Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1893-02-23
LEFT BANKRUPT.
Gov. Mckinley, of Ohio, Suffers
by Friends Failure.
The Governor Endorses Paper for Large
sum and His Little Fortune Is Swept
Away-FrIends Come to the
Majors Rescue.
A BAD FAILURE.

YOUNGSTOWN, o., Feb Ca sensa-
ton was caused in business. financial
and manufacturing circles Friday by
the failure of Robert L. Walker, a
prominent banker and capitalist, who
made an assignment to Hal X. Taylor,
a well-known attorney, for the benefit
of his creditors. The failure will be
widespread in its effects, involving
Gov. Mckinley, and the indications
now are that every dollar of property
owned by the governor will be swept
away.
THE LIABILITIES.
AS near as can be estimated the liza
bilities will reach $500, GOO, most of it
paper for small amounts held by coun-
try banks. The assets are less than
500, 00O The failure is due to invest
ments in properties and enter
prises requiring large outlay OF
money that have not been pro-
ductive. In addition to the stamp
ing works he invested in the Girard
stove works, coal mines at West New
ton, Pa, and Salineville, o., and W as
interested in large number of smaller
enterprises. This used up all the funds
at his command and neceSsitated Sc
curing the Endorsement of paper by
friends
WE'RE CLOSE FRIENDS.
From boyhood Gov. Mckinley and
Mr.. Walker have been the closest per-
sonal friends. When Mr.. Walker re-
quested the governor to indorse his
notes there was no hesitation, the
governor affixing his signature without
making any investigation. The gov
ernor continued placing his signature
on notes until the crash came. In re-
Spouse to message Gov Nc
Kinley came here to ascertain
the condition of affairs and to
learn whether he is bankrupt
or not IL is estimated that he is on
the paper of Mr.. Walker for from 800
600 TO $50, 900, and if it amounts to less
than the frst-named figure efforts will
be made by the governor to take care
Of it. Otherwise lie will lose every
cent he has in the world. The gov
ernor expected to speak at the banquet
Of the Ohio society in New York to-
night, but will remain here and ascer-
tain the extent of his liability.
WILL PAY EVERY DOLLAR
The governor said Friday night: "All
] desire to say for publication is this:
! will pay every dollar of paper that
have signed for Robert L. Walker AS
fast as it natures every obligation will
be promptly met"
Walker has sustained a spotlesS rep
utatiOn in the business community, and
the failure is attributed to his engag-
ing in more enterprises than he could
successfully carry through. He says
he will turn over his home and every
dollar he has in the world to assist in
paying his creditors. His family con-
sists of a wife, son and daughter. None
of the money has been squandered in
expensive living, the family practicing
economy ia both the household and
wearing apparel.
FRIENDS OFFER ASSISTANCE.
COLUMBUS, O., Feb. 20.-The news
from Youngstown that the failure of
Robert L. Walker, banker and presi-
dent of a stamp works there,
had caught Gov. Mckinley for
$50, 600 or $4,000, he having in
aOAcC0 paper AON w dlhCEs OdAaC0 LhC
governors friends deep sorrow. Gov.
McKinley's loss will not, how
ever, be as great as at first re-
ported. II is said that he was Sc
cured against heavy loss. Offers of
assistance are coming to the governor
from all sections of Tire country. So
great is the sympathy for him that
several Of his friends offered to come
on with their check books and take all
the burden from him.
THE LOSSES INCREASE
CLEVELAND, o., Feb. 21.-Goy. Nc
Kinley still remains in Cleveland await
ing developments in the Walker failure
at Youngstown. The liabilities Of the
governor now amount to about SIS, 600.
The governors friends account for his
being so heavily involved by saying
that he supposed many of the notes he
Endorsed were renewals of others which
had been taken up and that he at no
time believed he had loaned his credit
for more than $50, 600.