New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27
CHARLES FOSTER ASSIGNS.
THE EX.SECRETARY'S MANY ENTERPRISES
CARRY HIM DOWN.

HE SAYS HIS LIABILITIES WILL BE foooooo-
THE BANK OF FOSTER COMPANY IN
TosToXIA AND OTHER OHIO con-
GERMS FORCED UNDER.
Fostorla. Ohio May 26.-Ey-Secretary OIL thc
Treasury Charles Foster startled tho business
world this morning by making an assignment Vi
his vast interests for the benefit OF ms cfeo'ors
His assignee is j. B. Gormlee, prominent banker
Of Bucyrus, and a warm friend OF MI. foster
The liabilities are given out by Mr. roster a. ne
ing 5000, 0O0 and the assets are ABOUT the same
lie made the assignment during the night anu
papers were fixed at Tiffn by Mr. scott. his attor-
ney. At an early hour this morning the bank OF
Foster & Co. was closed on an attachment 1or
$4,000 in favor Of the Isaac llarfer Milling CON-
pany. and ut the same time the wholesale grocery
bousc Of Davis 4 Foster was closed by an attach
,nent for 81 200 in favor of o. T. Brown.
The presence of the Sheriff was the first inkling
many people had that there was something wrong,
and il soon leaked out that an assignment had
been made The news spread rapidly, and soon
the streets were flied with people eager to learn
the extent Of the calamity that had befallen the
city The assignment Of exSecretary Foster was
the signal for the assignment Of q number OF con-
Germs i'm which he was Interested. The brass ana
iron works was one of these concerns to assign.
BESIDES Mr. Foster Mr. Portz was one of the own
crs of this business The liabilities and assets or
this company are included with the personal state
ment of the ex-Secretary. The Mambourge, Cal
cjned and Croker Window Glass companies, three
concerns that have been backed by Mr.. Foster, Will
assign.
the extent of the failure is so great that its
Significance can scarcely be realized. haif-dozeh
prominent industries will go to the wall, and nun
dreds of persons will be thrown ont oil employ
ment The loss to business men who were depos-
itors in Foster e. Co.'S bank is one OF the depior-
able features of the crash. but it IS conndehtiy
believed none of them will sufler to an extent
that will cause him to assign A run was maue
on the Mechanics Savings Bank this morning as
soon a. its doors were opened, but with $4,000
in currency piled upon the cashiers desk the de-
mands of all frightened depostors were promptly
met and none was turned away. The loss to
Fostora is great one and one that it will require
time 10 recover from but great as it is it in no
way lessons the regret and sympathy expressed
for the ex-Secretary 1t is generally conceded that
his unstinted generosity and phenomenal pubic
spirit have been the indirect causes OF his man.
cial downfall as he was ever ready to lend help
ing hand to the poor and worthy The assign
nent Of Davis & Foster, wholesale grocers' VIII
probably be the cause Of a number OF failures OF
concsrns throughout the country 1t Is said the
firm has 81 20, 900 unpaid accounts and notes due
TO it, The deposits of the bank at the time OF
its last statement were about $4,000. but IT
il impossible to ascertain what they are at the
present time as the cashier, j. Wilkeson. is retl-
cent. and prefers to have the assignee make pub
lie statement. Mr.. Willeson is also treasurer OF
the Fostoria school district. The Board OF Educa-
ton had 81 200 in cash on hand, and as Davis
1t ~. sc Ahoh
in these cases will be considerable.
The following statement was given to the pup
Lie this morning by the ex-Sccretary:
words cannot express the deep distress and humla.
ton feel II could bear all the burden that my
failure will 10 saS Sad lse sense life Of
forty-hye years, which has gnned Tor me PoSuon
n hat SsTs
honorable standing and n to R tss ncw Snd
s SsVs BY my failure injured many people But hope
none Is to be ruined. When returned from wash.
glass companies and the brass and iron works company
were very larges0 large In fact as 70 inouee me 10
however, vsr. prevailed upon friend to give me large
amount Of help and then felt confident that t eSnd
These Concerns owed more than then supposed. and
to add to my misfo tunes the affairs Of the Fostora
sHS ana proved to be in shape
Then came the unfortunate financial condition g, o.
money, and no one would lend. Payments for glass
instead Of being In cash were made In paper. sales,
every possible means to Tide over the situation until
81. p sdssy to S ss9 g. 4 x @
time to make up the schednle q my sars Mann IN
bS boy ss and daened glass Companies the iron
works and !he Fosora Light and Power COMPANY .,
courts thus Compelling my assets to be reduced So
cash .scaess win Be made AT. This sI9 S s,,d
in fun. The other concerns with winch l Ia, am n con
nected all are on sound basis except possibly Davis
4 F,ster They have surplus Of $4,000 and ought
Nv Nv failure must doubtless cause shock TO the
interests OF the city, from which am sure 1t will
speedily believe p1r s"nsss am% 1Rs
are al banks ar sou aspe Sd strong Deposo with
them need not feel any alarm. sGa my TWO SiocKi
over 20 him my stock in Cunningham q Co. and
the .tsye and barrel S psso r.on have gwen
S SsSs ssls %Snss to a Sst ~ ' ~ w
n.1s sa sss %y to mSsf &
business. occasioned by my devotion to politics. and
the other TO an r Ss afS mv Time S0 Of &
! ought to indulge in the hope Of being able to re.
pair fortunes and pay my 1o debts s b St shall shall
NE. In This hour OF unspeakable distress I only
crave the Judgment Of the pnblicna public
fan Of man who has enjoyed their confidence to
. remarkable degree.
bank deposits, my individual debts the three glass
companies. the brass and iron works companies ana
re s ne oS viii T more Ss 'S ssn
cover the liabilities. Mr.. wi2ison has secured The
school fund and the building and len ca ro s9TiaOn
funds against loss. CHARLfs fOSiEh.
SMALL DEBTS IN CLEVELAND.
WHAT THE BANKERS OF THE LAKE CITY SAY