The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1890-11-21
BARKER BkOllIsEs FAIL.
Collapse OF tho Noted Philadelphia DanA.
Ing House.


Ing House.
PHILADELPHIA, Nov. 20.-The failure
OF Barker Bros. & Co., bankers and
brokers, was announced on the stock
exchange this afternoon. The firm is
composed OF Abraham and Wharton
Barker. Tho firm ut one o'clock stopped
receiving deposits at their Offices at 4:h
and Chestnut streets, and at / is the
doors were closed.
Abraham Barker, the venerable
founder OF the bank, is the father OF
Wharton Barker, tho other member OF
The firm. He seemed overwhelmed by
the cataatrophe, which has beiallen the
firm. He is one OF the best known
inaneieis in the country and was for
merly President of the Stock Exchange.
Mr.. Wharton Barker said this afternoon
the assignment is unavoidable. "Wo
hoped to be able TO avert it, but it Was
impoi sible. People who cwed us money
and W on whom We depended did not
pay us. We expected that they would
10 go, but they failed to meet their en-
gagements and now We have failed to
meet ours. That is all that can be aaid
now. OF course the condition OF the
money market has much to DO with the
trouble. The step was necessary for the
protection OF our customers"
AB coon as tho announcement WAS
made on Change there was general
fall in stocks. Vice President Bacbman,
OF the Exchange, when asked about the
suspension, said:
"All l know about it is that We receiy-
cd note from the Barkers stating that
they would be compelled to make an as
signmeht. I do not know anything
about their aasets or rliabilities. In fact,
! do not even know the name OF the
assignee. Stocks fell, but it will not
make much difference in the stock mar
ket, rs they have not been dealing in
stocks to any extent. They have been
dealing in outside speculations, sup
pose, and to this, probably, is due their
assignment.
the firm OF lnte has been doing very
little business through the Stock Ex.
change. An assignment has been made
to Edward NIcllor, who is the son-in.laT
OF Mr.. Wharton Baker.
The suspension was not much o. 4
surprise to the weli.informed, as the
firms credit has been poor for the past
two months. 1t is Baid that the l!3biii'
ties will be abont S3000,0C0, but the
creditors are not numerous. The firm
is said to have IN iutereat in the Btcck
market and failed because OF their i'll.
Rbility to realize on outside necutities.
It the special meeting OF Directors o.
the FI1ance Committee OF Pennsylvania
this aiter,s oon, the resignation OF Whar
ton Barker as President was received
and accepted. Vice President Charlie
mango Tower, Jr., Ess elected President
and Director Philip O. Garrett wa;
chosen Vice President.
Z syndicate consisting OF Drexet q
Co. Brown Bros. 4 Co.. and others has
been ior,nea for the purpose OF adyanc'
ing to the Finance Company OF Penn
sylvauia any eaount oil money that may
be necessary 10 meet its outstanding
liability. Tic Finance Company oil
PENNSYLVANIA held paid.RD capital ol
$5,000,000 1T has deposits amounting
to only Sl50,0O0, due mostly TO stock
holders. Its creditors arc said to be
chiefly banks holding the company Z
notes, amply protected by collateral,
The business OF the company has been
mainly the aequirment Of real estate IN
Philadelphia for tho Reading Termina
-a:,-oad. and the floating oi railway Be-
eurit!ca and similar Investments. (.
Mr.. Barker isi a general tayorite in
financial citc,es and many called to er'
press regret. Mr. Barker was very
much affected, and he showed by hi
evidently suppressed excitement that ht i {
felt kccnly the failure OF the hoHse. Ht
sad he thought it very hard after 6i;;;S
iness career of lfty.three years to "
thus overwhelmed by 2 hnancia
During the pat few days no said b!
. had devoted all Of bic time and iinencia
abili,y 10 raising money ior the help I
others and when his own ING OF nest
came those indebted to him falea Y
S 3. o =. i d .H# o. "a