18982. Barker Bros. (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
November 17, 1890
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
1be024dc

Response Measures

None

Description

Contemporary reports state Barker Bros. (bankers/ banking house) suspended on Nov 17, 1890 due to shrinkage in securities and inability to realize assets; the firm resumed payments about three months later (reported Feb 6, 1891). No newspaper describes a depositor-run; this is therefore classified as a suspension with subsequent reopening.

Events (2)
1. November 17, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shrinkage in value of outside securities and inability to realize on securities; banks calling in bonds; heavy losses on railroad investments led to suspension/assignment of the banking house.
Newspaper Excerpt
On Nov. 17, 1890, Barker Bros., bankers, of Philadelphia, suspended with liabilities of $5,000,000
Source
newspapers
2. February 6, 1891 Reopening
Newspaper Excerpt
The resumption of payments by Barker Bros., the Philadelphia bankers whose suspension took place about three months ago. ... It is now on its feet again, however, and apparently as strong and enterprising as ever.
Source
newspapers

Newspaper Articles (9)
1. November 21, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 21, 1890

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Oregon Pacific bonds and Baltimore & Ohio trusts. The firm had a small line of deposits. The firm of late had been doing very little business through the stock exchange. The assignment was made to Edward Mellor. a son-in-law of Wharton Barker. The suspension is said not to have caused much surprise to those wellinformed as to the firm's credit, which has been poor for two months. It is said the liabilities will be $3,000,000. The creditors are not numerous. The firm is said to have failed because of inability to realize en outside securities. The failure caused a flurry on the stock exchange. The suspension is said to have been brought about by a shrinkage in the value of securities and the banks calling in bonds. Among the railroad investments which probably caused them heavy losses are the Ohio & Northwestern, the San Antonio & Arkansas Pass, the Oregon Pacific, and the Charieston, Cincinnati & Chicago. When the announcement of the suspension was made the stock of the Finance Committee of Petnesylvania, of which Wharton Barker is president, fell from 96 to 66, but it is authoritatively stated that the company is in a position to pay every dollar it owes. The firm of Barker Bros. has been established fifty-three years. Abraham Barkr, the venerable founder of the bank. one of the best known financiers in the country and formerly president of the stock exchange, said this afternoon: The people who owed us money and upon whom we depended did not pay us. They failed to me.t their envarements and we failed 10 meetours That is all t at can be said now. Of course the condition of the money market has had much to do with the trouble. The step taken is necessary for the protection of our customera Wharton Barker this afternoon resigned his position as president of the finance committee of the Pennsylvania, and VicePresident Tower was elected in his place. It is asserted by all concerned that the company is certainly solvent, and in addition a syndicate has been formed for the purpose of advancing it any amount of money necessary to meet outstanding liabilities.

2. November 26, 1890 Juniata Sentinel and Republican Mifflintown, PA
Article from Juniata Sentinel and Republican, November 26, 1890

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EDITOR AND PUOPRIETOR. THE Philadelphia Banking House of Barker Bros., failed last week. ONE hundred and sixty farmers answer to the roll call in the Georgia Legislature. THE Georgia Legislature sends General Gordon of Confederate Army fame to the United States Senate. THE Democratic Congress elected en the 4th inst., will hardly begin business before December 1891, but so shocked is the business of the country over the coming of that congress that almost a general panic fellowed the election. The reason is found in the fact that no one knows what the new Congress will do. The mutterings of the leaders of the party indicate that an effort will be made to uproot the National Banks, and the whole of the present national banking system. Uproot the tariff laws and engage in new schemes of finance. It is this uncertainty as to what the Democratic Congress will do that has shaken the money centers of the country. The end is not yet.

