Receiver For J. M. Foster

Typed as spelled and written

by Lena Stone Criswell

THE MARLIN DEMOCRAT

Eighteenth Year - Number 58

Marlin, Texas, Wednesday, December 11, 1907

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RECEIVER FOR J. M. FOSTER.

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Former Marlin Man Has Financial

Reverse in Arizona.

A personal letter from J. M. Foster of Safford, Arizona, brings the information that he has had a financial reverse, due largely to the shutting down of a copper mine which affected his business by reason of advances he had made from his store to the miners and contractors; also to the failure of two banks.

Mr. Foster, in his letter, states that his embarrassment is only temporary and that he will pull out of it in due time, which those why have known him longest do not doubt, if he is given an opportunity.

At his request a receiver was appointed to take charge in order that none have cause to doubt the method of adjusting matters for the benefit of creditors.

Referring to the matter the Arizona Daily Silver Belt of Nov. 29, published at Globe, says:

"Word reached Globe last night that J. M. Foster of Safford, one of the largest hay dealers and general merchants in the Gila valley, was in financial trouble as a result of the recent financial stringency, and that his extensive business interests are now in the hands of J. D. Lee, cashier of the Graham County bank at Thatcher, as trustee.

Mr. Foster is recognized as one of the most enterprising and public spirited men in the territory, and has been a very important factor in the upbuilding of the Gila valley and advancing the interets of the ranchers in particular. When his financial embarrassment became public the farmer folks were the first to go to his rescue, and the Silver Belt was informed last night that all local creditors had cheerfully granted Mr. Foster an extension through the hands of the trustee, and there is no question that his indebtedness will be cleared up up (sic) in a short time and that he will come out with flying colors.

"Starting in business at Safford less than two years ago in a small way, Mr. Foster, by thrift and enterprise and strenuous rustling, has accumulated something like $35,000 worth of property, which stands in his own name, and which is now held as security for his creditors in the event that his regular business should fail. But this is not his greatest asset. He is known as a perfectly reliable man, whose motto has always been "to live and let live," and he has not only strickly adhered to his motto, but has shown the farmers in his vicinity how to improve their conditions and has given them material aid in reaching the goal of sucess. They are showing their appreciation now by assisting in the arrangements to grant their former champion a liberal extension of time, never doubting the ability of Mr. Foster to pay out if given a chance. The store is open and will continue to do business just as before, the proceeds being applied in a fair and just way to liquidate the indebtedness. It is thought that in this way Mr. Foster can pay dollar for dollar and close up the matter with about $22,000 to the good."

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by The Democrat, Marlin, Falls Co., Texas.