New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-28
THE FOSTER FAILURE.
LIABILITIES MAY REACH A MILLION.
ASSIGNEEs APPOINTED FOR VARIOUS CONCERNS
WITH WHICH THE EX.s SECRETARY
WAS IDENTIFIED.

WAS IDENTIFIED.
Fostora. Ohio May Ell. b. Gormley' inc hS
signce of ex-sccretary Foster. states that inrh"f "
vestieation shows affairs to be In even "orsc snap
than had been at first thought and that th' hlo'''
would reach 1000 and possibly Sl,ooo'ooo' WIN
assets much less.
There were no developments In inc ''i"'' I"
day. with the exception OF the appointment oi as
signccs for the Croker, Calcincd and Mampurs "''
glass factories and the brass and iron WORKS. a. W.
Fox has been appointed assignee OF the glass
and Roger AlcOtt Of the brass ana iron ""'"' ~
Is impossible learn the assets and liabilities oi any
OF the concerns. rs nothing vii, be- gwen OUT INV"
after the assignees finish their labors Tn" "l'ao"
glass houses closed down to-day and 400 men VIII !"
out OF employment. and II Is very likely '"'s WIZ
main closed as the affairs Of the concerns "'' III
terrible shape II the wholesale grocery mouse vi
Davis & Foster IS not pushed. there Is nope '"..
will phil through all right The same may Do sal" "a
the brass and iron works, but 1t looks n ''o"e" "
latter will be forced and will not be able 10 P"S'
There IS remarkably little excitement on the s'r'o'
considering the magnitude OF the failure, ana 'ic'e -
no crowd about the Foster bank. 1here j /" b
disposition 10 make the best OF IT, N''"'r -'''
Foster nor the cashier will make any fnr'h'r S"'
mcnt to-day. saying they believe the S'"''.","
made yesterday Is sufficient until the reports VI u"
assIgnecs arc made. Mr.. Foster and his la'hi' ~
bearing up with remarkable fortitnde under inc s''''
strain to which they have been subjected.
Cleveland, May Elm response to telegram So"'
70 nim 10y an afternoon paper. Ex-Governor i'
answered follows:
Thanks for your offer Of space NY ou p'' Kind
mental distress preclndes acceptance OIL 'o"'
My failure simply Illustrates the s great ro reach q,
Of reasonably quick assets for re1 VIM Whit, ,rn II.
Of difficult borrowing comes; Nn'n p,,n', financial
such condition. and the stability OF rN,hs h"rroy
conditions Is shaken. the result IS inability l" ''
suspension and failure IL, ,r,,r.d money
Confidence ~ the maintenance of sound hn T ,.
d,tion, t, essential 10 legi'imat" tnhihs he ii;v
confidence has for some tim" been shhW.h ~ ,d nay
mr. capacitv Of the Government TO maintain soiu pi
ments Is evident. The natural Impulse W sn,n,.
suCm ,i'" and ur,isnal daft Then comes inability 10
borrow: decline In prices. suspension anu ''"''"p'
1r country Is possessed Of enormous mG
which are at the command Of the Cover III m' ~i
,sTv The country without ambiguity or uncertainty
that gold payments will be malrIpfGrs FOSTER.
.. q, aTb. plain Dealer from FoStoria,
o,, ors. ~The situation here to-day, 80 far as
IN. roster failure IS concerned presents nut Nv"
change from last evening There Is general i'''7
q, uncasncss IN all branches OF trade b"' N''' w
excitement Is noticeable in the streets or e'''
EY Governor Foster said This morning that ne Id" Nv
o,r statements 10 make but would walt no" I"'
..srnec t;orrnlcy 10 make his report Inc p''''~
hore have 50 far. with the exception Of poster
20 .xneri.nccd no trouble, and tho C'Fha"'S
savings Bank. upon which something OF III" ""
made Yesterday, reports that IT is receiving "o''
deposits to-day than II has P'ia "u'' ""'
Monday IL expects 70 open mp as seh'I'i '''"',
o,,,anv Money Is very tight here however III"
,hc greatest trouble Is appr"hcnd"d from INC i''
that loans are very difficult to obtain ana bn''n'
ms, who Nv the means 81 u littl" aNsistHi'. n h
NO able 10 phil through may he "m'mrraN,'u ~,
rh. dv, r,ilcd naiur, Of eXt'Ov"rnor fns,"rh ''i.
,nan.-s The outlook "Ncc'dingy dubious IN"
,Ia@cs The rrsuI, Ear beyond the rang
~ pre,iction. The three window glass compAm. a,i,
be hrass and iron works will co-" down i"lHht WI"
.cycrnI htnd rod mechanics VIII be thrown nul 81 '
,lovment Nothing new can be learned oi tn" con.
di,i1n OF the Poster bank. bui III d,",cs VIII I'"
200 600 d vlded among large number oi u'p,I ~
TN. ., Governor siill bears up worry wen uiu'r NJ
rolou,iy and succeeded In sleeping Tor SLY hVur9 ia
,Ight for The first time IN many weeks II" mas u'rn
drlnged with kilograms md letters OF SympA,hy lr"
continent penplc all III" country Ou' ~.
yor,nr,toly these do not altogether meet VI" w
tremitias OF th. hour gratifying ~ they arr >.,
Undlay ohio MAY 21.-1he I"opl"s BANK; OF tn ~,
poi,imore In which tx secretary Foster hclh Si".V
.nch stood a heavy run YESTERDAY. ana IL was Ir.,n
-ouId be compelled 10 suapcnd IN" bank opnSH i ,'
,n.iness as usual this morning. however. anu ~,
a,rrc,ors announce their ability TO pun through III"
financial storms safely.