Evening journal., 1890-11-21


WHARTON BARKER vestment com.
pany The Investment Company Of Phila-
delphia started three years ago with cap
ital Of $2,000,000, which was made 81, ,000
600 eighteen months ago The main func-
tion has been the promotion Of new under
takings of promise, and the capital is
mostly locked up in such enterprises
At this time, If forced to liquidation,
these ventures would necessarily be sacri-
feed and the Investment company's cap
ital consequently impaired.
Not Great Surprise.
If carried the several undertakings will,
as reasonably anticipated, make good re-
turns in course Of time. The Investment
company has very little impending indebt-
edness. The stockholders are the main
creditors, and these are strong men. who
have agreed TO suspend dividends for
three years. TO many the suspension Of
the old and famous brokerage house was
not a surprise, as the firms credit has been
affected for the past two months.
A Correspondent of the Earrings.
The house Is the Philadelphia CORE
spnndent of Barring Bros. The firm consists
of Wharton Barker and Abram Barker
Wharton Barker is president OF the Finance
Company of Pennsylvania The firm also
controls the Wharton Switch company,
whose works are at Jenkintown, Pa II
gained a world wide reputation some time
ago by its Chinese inter-telegraphing bank
ing scheme. II was also associated with
the great Reading pool. In the iron trade
the failure is considered Of slight impor-
tance 60 iron interests. Mr.. Wharton Barker
is largely interested in the Bethlehem Iron
works and other concerns, but has no con
trolling interest in amy OF them.
President Barker Resigned.
The directors of the Finance company
held a special meeting. The designation
Of Wharton Parker, as president, was pre-
sented and accepted. Charlemagne Tower,
Jr., vice president, was elected president
and Philip G. Garrett, vice president A
syndicate. comprising Drexel g. Co, Brown
Bros. &5 Co., the Proyident Life and Trust
company and the Pennsylvania Company
for the Insurance of Lives and Granting Of
Annuities has been formed for the purpose
Of advancing TO the Finance Company Of
Pennsylvania any amount of money neces-
sary to meet its outstanding liabilities.
The Company Declared Solvent.
1t is said that the company is certainly
solvent and with the assistance Of the syn
dicate will be able to tide over the crisis in
its affairs caused by the failure of Wharton
Barker The Finance company is one of
the newly created trust companies and had
paid up capital of s5,OOO,000 1t has de
posits amounting TO only Si50,O00, due
mostly to stockholders. It's creditors are
said to be chiefly banks, holding the com
pany's notes, amply protected by collateral.
The business of the company has been
mainly the requirement of real estate in
Philadelphia for the Reading Terminal
railroad and the floating Of railroad securi-
ties.
Abraham Barker's Grief.
Much sympathy is expressed for Abra-
ham Barker, the venerable head OF the
firm, and many well known men in all
kinds Of business called on him to assure
him Of their sympathy and esteem. Mr.
Barker was very much affected. He said
he thought it very hard after business
career of ifty-three years to be thus over
whelmed by financial cyclone During
the past few days he said he had devoted
all his time and financial ability to rails
ing money for the help of others, and
when his own time of need came those
who were indebted to the house failed tc
meet their obligations and suspension be
came inevitable.
From $4,000, 900 TO @15, 900, OO0
The firm has not yet prepared any state
ment of liabilities and assets. The liabili.
ties are variously estimated from $1,000, 600
to $4,000, 900. Wharton Barker has as.
sured some of his friends that their assets
exceed their liabilities by over sl,0O0,0O0.
Their Work for Russia.
In 1868 Wharton Barker became a mem.
Der of the firm. The first matter which
brought the house prominently before the
general public WAS the announcement, in
lS17-S, that they had become the financial
agents of the Russian government in the
United States.
This mission was, at that time, highly
important one. in view Of war between
England and Russia, which then seemed
imminent, In carrying out the instruc
tions Of the Russian government Barker
Bros. & Co. procured four ships of war
suitable ordnance, and completely armed
and equipped them. The total expenditure
was several millions Of dollars, and the
whole transaction was consummated tc
the utmost satisfaction of Russia.
The big Chinese Scheme.
Early in the summer Of 1887 it was re
ported that CONCESSIONS on an enormous
scale had been secured from the Chiness
government by Philadelphia syndicate
Of which Mr. Wharton Barker was the
mead.
Count Eugene de Mitkiewicz had been
TO China and bad secured the concessions
They provided for the establishment il
China OF Chinese American bank, with
capital Of 25,O00, 900 Shanghai taels, will
power to increase the capital eventually Il
| 20 100000 taels. The bank was to have th,
privilege of coming and issuing gold ant
| silver money and paper, and also to built
railroads and equip telegraph and tele
| phone lines.
A special Chinese envoy. Mr.. S. P. Ma