18983. Barker Bros. & Co. (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: November 20, 1890
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 51dbb8cd

Response Measures

None

Description

Multiple contemporary reports (Nov 20–21, 1890) state Barker Bros. & Co. made an assignment/suspended (doors closed, stopped receiving deposits) caused by inability to realize on outside railroad securities. No discrete depositor run on Barker Bros. itself is described; assignment indicates permanent failure/closure rather than a temporary suspension and reopening.

Events (2)

1. November 20, 1890 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure caused largely by unprofitable railroad investments and inability to realize on outside securities; shrinkage in value of securities and calls by banks on loans led to assignment/suspension for benefit of creditors (assignment to Edward Mellor).
Newspaper Excerpt: The firm at 1 o'clock stopped receiving deposits at their offices at Fourth and Chestnut streets, and at 1:15 the doors were closed. An assignment has been made to Edward Mellor.
Source: newspapers

2. November 21, 1890 Other

Newspaper Excerpt: The doors of Barker Bros. & Co.'s banking house were opened again this morning and affairs in and around the bank resumed something of their wonted appearance, although of course no business was being transacted.
Source: newspapers

Newspaper Articles (21)

1. November 21, 1890 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, November 21, 1890

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The Barker Bros. & Co. Failure-Well Known Financiers. PHILADELPHIA. Nov. 20.-Abraham Barker, founder of Barker Broe. & Co., bankere and brokers, who failed today, was one of the best financiers in the country and was formerly president of the Stock Exchrage. Wharton Barker. another member of the firm said this afternoon: "The assignment was unavoidable, as the people who owed us money. upon whom we depended, did not pay us. 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." The first matter which brought the house prominently before the general public was the announcement in 1877-78 that they had become financial agents for the Russian government in the United States. This mission was at that time highly important in view of a war between England and Russia, which then seemed imminent. In carrying out the instructions of the Russian government, Barker Bros. & Co. procured four ships of war, suitable ordinance, and completely armed and equipped them. The total expenditure amounted to several millions dollars the whole transaction was consumated to the utmost satisfaction of Russia. Wharton Barker, president of the finance company in Pennsylvania, was director of a finance company in Philadelphia, of which he was formerly vice president. At the finance company preparations were made for an anticipated run on deposits and a number of checks presented during the last hour of the day's business and some accounts drawn out. All drafts were promptly met, and Treasurer Stearns assured a number of persons who had an account there, that the company was entirely sol vent, and would pay everything presented in form of check or other demands. Failure Barker Bros. & Co., was caused largely by various unprofitable investments. They were identified with a number of railroad schemes which prudent financiers and capitalists avoided when the money stringency came found it impossible to realize upon them. A syndicate consisting of Drexel & Co., Brown Bros, & Co., Provident and Trust Co. and Pennsylvania Co. for the insurance of lives and granting of annuities has been formed for the purpose of advancing to the finance in the State of Pennsylvania any amount of money that may be necessary to meet outetanding liabilities. It is asserted that the company is certainly solvent and with the assistance of the syndicate will be able to tide over the crisis in its affairs caused by the failure of Barker.

