The Meeker herald. [volume] (Meeker, Colo.) 1885-current, 1893-06-03
CHARLES FOSTER FAILS.



z The Hon. Charles Foster,who WAS secretary
OF the treasury under President Harrison,
made an assignment for the benefit of his
what his liabilities are, but they Will probably
reach e6O0,000. His assets, though much
more than that amount, shrink so
much In the process of realizing upon them
that they will not more than meet the lIabili-
ties. Mr.. Foster has been the leading bust
ness man Of bis home, Fostoria, Ohio, and Is
Identified with a number of business enter
prises
The bank OF Foster d Co., the wholesale
grocers, Davis Il Foster, have also assigned.
The affairs of the Mambourg Glass Com
pany, Croker Glass Company, Calcined Glass
Company and the Brass and Iron Works Com
pany and the Fosioria Light and Power Com
pany are so involved, the governor being
heavy indorser OF their paper, tina, these ins:I-
buttons will be plseed in the hands of an
signee.
The bank Of Foster & Co. carried several
hundred thousand dollars in deposits, having
the accounts OF a majority Of the business
men Of Fostoria The bank negotiated the
loans for the Brass and Iron Works and the
Croker, Mambourg * Calcined Window
~
Its own Endorsement, and it was this fact that
caused the crash. The grea, stringency Of
the money market compelled ali banks hold
ing the govsrnors paper to ask payment, and,
having no huch paper out, he was not able to
carry the load.
According to Mr.. Foster. statement, he
discovered the extent to which he had In
dorsed Immediately on hi. return from official
fa At II
precipitated at that time; bt, he succeeded In
getting $4,000 of his friend, Dan Hardness
OF Bcllvue, giving for the same deed for the
two Foster blocks and his stock in the Gun
ningham stave and Barrel factories. This re-
lief caused the governor TO hope lie could pull
through, but the continued money s,rlugency
compelled him to meet more paper as 1t ma
tured, until finally he saw no hope Of relief,
and a general assignment was the only course
left
The failure OF Mr. Foster Is most depiora-
BILE; It Is more SO, it is great calamity. His
failure is due To his efforts TO build up Fos-
toria. 1t was his sole ambition to see his own
town prosper There was no enterprise he
was not ready to encourage, no citizen he was
not ready TO help. 1t was his big, generous
heart that pulled him down. Those who will
of him. He has given up everything without
reserve. His millions of friends will not de
sert him in his distress; millions who hope
he will bear up manfully under the crushing
blows. He has acted honorably and still
commands the profound respect OF every
citizen.
In speaking OF his failure Mr.. Foster said;
Words cannot express the deep distress and
h,,,, ltatI 4 4 ,.Ftll alt . I,a
burdens that my failure will entail, | should
feel sense OF relief. 1t is no consolation to
look back over business life OF forty-fyc
years that has gained for me a position OF
confidence that has rarely been achieved. to
know that have aided hundreds OF people TO
maintain an honorable standing and TO gain
competency and some large degree of
wealth. | know that now have by my fail
ure injured many people, but hope none are
to be ruined.
at is only just TO myself that two things
have caused my downfall. One neglect
of business caused by my devotion to politics,
and the other To an oycrzcalous desire to
build up Fo~torta don't know that at my
,insv ought 10 InuuIgc IN the nope OF
being able to repair ms fortune and pay my
debts, that | shall try will be the one end for
which shall live. In this hour of uuspeaka-
BILE distress only crave the generous judg-
mcnt OF the public-a public that will be
deeply shocked over the financial downfall OF
a man who has enjoyed their condolences TO u
remarkable degree. The aggregate amount
OF the liabilities, Including oank deposits, my
Individual debts, the three glass companies,
the brass and iron works company, the light
and power company, will he about 500, 600
The assets on paper will more than cover the
liabilities. We have secured the school fund
and the building and loan association funds
against loss"