Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-07-21
FRANK H. BARRETT.
COTTON MERCHANT
ADMITS FAILURE

NEW YORK, July 20.-Frank H.
Barrett, cotton broker, Of Augusta,
Ga, today notified the New York
Cotton exchange that he was unable
to meet his obligations, and request
ed that his seat on the exchange
be sold.
The announcement came as a COM
plete surprise in cotton circles where
Mr.. Barrett has been recognized as
one of the most conservative trad
ers.
The failure Of Richard Willing
ham, a cotton factor, of Macon, Ga,
three years ago, was reported to
have caused Mr.. Barrett heavy
losses, but since then he was I'M
derstood to have recouped. He was
half owner of the Augusta baseball
team with Ty Cobb.
MEETING OF CREDITORS
SCHEDULED AT NOON
AUGUSTA, Ga, July 20.-A meet
ing of creditors of Barrett & Co.,
cotton factors, is scheduled to be
held at noon, according to announce
ment here early today. The firm is
reputed to be one Of the largest
cotton concerns In the south.
George Barrett, member of counsel
for Barrett and company, announced
that a full statement would be is
sued by counsel later in the day.
Frank H. Barrett, president OF
Barrett & Co., issued statement
declaring that it was due to his in
ability to meet his obligations at
the present time caused him to
tender his resignation from the New
York and New Orleans Cotton eX-
change.
THE principal creditors Of Bar
rett & Co.," said Mr.. Barrett, 'are
now in conference with a view to
working out some plan of liqulda
ton for the preservation Of the as
sets of Barrett & Co., and the best
protection Of it's creditors"
A statement was issued by the Au-
gusta Clearing House association,
composed Of all banks in Augusta,
to the effect that the announcement
|. of the failure" the statement
reads, "of Barrett & Co. this morn
ing in the New York and New Or
leans cotton exchanges involved no
local banks, as the principal credi-
tors of this concern were represent
Orleans financial institutions"
Local banking arrangements only
took care of the minor operations OF
hi cd
ment, "as the magnitude of it's bust
ness was such that it had to secure
financial arrangements in larger. cen.
tors"
Barrett and company, who adver-
tises as the Largest cotton factors
in thesworld" is capitalized at $780,
900, with, under its charter, the privi-
1ege of Issuing stock to the extent
of $1,0CC,CC0. 1t was chartered in
1905 and IS composed of Frank H.
Barrett, president; Mrs. Thomas Bar
rett, Sr,, Julian Barrett, Thomas
Barrett, Jr,, George Sibley and
Thomas Getzen.
Due to the large volume of bust
ness transacted yearly by this firm,
Augusta is said to be rated as the
second largest interior cotton mar
ket in the world. Barrett & Co., ac-
cording to local reports, handled
through Augusta annually, approx
mately 100000 bales of cotton
bought by their personal representa-
tives throughout the American cot
ton belt.
The Atlantic States warehouse,
with a capacity of 100000 bales, was
leased by Barrett & Co. 1t is said
to be one of the largest privately
owned cotton warehouses in the
south.
Frank Barretts personal interest
includes Augusta and Macon base
ball clubs in the South Atlantic
league, several local automobile
agencies, a new bathing resort near
Augusta, and boil weevil remedy
company.
BARRETT & CO., HAVE
AN ATHENS BRANCH
ATHENS, Ca, July 20.-Barrett
& Co., Augusta cotton factors, whose
memberships on the New York and
New Orleans cotton exchanges were
given up toSay because of financial
troubles, are represented in a branch
said to be capitalized at 100000 The
Barrett firm purchased the firm of
Hardeman> q Phinizy in August,
1920.
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