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sist upon having just What you was so strong that intimations of a possible collapse were frowned down. The first announcement of the failure was discredited, but this fact did allay the eagerness for a confirmation and details. many fearIng that, If true, the result would be disastrous to the business interests of the State. The apprehension was founded on the knowledge that Mr. Foster was a heavy holder in many of the larger manufacturing establishments of Northwestern Ohio, a number of which sprang into existence during the hoom caused by the discovery of natural gas and the development of the oil fields. Upon receipt of a confirmation of the assignment and scattering details as to the extent of the failure. the excitement occasioned by the early announcement gave way to expressions of sympathy. Inquiry at the banking houses soon allayed the fear of failures here, as little business was done in this city by the bank of Foster & Company. while the manufacturing establishments and wholesale grocery in which the ex-Secretary was the principal owner had only a Milled trade in Columbus. The president of one of the leading National banks said he was not surprised, although he had no previous Information of the embarrossed condition of Mr. Foster, as no man could devote his time to politics as he had done and expect his private business enterprises to prosper. Mr. Foster's enterprises were numerous and diversified, and he was regarded as the leader in everything in and about Fostoria. Scarcely anything was done without consulting Mr. Foster, and everybody banked on him as well as borrowed from him. The failure was likely to be serious in Northern Ohio, but not here. A dispatch from Fostoria says: Mr. Foster borrowed $120,000 from his friend, Daniel Harkness, of Bellevue, giving for the same a deed for the two Foster blocks and his stock in 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, until finally he saw no hope of relief, and a general assignment was the only course left." It is said by personal friends of the ex-Secretary here that Mr. Foster is interested in not less than forty business houses and manufactories, all of which are controlled by his associates. Many of these have been losing money. and his partners, him relying upon his Jeniency, have been involving until nis entire fortune is in jeopardy. The failure of ex-Governor Foster adds another to the list of Ohio's ex-Governors. who have been overtaken by financial embarrassment, Mr. Bishop. reported to be a wealthy man on entering the office, made an assignment of his extensive wholesale grocery business soon after retiring. Mr. Foster met with some heavy losses while Governor, but recovered upon retiring from office. Hoadly was seriously embarrassed and his fortune swept away because of his losses on account of indorsements in the Archbishop Purcell case. Foraker at one time seriously considered declining to be a candidate for a second term because of his financial embarrassments, while Campbell was saved from suspending only through the aid of friends, who came to the front with cash to tide him over in the pinch. The recent misfortunes of Governor McKinley are fresh in the minds of the public. The suspension of Foster & Co., bankers, of Fostoria, Ohio, and the consequent failure of several enterprises in that city in which Charles Foster, ex-Sectary of the Treasury, was interested, caused no stir in Wall Street yesterday. The failure was not entirely unexpected. Mr. Foster's business interests suffered more or less neglect while he was in the Treasury Department, and some of his friends have known that he was struggling against adverse conditions. He has had some large loans to meet, and the stringency in money has prevented renewals of paper. Since he left the Treasury office he has paid off about $150,000 of indebtedness, and his friends believe that be would have pulled through" all right had It not been for the monetary distress of the last few months. The collapse is not looked upon as important to New-York interests. His indebtedness in this city 14 not heavy, and it is not concentrated. His indebtedness here, on account of bills receiveable, has been largely reduced in the last month, and even if It were all in one bank It would cause no embarrassment. Mr. Foster had made some large sacrifices in his real estate holdings in order to meet maturing notes. No idea can be formed here of his total liabilities, but his friends believe that his creditors in time will be paid in full. President Crane, of the National Shoe and Leather Bank, the New-York correspondent of Foster & Co., said yesterday that the firm had a balance at the bank. Mr. Crane said : think Mr. Foster will be able to pull out, anyway. He owns pretty much all of Fostoria, and I think that lack of ready money is the only trouble. Mr. l'oster has launched out into a of business schemes. in order to enhance the number have used value of his property in Fostoria, and these up all his capital." At the First National Bank It was said that the firm had not borrowed extensively of the First National, and the bank would not lose anything. Many downtown bankers, who believe that an issue of Government bonds last autumn would have averted the present monetary crisis, are not aware of the fact that Mr. Foster, in the last sixty days of his ndministration of the Treasury Department, had favored the loan. He was finally overruled by President Harrison, men who are well-informed as to the facts declare. Mr. Foster had arranged with J. Plerpont Morgan for the placing of $50,000,000 Government bonds, and the President had consented to the issue at one time, in case there should have been gold exports on two particular days as large as had been arranged for. The shipments were not made as had been expected and Mr. Harrison then decided that no Government bonds should be sold.
