Fair play., 1893-06-03
FOSTERS FAILURE.


Foster. whose Failure las Ercn An
nounccd. Explaining the Cause nnl De
r'"rins the Results to Those na" WILL
"f Necessity. be Sufferers by the Crash.
IoSroRIA, O. May 27.-Ex-SrcrStary
Foster gave out the following state
mcnt to the public yesterday:
Words cannot express tht deep dis
trrss and humiliation feel II could
bear all the burden that my failure
will entail it would b. sense ,f relief.
1t is no consolation t. look back over
business life that has gained far ne a
position of confidence that has rarely
been achieved: To know THAI | aided
hundreds of people to maintain aa hon
orahle standing and tn gain Il coiupr-
tency. and for some Il large de
gree OF wealth. | know that
now ! have by ny failure injured
many people. but ! hope none are ruined.
When ! returned from Washington
] knew that my Endorsements for the
window glass companies and the Brass
and Iron Works Co. Were very
large, ST. large in fact as II induce Inr
to fear that would have To suspend ~
t.''t' Ni'ii'- l. i'NtN'l u t''i
friend 10 give Il large amount of help
and felt confident that | could main
tain myself and finally come ont all
right. These concerns owed mere
than then supposed. and t. add I"
my mi>fnrtuneS the affairs of the f"S-
toria Light and Power Co.. of which !
am Il large stakeholder and irdnrscr.
proved to he in bad shape tinan
cially. Then came the unfortunate
financial condition of the country.
Everyone that owed wanted his
money and no one would lend. Pay
mcntS for glass, instead If being made
in cash. We're made i'll paper. Sales in
fact came to standStill. struggled.
seeking every possible means to tide
over the situation. until | am compelled
to assign. did not give up the strI!g-
gle till to-day, May 25. 1t will take
the assignee some time to make up the
schedule of my affairs. In my affairs
| include Foster Il Co.. the Croker.
hamburg and Calcined Glass Co, the
brass and iron works, and the Foster
Light and Power Co.
Il can see plainly that in settling
my affairs through the courts. thus,
compelling my assets to he reduced to
cash, large sacrifices will hc made.
This being SO. cannot give encourage
ment that my debts will be paid in
full
The other concerns with which am
connected are all on a sound basis. eX-
ccpt, possibly. Davis Il Foster. They
have a sup.us of $50. 900. and ought to
pay in full. My failure must doubtless
cause shock to the interests of the
speedily recover. | believe our bust
ness concerns are all in sound and
healthy condition, and the two banks
are especially strong. Nepositors with
them need not feel any alarm.
Il sold my two blocks and four par
GELS of land to Mr.. Hardness when
arranged for large sum of money.
and have turned over to him my stock
in Cunningham x Co. and the Stave
and Barrel Co.
II have given mortgages to two
women who relied upon me to inves.
their money. it being all the property
they have, amounting To about $1,000.
1T is only just to myself to say that
two things have caused my down
fall. One was neglect Of bust
ness. caused by my devotion to politics,
and the other 20 an OverZcaloIS desire
to build up Fostoria. | don't know
that at my time OF life ought to in
dulge in the hope of being able to re-
pair my fortunes and pay my debts,
but ] shall try. and it will he
the one end for which | shall live. In
this hour of unspealsable distress
only ask the generous Judgment OF the
public, public that will he deeply
shocked over the downfall of a man
who has enjoyed their confidence to 4
remarkable degree
THE aggregate amount of the liza
bilities, including bank deposits. my
individual debts. three glass com
panieS. the Brass and Iron Works Co.
the Light and Power Co. will he about
$500. 900. The assets on paper viii
more than cover the liabilities. Mr.
Wilkison has secured the school fund
and the Building and Loan association
funds against loss"