The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-27

ington knew that my endorsements
lor the window glass companies and
the brass and iron works company were
very large-so large in fact, as to in
duce mo to fear that | would have TO
suspend at that time, however pre-
vailed upon u friend to give me large
amount of help and then felt confident
that could maintain myself and finally
come out all right. These concerns
owed more than l then supposed, and
to add to my mlstortunes the affairs OF
tho Fostoria Light 4 Power Company,
OF which ! am a large stockholder and
endorser, proved to be in very bad
shape financially Then came the un-
fortunate financial condition OF the
country. Every one that owed
wanted his money and no one would
lend, Payments for glass, instead OF
being in cash were made in paper
Sales, in fact, came to stapdstill. l
struggled, seeking every possible means
to tide over the situation until am
compelled to assign.
GAVE uPTuE STRUGGLE,
ii did not give up the struggle till
May &C. twill take the assignee somo
time TO make up tho schedule OF my ai-
fairs. In my affairs l include Foster &
Co., the Crocker hamburg and Cal
cined Glass Companies, the Brass and
Iron Works and the Fostoria Light and
Power Company. / can 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 en-
Couragement that my debts will be
paid in full. The other concerns with
which arm connected are all on sound
basis. except possibly Davis q Foster.
They have u surplus OF $4,000 and
ought to pay in full. My failure must
doubtless cause u shock to the interests
to the city, from which l am sure it
will speedily recover. believe our
business concerns are all in u sound and
healthy condition and the two banks
are especially strong. Depositors with
them need not feel any alarm. | sold
my two blocks and four parcels OF land
to Mr.. Harknoss when arranged for n
large sum OF money and have turned
over to him my stock in Cunningham
4 Co., and the Stave and Barrel Com
pany. l have given mortgages to two
women who relied upon me to invest
their money, it being about all the pro-
perty they have, amounting to about
$4,000.
WHAT CAUSED 1T.
at is only just to myself to say that
two things have caused my downfall;
one was neglect Of business occasioned
by my devotion to politics, and tho
other to an over Jealous desire to build
up Fostoria. l do not know that at my
time OF life l ought to indulge in the
hope OF being able to repair my for
tunes and pay my debts. That l will
try will be the one end for which l
shall live In this hour OF unspeakable
distress only ask tho generous iudg.
ment OF the public-a public that will
be deeply shocked over the financial
downfall OF a man who has enjoyed
their confidence to u remarkable degree.
The aggregate amount OF the liabilities,
including bank deposits, my individual
debts, the throe glass companies, the
brass and iron works companies, tho
light and power company, will be about
S6O000Ol TheI assets on paper will
moro than cover the liabilities. Mr..
Wilson has secured the school fund and
tho building and loan association funds
against loss.
lSipned) nCuARIrs FosrER."
Mr.. Foster borrowed $4,000 of his
friend Dan Harkness, OF BELLEVUE, Ohio,
giving for the same n deed for the two
Foster blocks and his stock in the two
factories. This relief caused him to
think he could pull through, but the
continued money stringency compelled
him TO meet more paper as II matured,
until finally he saw no hope OF recov-
cry and general assignment was the
only thing loft, The Wholesale grocery
house Of Davis < Foster will pull
through all right, 1t is thought, If mat
ters arc not forced. The brass and iron
works aro in fair financial shape, chow.
ing a surplus OF $4,000, but under u
forced sale these assets will greatly
shrink and they may not DO able to pay
out. Tho three glass houses are in
worse shape. They have 100000 stock
on hand. while their paper is out for
over 100000. Creditors will realize 50
cents on the dollnr on window factory
paper while stockholders will get
nothing OF the light and power com.
pany nothing will be left.