2. November 21, 1890 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, November 21, 1890

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BARKER BROTHERS FAIL Collapse of the Noted Philadelphia Bank 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 of Abraham and Wharton Barker. firm at one composed The their o'clock offices stopped receiving deposits at at 4th and Chestnut streets, and at 1:15 the doors were closed. Abraham Barker, the venerable founder of the bank, is the father of Wharton Barker, the other member of the firm. He seemed overwhelmed by the catastrophe, which has befallen the firm. He is one of the best known financiers in the country and was formerly President of the Stock Exchange. Mr. Wharton Barker said this afternoon the assignment is unavoidable. "Wo be able to avert it, but it was us money whom we not and hoped imporsible. upon to People who depended cwed did us. We do but failed to enpay so, they expected that meet have they failed their would gagements and now we to meet ours. That is all that can be said 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 eoon as the announcement was made on Change there was a general fall in stocks. Vice President Bachman, of the Exchange, when asked about the suspension, said: "All know about it is that rereceived a note from the Barkers stating that would be an I do not they signment. compelled know to make anything In asabout their assets or liabilities. fact, I do not even know the name of the assignee. Stocks fell, but it will not make much difference in the stock market, as they have not been dealing in stocks to any extent. They have been dealing in outside speculations, I suppose, and to this, probably, is due their assignment. firm of Into has been doing very little The business through has the been Stock Ex change. An assignment made to Edward Mellor, who is the son-in-law of Mr. Wharton Baker. was not a The suspension well-informed, much of the surprise to the as firm's credit has been poor for the past two months. It is anid that the liabilities will be about $3,000,000, but the creditors are not numerous. The firm is said to have an interest in the stock market and failed because of their in ability to realize on outside securities. meeting of it the special of Directors Committee of Pennsylvania the the this Finance afternoon, resignation of received Wharton Barker 28 President was and Vice President CharleJr., was mange accepted. Tower, elected President and Director Philip G. Garrett was chosen Vice President. consisting of Drexel & Co., Bros. & Co. and is Brown syndicate others of advance has been formed for the purpose ing to the Finance Company of Penn sylvania amount of money that may be to meet its The Finance necessary any Company outstanding held a paid-up It has deposits to due $5,000,000. liability. Pennsylvania only $150,000, mostly said amounting capital to stock to be of of holders. Its creditors are chiefly banks holding the company's notes, amply protected by collateral. The business of the company has been mainly the acquirment of real estate in for the Reading Terminal the floating sePhiladelphia raffroad and of railway curities and similar investments. Mr. Barker is, a general favorite in and many called to Mr. Barker was very and he keenly the failure of the financial much press evidently felt affected, regret. circles suppressed excitement showed house. that by ex. his He lie said he thought it very hard after a businceb career of fifty-three years to be thus overwhelmed by 2 financial cyclone. the past few days he said be all of his time and (if had During devoted the financial help ability to raising money for others and when his own time of need came those indebted to him failed to assist.

3. November 21, 1890 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, November 21, 1890

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A BIG FAILURE. Barker Bros. & Co. of Philadelphia, Suspend. Their Liabilities Amount to $3,000,000. Chinese Contractors Skip with Laborers' Wages. Barker Bros. Busted. PHILADELPHIA, Nov. 20.-The failure of Barker Bros. & Co., bankers and brokers, was announced on the Stock Exchange this afternoon. The members of the firm refused to make a statement. This is Wharton Barker's firm. They were largely interested in Reading securities, Oregon Pacific bonds and Baltimore & Ohio car trusts, The firm has a small line of deposits. The firm of late has been doing very little business through the Stock Exchange. The assignment was made to Edward Mellor, son in law of Wharton Barker. The suspension, it is said, was not much of a surprise to the well informed, as the firm's credit has been poor for two months. It is said the liabilities will be $3,000,000, but the ereditors are not numerous. The firm is said to have failed because of inability to realize on outside securities. When the announcement of the failure was made the stock of the Finance Company of Pennsylvania, of which Wharton Barker 18 president, fell from 96 to 66, but it was authoritatively stated that the company was in position to pay every dollar they owe. The firm of Barker Bros. has been established fifty-three years. Wharton Barker thisafternoon resigned his position as president of the Finance Company of Pennsylvania Vice Prestdent 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.

4. November 21, 1890 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, November 21, 1890

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NEWS OF THE DAY. The bickerings over the World's Fair seemingly have come to ao end and the site question has been settled. Mr. Parnell has notified his colleagues that as long as he ie supported by them and the Irish people he will remain at the helm in politics. Michael Davitt, in the Irish Labor World, say editorially that Parnell, for the good of his party, should retire from public life for a time and marry Mrs. O'Shea. The Alabama democratic caucus took three ballots last night. The last stoodPugh, 40; Kolt, 42, Seay, 27; Watts, 91, and 9 divided between Congressmen Clarke and Wheeler. Burglars entered the postoffice at Silver Creek, Chautauqua county, N. Y., last night, forced open the safe, and stole about $900 worth of stamps, three registered le:ters and $18 in money. As stated yesterday, Barker Bros. & Co., bankers and brokers of Philadelphia, have assigned. The liabilities are estimated from $6,000,000 to $15,000,000. Mr. Wharton Barker eays the firm's assets will exceed the liabilities by at least $1,000,000. While sinking an artesian well for a street railway company in Galveston yesterday a contractor struck a stratum of absolutely pure water at 8 depth of 310 feet. The well yields only 75,000 gallons a day, but is regarded by Galveston people 08 second in importance to the deep water harbor alone. Other wells will be sunk near the present one. The people of Potedam. Germany, last night arranged for a simultaneous illumination of the heights around the town at the moment of the arrival of Prince Adolob of Schaumburg Lippe and his bride, who is a sister of Emperor William. A passenger train came along, was mistaken for the bridal train, and up blazed the fires. When the bridal train did arrivethe illamination was all over.

