The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1902-01-14
Characteristics Of Joseph Harker.

The death of Joseph Harker, an old res
ident of New York, Familiarity know
throughout Burlington county. who's
funeral took place from the residence o
Thomas ]. Alcott, on Tuesday, recall
many interesting events relating to thi
once prominent financier Among none,
kings throughout the country he was con
sidered in a class by himself, and at a very
early age was called by his many friends
Honest joe" He was we'll known il
Newark, and at one time was largely in
terested in several enterprises which re
ceived their first impetus there.
Mr.. Harker moved to Burlington county
while a lad. In 1910 he left home and de
cided to start out in life for himself
With 81, 600 he moved to New Orleans
where he embarked in the salt and liquor
business. He exhibited an unusual
amount of ability in learning how to make
and save money, and eight years Later
when he returned to Burlington county
he had amassed what was considered 8
big fortune for young man.
In 184S Mr.. Harker married his cousin,
Miss Matte Harker, daughter of farmer
near Mount Holly. After his marriage he
wound up his business affairs in the south
and moved to New York. Here he start
ed in business as note broker and had
offices at "a Wall street
Two years later Mr.. Harker formed a
friendship with the late Commodore Cor.
nelius Vanderbilt, which lasted until the
latter's death. This acquaintance with
Mr.. Vanderbilt was of great value to Mr..
Strengthening his popularity ION the
street."
Mr.. Harker's meeting with Commodore
Vanderbilt was the result of their love for
fast horses. 1t was in the early fifties,
and Mr. Vanderbilt was the possessor of a
horse acknowledged to be the fastest in
New York Mr.. Harker had just received
from his wife's father in New Jersey a
horse which he considered very fast. 1t
was peculiarly gated animal, having an
awkward stride. Each afternoon Mr.
Harker took this horse out for spin. 1t
was on one of these occasions that Mr..
Vanderbilt, who had beaten everything
on the road, drove by Mr.. Harker and his
horse. Quick as flash, although starting
fifty yards behind, Mr.. Harker accepted
the challenge At the end of two miles
the horses were head and head, but grad
ually Harker's animal forged ahead and
won the squirt handily.
Each day for week Mr. Vanderbilt
tried similar conclusions with Mr. Harker,
and finally one day said to the young
financier:
You've got a good horse there. l
thought mine the fastest in New York,
but yours can beat anything in the east.
want to buy him. What's your price p
Il haven't thought of price, " said Mr..
Harker, as he ignored the commodore's ad-
vances
'1'll give you what you name, said
Mr. Vanderbilt. "You surely will SELL
Mr.. Harker seemed puzzled for min
ute and then said:
IF you tell me when to buy certain
stock. mentioning a prominent steam
ship industrial which was controlled by
Mr.. Vanderbilt, "Ill give you the horse
That's my price,
The commodore seemed offended at the
young man, and, struggling his shoulders,
turned his horse around and started for
New York. Mr.. Harker followed and
beat the commodore so badly on this
brush that the next morning he found a
note from Mr.. Vanderbilt saying, "Send
that horse to my stable"
Six months elapsed before he again met
Mr.. Vanderbilt. One morning he got an
other note saying, Buy - stock now. !"
Mr.. Harker was not prepared at this time
to invest, so he called on Mr.. Vanderbilt
and explained his predicament. The lat
ter called one of his clerks and dictated
an order on prominent broker for 1000
shares of this stock, drawing the order
payable to Mr.. Harker. For this he took
simply Mr.. Harker's lead pencil receipt.
1t is said Mr. Harker cleared $4,000 by
this transaction.
During the Civil War it is said of Mr..
Harker that he negotiated for smaller
brokers 800, 900, 900 on loans at the legal
rate of interest. This was considered re-
markable at the time, as the stringent
money market had placed the rate of in
terest very high. These transactions ad-
ded to his popularity among the business
men of the country.
Mr.. Harker was also intimately asso-
ciated with the late Jay Gould in several
of his large transactions. At one time he
was director in the Western Union Tele-
graph Company, but became offended at
Mr. Gould when he doubled the company's
stock, selling his own and afterward do
ing all he could to defeat Mr. Gould's
numerous projects. He was also largely
interested in Pacific Mail, but, acting on
Vanderbilt's suggestion. withdrew from
that company.
When the panic of 1878 came Mr.. Har
ker's fortune was estimated at $4,000, 900.
This was nearly all swept away. 1t was
during this panic, it is said, that he for
sock Commodore Vanderbilts advice fol
the first time.
Harker and Vanderbilt were summering
al Saratoga at the outbreak Of the panic.
Harker told the commodore that he had
written his broker to dispose of 10000
shares of certain stock, stating that he
believed it would be lowered on the mar
ket. The commodore told him that ht
was doing right. In little while they
separated and Harker congratulated him
self on his shrewdness. After an hours
time, it is said, he met another prominen
broker in whom he confided. This mar
told him he had done the wrong thing, al
Vanderbilt was going to run the stock up
The brokers' story was so plausible tina
Harker wrote his broker countermandine
his order to sell and bought 10000 add
tional shares. The stock fell rapidly ant
Harker lost nearly all his wealth.
1t is said that he went to Vanderbilt
and told him Of his want The commo
dore read Harker a severe lecture and re
marked:
"Joe, you're - fool 1t served you
right. Can't you trust me?''
Calling one of his men he told him to g
in his vault and bring him 100000