3. November 28, 1890 The Pioneer Express Pembina, ND
Article from The Pioneer Express, November 28, 1890

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HERE AND THERE. Barker Bros., bankers and brokers of Philadelphia, fail for three millions. Wharton Barker is a member of the firm. The congressional judiciary committee to investigate charges against United States District Judge Boardman, has arrived at Shreveport, La. The purchase by the Rockefellers of 100, 000 shares of Northern Pacific stock causes much speculative gossip. It is affirmed and promptly denied that Villard is to be ousted. The drillers in the various block coal mines in the vicinity of Brazil, Ind., are out on a strike for an "advance of from $1.871/2 to $2 per day. Rev. Oswald Birchall of London has for warded to Ottawa a request, backed by in fluential names, for the surrender of his brother's body to Mrs. Birchall. Gov. Steele of Oklahoma has returned the bills to the legislature without his bignature or approval, locating the capital at King fisher. This leaves the capital at Guthrie. Judge Bookstaver, of the court of common pleas of New York, has granted a motion to appoint a receiver for D'onovan Rossa's paper, the United Irish ma Owing to the lax management of the Minneapolis workhouse many prisoners have been escaping for some time past, the num ber being estimated ut 150: The will of the late Robert Ray Hamilton has been offered for probate in New York. The document makes no mention of Hamil ton's wife. The bulk of the estate is left to the children. At Peorin, III., all the freight handlers, switchmen, engineers and firemen of the Peoria & Pekin Union, 230 men, have gone on a strike. The men wanted their pay Sat ardaysinstead of Mondays. The annual meeting of the Law and Order society will be held in Pitteburg. About 100 delegates, representing all the law and order organizations in the country, are expected to bein attendance. A remarkable surgical operation had just been performed in New York upon Judah Halprin. a Russian. It is thought it is the first of its kind ever performed in this country. The operation was the removal of the eutire left arm, shoulder blade and collar bone and the muscles attached thereto. A short time ago n package of Louisiana lottery prize lists was seized at Winnipeg by custom authorities. The matter was reported to Ottowa, and it is learned that the minister of customs has ordered the release of the package and also informed the officers that they had no authority to seize such packages A rumor was started in some unaccountable way that the Citizens Savings bank, at the Bowery and Canal street, New York, was in trouble. This caused quite 11 run on the bank, and the police had to keep the excited depositors in order. At the close of the day President Quintard said that about $100, 000 had been paid out. He said the bank was all right and could meet all demands. The books of the bank show a surplus of $1,400,000. The excitement at New Orleans over the Italian or rather anti-Italian issue growing out of the recent assassination of Chief of Police Hennessy is becoming more intensified, and it is feared that serious disturbances are yet in store. An Italian Catholic priest who is also the editor Italian newspape), has issued a call on the Italian government to place an Italian man-of-war in the Mississippi river for the protection of the Italian residents. Hon. John II. King of Chamberlain, S. D., railroad commissioner, said in an interview that the Indian scare 'is 80 ridiculous as to be almost a fake," He says the Indians well know if they were to countenance an upris. ing they would forfeit all their rights under solemn treaties, compacts and agreements since 1868, and would lose all claims to lands on the united portion of the Sioux res. ervation and all the millions of dollars to be paid them under these treaties and under the last agreement made with Gen. Crook. The dreadful spotted fever. that made it appearance last March near Fountain Head, about fifteen miles from Gallatin, Tenn., kill about 90 per cent. of the victims, has reap. peared. James Simpson. living in the affectsection, lost threegrown sons, all in about two days. He has since moved within about three miles of Gallatin, and now his daughter has a genuine case. The young lady is about thirteen years old, and the doctors do not know how to handle the disease. Spotted fever is an epidemic cerebro-spinal menengitis, and is a disease of the nineteenth century. The death rate is 80 per cent. Its average duration is about fourteen days but death o.ten occurs in a few hours.

