The Bessemer indicator., 1893-06-03
CHARLES FOSTER FAILS.

rhs s..sscrstsry q the Treasury coA.
pslisd to Mako an Assignmsnt.
Z The Hon. Charles Foster, who Wa secretary
Of the treasury under President Harrison,
made an assignment for the benefit OF bis
creditors on the 26th. 1t is not yet known
what his liabilities are, but they will probably
reach 100000. 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 tho liabili-
ties. Mr.. Foster has been the leading busi-
ness man OF his home, Fostoria, Ohio, and is
Identified with \ number Of business enter
priscs.
The bank of Foster & Co., the Wholesale
grocers, Davis Il Foster, have also assigned.
The affairs of the Mambourg Glass Com
pany, Crocker GLASS Company, Calcned dlass
Company and the Brass and Iron Works Com
pany and the Fostorla Light and Power Com
pany are so involved, the governor being
heavy indorser of their paper, that these insti-
tutlons will be placed In the hands of an as
Sgnee.
The bank of Foster Il Co. carried several
hundred thousand dollars in deposits, having
the accounts OF majority of the business
men Of Fostorla. The bank negotiated the
Crocker, Mambourg Il Cslcined Window
Glass houses. To do this the bank had TO give
Its own Endorsement, and It was this fact tnat
caused the crash. The great strlngency OF
the money market compelled all banks hold
Ing the governors paper to ask payment, and
having so much paper out, he was not able to
carry the load
According to Mr.. Fosters statement, he
discovered the extent TO which he had In
dorsed Immediately on his return from official
life at Washington. and the crisis was almost
preclpitated at that time; but he succeeded In
getting Sl20, 900 Of his friend, Dan Harkness
Of Bellvuc, giving for the same a deed for the
two Foster blocks and his stock In the Cum
nlngham Stavc and Barrel factories. This re-
lief caused the governor TO hope he could pull
through, but the continued money stringency
compelled him to meet more paper MS 1t ma
tured, until finally he saw no hope Of relief,
and general assignment was the only course
left
The failure OF Mr.. Foster is most deplora-
BILE; 1t Is more SO, it ls a great calamity. His
failure is due to his efforts to build up Fos-
toris- 1t wns 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
lose will not have single unkind word to say
OF him. He has given up everything without
reserve. His millions of friends Will not do
scrt him In his distress; millions who hope
he will bear up manfully under the crushing
blows. lie has acted honorably aud still
commands tho profound respect OF every
citizen.
In speaking of his failure Mr.. Foster eaid
Words cannot express the deep distress and
humiliation feel. II l could bear all the
burdens that my failure Will entail, I should
feel sense OF relief. 1t is no consolation to
look back over business life of forty-hve
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 fall
ure injured many people, but hope none nrc
to be ruined.
ut is only just to myself that two things
have caused my downfall One was neglect
Of business caused by my devotion to politics,
and the other to an overzealous desire to
build up Fostorla. ] don't know that at my
time of life ought to indulge in the hope OF
being able to repair my fortune and pay my
debts; that shall try will be the one end for
which 1 shall live. In this hour Of unspeaku-
BILE distress only crave the generous judg-
ment OF the public-a public that will be
deeply shocked over the financial downfall Of
man who has enjoyed their condolences to a
remarkable degree. The aggregate amount
of the liabilities, including bank deposits, my
individual debts, the three glass companies,
the brass and iron works company, the light
and power company, will be about s6O0O00.
The assets on paper will more than cover the
liabilities. We have secured the school fund
pnd the building and loan association funds
against loss"