Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1893-06-01
A FORTUNE GONE.
Charles Foster, of Fostoria, O.,
Makes an Assignment.
A Number of Institutions with Which He
Was Connected Carried Down-He
Makes a Statement Placing His
Liabilities at 100000.
a HEAYY CRAsH.

FosToRIA, O., May 27.-Ex-Secretary
of the Treasury Charles Foster has
startled the business world by
making an assignment of his
vast business interests for the ben
eft of his creditors. His assignee is j.
b. Gormlee a prominent banker of
Bucyrus and warm friend of Mr.. Fos-
ter The liabilities are given out by
Mr.. Foster as being 5000, 900, and the
assets as about the same. He made the
assignment during the night and the
papers were fled at Tlffin by Mr.. Scott,
his attorney.
PUBLIC STATEMENT.
FosroRIA, O., May 27.-The follow
ing statement has been given to the
public,
Words cannot express the deep distress and
humiliation l feel II I could bear all the
burden that my failure viii entail l
should feel a sense of relief II is a cOnso-
! lation, however, to look back over a business
/ life of fortytive years that has gained for me
/ position Of confidence such as has rarely been
achieved, and 10 know that 1 have aided hun
dreds Of people 10 maintain an honorable stand
ing and 10 gain competency and some 10 ac-
quire large degree OF wealth. 1 know that
now have by my failure injured many people,
!
when l returned from Washington l knew
that my Endorsements for the windowglass
companies, and the brass and iron works com
/ pany, were very large-so large, in fact as to
induce me to fear that ] would have
10 suspend at that time J. how
ever, prevailed upon friend 70 give
me q large amount OF help, and felt confident
that I could maintain myself and finally come
I out all right These concerns owed more than
l then supposed, and, 70 add TO my mis-
fortunes, the affairs of the Fostoria Light
and Power company, OF which ! am
large stakeholder and indorser, proved
TO be in bad shape financially. Then came
the unfortunate financial condition OF the
country. Every one that 1 owed wanted his
money, and no one would lend. Payments for
glass. instead of being in cash were made il pa
per Sales ia fact came TO a stand-still |
! struggled. seeking every possible means to tide
/ over the situation, until ] am compelled to as
sign did not give up The struggle till to-day,
May %
1T viii take the assignee some time to make
! up the schedule Of my affairs. In my affairs
! include Foster & Co; the Croker, Malmbourg
y Calcined Gas companies, the brass and
| iron works and the Fostora Light and
! Power company. / can see plainly that
in settling my affairs through the court,
thus compelling my assets 10 be reduced
10 cash, large sacrifices will be made.
This being So eannet give encouragement
that my debts will be paid in full The other
concerns with which 3m connected are all on
a sound basis. except possibly Davis & Foster.
They have surplus of $4,000 and ought 10 pay
in full
My failure must Doubtless cause shock to
the interests of the city, from which am sure
it twill speedily recover. 1 believe our bust
ness concerns are all IN a sound and healthy
condition, and the two banks are especially
strong. Depositors with them need not feel
any alarm / sold my twu blocks and four
I e~ff nd 80 IL 7
ranged for a large sum of money, and have
turned over to him my stock In Cunningham s.
Co, and the st9ve and barrel works. l have
given mortgages to two women who relied
upon me to invest their money, it being about
all the properly they have, amounting to about
81 600
1T 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 Gver-ZealoNs desire to build up
Fostoria. In this hour of unspeakable
distress 1 only crave the generous judgment of
the publie-a public that will be deeply shocked
over the financial downfall of man who
has enjoyed their confidence TO remarkable
degree.
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 ana power COM
pany, Will be about 5000 600 The assets on paper
wl!t uloie 1hal ooVeI tng liaplllles Mn
~ +9 - VIZ 9enoo. luliu 1llo ~,
'''''' i'au il',es
mrs Z 0'9L f"'
olhhh Fall KRIS
The assignment Of Secretary Foster
was the signal for the assignment of a
,l,a. ~ ,.,,,,ae,.,,s =, Which I,o ,s;,
-, n,1.l1..s
leresueU, / nc prdSs dn'' Iron "oLNs was
one OF the concerns to assign. BESIDES
Mr. Foster. Mr.. PortZ was one Of the
owners Of This concern The liabilities
.}...l.7
,'1l'' ds'9elS - eil4S o!ilPdH2 arg Ai'cll'tS'
IN the personal statement OF the secre-
tary. The Mamb0urg. Calc;aed and
Croc)5er Window Glass. confDsoias three
,...,.,.,.,,. 80 -, 1911, 1,..t-l IN,
- - eoil o'e'As'' 'S IT,