5. November 21, 1890 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, November 21, 1890

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FAILED FOR THREE MILLIONS. Financial Smash at Philadelphia of Barker Bros. & Co. Philadelphia, Nov. WL-Barker Bros, & Co., bankers and brokers, of this city, announced their suspension on the Stock exchange yesterday morning. The failure affected prices in New York, which were firmer at the commencement of trading, owing to favorable foreign advices. Barker & Co.'s liabilities are estimated at $3,000,000. The suspension was not much of a surprise to the well-informed, as the firm's credit has been poor for the past two months. The creditors are not numerous. The firm is said to have an interest in the stock market, and failed because of their inability to realize on outstanding securities. Two Other Institutions Interested. Wharton Barker was president of the Finance Company of Pennsylvania, and was a director of the Investment Company of Philadelphia. Just before the suspension of Barker Bros. & Co. wasannounced meetings of the directors of these companies were called in haste. The proceedings of the meetings were kept secret. At the Finance company preparations were made for a run on its deposits, and subsequent events showed that the precaution was well taken. A number of checks were presented during the last hour of the day's business and some accounts drawn out. All drafts upon it were promptly met. Treasurer Stern says the company is entirely solvent. Wharton Barker Resigns. It is learned that at the meeting of the Finance company yesterday the resignation of Wharton Barker as president was presented and accepted. Charlemagne Tower, Jr., vice president, was elected president, and Philip C. Garrett vice president. A syndicate comprising Drexel & Co., Brown Bros. & Co., the Provident Life and Trust company, and the Pennsylvania company, for the Insurance of Lives and Granting of Annuities, has been formed for the purpose of advancing to the Finance company of Pennsylvania any amount of money necessary to meet its outstanding liabilities.

6. November 21, 1890 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, November 21, 1890

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STORY OF THE DAY. The financial panic in London has subsided. Rich finds of saltpetre are made in Northern Wisconsin. Hon. W. L. Scott retires from the turf and selts his horses at anction. Queen Emma of the Ne therlands formally assumes the regency of the Netherlands. President Adams, of the Union Pacific. says he is ready to tender his resignation. Barker Bros. & Co., bankers and brokers of Philadelphia, fajl with liabilities of $3,000,000. Mgr. Girouard is appointed bishop of the new Catholic see erected in the Canadian Northwest. The Indian scare peters down to a ghost dance at Pine Ridge, in which hundreds are participating. They are crazed with excitement, and the troops will probably stop the dance. Moses S. Marks, once a bank clerk in Rochester, secures $25,000 from a New York bank on a telegraphic request, spends $300 of it, is captured and probably will get ten years. The Rockefellers add 100,000 shares to their large holdings of Northern Pacific stock, and speculation is rife as to whether Henry Villard can be ousted. President Akes says no.

