Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-06-03
HEAVY FAILURE.
Unexpected Assignment OF Ex-secresafy
of the Treasury Foster-Other Concerns
Carried Down.

Unexpected Assignment OF Ex-secre'sy
of the Treasury FOster-Other Concerns
Carried Down.
FosroRIA, 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,
prominent banker OF Bucyrus and
warm friend of Mr. Foster. The lia-
bilities are given out by Mr.. Foster as
being 5000, 600 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
tesested. 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
| cj,,ed 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 publications:
| Words cannot express the deep distress and
humiliation I feel II l could bear oil the
burden that my failure will entail l should feel
a sense Of relief II is no consolation 10 look
back over o business life Of forty-fve years
| which has gained for me position OF confidence
| that hos been rarely achieved. ! know that l
| have aided hundreds Of people TO MAINTAIN an
no 1orable standing and TO gain competence
and some large degree OF wealth know tnas
nov have BY my failure injured many people,
but hope none are to be ruined. When re-
| turned from Washington l knew that my ln
dorsements for the glass and window company
and the brass and iron company were very large
| 80 large, in fact, as TO induce me 10 rear tna
would have to suspend at that time l. now
ever, prevailed upon friend TO give me large
amount OF help and felt confident that cou't
maintain myself and finally come out oil right
These concerns owed more than then sup
{ posed, and to add to my misfortunes the al
| fairs OF the Fostoria Light Power Co, O
which I am large stockholder ana IN
| dorser, proved to be in bad shape imam
t c,ally. Then came the unfortunate hnanc,a
: condition OF the country Everyone that
| owed wanted his money and no one would ieno
| PAYMENTS for glass ins tead Of being made
, cash were made in paper. Sales, In fact' cam
: to standstl I struggled, seeking every po'
e | sible means to tide over my anairs uhtl' al
e compelled 10 assign l did not give up 'h
struggle until to-day. twill take the aosishe
some time to make up the schedule OF my q
e fairs, In my affairs include Foster Co, IN
G Crocker, Mambourg & Calcined Glass Co. ID
l a,,I irop Ire
Power Co
lean see plainly that in settling my anaii
n through the courts. thus compelling my asse
e to be reduced to cash, large sacrifices Will
>. | made. This being no cannot give encouraR
ment that my debts will be paid in full
4 The other concerns with which am co
cerned are all on sound basis except poss,o
r. Davis & Foster. Ihey have surplus OF ~
G. 900 and ought to pay in full
4. MY failure must doubtless cause shock
" the interests OF the city from which am su
e. 1t will speedily recover believe our Duslne
b. concerns are all in a sound ana healthy COM
tion and that two banks are especially stron
Depositors will then not need TO feel q
alarm sold my two blocks and four parc'
of land to Mr.. Harkness when arranged iol
lis large sum Of money and have turned over
him my stock In Cunningham Co anu
Mt staye and barrel concern. / have given mo
III cages to two women who had relied upon me
.. invest their money which is about all the pr
!, erty they have, amounting TO about HV"
IL. II Is only Just 10 myself to say that .
SIS things have caused my downfall One was
ed lcct Of business, occasioned by my devotion
~, politics, and the other to an overzealous des
to build up Fostoria do not know that nv
an time OF life l ought to indulge In the nope
KIT ever being able to repair my fortunes and
re- my debts; that shall try will be the one
h. for which shall live. In this hour OF unspe
able distress l only crave the generous !u
u ment Of the public-a public that Will be dee
re shocked over the downfall of man VINO
no euioYed their confidence in q remarkable
;, gree The aggregate amount OF liabilities
-, Guiding bank deposits, my individual debts
iie three glass companies, the glass ana J
IN works. the light and power company VIII
es, | about SsOo, 900. The assets on paper VIII m
J.. than cover the liabilities.
10 MI Wilkinson has secured the school I
eel and the building and loan association III
=, against loss CHARLES FosTE