Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-05-27

FosroRIA, o., May 26.-Fostoria was
shaken from centre TO circumference
this morning by the announcement
which spread with the rapdity OF Wild
fire that Ex-Governor Charles Foster
had made an assignment.
Every man who knows what pubic
spirited, enterprising citizen Mr.. EOS
ter is, knew in an instant that THIS
meant the downfall OF some OF Eos
toria's most prominent institutions,
which he had started and upheld for
many years.
The report proved too true. for at an
early hour Attorney Scott, OF Toledo'
filed papers of assignment OF the bank
ing house Of Foster g. Co., the whole
sale grocery house of Davis Il Foster,
and Charles Foster individuallySwith D.
b. Gromey, President Of the First Ma
tional Bank of Bucyrus, as assignee.
Mr.. FOSTERS STATEMENT.
The following statement was given
to the public this morning:
Words cannot express the deep distress
and humiliation l feel. II | could bear all
the burden that my failure will entail, L
should feel q sense Of relief. 1t is no con-
ISOLATION to look back over business life oil
| forty-fye wears that has gained for me a
position of confidence that has rarely been
achieved; to know that have aided hun
drads of people to maintain an honorable
standing and to gain a competency and
some large degree OF wealth. l know
that now l have by my failure injured
many people But / hope none are TO be
ruined. When l returned from Wasnlng-
ton 1 knew that my endorsements
for the window glass companies
and the Brass and Iron WORKS
company, were very large-so large, IN
| fact as To induce me to fear that would
have TO suspend at that time. l, however,
prevailed upon friend to give me large
amount Of help and then felt confident that
could maintain myself and come out all
right. These concerns owed more than L
| then supposed, and TO add TO my mlstor-
tunes the affairs of the Fostoria Light and
Power Company, of which | am large
stockholder and endorser, proved TO be IN a
bad shape financially. Then came the un-
fortunate financial condition OF tbs coun-
try. Every one that owed want
| ed his money, and no one would lend.
PAYMENTS for glass instead Of being IN cash
were made in paper Sales, in fact, came
10 a standstill 1 struggled, seeking every
possible means TO tide over the situation
until am compelled to assign. / did not
give up the struggle TIL May goth. 1t will
take the assignee some time TO make up the
schedule of affairs. In my affairs l include
Foster & Co, the Crocker, Mamourg, ana
Calclned Glass Cos, the Brass and Iron
Works, and the Fostoria Light and Power
| Company. l can see plainly that IN
settling my affairs through the
courts. thus compelling my assets to be re-
4 "
made. This being so, l cannot give en-
couragement that my debts will be paid in
| full. The other concerns with which am
connected are all on a sound basis, except,
possibly, Davis a. Foster. They have
surplus of sS0,0 900 and ought to pay in full.
NV failure must doubtless cause shock
10 the interests of the city, from which |
am sure it will speedily recover.
| I believe our business concerns
are in sound and healthy condition aud
the two banks are especially strong. De-
pOsitors with them need not feel any alarm,
/ sold my two blocks and parcels or land
/ to Mr.. Hardness, when | arranged Tor
large sum of money and have turned over
to him my stock in Cunningham 81 Co., and
the StaVe and Barrel Co. l have given
mortgages to two women who relied upon
me to invest their money, 1T being about
all the property they have, amounting to
about q. 600 1t is only Just to myself to
say that two things have caused my down
| fall; one was neglect Of business occas-
stoned by my devotion to politics, and the
other to and over Jealous desire TO build
up Fostoria. L do not know that at my
time of life l ought to indulge in the hope
of being able to repair my fortunes and
| and pav nv debts; that shall try will be
the one end for which / shall live. In this
hour OF unspeakable distress, / only cross
the generous Judgment OF the public-a
public that will be deeply shocked over
the financial downfall OF man who has
euioyed their confidence to remarkable
degree. The aggregate amount Of the liza
| bilities, Including bank deposits, my indi-
vidual debts, the three glass companies,
the brass and iron works companies and
the light and power company, will be
about 500, 900 The assets on paper will
more than cover the liabilities Mr.. Will
son has secured the school fund and the
building and loan association funds against
loss. CHARLES FOSTER.
Mr.. Foster borrowed $4,000 of his
friend, Dan Harkness, of Bellevue.
Ohio, giving for the same deed for the
two Foster blocks and his stock in the
two factories This relief caused him
to think he could pull through, but the
continued money stringency compelled
| him to meet more paper
as it matured and finally be saw no hope
of relief and general assignment was
the only course left. The wholesale
grocery house of Davis & Foster will
pull through all right, it is thought, il
matters are not forced. The brass aud
iron works are In fair financial shape,
showing a surplus of $4,000,
but under a forced sale these
assets will greatly shrink and
they may not be able to pay out. The
three glass houses are in worse shape.
They have 100000 stock on hand,
while their paper is out for over $780,
600. Creditors will realize so cents on
the dollar on window factory paper
while stockholders will get nothing. OF
the Light ana Power Company, nothing
will be left.
NO EFFECT AT COLUMBUS.