7. November 21, 1890 Evening Star Washington, DC

Article from Evening Star, November 21, 1890

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Each side was adjudged to pay its own costs. STOCKS IN PHILADELPHIA The General Market Stronger Than It Was Yesterday. PHILADELPHIA, Nov. 21.-The doors of Barker Bros. & Co.'s banking house were opened again this morning and affairs in and around the bank resumed something of their wonted appearance, "although of course no business was being transacted. It was impossible to see either member of the firm. as they were busy straightening out their tangled business. but one of the employes stated that no statement of the firm's situation would be made this morning, although it was possible that one might be made later in the day. The fund of $800,000 subscribed yesterday by a number of banks and private banking houses to aid the finance company of Pennsylvania, if the occasion for it arose, to meet its outstanding liabilities has not yet been drawn upon by the company, it being fully able to meet its liabilities. Mr. Wharton Barker was vice president, of this company, and it was feared his connection therewith might cause a run upon its financial affairs. The investment company of Philadelphia, of which Mr. Wharton Barker was one of the directors, claims to be perfectly solvent and unaffected by the failure of Barker Bros. The stock of the company, which yesterday declined upon the announcement of the failure of Barker Bros., advanced this morning $1 per share to 36. With exception of Lehigh navigation which fell to 34½ this morning, the general market is stronger.

8. November 21, 1890 St. Paul Daily Globe Saint Paul, MN

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DUTY OF AMERICANS. Ex-President Cleveland Defines it in Speaking of "Our Country." It is to Protect, Defend, Foster and Improve the Republic. Failure of the Oldest Banking and Brokerage Firm in Philadelphia. Barker Bros. & Co. Owe Three Millions and Suspend Payment. NEW YORK, Nov. 20.-The jewelers' mual banquet was spread at Delmonco's to-night, and ex-President Cleveand was one of the guests. He responded to the toast, "Our Country," and in part he said: "I know of no better way to deal with the sentiment than to divide it and consider one branch or part of my text, as is sometimes done with a long text in the pulpit. I therefore propose to say something about the word 'our' as related to the sentiment 'our country.' This is 'our' country, because the people have established it, because they rule it, because they have developed it, because they have fought for it. and because they love it. And still each generation of Americans hold it only III trust for those who shall come after them; and they are charged for the obligation, to transmit It as strong and sound as it came to their hands. It is not ours to sell and it is not ours to neglect and injure. It is ours as our families are ours, and as our ehurches and schools are ours-to protect and defend, to foster and improve. As its strength and its fitness to reach its promised destinvi depends

9. November 21, 1890 St. Paul Daily Globe Saint Paul, MN

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THEY OWE THREE MILLIONS. Failure of Barker Bros. & Co., Bankers, of Philadelphia. Piiladelphia, 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. The firm at 1 o'clock stopped receiving deposits at their offices at Fourth and Chestnut streets, and at 1:15 o'clock the doors were closed. The firm has of late been doing very little business through the stock exchange. An assignment has been made to Edward Mellor, who is the son-in-law of Wharton Barker. The suspension was not much of a surprise to the well-informed. as the firm's credit has been poor for the past two months. It is said that the liabilities will be about $3,000,000, but the creditors are not numerous. The suspension is said to have been brought about by the shrinkage in value of securities and by the banks ealling in their loans. When the announcement of Barker Bros. & Co.'s suspension was made the stock of the Finance Company of Pennsylvania, of which Wharton Barkeris president, fell from 96 to 66. but it is authoritively stated that the company is in a position to pay every dollar they owe. The firm of Barker Bros. has been established for fifty-three years. When the news of the suspension became generally known on the street many bankers and others called and tendered them their sympathies. Abraham Barker, the venerable founder of the bank, is the father of Wharton Barker, the other member of the firm. He seemed overwhelmed by the catastrophe which has befallen the firm. He is one of the best known financiers in the country, and was formerly president of the stock exchange. Wharton Barker said this afternoon: "The assignment is unavoidable. We hoped to be able to avert it, but it wasimpossible. People who owe us money and upon whom we depended did not pay us. We expected that they would do so, but they failed to meet their engagements, and now we have failed to meet ours. That is all that can be said 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." Abraham Barker in December, 1887. completed his fiftieth year as a successful banker. and the occasion was celebrated by a dinner in his honor at the Bellevue, at which over eighty members of the Philadelphia stock exchange sat down. Mr. Adams, the presiden of the stock exchange, who sat at the_ head of the table, informally congratu lating the guest of the evening, paid the following high tribute to him as a business man: It is rare that a man in any business can carry on his work successfully for fifty years, and it is still rarer in the banking business. To use Mr. Barker's own words: "No man has ever had to ask him twice for money; nor has any man ever sued him, nor has he sued any man." A. J. Drexel heard of the failure shortly after it was announced. He remarked to a friend: "This is too bad. It could have been avoided. We would have helped them out. It seems to me there was no neeessity for making the assignment." The failure has been caused largely by various unprefitable railroad investments. Barker Bros. & Co. were identified with a number of railroad schemes which more conservative financiers and

