Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-05-27
MR.. FOSTERS STATEMENT.
The Ex-Secretary of the Treasury Explain
the Circumstances of His Failure.

The Ex-Secretary of the Treasury Explains
the Circumstances of His Failure.
The following statement has been given to
the public by ex-Secretary Foster of Ohio:
Words cannot express the deep distress and
humiliation 1 feel. If 1 could bear all the
burden that my failure will entail should feel a
sense Of relief. 1t is no consolation to look
back over business life of forty-fve years,
which has gained for me position of conf
dence that has rarely been achieved. l know
that have aided hundreds of people TO main
tain an honorable standing and TO gain a ccu,-
petence. and some a large degree of wealth. I
know that now / have by my failure injured
many people. But 1 hope none are to be
ruined When ! returned from Washington
knew that my Endorsements for the window glass
companies and the brass and iron works COM
panies were very large--so large. in fact,
to induce me TO fear that l would have to
| suspend at that time. i, however. prevailed
upon friend to give me a large amount of
help, aud then felt confident that l could
maintain myself and finally come out all
right. These concerns owed more than then
supposed. and, to add to my misfortunes. the
affairs Of the Fostoria Light and Power Com
pany, of which 1 am a large stakeholder and
| indorser, proved to be in bad shape financially.
Then came the unfortunate financial condi-
wanted his money and no one would lend. Pay
ments for glass instead of being in cash were
made in paper. Sales. in fact. come to a stand
still. struggled. seeking every possible means
to tide over the situation, until l am COM
PEELED to resign. did not give up the struggle
till todav-May 26. 1t will take the assignee
some time to make up the schedule of my
affairs. In my affairs l include Foster Co.,
the Croker, Mambourg and Calcined Com
panies, the brass and iron works and the
Fostoria Light and Power Company.
I can see plainly that in settling my affairs
through the courts, thus compelling my assets
! to be reduced to cash. large sacrifices will be
made. This being SO. cannot give encourage
ment that nv debts will be paid In full The
other concerns with which am connected are
| all on sound basis. except possibly Davis 4
Foster. They have a surplus of $4,000. and
| ought to pay in full. My failure must doubt
less cause a shock TO the interests of the city,
from which, l am sure, ii will speedily recover.
l believe our business concerns are all in a
sound and healthy condition. and the two banks
are especially strong Depositors with them
need not feel any alarm. l sold my two blocks
and four parcels of land to Mr.. Hardness when
l arranged for large sum of money, and have
turned over to him my stock in Cunningham
& Co. and the stave and barrel company
have given mortgages to two women who re-
lied upon me to invest their money. it being
about all the property they have. amounting to
$4,000. 1t is only just to myself to say that
two things have caused my downfall. One was
neglect Of business, occasioned by nv devotion
| to politics. and the other to an overzealous de-
sire to build up Fostoria. do not know that
at my time Of life l ought to indulge in the
hope of being able to repair my fortunes and
pay my debts, but l shall try, and 1t will be the
one end for which shall live. In this hour of
unspeakable distress. only crave the generous
judgment of the public-a public that will be
deeply shocked over the financial downfall of a
ms wi m has 10 N
markable degree. The aggregate amount of
the liabilities. including bank deposits, nv in
dividual debts, the three glass companies. the
brass and iron works companies. the light and
power company. will be about 5000, 900. The
assets on paper will more than cover the liabili-
ties Mr.. Wikison has secured the school fund
and the building and loan association funds
against loss.
(Signed) CHAs. FOSTER
AT CLEVELAND.
The National Bank Of Commerce, Cleveland
has been the correspondent of the Fostoria in
stitution. Inquiry at the latter brought out
the information that the Fostoria bank did lit
tie business in Cleveland. 1t had an open ac-
count at the National Bank of Commerce. of
which it owes only $4,000 in round numbers.
which the bank officials consider perfectly
good in the final round up.
Inquiry at various banks resulted in infor-
nation to the effect that for some time past the
Fostoria Banking Company has been seeking to
borrow considerable sums at Cleveland, but SO
far as could be learned had been invariably de-
MED. The cause Of the trouble at Fostoria is
said by local financiers to be the fact that Mr..
Foster was the backbone of numerous Fos-
toria industries, which. being bothered by the
late pinch, have fallen back upon him and
pushed him harder than he could stand.
dispatch from Tiffin, where the assignment
was filed. says a pointer seems to have been
given to the Isaac Harter Mining Company and
o. T. Brown. for at o'clock in the morning the
former secured an attachment for So, 200 and
the latter for 81 200, and Sheriff Burman went
to FOstoria at once and levied on sufficient
goods to secure their claims Excitement runs
high and it is said that many in Cleveland will
be losers in the failure