People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-06-02
A BIG COLLAPSE.
Failure of Ex-Secretary Of the
Treasury Foster.
Liabilities About s6OO,OOO-Mr. Foster
Gives the Public a Statement Of the
Causes That Led to His
Assignment.
The Foster Failure,

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 J. B. Gormley, a
prominent banker of Bucyrus and a
warm friend of Mr.. Foster. The liza
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 express the deep distress and
humiliation l feel II could bear all the
burden ID my failure will entail should feel
a sense on relief II is no consolation TO look
hna Hfr3fpoCc II F,rt G,,o
which has gained for me position Of confidence
that has been rarely achieved know that |
have aided hundreds Of people to maintain an
honorable sta,>.ing aud 10 gain a competence
and some large degree Of wealth. know that
now have BIZ my failure injured many people
but hope none are 10 be ruined When re.
turned from Washington / knew that my in
dorsements for the glass and window company
and the brass and iron company were very large
so large, in fact, rs 10 induce me 10 fear that
would have 70 suspend at that time /, how
ever. prevailed upon friend 10 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 af-
fairs Of the Fostoria Light & Power Co, Of
which l am large stakeholder and in.
dOrser, proved to be in bad shape fnan-
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 standstill l struggled, seeking every pos.
sible means 10 tide over my affairs until am
compelled 10 assign. | did not give up the
struggle until to-day twill take the assignee
some time to make up the schedule of my az
fairs. In my affairs include Foster & Co, the
Crocker, MambOurg & Calcined Glass Co. the
brass and iron works and the Fostoria Light
& Power Co
lean see plainly that in settling my affairs
through the courts, thus compelling my assets
TO be reduced 10 cash, large sacrifices will be
made. This being so cannot give encourage.
ment that my debts will be paid in full
The other concerns with which | am con-
cerned are all on q sound basis except possibly
Davis 4 Foster. They have surplus Of ST..
900 and ought to pav in full
Ny failure must doubtless cause a shock 10
the interests of the city from which l am sure
II will speedily recover. believe our business
concerns are all in sound and healthy condi-
tion and that two banks are especially strong.
Depositors will then not need 10 feel any
alarm sold my two blocks and four parcels
of land to Mr.. Hardness when arranged for a
large sum of money ana have turned over 10
him nv stock in Cunningham & Co and the
stav, and barrel concern. l have given mort
cages to two women who had relied upon me to
invest their money which is about all the prop.
erlv they have, amounting 10 about 5000
1t is only jus. 10 myself 10 say that two
things have caused nv downfall One was neg
lect OF business, occasioned By my devotion 10
politics, and the other TO On overzealous desire
TO build IN Fostoria do not know that at my
time Of life | ought 10 indulge in the hope Of
ever being able " repair my fortunes and pay
my debts that shall try will be the one end
for which shall live. In this hour Of unspeak-
able distress only crave the generous iudg-
ment Of the public-a public that will be deeply
shocked over the downfall Of man who had
enjored their confidence in remarkable de-
gree. The aggregate amount OF liabilities, In.
GLIDING bank deposits, my individual debts the
three glass companies, the glass and iron
works, the light and power company, will be
about S6OJ,OOO TIE assets on paper will more
than cover the liabilities.
Mr.. Wilkinson has secured the school fund
and the building and loan association funds
against loss CHARLES FOsTFR