10. November 21, 1890 Fort Worth Daily Gazette Fort Worth, TX

Article from Fort Worth Daily Gazette, November 21, 1890

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to Lucas & Lewis, who open up a new establishment here. The price paid is $1800 cash. WANTS TO RETIRE. Special to the Gazette. HILLSBORO, TEX., Nov. 20.-J. L. Burns, dealer in furniture, made a deed of trust yesterday to J. R. Patty, as trustee, for the benefit of certain preferred creditors, as follows: J. H. Miller for $33.25; Hawkins & Larry, landlords, at the rate of $60 per month from November 1 to August 31, 1890; Hill county national bank, for the sum of $500 and interest. His assets are thought to be sufficient to discharge his entire indebtedness. He wishes to go out of business. He assigns that as a reason for execuring this deed of trust. $28,605 FAILURE AT ROUND ROCK. Special to the Gazette. GEORGETOWN, TEX., Nov. 19.-M. Weiss. dealer in general merchandise at Round Rock, filed a deed of trust here to-day in favor of H. B. Sheppard, trustee. His liabilities are as follows: W. L. Moody & Co., Galveston, $1500; American national bank, Austin, $200; J. A. Hudson, Round Rock, $3500; William Weiss, Beaumont, $3800; William & V. Weiss, Beaumunt, $4000; R. B. Murry, Round Rock, $400; Dr. T. E. Hudson, Round Rock, $325; Davis sewing machine company Chicago, $1800; M. Davis, Travis county, $1450; J. P. Huggins, Taylor, $400; First National bank of Taylor. $3500; G. B. Powell, Travis county, $400; A. S. Zeimmerman, Williamson county, $800; John Orr, Austin, $630; V. Wells, Beaumont, $400; Bradford & Rowe Bros., Round Rock, $5500. Of the creditors the following are preferred: W. L. Moody & Co., Galveston, $1500; American National bank, Austin, $2000; William Weiss, Beaumont, $3800; J. A. Hudson, Round Rock, $3500; William and V. Weiss, Beaumont, $4000. This is the heaviest failure that was ever recorded in Williamson county. The assets consist of stock of goods, notes and accounts, insurance policies on stock and furniture, lease on building and twenty-seven bales of cotton. Enough, it is thought, to pay all claims. PORK AND BEEF PACKERS FAIL. CINCINNATI, OHIO, Nov. 20.-Charles Jacob, Jr., & Co., pork and beef packers at Plum and Findlay streets, assigned this morning to George C. Jacobs. Liabilities, $60,000; assets. $40,000. The preferences are given in favor of George Quest for $17,000. A PHILADELPHIA BANK FAILURE. PHILADELPHIA, PA., Nov. 20.-The failure of Barker Bros. & Co., bankers and brokers, was announced on the stock exchange this afternoon. The failure has been caused largely by various unprofitable railroad investments. Barker Bros. & Co. were identified with a number of railroad sohemes which the more conservative financiers and capitalists avoided, and when the money stringency came they found it impossible to realize upon them. Among the railroad securities with which they were identified in recent years were the Ohio and Northwestern, Oregon Pacific, San Antonio and Aransas Pass and Charleston, Cincinnati and Chicago. : The Ohio and Northwestern railway broke down sometime ago, and its bonds, which Barker Bros. & Co., published, and a large stock of which is now held by prominent financial institutions, are selling far below par. The San Antonio and Aransas Pass railroad went into the hands of a receiver on July 14. It had a heavy floating debt, and holders of $13,000,000 of bonds applied for the appointment of a receiver. The board of directors of the company declared that the bondholders would get their money and advised them not to sell. The Oregon Pacific railway and other