4. November 28, 1890 Butler Citizen Butler, PA
Article from Butler Citizen, November 28, 1890

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Thanksgiving. Every human being in the United States of North America, even though his or her condition be as desperate as was that of Miss Hannah, whose story we print on our first page, can, if they wish, find some material advantage for which they can express thanks to the Supreme Being. All nations have their distinctively national holidays, and Thanksgiving Day and Decoration Day are ours. It seems that the New Englanders observed some sort of a Thanksgiving Day before the Revolution, and that after the Revolution the Presidents of the United States occasionally selected a day for the giving of thanks to the Creator for some special providence, or for fasting and prayer if the Nation was in distress, but it was not until the days of the civil war, when Abraham Lincoln was President, that a day was selected towards the close of each year, for fasting, prayer and thanksgiving. In those days fasting and prayer may have been the chief features of the day, but now that the Nation has become wealthy and prosperous, and is at peace with all the world, the composition and preparation of the dinner for that day, the physical enjoyment to be derived from eating it, and the social enjoyment connected with the affair occupy our minds more than any thoughts of gratitude. However, the people of this Nation have c ause to be grateful for their prosperity, or civil and religious liberty, for equality 1 before the law, and for all the advantages that our climate, soil, free government, education and intelligence bring us. The people of Butler county can be especially grateful for the continued development of its mineral resources, for the invisible fuel that heats our dwellings and runs our factories; and we can pray that our character for morality, sobriety and intelligence may be maintained and increased. The people of Butler can be thankful for for a prosperity unparalleled in her history, and for our prospects of getting out of the mud. There is always something to he thankful for. If things have gone against you, be thankful they are not worse. There is a silver lining to every cloud; 80 stop complaining for one day and unite in giving thanks. THE Barker Bros. of Philadelphia, a firm of bankers, known all over the civilized world, was unable to weather the financial storm, and made an assignment last Thursday.

5. November 28, 1890 The Great West Saint Paul, MN
Article from The Great West, November 28, 1890

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"Capital Will Withdraw!" No! you don't say so! God bless you, is that possible? Happy day for farmers when the Eastern Bloodswipe wipes his crimson jaws, and says, "No more money for that state!" Halcyon promise for toil when it becomes impossible to mortgage another farm Capital-foreign or eastern capital? Why, the daily plutocratic spittoon-cleaners imply that capital importations are a blessing! Blessing? Yes, in the same sense that pirates are-they keep money "in circulation"-and blood too. Farmer, don't mortgage that farm now! Look out! You know well the breakers are beating against the shore-and in a few hours your craft will strike! Let the west teach the east the want of value in a leech when there is no blood to suck. Thefailure of Barker Bros., of Philadelphia, with liabilitis of $3,000,000, at the close of the last week, indicates that the financial difficulties are only smothered. The western dailies continue to write headlines to state that "Everything is Brightening." "The "Finance Company," a Philadelphia TrustConcern,with$5,000,000 assets, also closed its doors. LATER.-The money market is again quieting-as it did between each of the previous shocks. Our advice to poor people is. to save up a little money and keep it by you. The present processes of "covering" has kept these "crashes" from spreading, so far, and may continue to do so-but it is "safer to be safe." The man who runs the supposed St. Paul end of a labor journal called the Industrial Age puts in a column and a half this week on our plea at Stillwater to Lathrop's suit. The fact is the little game to ruin the GREAT WEST did not work-and among the minions of plutocracy who were disappointed was an exBaptist Clergyman from New York via Chicago, who stepped into the Alliance work in time to ask Bierman for an office-and who now runs the St. Paul end of that sheet. As for the Industrial Age, ask the organized labor of Duluth how well it represented them there. Mr. Lathrop's accounts have been published down to the repayment of $145 nearly 40 days after his removal as Secretary. It will all be published again, with the letters received, and the shortages noted-before entering upon the prosecution. The GREAT WEST was just a little too early a riser to be caught in that trap. As for the Ind. Age, let it buzz-it is as harmless against the G. W. as it is against the plutocrats. If it has ever done anything in the cause, what is it? We understand that Mr. H. E. Boen, Register of Otter Tail County, objects to our statement that certain farmers of the county led by Mr. Plowman and urged by the GREAT WEST, got him to make the mortgage report. In other words he claims the "credit" of doing the work of his own motive. As one of the cash sponsors for "the job" the GREAT WEST objects to this view of the case. Mr. Boen was not willing at first to undertake the work, and objected to it both on account of expense and usefulness. That he undertook the work, however, is greatly to his credit, and for it we thank him. This horrible expose took our breath away. The party papers are silent on the matter, and well they may be. It was the picture of ruin

