Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-06-03
HEAVY FAILURE.
Unexpected Assignment Of Ex-Secretary
of tho Treasury Fostcr-Other Concerns
Carried Down.

Unexpected Assignment Of Ex-secretary
Of tho Treasury Fostcr-Oth Concerns
Carried Down.
FosronIA, O., May aT.-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. i. Gormley, .
prominent banker Of Bucyrus and q
warm friend OF Mr.. Foster. The lia-
bilities are given out by MIR. Foster as
being $500, 900 and the assets rs about
the same.
The assignment of Secretary Foster
was the signal for the assignment of q
number of concerns in which he was in
terested. The brass and iron works
was one of the concerns to assign. De-
sides Mr.. Foster, Mr.. PortZ was one OF
the owners of this concern. The liza
bilitics 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 feel II could bear Ill the
burden that my failure will entail should feel
sense OF relief. 1t is no consolation 10 look
back over q business life OF forty.hve years
which has gained for me u position o! confidence
that has been rarely achieved I know that
have aided hundreds OF people TO maintain IN
honorable standing and 70 gain competence
and some large degree OF wealth. know that
now have By my failure injured manv people.
but hops none are 10 be ruined. When ! re-
turned from Washington ! knew that my In
dorsements for the glass and window company
md the brass and iron compantwere very large
so large. In fact, rs to induce me 10 fear that
] would have to suspend at that time !, how.
ever. prevailed upon friend TO give mo large
amount OF help and felt confident that could
maintain myself aud finally come out all right
These concerns owed more thin thon sup.
posed, and TO add 10 my misfortunes the NJ.
fairs OF the Fostoria Light & Power Co, Of
which I Am . large stockholdcr and In.
dorser, proved to he In bad shape imam
cially. Then came the unfortunate financial
coalition OF tho country Everyone that
Payments for glass instead Of being made In
cash were made In paper Sales, in fact. came
to D standstiil. struggled seeking every pos
sible means to tide over nv affairs until / am
compelled to assign. did not give up tho
struggle until to-day twill take the assignee
some time TO make up the schedule OF my ar.
fairs. In my affairs include Foster & Co, the
Croker, Mambourg & Calcined Glass Co. the
brass and iron works and the Fostoria Light
g. Power Co.
lean sec plainly that In settling my Affairs
through the courts. thus compelling my assets
TO be reduced 10 sash, large sacrifices will be
made This being so cannot give encourage.
ment that my debts will be paid IN full.
Tho other concerns with which I am con-
ccrncd ars all on sound basis except possibly
Davis & Foster They have u surplus Of ST.
00J and ought to paw in full.
My fall re must doubtless cause shock TO
the interests OF the city from which An sure
1, will speedily recover believe our business
concerns are all in u sound and healthy condi-
ton and that two banks are especially strong.
Deposi.ors will then not need 10 feel any
alarm l sold my two blocks and four parcels
OF land TO Mr. Hardness when arranged for
large sum Of money and have turned over to
him my stock in Cunningham q Co and the
stavc and barrel concern. I have given mort
cages TO two women who had relied upon me to
invest their monev which Is about all the prop
erly they have amounting TO about A.UU
II Is only just 10 myself TO say that two
things have caused nv downfall One was neg.
lcct OF business, occasioned By my devotion 10
politics. and the other to IN overZealous desire
to build up Fostoria do not know that at my
time OF life ought 20 indulge In the hope OF
ever being able TO repair my fortunes and pay
my debts; that shall try will be the one end
&c. oh hall In fhis h0uP of unanang.
able distress only crave tho generous 1uds.
mcnt OF the public-a public that will bs deeply
shocked over the downfall OF man who had
enjoyed their confidence in remarkable de-
gree. Tho aggregate amount OF liabilities, In.
GLIDING bank deposits, my individual debts the
three glass companies, the glass and iron
works, the light and power company, will be
about $780, 900. The assets on paper will more
than cover the liabilities
Mr. Wilkinson mas secured the school FUND
and tho building and loan association funds
against loss CHARLES FOSTER