11. November 22, 1890 New-York Tribune New York, NY

Article from New-York Tribune, November 22, 1890

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NO STATEMENT FROM THE BARKER BROS. A TEMPORARY HITCH IN THE NEGOTIATION FOR A LOAN FOR THE FINANCE COMPANY. Philadelphia, Nov. 21.-The doors of Barker Bros. & Co.'s banking house were opened again this morning and affairs in and around the bank resumed something of their wonted appearance, although of course no banking business was being transacted. It was tmpossible to see either members of the firm, as they were busy straightening out their tangled business. The fund of $800,000 subscribed yesterday by a number of banks and private banking houses to aid the Finance Company of Pennsylvania, if the occasion for it arose to meet its outstanding liabilities, has not yet been drawn upon by the company, which is fully able at present to meet its liabilities. Wharton Barker was vice-president of this company and 1t was feared that his connection therewith might cause a run upon its financial affairs. The Investment Company of Philadelphia, of which Wharton Barker was one of the directors, claims to be perfectly solvent and unaffected by the failure of Barker Bros. The stock of the company, which yesterday declined upon the announcement of the failure of Barker Bros., advanced this morning $1 per share to 36. With the exception of Lehigh Navigation, which fell to 43 1-2 this morning, the general market is stronger. There were rumors on the Street this afternoon that a hitch had occurred in the arrangements for the formation of a pool by several financial houses and banks to assist the Finance Company of Pennsylvania and that the money would not be subscribed. One of the officers of the Finance Company said this afternoon that some difficulty about the loan had arisen. but that it was removed. He stated that the company had first offered as security the property purchased by it for the Reading Terminal, but it has since been discovered that the property could not be legally used by the Finance Company as collateral. This was what had caused the difficulty in negotiation of the loan, but other collateral had been offered and accepted by the syndicate and the money would be subscribed. Drexel & Co. withdrew their offer to subscribe $100,000 toward the amount necessary to assist the company In conclusion he said that as yet the company had stood in no need of the money. A. J. Drexel, when asked about the trouble in raising the money, said: No money has been subscribed as yet; only the arrange ments to do so have been in course of negotiation." It was stated at the office of Barker Bros. & Co. that no statement in regard to the firm's position would be made public this afternoon. The officers of the Investment Company maintained their policy to-day of almost absolute silence in regard to the company's connection with the suspended banking firm. The only thing that they would say was that Barker Brothers & Co. were largely indebted to the company. but that the indebtedness was secured by ample collateral. They also say that the company is absolutely unaffected by the failure of Barker Brothers, and is perfectly able to meet all its obligations. By the failure of his firm Abraham Barker has been made liable to suspension from the Stock Exchange. Some time ago he contracted to deliver to a certain brokerage firm one hundred shares of stock of the Finance Company of Pennsylvania. At the time Mr. Barker contracted to deliver the stock it was selling at $99 a share. To-day 302 shares of it were sold at 61 and 60. Mr. Barker has until Monday to fulfil his contract. and if by that time he has not done so, under the rules he will be suspended from the Exchange. It is said that an effort will be made to persuade the brokerage firm with whom the contract was made to become one of the creditors of Barker Brothers, and so save Mr. Barker from the necessity of delivering the stock. In view of his possible suspension Mr. Barker tendered his resignation as chairman of the Finance Committee of the Exchange, but the committee would not accept it, as they are in hopes that the claim against him will not be pressed and he can retain the office. Pittsburk. Nov. 21.-Fayette County is excited over the fact that Barker Bros. & Co., of Philadelphia, had over $150,000 of the county's money, the proceeds of a bond sale. President Ewing. of the Fayette County Bank, says that the institution holds securities from Barker Bros. in excess of the money deposited.

