The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1893-06-01

MANY \. INTERESTS SUFFER
Tho neilura oscA.r, Foster. E1-1 k...-j
tarlsof the 4ssassz brings Disastsf TO
NelH eroos ohcernSsw nth which DO q
Is eonnected-H MASS Statement. -
Ing His Liabilities 1t $500, 200.
FosroK1A, O., May 27.-Ex-secretary
OF the Treasury Charles Foster has
startled the business world by
making an assignment Of his
vast business interests for the BEN
eht OF his creditors. His assignee il J..
b Gormlee, Ry prominent banker of
Bucyrus and q warm friend of Mr.. Fos-
ter. The liabilities are given ont by
Mr.. Foster as being $500, 1000, and the
assets as about the same. He made the
assignment dutingg thef night ssndztls
papers were AIed q THIN bysA[r. s1ptt;
hiss ttorney. 81 ~
/ At ansearly hour the bank of Foete1
Il Co. was closed on an attachment of
s., 200 in favor Of the Isaac Harter Mill
ing company, and at the same time
Ethe 'whotesele grocery house ss-~of
Davis &c Foster was closed by an;
attachment. for $1,000 in favor 81
o. T. Brown. The presence of = the
sheriff wass the first inkling many peo-
pie had that there was anything wrong
and it soon leaked out that an assign
ment had been made. The news spread
rapidly and soon the streets were filled
with people eager to learn the extent
of the calamity;
The assignment Of Davis & Foster,
the wholesale groce1s, will probably be
the direct cause of the failure of num-
Der of grocery concerns throughout the
country. It is said that the firm has
s125,000 unpaid accounts and notes due It
The deposits of the bank at the
time of its last statement were about
$4,000, but it is impossible to ascer-
tain what they are at the present time.
The wholesale grocery house of
Davis q Foster has been doing q fairly
profitable business. The firm has about
$4,000 in book accounts and bills re-
ceivable, while the bills payable
will reach about the same sum.
Fhis will leave ~' the ~stoek--sclear,p
which on January / invoiced about
$4,000. If matters are not forced
the grocery house will pay dollar for
dollar and leave something possibly be-
sides. The brass and iron works are il
fair financial shape. The books show
a surplus of from $40, 900 to $50, 900 over
liabilities. OF course under forced sale
these assets will greatly shrink and
the company may not be able to pay out.
The three window-glass houses are
in worse shape. They have about $780,
600 worth of stock on hand while their
paper is out over 5000, 200. The cred
itors may realize fifty cents on the dol
lar on the window factory paper while
the stockholders will be worse off than
nothing. The Fostoria Light & Power
company is owned principally by Mr..
Foster and is in bad shape, but no de-
tailed statement as to its condition can
be obtained.
FosToR1A, O., May 27.-The follow.
ing statement has been given to the
public:
"Words cannot express the deep distress and
humiliation I feel If could bear all the
burden that my failure will entail !
should feel sense Of relief It is conso-
latfon. however, to look back over business
life of forty-fve years that has gained tor me q
position OF confidence such as has rarely been
achieved, and to know that have aided hun
dreds OF people to maintain an honorable stand.
ing and to gain competency, and some to &C.
Quire large degree OF wealth. I know that
now have by my failure injured many people,
but hope none are to be ruined.
when returned from Washington know
that my Endorsements for tho window-glass
companies and the brass and iron works COM
pany 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 large amount Of help. and felt confident
that could maintain myself and finally come
out all right These concerns owed moro than
fortunes, the affairs OF the Fostoria Light
and Power company, Of which am .
large stockholder and ipdorsen proved
to be ip bad shape financially. Then came
the unfortunate 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 pa
per. Sales, in fact, came to q stand.st!ll. I
struggled, seeking every possible means to tide
over the situation, until am compelled to as
sign. did not give rp the struggle till to-day,
May 26
ut will take the assignee some time to make
up the schedule Of my affairs. In my affairs
include Foster e. Co.; the Croker Malmbourg
Calcined Gas companies, the brass and
iron works, and the Fostoria Light and
Power company: I can see plainly that
in settling my affairs through the court,
thus compelling my assets to be reduced
to cash, largo sacrifices will be made
This being So cannot give encouragement
that my debts will be paid in full. The other
concerns with which am connected are all on
sound basis, except possibly Davis & Foster,
They have surplus Of 1000 and ought to pay
In full.
"My failure must doubtless cause shock to
the interests Of the city, from which am sure
It will speedily recover. I believe our bust.
ness concerns are all fp Q sound and healthy
condition. and the two banks are especially
strong. >pepositors with them need not feel
any alarm ! sold my two blocks and four
parcels OF land to Mr.. Hardness when ar.
| ranged for o large sum OF money, and have
| turned over to him my stock in Cunningham l.
Co., and the stave and barrel works. have
given mortgages to TWO women who relied
| upon me to invest their money. it being about
| all the property they have amounting to about
$4,000
~ ~ only just 10 myseH 10 say that TWO
things have caused my downfall. one was
neglect OF business occasioned by my
devotion to politics. and the other
10 an over-zealous desire to build up
Fostoria In this hour Of unspeakable
distress only crave the generous judgment OF
the pub!tc-a public that will be deeply shocked
over the financial downfall of man who
has enjoyed their confidence to . remarkable
degree,
"The aggregate amount Of my liabilities, in.
Guiding bank deposits, my individual debts, the
three glass companies, the brass and iron
works companies, the light and power com.
pany, will be about 600, 600 The assets on paper
will more than cover the liabilities. Mr..
Wilkison has secured the school fund and the
Building and Loan association funds against
loss. CHARLES FosTER.'