6. January 1, 1891 Gloucester County Democrat Woodbury, NJ
Article from Gloucester County Democrat, January 1, 1891

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Isadore Rosenthal, New York cloak manufacturer, assigned: liabilities, $150,000; as sets, $50,000. 31. Leopold Bros. & Co., Chicago clothiers, assigned; liabilities, $325,000; assets, $325,000 NOVEMBER. 11. Great excitement in Wall street, New York, and fears of a panic; three failures announced: Charles M. Whitney & Co., David Richmond, and Decker, Howell &Co., with liabilities of $10,000,000; assets more. John T. Walker & Sons, New York, importers, assigned; liabilities, $1,100,000; assets, $1,300,000. 12. The North River bank, of New York, closed its doors, and there were two small failures on the Stock Exchange. 15. Financial panic in England, and probably in America, averted by the Bank of England and others guaranteeing £9,000,000 for the firm of Baring Bros., embarrassed by drop in foreign securities. 16. The Kansas City Packing and Refrigerator company assigned; liabilities, $750,000. 20. Barker Bros. & Co., Philadelphia bankers, sus pended. 22. United States Rolling Stock company, of Illinois, Alabama and Ohio, liquidated; liabilities, $3,816,000; assets, $6,053,000. 24. Thomas Fawcett & Co., coal dealers of Pitts burg, assigned; liabilities, $400,000; assets, $600,000. 25. Richard H. Allen & Co., bankers and commis sion merchants, New York, assigned, liabilities $1,000,000; Thomas H. Allen & Co., Memphis correspondents of the New York firm, also went under: liabilities, $750,000; assets, $1,500,000. Receiver appointed in New York for the Oregon Improvement company, Henry Villard's pet scheme; liabilities, $2,000,000; assets much larger 26. Bell & Eyste:, bankers, assigned at Duluth, Minn.; liabilities, $5,235,211; assets, $4,124. 112. 28. B. K. Jamison & Co., Philadelphia bankers, assigned DECEMBER. 2. Bank of Commerce, at West Superior, Wis., assigned. First National bank of Texarkana, Ark., suspended; liabilities, $150,000; assets, $225,000. 5. Delamater & Co., bankers, Meadville, Pa., assigned V. & A. Meyer, of New Orleans, assigned; liabilities, $1,500,000; assets, $2,000,000.

7. February 6, 1891 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, February 6, 1891

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Globe-Democrat: The resumption of payments by Barker Bros., the Philadelphia bankers whose suspension took place about three months ago. reminds the country not only that the recent financial disturbance has passed, but that the wreck which it caused is being rapidly repaired. This Philadelphia banking firm was one of the largest institutions which got into difficulties on this side of the Atlantic during the convulsion. It is now on its feet again, however, and apparently as strong and enterprising as ever,

