The morning call., 1890-11-21
DEPRESSING EFFECT.
Failure Of an Old Philadelphia
Banking Firm.
Barker Bros. & Co. Forced to Make an
Assignment
Change In the Presidency Of the Finance
Company of Pennsylvania Runs on
New York and Newark Banks.
Special 10 THE MORNING CALL

Special TO THE MORNING CALL.
PHILADELPHIA, Nov. 2O.-The failure OF
Barker Bros. & Co. is just announced. The
announcement of the failure OH the Stock
Exchange has the effect of depressing the
market. The firm refused to make state
ment.
This is Wharton Barkers firm. The firm
is largely interested in Reading securities,
Oregon Pacific bonds and Baltimore and
Ohio Car trusts. The firm had a small line
of deposits and has OF late been doing very
little business through the Stock Exchange.
An assignment was made 20 Edward Mel
suspension, il is said, is not much of sur
prise to well-informed merchants as the
firms credit has been poor for two months.
1t is said the liabilities will be $4,000 900, but
the creditors are not numerous.
The suspension is said to have been
brought about by shrinkage in the value
of securities and banks calling in their loans.
When the announcement of the suspen-
sion was made the stock of the Finance Com
pany Of Pennsylvania, of which Wharton
Barker is President, fell from SO to Sc. but
it is authoritatiyely stated the company is
in position to pay every dollar it owes.
The firm of Barker Bros. has been estab
lished for fitty-three years.
Abraham Barker, the venerable founder
of the bank, is one of the bestknown finan-
ciers in the country. He was formerly Pres
idept of the Stock Exchange. Wharton Bar.
ker said this afternoon: "The people WHO
owed US money and upon whom we de-
pended did not ay rs. They failed to meet
their agreements, and we failed to meet
ours. That is all that can be said now. OF
course, the condition of the money arket
h as much to do with the trouble. The step
was nee essary for the protection Of our Gus
TONER'S"
Wharton Barker this afternoon resigned
the position as President of the Finance
Company of Pennsylvania. Vice-President
Toner was elected in his place. 1t is as
serted by all concerned that the company is
certainly solvent, and, in addition, syndi-
cate has been formed for the purpose OF adj
vancing 1t any amount of money necessary
to meet outstanding liabilities.
Among the railroad Investments which
probably caused them heavy losses are the
Ohio and Northwestern, San Antonio and
Arkansas Pass, Oregon Pacific, and Charles
ton, Cincinnati and Chicago.
EXCITED DEPOSlTORS.
New YORK, Nov. 20.-In some unaccopnt-
able way yesterday rumor was started
that the Citizens Savings Bank was in trou-
BILE. The depositors are largely of the poorer
claSs-Hebrews, Poles and Germans on the
east side of the city. Soon the doors of the
institution were besieged by crowds of ex-
cited people. They became so riotous that
a squad of police had to be called. Presi-
dent Quintard said that about S100,O had
been paid out, and the bank is all right
He showed by the books that the bank had
a surplus of 81, 100000.
The run was continued this morning. Be
fore O'clock 1000 excited Poles had gath
cred in the vicinity. Some had paraded up
and down the neighborhood all night. The
bank has not yet made use of its privilege
OF claiming ninety days, but it is likely to
do so if the run continues several days. No
reason is kEown for the run. The crowd
was so great that it was necessary to call
out O squad of police to get the people in
line, which extended out to Canal street and
down to Elizabeth. The depositors were
then admitted in squads of fifteen. Offers
Of assistance from other banks have been
declined. President Quintard said it would
take week to settle with the depositors in
to-day'S line.
NEWARK, Nov 2O.-A bigger crowd than
on the two previous days, chiefly women,
shivered outside the Howard Savings Bank
this morning long before the bank opened.
Many business men are making deposits to
alay the feeling of suspicion. President
Frelinghuysen says he has plenty of money
to pay off the depositorS, and ii every depoS-
itor withdrew the bank would still have
over S5O,0OOleft. The business community is
not worried by the run on the bank.
STOCK QUOTATIONS.
NEW YORK, Nov. 20-10:05 A. M.-Stocks
opened strong, with gains of TO 3 points.
A few stocks made further slight gains in
the early trading, but the natural reaction
set in, and soon there were fractional de-
clines. The reaction then halted and the
market became dull. Stocks advanced slight
fractions farther after II o'clock. but the im-
provement was then checked and consider
able pressure was brought upon the list,
with the result of driving prices down to the
13s, Illinois Central u, Burlington / y, The
weakest stock in the list, Rock Island,
with a marked increase in activity, was
forced from 66% to 63h. There was no news
or developments to cause tie selling, and
pressure by the bears alone seemed respon-
sibe for it. The decline was checked TO-
ward o'clock, but the market failed to
rally, and it closed duh and steady at or near
the lowest prices OF the day.
Money was easy throughout the day and
silver showed some improvement, and the
resistance in the general list was stubborn,
having the effect of maintaining most of the
list outside the grangers at about last
nights figures, and the final changes to-
night show majority Of advances. The
close, however, was heavy and dull at the
lowest prices OF the day. Missouri Pacific
is the only stock surviving the material i'm
provement and is ~ per cent higher, while
Rock Island is down 3h. Governments are
steady. Petroleum. nothing doing; Decem-
ber closed at 6S9%s.
Kiernan's News Agency's Washington
special says: 1t is reported that Window
has recommended in his Forthcoming report
the funding of the bonded Indebtedness of
the Government at 2H per cent.
LONDON, Nov. 20.-The regular meeting
of the Directors of the Bank of England
to-day made no change in the rate OF dis
count. The rate in the open market is
nominally seven.
The stock market was better all around.
1t Is believed the worst Is over, although 1t
is thought sharp fluctuations are newt lble.
Prices, compared with last nights close,
show decided advances IN American securi-
ties. ConsOls for money and account show
an advance OF BIG and Lie. Prices at the
close in the exchange. compared with the
prices at the opening, show fractional ad-
yanceS in American securities. Bullion in
during the past week. The proportion the
bank has reserved to liability, which last
week was 49, 25 per cent, is now 35.S2 per
cent.
The amount of bullion gone into the Bank
of England on balance is f262,000.
it is reported the house of Barring Bros. 81
Co. is about to be reconstructed as a joint
stock company, with several large capital
lists, including Guinness and others.
PARIS, Nov. 20-The weekly statement
OF the Bank of France shows decrease in
gold of SO,S5l, 900 francs, and an increase in
silver Of 2,975, 600 francs.
BUENos AYREs, Nov. 20.-After falling
to 204 to-day, the premium ON gold ad-
vanced, and at the close was 2l2.
MoNrEYIDEo, Nov. 20 - The financial
manic has SuhsidetI.