The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-27

recoup his losses, bat only became more
deeply involved. The crash was tenn
porarily averted by his appointment as
Secretary of the Treasury. 1t 10 thought
he will at best not be able to more than
pay his debts.
Speculated Little in Wall Street.
NEW YORK. May 2G.-The Foster Banking
Company. Of Fostoria. o., which assigned
this morning according to the last issue of
the Bankers Almanac. had capital of
only $4,000. q surplus of $4,000 and an nm
divided profit of $4,000. The New York cor
respondent of the Foster Banking Com.
pany Is the National Shoe and Leather
bank of No. 271 Broadway. President
John M. Crane said that Foster d Co. had
q good balance at the bank. In Brad
streets Foster IL Go. are put down as hav.
ing capital of from S500.000 to S1.O000O0
but their credit is only rated by that
agency as second-class.
Mr.. Foster was generally considered by
Wall-street men to have taken an active
interest in Wall-street affairs, and was sup.
posed to have been associated with Sena.
as in some of their deals. The amount of
his speculations, however. are said by those
w no are in position to Know to have been
grossly exaggerated. Mr.. Foster has not
even before he accepted the secretary ship
OF the Treasury. The fact that many of
his personal friends were Wall-street bro
kers and financiers. and that when in New
York ne generally visited them. has led to
the reports Of his speculatiOns. So far as
can be learned, Mr.. Foster speculated very
little. at any rate not through those houses
with which his supposed operations were
conducted.
Senator Calvin S. Brice said: "I know
nothing of MIR. Fosters assignment beyond
what have heard this morning. i have
had no business relations with hun for sew.
eral years. though he was and is O very
troubles are due only to local causes, and
doubt If there are any New York complica-
tions"
One banker said he was not at all sur.
prised at the failure, as he knew the firm
some time. "Mr. Foster has got caught be.
tween seed time and harvest he con-
tinued. "and was unable. like many others,
to get money when he needed it, and, like
them. he has undoubtedly had to throw up
the sponge. One trouble with him un-
d0ubtedly has been the fact that be was
interested In so many things. and it is o
bad time for q man to carry too much sail"
the Treasury is held by New York banks.
The amount is not large. Since he left the
Treasury Department Mr.. Foster has paid
off S15O.O00 of his obligations. and but for
the difficulty in making loans would have
been able to carry on his various enter.
prises. One thing which is understood to
have embarrassed him was the large
quirements OF money by the glass works
established by his father. He inherited
20. 900 acres of land in Indiana from his
father. He has recently made sales which
have reduced his holdings to 5000 acres.
What Mr.. Harter Says.
MANSFIELD, o.. May 26-Ex,Secretary
Foster has no business interests in this
city, but, knowing be had some interest in
mill controlled by Hon. NJ d. Harter, and
as Mr.. Harter was at Fostoria frequently
reporter called on him. Mr.. Harter was as
much surprised as anyone else over the
failure. He did not know anything about
Mr.. Fosters business and supposed him to
be q very rich man. Here Is what Mr.
Harter SAID:
regret 10 learn of any misfortune happening
10 ex-secretary Foster / trust it may not be
serious. know absolutely nothing about his
seen note of his. He took some
stock in the Harter mills at Fostoria,
terest in the mana cement, and some months ago
sold his stock, nearly all or il, TO w, C.
Brown, the treasurer ofthe company. His invest.
was surprised when he sold, but as he got good
price for it and the amount was not large
fsN pad m any yas IN to it. IN all
never asked favor or accommodation OF any
kind. have known Mr.. Foster long and init
sympathy for him and his family. / always sup
posed him TO be very rich.
Pulled Down by the Foster Failure.
FINDLAY. o.. May 26-President Lloyd
Weisel. of the Peoples Bank. at North
Baltimore. which carries very heavy de-
posits of the oil producers in the oil coun-
try, was here this evening, endeavoring to
procure aid. 5Failing to secure this be an
nOunoed that his bank would close it's
doors tomorrow mor1ing. having been
dragged down by the failure of ex-Secre-
tary Charles Foster. of Fostoria. The
bank was heavily involved by the failure
of the North Baltimore Furniture Com
pany, and the second blow made q run
upon it to-day. which it will not be able to
stand tomorrow. Charles Foster was q
stockholder in the bank. Oil operators
and producers will lose many thousands.
Findlay banks are unaffected by the Eos.
ter failure.
sympathy for the Ex-Secretary.
WASHINGTON, May 26.-Universal SYM
patby Is expressed here for ex-Secretary
Foster in his financial embarrassment.
Especially is this the case in the Treasury
Department, where Mr.. Foster was person.
ally very popular. One of the prominent
officials of the Treasury Department who
haa haep IN terma of Closa in xvsth