8. November 1, 1912 The Citizen Frederick, MD
Article from The Citizen, November 1, 1912

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thority. however eminent. can reasonably ask that we accept the theory. Now, according to facts. the panic which was commonly known as that of 1893 might very properly have been known as that of 1890 or 1891. because it was under the McKinley tariff bill, which became a law on Oct. 6. 1890, that the first signs of this disturbance appeared. On Nov. 17, 1890. Barker Bros., bankers. of Philadelphia. suspended with liabilities of $5,000,000, and the clearing houses of both New York and Boston voted their certificates to banks in need of assistance. There were other big suspensions and failures in this year and the next In 1892, while the country was still under the Republican administration and a Republican tariff law. strike after strike broke out as a result of the workingmen's attempt to resist reductions in wages. and these strikes culminated in the great Homestead strike and riot. In other words, the panic of 1893 was well under way when Cleveland came into office. Under the same tariff law in 1893 there were more than 15,000 failures in the United States. involving losses amounting to $346,000,000 On the other hand. after the Demo cratic revision had gone into effect 111 1894 the number of failures fell to 13,000. and the amount involved fell to $173,000,000. or less than half in 1895 the number of failures was near ly 1,000 less. and the amount involved remained about half. There were more failures than this in 1911 under Taft (13.441) Mr. Wanamaker is silent regarding the Republican panies of 1873 and 1907 In view of the facts. then, is Mr Wanamaker justified in his appeal? Do not the facts prove quite the op posite of his contention? There is another matter. in my opin Ion very important. for us as business men to keep in mind. and that is the bearing of the coming election upon the development of a better basis of credit. The Republican tariff and Re publican policies have fostered great concentrations of capital in monopolies and trusts. Upon this great question also Gov ernor Wilson is entitled to our support Mr Roosevelt favors the recognition of monopoties as inevitable, and this is logical, as be favors a controlled con tinuation of the conditions under which they have developed Mr Taft is against monopoly. but he is for a con tinuation of the laws which have brought them into being Governor Wilson. alone of the candidates. has taken a consistent position for the pres ervation of the individual in the busi ness world. be alone of the candidates is pledged to legislation which will pre vent such financial confederacies as now control the business and credit of the nation. Therefore. being convinced that pros perity now awaits only stable condi tions and a proper basis of credit. I am firmly of the opinion that we. as busi ness men, should work and vote for Governor Wilson. EDWARD A. FILENE

9. November 2, 1912 Democratic Messenger Snow Hill, MD
Article from Democratic Messenger, November 2, 1912

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thority. however eminent. can reason ably ask that we accept the theory. Now, according to facts. the panie which was commonly known as that of 1893 might very properly have been known as that of 1890 or 1891, because it was under the McKinley tariff bill. which because a law on Oct. 6, 1890. that the first signs of this disturbance appeared. On Nov. 17, 1890, Barker Bros., bankers. of Philadelphia. suspended with liabilities of $5,000,000, and the clearing houses of both New York and Boston voted their certificates to banks in need of assistance. There were other big suspensions and failures in this year and the next. In 1892. while the country was still under the Republican administration and a Republican tariff law, strike after strike broke out as a result of the workingmen's attempt to resist reductions in wages, and these strikes culminated in the great Homestead strike and riot. In other words, the panic of 1893 was well under way when Cleveland came into office. Under the same tariff law in 1893 there were more than 15,000 failures in the United States. involving losses amounting to $346,000,000. On the other hand, after the Demo cratic revision had gone into effect in 1894 the number of failures fell to 13,000. and the amount involved fell to $173,000,000, or less than half. In 1895 the number of failures was nearly 1,000 less. and the amount involved remained about half. There were more failures than this in 1911 under Taft (13,441). Mr. Wanamaker is silent regarding the Republican panies of 1873 and 1907 In view of the facts, then, is Mr. Wanamaker justified In his appeal? Do not the facts prove quite the op posite of his contention? There is another matter. in my opin ton very important, for us as business men to keep in mind. and that is the bearing of the coming election upon the development of a better basis of credit. The Republican tariff and Re publican policies have fostered great concentrations of capital in monopolies and trusts. Upon this great question also Gov. ernor Wilson is entitled to our support Mr. Roosevelt favors the recognition of monopolies as inevitable, and this is logical. as he favors a controlled con tinuation of the conditions under which they have developed. Mr. Taft is against monopoly. but be is for a con tinuation of the laws which have brought them into being Governor Wilson. alone of the candidates. has taken a consistent position for the pres ervation of the individual in the bust ness world. be alone of the candidates is pledged to legislation which will pre vent such tinancial confederacies as now control the business and credit of the nation. Therefore. being convinced that pros perity now awaits only stable condi tions and a proper basis of credit. I am firmly of the opinion that we. as bustness men. should work and vote for Governor Wilson. EDWARD A. FILENE