Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1893-06-01
HEAVY FAILURE.

Unexpected Assignments OF Ex-secretary
of the Treasury Foster-Other Concerns
Carried Down.
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 ]. B. Gormley, a
prominent banker of Bucyrus and a
warm friend of Mr.. Foster. The La
bilities are given out by Mr.. Foster as
being 100000 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 ex press the deep distress and
humiliation 1 feel If I could bear all the
burden that my failure will entail I should feel
a sense Of relief It is no consolation to look
back over business life of forty-five years
which has gained for position of confidence
| that has been rarely achieved I know that ]
| have aided hundreds of people to maintain an
honorable standing and to gain competence
and some a large degree of wealth. know that
| now have by my failure injured many people.
but hope none are to be ruined When re-
turned from Washington 1 knew that my in
COr5ementS for the glass ana WINDOW company
and the brass and iron company were very large
so large in fact, to induce me to fear that
| would have to suspend at that time ], how
| ever. prevailed upon a friend to give me large
amount of help and felt confident that could
maintain myself and finally come out all right
These concerns owed more than then sup
/ posed, and to add to my misfortunes the at
] fairs of the Fostoria Light s. Power Co., OF
| which large stakeholder and in
| dorSer, proved to be in bad shape hnan
cially. 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 a standstnL struggled, seeking every pos
| Sible means to tide over my affairs until am
| compelled to assign. I did give up the
struggle until to-day. twill take the assignee
] some time to make up the schedule of my at
| fairs. In my affairs include Foster s. Co, the
Croker, Mauabourg & Calcined Glass Co. the
| & Power Co
| lean plainly that in settling my affairs
| through the courts, thus compelling my asset:
| to be reduced to cash, large sacrifices will be
made This being 80 cannot give encourage
| ment that my debts will be paid in full.
The other concerns with which I am con
| cerned are an on a sound basis except possibly
| Davis s. Foster They have a surplus of $50,
600 and ought to paw in full.
| My failure must doubtless cause shock &c
the interests of the city from which am SURE
| it viii speedily recover. believe our bushes:
concerns all in sound and healthy condi
ton and that two banks are especially strong
! alarm. I sold my two blocks and four parcels
of land to Mr.. Hardness when arranged for
| large sum of money and have turned over II
| him my stock in Cunningham & Co. and tn,
StaVe and barrel concern have given mort
cages to two women who had relied upon me Il
! invest their money which is about all the prop
erty they have amounting to about 81 600.
| 1t is only just to myself to say that two
things have caused nv downfall One neg
! lect Of business, occasioned by my devotion t.
| politics. and the other to an overZealouS desire
| to build up Fostorta- do not know that at my
time of life ought to indulge in the hope o
| ever being able to repair my fortunes and pay
J my debts; that shall try will be the enc
| for which shall live In this hour of unspeak
| able distress 1 only crave the generous judg
| ment of the public-a public that will be deeply
| shocked the downfall of q man who hat
enjoyed their confidence in a remarkable de
| gree The aggregate amount of liabilities, in
| Guiding bank deposits, my individual debts thu
| three glass companies, the glass and irol
| works, the light and power company, will b,
about S60J, O00 The assets on paper will more
than cover the liabilities.
Mr.. Wilkinson has secured the school fun,
and the building and loan association fund
| against loss. CHARLES FOSTER