New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-21
LITTLE EFFECT IN WALL STREET.

NETWORK BANKERS NOT SUPPOSED To HAVE
HAD MANY TRANSACTIONS WITH THE FILM.
In Wall Street the announcement OF the as>is"
nent Of Barker Bros Of Philadelphia produceu o"y
temporary and moderate effect on stock Values i'
reason lay In the fact that the firm has been unoer
scrutiny for some time and so FAR as Is hh""ii 10
transactions have not received the aid OF New-lork
hanks The sharp break in Philadelphia anu heauhs
stock when the news first became pubic ProoaoAS ~
Hected the off-hand view taken by specuia'or'' III"
relations Of the with the Reading company anu
with John Wanamaker were instantly suggested. hu'
,..ssurinr advices from Philadelphia soon dissem-
mated the idea that the failure would not directly aneet
the general railway market. T..
The New-York correspondent OF Barker bros. -
Robert Winthrop & Co., In the Drexei bundipe. n
r. Cox a member of the firm, said that no'mns was
known OF the failure except what was sent over inc
tapes through the afternoon. There were olher ioV"
honses which hac more direct information BY some
~ them tle faiIure was regarded as important Ill us
nossbIe complications in Philadelphia. but IL was
agreed that possibly the suspected oreal' VI .o wa
Germ nv making lenders Of money cautious for some
months might prove to be the element "n''n ~
stricted the importance OF the collapse.
Tho snspended firm was noted for its promotion OF
.,.rnrises and Wharton Barker, the bestknown mem
her is said TO have enjoyed such credit IN
I'M 20 a late date that, TO use the words VI iia
dc,pban acquainted with the facts WHO was i'll uhs
city Yesterday: "Mr. Barker could SO lh'o our p.,0
personality than upon the worth OF rs collateral
rhe Investment Company OF Philadephia and the
FINANCE Company OF Pennsylvania were organized IN
philadelphia through Wharton Barker's efforts. 'he
capital of tho former is $4oOOooo' thar Oh u'e i'.o
al 600 600. Both have been paying diV"ohos oi D
uer cent but the prices Of their stocks nave oeelco
steadily in the last few months The Investment Com
,'.nv was organized with William Brocke as president
William Yoyt r. the OF Ex-Governor Hoyt Oh
penpsylyaua was treasurer and the directory ncu0eS
John Wanamaker and Henry &. GiDson' VINO "ero
members OF the syndicate IN the heading ha'iio"N
which compelled Austin COrbin TO re'ira Hon' 'ie
presidency The Finance Company was star'eo largely
for the purpose Of assisting the Headihs rodu " Po
vidnc the funds required TO improve its terminals lii
phuadelphia. Mr. Barker the president the
rb Of The Reading 10 build through the streets OF
pbi,adelpbia is now in litigation after the common
f,ouucs refused permission. The failed firm ana us
mIIated financial companies have been active in some
of the city railway schemes Of Philadelphia
na,ker Bros have been carrying the Charleston
Cincinnati and Chicago Railroad ilne pio]ec'u o"
charleston. S. Co to IrontOn on the Ohio River. o'''
mari. Of the road have been finished, but the COM
many nepotiated with the firm for the Issue Oh
SO 900 900 bonds, most of which are SAID oy "ehih
formed bond brokers never to have been paced Ill 'h.
hands OF the public Wharton Barker visited Ehgianu
some months AGO to interest BRITISH capiai III .ho
scheme. II Is said that financial aid was withheld whcn
IL was discovered that the bonds were 10 DC soia
q, the rate of $4,000 per mile. ana ha"'
been IN issued one Of the most important hhas "
e built WAS through the mountainous regions Oh Nof
.,ona and the cost of the road here was certain u
roach high figures-those far beyond the rate unoei
which the bulk bond issue was made. The failure &c
enlist English capital when these facts were oroush
ON, left Barker Brothers the burden OF carrying the
bonds . o.
The failed firm also underworld the issues OF oregon
Pacific Railroad which is projected from laquna BAY
~ tbe eastern boundary of oregon. The COMPANY ma
completed only 166 miles out OF contempia!ea niue
a"a ~ about 800 and only 1875 miles are actlaiy
az At The company placed in the hands O
n RECEIVER q few days ago. The san Antomo ane
Kansas pass road which lately defaulted on us III
forest was another enterprise in which the house wa
interested II also negotiated the equipment trasS
m.r cent bonds OF the baltimore and Ohio.
r. Harris. the president OF the Msssnsnnse y,
and southern Construction Company, by WHICH Wv ~
Charleston Cincinnati and Chicago road Is being bulit
aid Yesterday that he had Just heard OF M
parker Bros' failure, and could not tell wnat wou,
~, the effect the railroad company. was VII
Wharton Baker In Philadelphia yesterday unt
N M said he, but saw nor heard anything Una
would indicate failure. Imagine my surprise teere
fore TO hear il announced today. me CnarieSton
tinrinnat and Chicago road Is now built rom Cain
den s. C., 10 Martin, n c., distance OF l'2 mnes
There are also thirty five miles of road completed
tennessee and the rOadbed is graed 100 miles nhel
The bonds are issued the construction proceeds an
amount 10 about SO ,0OO OF this amount q lsrg
proportion taken by Barker Bros