New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-22
NO STATEMENT FROM THE BARKER BROS.
A TEMPORARY HITCH IN THE NEGOTIATION FOR

A LOAN FOR THE FINANCE COMPANY.
Philadelphta, Nov. 21.-The doors Of Barker Bros
a. Co.'s banking house were opened again TINS morh
ing and affairs In and around the bank resumed some
thing Of their wonted appearance although OF course
no banking business being transacted II Was mn
possbIe 10 see either members OF the nrm' as they
were busy Strengthening out their tangled business.
Tile fund OF 100000 subscribed yesterday BY num-
bcr of banks and private banking houses TO aid Tie
Finance Company of Pennsylvania, II the occasion LOT
il arose to meet its outstanding Liabilities, has not
vet been drawn upon by the company, winch is IWiy
able at present to meet its Liabilities. wharton
ia rker was vicepresden Of this company and 1t was
feared that his connection Herewith might cause
rim upon its financial affairs. The Investment Com
pany of Philadelphia, Of which Wharton Barker was
one of the directors claims to be perfectly solvent ana
unaffected by the failure of Barker Bros The SUCK
OF the company, which yesterday declined upon the
announcement OF the failure Of Barker Bros advanced
tis morning 81 per share to &c. With the exception
OF Lehigh Navigation, which fell to AZ IL TINS morn
ing, the general market Is stronger.
There were rumors the Street this afternoon that
a hitch had occurred in the arrangements Tor inc
formation OF pool by several financial houses aho
banks TO assist the Finance Company OF Pennsylvania
ard that the money would not be subscribed one OF
the officers OF the Finance Company said this afternoon
that some difficulty about the loan had arisen. but tat
IL was removed He stated that the company had first Of
fered as security the property purchased by 1t for the
Reading Terminal but 1t has since been discovered that
the property could not be legally used by the Finance
COMPANY as collateral. This was what hao csuseo
the difficulty in negotiation OF the loan, but ether
collateral had offered and accepted by the syndi
cate and the money would be subscribed Drexel d
Co withdrew their offer 10 subscribe 100000 toward
the necessary to assist the company IN con.
cuson he said that as yet tie company han $1,000 i9
no need OF the money. A. J: Drexel, wnei, ssRea
about the trouble In raising the money. sao ~
money has been subscribed as yet; only the arrange
ments to do so have been in course OF negotleuon
IL stated At the Office Of Barker BROS. 70;
that no statement In regard to the firms position "ouio
The officers Of the Investment Company mantameo
their policy to-day OF almost absolute silence Ia 70
gard 70 the c3mpanys connection elton at then would
say that Barker brothers d Co were iergeiy IN
debted TO the company but that the oeeea1e Ss G
company is absolutely unaffected by the FAILURE OF
Barker Brothers, and Is perfectly aoie 70 meee al 40
obligations , Nh. ,.. ,,
made liable to suspension from the Stock Exchange.
some time ago he contracted to deliver 70 certain
brokerage firm one hundred shares OF SOCK OK uie
Barker contracted deliver the stock it was selling a.
and Co. Mr. barker has until Monday TO FUN Ibis hi:
Se rules a he VII II Be- nom the
IL is said that an effort Will be made 70 persuade ue
become one Of the creditors OF Barker Brothers. and
so save Mr. Barker nom the necessity OF delieerine
the stock In view OF his possible suspension Mr. Barker
COMMITTEES of the Exchange but the copmittee wonlo
NOT accent H. as they are In hopes Cat the CLAIM
against finn will not be pressed ana ne can rctaa'
Pittsburg. Nov. 2l.-Fsyette County Is excited Owe
the fact that Barker Bros Co, OF Phiisdelpha hst
over O. e ee1s 81 I i Fsytt,e connt,
rank saws that tie institution holds securities from
'iarkcr Eros. in excess Of the money deposited