is evident. The natural impulse
of banks in such time is to strengthen
themselves against some possible and
unusual draft. Then comes inability
to borrow, decline in prices, suspension
and bankruptcy follow. The country
is possessed of enormous resources,
which are at the command OF the gov
ernment, and it should say and act in
terms and ways that will satisfy the
country without ambiguity OF I'M
certainty that gold payments Will be
maintained. CHARLES FOSTER"
FosToRIA, o.. May 27.-rhere are no
new developments in the Foster failure
today, with the exception of the ap-
nointment of assignees for the Croker,
Calcined and hamburg window glass
houses and the brass and iron works.
A. nj. Fox has been appointed assignee
of the glass factories, and Roger Alcott
of the brass and iron works. 1t is inn
possible to learn the assets and
liabilities of any of the concerns, as
nothing will be given out until after
the assignees finish their labOrs. The
window glass houses closed down tonight
and it is very likely they will remain
closed, as the affairs of these concerns
are in terrible shape. If the wholesale
grocery of Davis & Foster is not pushed
there is hope that they will pull through
all right. j. B. Gormley, the assignee of
Secretary Charles Foster, states that
further Investigation shows affairs to be
In even worse shape than had been at
first thought and that the liabilities
would reach 100000, and possibly
81, 600, 600, with the assets much less.
TOLEDO, o., May 27.-The Peoples
Bank OF North Baltimore has closed its
doors this morning. The announcement
was made to the depositors that Cashier
Waldo had gone to raise money to meet
all liabilities, and that it would reopen.
A tremendous run was started Oh the
First National bank, the only other
bank in North Baltimore. but it is
promptly paying all demands as fast as
presented.
NEW YORK, May 27.-Lazard Freres
shipped two million and Arbuekle
Bros. $5O0.0OO in gold on the steamship
Trave, of the North German Lloyd line,
which sails for Bremen and Southamp-
ton today. The rraye also takes 10000
ounces of silver and $4,000 Mexican dol
lars shipped by j. & W. Seligman &
Co. and Zimmerman % Forshay. An
other 81, 1000, 900 in gold was shipped to
Europe on the Cunarder Etruria. Laz-
ard Preres have made arrangements for
the shipment of sl.Oe0,00G in gold early
next week.