Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-21
THE BARKER FAILURE.
The Assignment Necessary to Protect
the Customers Of the House.

The Assignment Necessary to Protect
the Customers OF the House.
Mr.. Wharton Barker Of Barker Bros. 4 Co
of Philadelphia, who assigned Yesterday. said
In the afternoon regarding 1t: 1.-THE assign
ment is unavoidable. We hoped to be able to
avoid it, but it was impossible. People who
owed us money and on whom We depended did
not pay us. We expected that they would do
so, but they failed to meet their engagements,
and now we have failed to meet oura That 10
all that can be said now. OF course, the con-
dition OF the money market has much to do
with the trouble. The step was necessary for
the protection of our customers"
wharton Barker was president Of the Finance
Company OF Pennsylvania and was director
Oh the Investment Company Of Philadelphia,
OF which latter Company he was formerly vice
president. just before the suspension was an
nounced meetings of the directors of these
companies were called, apparently with haste.
AT the FINANCE company immediate prepare
tons were made for an anticipated run on ito
deposits. All drafts made upon it were
promptly met, and Treasurer Stern assured q
number of persons who had accounts there
that the company was entirely solvent and
would pay everything presented in the form
OF check or other demand. Charlemagne
Tower. jr., the vice president Of the company,
said that the Finance Company was under no
stress; that it could pay every obligation
against It, and that the meeting of the directors
mad no reference to the Barker failure. The
resignation OF Wharton Baker as president
was received and accepted. Vice President
Tower was elected president and Director
Philip G. Garrett was chosen vice president.
A committee of three directors was selected to
act as advisers to the president for the present.
syndicate, consisting OF Drexel d Co., Brown
BROS. Co., the Provident Life and Trust
Company and the Pennsylvania Company for
the Insurance of Lives and the Granting Of
Annulties. has been formed for the purpose Of
advancing to the Finance Company of Penn
sylvanla any amount of money that may be
necessary to meet its outstanding liabilities
UNIVERSAL EXPRESSIONS OF SYMPATHY.
When the suspension became known there
was among business men universal expression
of regret and Of sympathy with Abraham Bar
ker, the venerable head of the firm. Mr.. Bar
ker is general favorite in Philadelphia
financial circles, and many bankers, brokers'
merchants and men In various lines OF bust
ness called on him to assure him Of their SYM
pathy and esteem. Mr.. Barker was very much
affected, and he showed by his evidently sup
pressed excitement that he felt keenly the
failure of the house. During the past few days,
ne sald lie had devoted all of his time and
financial ability to raising money for the help
OF Others and when his own time Of need came
those who were indebted to the house had
failed to meet their obligations, and suspension
became inevitable.
HISTORY OF THE HOUSE.
The firm Of Barker Bros. & Co. consists Of
Abraham Barker and his son, Wharton Barker
Abraham Barker, the founder of the firm, is
the son of Jacob Barker, the famous financier
and was born in New York city June g. 1921
Abraham Barker began his financial career in
1887 IN New Orleans when he was seventeen
years old. He entered the firm of Horace
Bean IL Co., correspondents Of Jacob Little,
who was then the Jay Gould of Wall street. In
1872 when Abraham had attained his majority
he vent to Philadelphia and established HIM
self III business as banker and broker at %
South Sd street with his brother, Andrew
Slgourney Barker.
Wharton Barker, Abraham's son, became a
member of the firm in 1868. In 1877-78 the
hrm wa1 brought prominently before the pub
llc by the announcement that they had become
the financial agents of the Russian govern
ment in the United States. In view of the fact
that war between England and Russia seemed
imminent at that time the mission was a most
important one. When the Russian govern
ment Intrusted the firm with the purchase OF
the four men-of-war Wharton was the principal
agent. and in 1879, q reward for his services
he was decorated by the car with the second
rank OF the Order Of ST. Stanislaus. After the
completion OF the contract for the men-of- war
the Russian government offered Mr.. Barker
some contracts for developing the coal re-
sources of southeastern Russia-contrscts that
involved many millions. To view this property
Mr. Barker went to Russia during the summer
of 1880.
THE cHrSFaF coycvssrora