Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-06-03
MANY INTERESTS SUFFER-.

FosToRIA, 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
eft of his creditors. His assignee is j.
b. Gormlee prominent banker of
Bucyrus and warm friend of Mr.. Fos-
ter. The Liabilities are given out by
Mr.. Foster as being S600,00 and the
assets as about the same. He made the
assignment during the night and the
papers were filed at Tiffin by Mr. Scott,
his attorney.
AT an early hour the bank of Foster
& Co. was closed on an attachment OF
So, 200 in favor of the Isaac Harter Mill
ing company, and at the same time
the wholesale grocery house of
Davis & Foster was closed by an
attachment for $1,000 in favor of
o. T. Brown. The presence of the
sheriff was the first inlSling 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 filed
with people eager to learn the extent
of the calamity.
The assignment of Davis & Foster,
the wholesale grocers, will probably be
the direct cause of the failure of num-
Der of grocery concerns throughout the
country 1t is said that the firm has
Sl25, 900 unpaid accounts and notes due it
The deposits of the bank at the
time of it's last statement were about
sl75,0O0, but it is impossible to ascer-
tain what they are at the present time.
The wholesale grocery house of
Davis x Foster has been doing fairly
| profitable business The firm has about
S120, 900 in book accounts and bills re.
ceivable, while the bills payable
will reach about the same sum.
| This will leave the stock clear,
which on January l invoiced about
$500 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 in
| fair financial shape. The books show
surplus of from S40,0 900 to $4,000 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
| III NOTSt Slldpt. lllt,N ldNc dOOub -loV.
900 worth of stock on hand while their
paper is out over 100000. 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.
FosToRIA. O., May 27.-The follow
ing statement has been given to the
public:
words cannot express the deep distress and
humiliation I feel If 1 could bear all the
burden that my failure will entail
should feel sense of relief. 1t Is q conso
lation, however, TO look back over business
life of forty-tive years that has gained Tor me i
position of confidence such as has rarely beer
achieved, and to know that l have aided hun
dreds of people to maintain an honorable stand
ing and to gain competency. and some to &C
quire n large degree of wealth know tha
now 1 have by my failure injured many people
but hope none are 10 be ruined.
When l returned from Washington knew
that my Endorsements for the window glas:
companies, and the brass and iron works com
pany, were very large-so large, in fact, as tt
induce ME to fear that l would hav,
ever, prevailed upon n friend to give
me large amount Of help, and felt contiden
that could maintain myself and finally com'
out all right These concerns owed more thai
1 then supposed, and, to add to my mis-
fortunes, the affairs of the Fostoria Ligh
and Power company, OF which l am
large stockholder and indorser, provet
to be in bad shape financially. Then cam
the unfortunate financial condition Of thu
country. Every that l owed wanted hi
I Do 10
glass, instead of being in cash were made in pa
per. Sales, in fact, came to a stand-still
struggled, seeking every possible means to It'd
over the situation, until am compelled to as
sign did not give up the struggle till to-day
May %
1T will take the assignee some time to max
up the schedule of my affairs. In my affairs
J include Foster & Co; the Crocker Malmbour
& Calcined Gas companies, the brass IAN
iron works. and the Fostoria Light an
Power company. l can see plainly tina
! in settling my affairs through the cour
thus compelling my assets to be reduce
to cash, large sacrifices will be made
| This being so, cannot give encouragement
that my debts will be paid in full The othe
concerns with which am connected are all o
u sound basis, except possibly Davis & Foster
They have a surplus of $4,000 and ought to pa
in full.
MY failure must doubtless cause shock I
the interests of the city, from which am sur
II iwil speedily recover. believe our bus
ness concerns all in sound and health
condition, and the two banks are especial
strong, Depositors with them need not fe
any alarm. l sold my two blocks and tor
parcels of land to Mr. Hardness when l a
ranged for q large sum of money, and ha,
turned over to him my stock in Cunningham
Co., and the stuve and barrel works hay
| given mortgages to two women who relic
upon me to invest their money, it being abot
all the property they have, amounting to abol
$1,000
1T is only just to myself to say that tw
things have caused my downfall. one WI
neglect of business occasioned by N
devotion TO politics, and the oth'
10 an over-zeaous desire to build |
Fostoria. In this hour of unspealSab
distress 1 only crave the generous judgment
the public-a public that will be deeply shocls'
over the financial downfall OF man vi
\ has enjoyed their confidence 10 remarkab
I degree.
The aggregate amount of my liabilities, i
4 Guiding bank deposits, my individual debts, Ii
three glass companies, the brass and ir'
works companies, the light and power cor
q pnny will be about 1000 900 Tho assets on pap