Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-22
NO STATEMENT YET
Of the Actual Condition of the
DefunCt Firm of Barker
Bros. & Co,
THE OTHER CONCERNS SAFE
Although There Was Some Trouble
in Raising the Guarantee.
A SEEMING END TO THE FAILURES.
Railroad Deals Are Just Now Keeping the
Financiers Busy.
THE OTHER CONCERNS SAFE
A SEEMING END TO THE FAILURES.
Railroad Deals Are Just Now Keeping tht
Financiers Busy.
GOULD ALLIED WITH STANDARD OIL,

SPECIAL TELEGRAM TO THE pTsPArcH.i
PHILADELPHIA, November 21.-The all
pervading topic on the street to-day was the
suspension of the firm of Barker Brothers &
Co. Men cunverSant with financial matters
discussed it IN all bearings and made all
sorts OF guesses as to how the firm would
come out of its difficulty.
Outside the parties directly in interest
very little is known about the condition of
the firm beyond the fact that it has failed.
Everybody is anxious to see the statement
that the assignee will send out, but every
BODY waited in vain for it. Assignee Mellor
said tonight that he would not be able to
have 1t completed for several days.
SORRY FOR ABRAHAM.
Abraham Barker is the second Oldest
member of the Stock Exchange. When his
failure was announced be was Chairman of
the Finance Committee of the Board of
Governors. Almost Immediately after the
failure he transmitted to the President his
resignation of both these positions. The
board held a meeting, but took no action
upon his resignation. There will be a strong
effort made by the older members to induce
Mr. Barker to withdraw his resignation.
The Charleston, Chicago and Cincinnati
Railroad, into which so much of the firms
money has gone, does not loom up any bet
ter the closer its affairs are scrutinized. The
projected length of the road was 500 miles,
but only 156 miles are in operation, and the
most OF this is made up OF old local roads,
the present company only having built a
very small portion OF the proposed route.
The authorized capital stock is $50, 600. 900
and the company is authorized to issue $50,
OOO, 900 first mortgage per cent bonds. OF
these bonds S. 137, 600 are outstanding.
ANY QUANTITY OF RUMoRs.
All manner of rumors were riie in refa-
tion TO the Finance Company of Pennsyl-
vania. There was a hitch in the matter OF
the guarantee fund spoken of Thursday,
which was formed to aid the company The
trouble arose over the collateral that was to
be deposited 10 secure the guaranteers of
the fund. As result of this difference the
firm Of Drexel & Co. Withdrew from the
proposed syndicate.
The Finance Company holds the real es-
tate OF the Reading Terminal Company and
also 500, 600 worth OF collateral belonging to
the railroad company. This was put up by
the Finance Company as the collateral for
the loan, but when A. J. Drexel heard of
tins he objected. He is reported 10 have
said that In his opinion the company did
not own the collateral with good enough
title 20 assure his house of its safety.
At the Finance Company's Office, Presi-
dent Charlemague Tower, Jr., was present
during the greater part OF the day. He said
that all the matters pertaining to the syndi-
cate had been arranged, and there was little
doubt but that the papers would be signed
soon.
II A SOLVENT CONDITION.
He said that the company was perfectly
able TO paw all its debts, and it was not in
tended 10 draw any of the money placed as a
Guarantee unless it became absolutely neces-
sarv.
The officials Of the Investment Company
Of Philadelphia adhered to their policy of
reticence, and would say little beyond the
fact that their company would not be
affected BY the failure of Barker Bros
x Co.
The officers of the company acknowledged
that it held considerable o the firms paper,
but said that il was amply secured by col
lateral,