Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1893-06-01
MANY INTERESTS suFFER.

AAAo HaAure oi Charles Foster, Ex-Secro-
tary OF the Treasury, Brings Disaster to
Numerous Concerns with Which He Is
Connected-He Makes Statement, Plao-
Ing His Liabilities at 100000.
FosToR1A, O., May 27.-Ex-Secretary
OF the Treasury Charles Foster has
startled the business world bv
making an assignment of his
vast business interests for the ben
chit OF his creditors. His assignee is J.
Is Gormlee, prominent banker of
Bucyrus and warm friend of Mr.. Fos-
ter. The liabilities are given out by
Mr.. Foster as being 100000 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 Foster
& Co. was closed on an attachment of
$1,000 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 $1,000 in favor of
o. T. Brown. The presence of the
sheriff was the first inkling many peo-
pie had that there was anything wrong
and it soon leaked out that an assign
ment had been made The news spread
rapidly and soon the streets were filled
with people eager to learn the extent
Of the calamity.
The assignment of Davis & Foster,
the wholesale grocers, will probably be
the direct cause of the failure of num-
Der of grocery concerns throughout the
country. It is said that the firm has
$125, 900 unpaid accounts and notes due it
The deposits of the bank at the
time of its last statement were about
$175, 900, 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
$3.50, 900 in book accounts and bills re-
ceivable, while the bills payable
will reach about the same sum.
This will leave the stock clear,
which on January 1 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 $4,000 to $50, 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,
paper is out over 100000. The cred
itors may realize fifty cents on the dol
lar on the window factory paper while
the stockholders will 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.
FosToR1A, o., May 27.-The follow.
ing statement has been given to the
public:
"Words cannot express the deep distress and
| humiliation I feel If I could bear all the
burden that my failure will entail
should feel a sense Of relief 1t is conso-
| lation however, to look back over business
life Of forty-five years that has gained for me
position Of confidence such as has rarely been
| achieved, and to know that I have aided hun
areds of people to mainta an honorable stand
quire large degree of wealth. I know that
now have by my failure injured many people,
| but 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
pany, were very large-so large, in fact, as to
induce me to fear that I would have
ever, prevailed upon o 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 am q
| large stakeholder and indorser, proved
| to be in bad shape financially. Then came
| the unfortunate financial condition of the
| country Every one that 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. I
| struggled, seeking every possible means to tide
sign. did not give rlp the struggle till to-day,
May 20
"It will take the assignee some time to make
| up the schedule Of my affairs. In my affairs
| include Foster s. Co.; the Crocker Malmbourg
& Calcined Gas companies, the brass :and
iron works, aud the Fostoria Light and
Power company. I 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, I 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 surplus OF $50, 900 and ought to pay
! in full.
"My failure must doubtless cause a shock to
| the interests Of the city, from which am sure
it will speedily recover. I believe our bust
ness concerns are oil in a sound and healthy
condition, and the two banks are especially
| strong. Depositors with them need not feel
any alarm sold my two blocks and four
parcels Of land to Mr.. Hardness when ar
| ranged for q large sum OF money, and have
turned over to him my stock in Cunningham &
Co., and the stave and barrel works. I 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
$4,000
st is only just to myself to say that two
things have caused my downfall one was
neglect of business occasioned by my
devotion to politics, and the other
10 an over-zoalous desire to build up
Fostoria 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 man who
has enjoyed their confidence to remarkable
degree.
1.-THE 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 will be about 5000, 600 The assets on paper
will more than cover the liabilities. Mr..
! Wilkinson has secured the school fund and the
] Building and Loan association funds against
| loss. CHARLES FOSTER.
A Michigan Bank Fails.
JACKSON, Mich, May 27.-The Farm
ers' state bank of Brooklyn, this coun-
ty, has closed its doors, with liabilities
amounting to about $4,000. There is
no money on hand, but the bank owns
large amounts of real estate. Col. N.
G. King. owner of the bank, has been
sick for long time and unable to give
his attention to the business, which is
given as the cause of the failure.
Fire In q New Mexico Town.
/ SAN MARc1AL, N. NJ, May 27.-Fire
destroyed twelve business houses in
this place including the opera house
onl $50 1,onl, Tho 10SS iS GRS O0()