Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1890-11-26
THREE MILLION CRASH.
Barker Bros, of Philadelphia, Pushed to
the Wall-Wrecked by Stock Dealings
The Firm Caught in the whirlpool of
Wall Street and Sent to the Bottom
Few Creditors, but Liabilities Very
HEAVY,

PHILADELPHIA, Pa, Nov. 20.-The fail
announced on the Stock Exchange. The
announcement of the failure on the
Stock Exchange here had the effect of
depressing the market.
The firm is composed of Abraham and
Wharton Barker. At l o'clock they
stopped receiving deposits at their
Offices at Fourth and Chestnut streets,
and at 1:15 o'clock the doors were
closed. The members of the firm re-
fuse to make any explanation of their
troubles, Wharton Barker stating to an
Associated Press reporter that the firm
had no statement to make whatever.
The suspension was not much of a
surprise to the well informed, as the
firms credit has been poor for the past
two months.
about 100000, but the creditors are
not numerous.
The firm is said to have an interest in
the stock market and failed because of
their inability to realize on outside Sc
curities.
There is no probability that any state
suspension is said to have been brought
about by the shrinkage in value of Sc
curities, and by the bank calling in their
loans. When the announcement of
the suspension was made the stock
of the Finance Company, of Pennsyl-
vania, of which Wharton Barker is
president, fell from 96 to &c, but it
is authoritatively stated that the COM
oany is in position to pay every dollar
they owe. The firm of Barker Bros.
! has been established for fifty three
years. When the news Of the sus pen-
sion became generally known on the
street many bankers and others called
and rendered them their sympathies.
The firm has of late been doing very
little business through the Stock Ex-
change An assignment has been made
to Edward Meller, who is the son-in-law
of Wharton Barker.
Abraham Barker, the venerable
founder of the bank, is father of Whar-
ton Barker, the other member of the
firm. He seems overwhelmed by the
catastrophe which has befallen the firm.
He is one of the best known fnanciers
in the country, and was formerly presi-
dent of the Stock Exchange.
Wharton Barker said this afternoon:
s'The assignment is unavoidable. We
hoped to be able to avert it, but it was
impossible. People who owed us money
and upon whom we depended did not
pay Us. We expected that they would
do SO, but they failed to meet their en-
gagements and now we have failed to
meet ours. That is all that can be said
now. Of course the condition of the
money market has much to do with the
trouble. The step was necessary for
the protection Of our customers"
Abraham Barker in December, 1887,
completed his fftieth year as success
full banker, and the occasion was cele-
brated by dinner in his honor at the
Bellevue, at which over eighty men,
bers of the Philadelphia Stock Ex-
change sat down.
A. J. Drexel heard of the failure
shortly after it was announced. He re-
marked to a friend: '"This is too bad.
It could have been avoided. We would
have helped them out. 1t seems to me
there was no necessity for making the
assignment.
The failure has been caused largely by
various improbable railroad invest
ments. Barker Bros. 81 Co were identi-
fed with number of railroad schemes
which more conservative fnanciers and
capitalists avoided, and when the money
stringency came they found impossible
to realize upon them. Among the rail-
road securities with which Barker Bros.
& Co. were identified in recent years
were the Ohio & Northwestern, Oregon
Pacific, San Antonio & Arkansas Pass,
and Charleston, Cincinnati & Chicago.
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