The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-06-02
HEAVY FAILURE.
Unexpected Assignment Of Ex-secretary
of the Treasury Foster-Other Concerns
Carried Down.

Unexpected Assignment 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
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
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 1 feel II 1 could bear all the
| burden that my failure will entail should feel
| a sense of relief 1t is no consolation to look
back over a business life of forty-five years
| which has gained for me q position of confidence
| that has been rarely achieved 1 know that
| have aided hundreds Of people to maintain an
honorable standing and to gain competence
1 and some a large degree of wealth know thai
| 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
| dorsements for the glass and window company
| and the brass and iron company were very large
so large, in fact, as to induce me to fear that
| / would have to suspend 1t that time l. 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 l then sup
| posed and to add to my misfortunes the al
fairs of the Fostoria Light & Power Co, OF
| which 1 am large stockhoder and in
| dorser proved to be in bad shape tnan-
cially. Then came the unfortunate financial
| condition of the country. Everyone that 1
owed wanted his money and no one would lend.
| Payments for glass instead of being made in
cash we're made in paper. Sales, in fact, came
| to a standstill 1 struggled. seeking every pos
| sible means to tide over my affairs until am
compelled to assign. did not give up the
| struggle until to-day. twill take the assignee
some time to make up the schedule of my af-
fairs In my affairs include Foster & Co, the
| Crccker 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 to cash, large sacrifices will be
made. This being so cannot give encourage
| mont that M dphtS will be Maid in full
The other concerns with which l am con-
cerned are all on a sound basis except possibly
Davis & Foster They have surplus of SS),-
900 and ought to paw in full
| nv failure must doubtless cause a shock TO
the interests of the city from which / am sure
| il will speedily recover. believe our business
| concerns are all in sound and healthy condi-
| ton and that two banks are especially strong.
| Depositors will then not need TO feel any
alarm. 1 sold my two blocks and four parcels
| Of land to Mr. Harkness when arranged for a
| large sum of money and have turned over to
| him my stock in Cunningham & Co. and the
, stave and barrel concern have given mort
cages to two women who had relied upon me to
invest their money which is about all the prop
| erty they have, amounting to about 4OO0
| 1t is only just to myself to say that two
| things have caused my downfall One was neg
| lect of business, occasioned by my devotion tc
| politics, and the other to an overZealous desire
to build up Fostoria- 1 do not know that ut my
| time of life j ought to indulge in the hope OF
ever being able to repair my fortunes and pay
my debts; that l shall try will be the one end
| for which shall live. In this hour of unSpeak-
| able distress / only crave the generous 1udg
| rnent of the public-a public that will be deeply
shocked over the downfall Of a man who had
enjoyed their confidence in a remarkable de
gree. The aggregate amount of liabilities, In
cluding bank deposits, mT individual debts, the
three glass companies, the glass and iror
works, the light and power company, will be
| about s5OI0D0. The assets on paper will more
| than cover the liabilities.
| Mr.. Wilkinson has secured the school fund
and the building and loan association fund:
| 1oss Cu.ur.ES E'OSTFR