River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-06-01
MANY INTERESTS SUFFER.


The Failure of Charles Foster Ex-Secre-
tary of the Treasury, Brings Disaster to
Numerous Concerns with which lie L,
Connected-He Makes Statement. PIac.
ing His Liabilities at 100000.
FosToRIA. o., May 27-Ex-Secretary
OF the Treasury Charles Foster has
startled the business world by
making an assignment of his
vast business interests for the ben
EFT of his creditors His assignee is j
Il. Gormlee, n prominent banker OF
BucyIuS and warm friend of Mr.. Eos.
ter. The liabilities are given out by
Cir. Foster as being $500, 900. and the
assets as about the same. He made the
assignment during the night and the
papers were filed at Tlffin by Mr.. Scott,
his attorney.
At an early hour the bank of Fostel
& Co. was closed on an attachment OF
81, 200 in favor of the Isaac Harter Mill.
ing company, and at the same time
the wholesale grocery house OF
Davis & Foster was closed by an
attachment for 81 200 in favor OF
O. Il. Brown. The presence Of the
sheriff was the first inkling many peo-
pie had that there was anything wrong
and il soon leaked out that an assign
ment had been made. The news spread
rapidly and soon the streets were filed
with people eager to learn the extent
of the calamity.
The assignment of Davis & Foster
the wholesale grocers, viii probably be
the direct cause of the failure of a mum
Der of grocery concerns throughout the
country. 1t is said that the firm has
Sl25.000 unpaid accounts and notes due il
The deposits OF tine bank at the
time of its last statement We're about
$4,000, but it is impossible to ascer-
tain what they are at the present time.
The wholesale grocery house of
Davis & Foster has been doing fairly
profitable business. The firm has about
sl20, 900 in book accounts and bills re-
ceivable, while the bills payable
viii reach about the same sum.
This viii leave the stock clear.
which on January l invoiced about
$4,000. If matters are not forced
the grocery house will pay dollar for
dollar and leave something possibly be-
sides. The brass and iron works are in
fair financial shape. The books show
a surplus of from $40, 900 to so, 900 over
liabilities. Of course under forced sale
these assets will greatly shrink and
the company may not be able TO pay out.
The three window-glass houses are
IN worse shape. They have about $780,
600 worth of stock on hand while their
paper is out over 100000. The cred
itors may realize fifty cents on the dol
lar on the window factory paper while
the stockholders win be worse off than
nothing. The Fostoria Light & Power
company is owned principally by Mr..
Foster and is in bad shape, but no de
tailed statement as to its condition can
be obtained.
FosToRIA, O., May 2a.-The follow
ing statement has been given to the
public:
"Words cannot express the deep distress and
humiliation / feel II i could bear all the
burden that my failure will entail
should feel sense Of relief IT is conso
lation. however to look back over business
life of forty-five years that has gained for me a
position of confidence such as has rarely been
achieved, and 10 know that have aided hun
dreds Of people TO maintain an honorable stand.
ing and to gain competency. and some TO ac-
Qulfc a large degree OF NtdlAh KNOW kuht
now have by my failure injured many people,
but hope none are to be ruined.
when returned from Washington 1 knew
that my Endorsements for the window glass
companies, and the brass and iron works com
pany. were very large-so large, in fact as to
induce me TO fear that l would have
10 suspend at that time. ], how
ever, prevailed upon friend to 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 supposed and, to add to my mis-
fortunes, the affairs Of the Fostoria Light
and Power company, of which l am a
large stakeholder aud indorser, proved
TO be in bad shape financially. Then came
the unfortunate financial condition of the
country. Every one that l owed wanted his
money, and no one would lend. Payments for
glass, instead of being in cash were made in pa
per Sales in fact came TO a stand-stilL l
struggled, seeking every possible means to tide
over the situation, until am compelled 70 as
sign. did not give up the struggle till to-day,
May &c
1T win take the assignee some time to make
up the schedule OF my affairs. in my affairs
include Foster & Co; the Crocker Malmbourg
& Calcined Gas companies, the brass land
iron works, aud the Fostoria Light and
Power company. can see plainly that
in settling my affairs through the court
thus compelling my assets TO be reduced
TO cash, large sacrifices will be made
This being so, cannot give encouragement
that my debts will be paid in full. The other
concerns with which am connected are all on
a sound basis. except possibly Davis & Foster
They have a surplus of $4,000 and ought to pay
in fun
MY failure must doubtless cause shock TO
the interests OF the city. from which am sure
It will speedily recover. believe our bust
ness concerns are all in sound and healthy
condition and the two banks are especially
~ Ffs1
any alarm. l sold my two blocks and four
parcels of land 10 Mr. Hardness when l ar
ranged for n large sum of money, and have
turned over to him my stock In Cunningham &
Co, and the stave and barrel works have
given mortgages to two women who relied
upon me to invest their money, it being about
all the property they have, amounting TO about
$1,000
1T is only just to myself to say that two
things have caused my downfall. one was
neglect of business occasioned by my
devotion 70 politics, and the other
10 an over-zealous desire to build up
Fostoria. In this hour Of uuspeakabo
distress ] only crave the generous judgment OF
the public--a public that will be deeply shocked
over the financial downfall OF a man who
has enjoyed their confidence TO remarkable
degree
.sThe aggregate amount Of my liabilities, in
Guiding bank deposits my individual debts, the
three glass companies, the brass and iron
works companies, the light and power com
pany, viii be about s6OJ0l0 The assets on paper
will more than cover the liabilities. Mr..
Will1ison has secured the school fund and the
Building and Loan association funds against
loss CHARLES FOSTER"
Michigan Bank Fails.
JACKSON. Mich, May 27.-The Farm
ers' state bank of Brooklyn, this coun-
tv. has closed its DOORS with liabilities