12. November 22, 1890 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, November 22, 1890

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EMBARRASSED BANKS. Barker Bros. & Co.'s Failure Not so Bad as It Might Be. PHILADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking-house was open this morning, although no business was done. No statement of the firm's condition has yet been made. The Investment company, of which Wharton Barker is one of the directors, is perfectly solvent, it is asserted. Wharton Barker has resigned his position as president of the Finance company of Pennsylvania. Vice-President Tower has been 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 its outstanding liabilities. Runs on Savings Banks. NEW YORK, Nov. 21.-The run on the Citizens' Savings bank continued today in full force. The directors met this morning and decided not to take advantage of the ninety days' notice rule, but to pay depositors as far as possible. NEWARK, N. J., Nov. 21.-The run on the Howard Savings bank continued today, but was not as heavy as yesterday. The Barings Firm Reorganized. LONDON, Nov. 21.-It is officially announced that arrangements for continuing the business of the Barings have been concluded. A limited company

13. November 26, 1890 Watertown Republican Watertown, WI

Article from Watertown Republican, November 26, 1890

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THREE MILLION CRASH. Barker Bros., of Philadelphia, Pushed to the Wall-Wrecked by Stock Dealings -The Firm Caught in the Whirlpool of Wall Street and Sent to the BottomFew Creditors, but Liabilities Very Heavy. PHILADELPHIA, Pa., Nov. 20.-The failure of Barker Bros. & Co. has just been announced on the Stock Exchange. The announcement of the failure on the Stock Exchange here had the effect of depressing the market. The firm is composed of Abraham and Wharton Barker. At 1 o'clock they stopped receiving deposits at their offices at Fourth and Chestnut streets, and at 1:15 o'clock the doors were closed. The members of the firm refuse to make any explanation of their troubles, Wharton Barker stating to an Associated Press reporter that the firm had no statement to make whatever. The suspension was not much of a surprise to the well informed, as the firm's credit has been poor for the past two months. It is said that the liabilities will be about $3,000,000, but the creditors are not numerous. The firm is said to have an interest in the stock market and failed because of their inability to realize on outside securities. There is no probability that any statement will be made this afternoon. The suspension is said to have been brought about by the shrinkage in value of securities, and by the bank calling in their loans. When the announcement of the suspension was made the stock of the Finance Company, of Pennsylvania, 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 they owe. The firm of Barker Bros. has been established for fifty- three years. When the news of the suspension became generally known on the street many bankers and others called and tendered them their sympathies. The firm has of late been doing very little business through the Stock Exchange. An assignment has been made to Edward Meller, who is the son-in-law of Wharton Barker. Abraham Barker, the venerable founder of the bank, is father of Wharton Barker, the other member of the firm. He seems overwhelmed by the catastrophe which has befallen the firm. He is one of the best known financiers in the country, and was formerly president of the Stock Exchange. Wharton Barker said this afternoon: "The assignment is unavoidable. We hoped to be able to avert it, but it was impossible. People who owed us money and upon whom we depended did not pay us. We expected that they would do so, but they failed to meet their engagements and now we have failed to meet ours. That is all that can be said 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." Abraham Barker in December, 1887, completed his fiftieth year as a successful banker, and the occasion was celebrated by a dinner in his honor at the Bellevue, at which over eighty members of the Philadelphia Stock Exchange sat down. A. J. Drexel heard of the failure shortly after it was announced. He remarked to a friend: "This is too bad. It could have been avoided. We would have helped them out. It seems to me there was no necessity for making the assignment.' The failure has been caused largely by various unprofitable railroad investments. Barker Bros. & Co were identified with a number of railroad schemes which more conservative financiers and capitalists avoided, and when the money stringency came they found itimpossible to realize upon them. Among the railroad securities with which Barker Bros. & Co. were identified in recent years were the Ohio & Northwestern, Oregon Pacific, San Antonio & Arkansas Pass, and Charleston, Cincinnati & Chicago. CONNECTION WITH CHINA

14. November 27, 1890 The Brookhaven Leader Brookhaven, MS

Article from The Brookhaven Leader, November 27, 1890

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av Pa., on the 20th. WILLIAM ROBINSON, passenger agent in Michigan for the Grand Trunk rail. way, was killed at Lapeer, Mich., while attempting to board a moving train. THE members of Tong Yoong & Co., a Chinese merchandise house, of San Francisco, have fled to China, leaving their employes unpaid. There was a riot in Chinatown in consequence. IT is again asserted that Mr. Adams will be compelled to retire from the Union Pacific. THERE is a report that Secretary Windom will recommend the issuing of bonds at a low rate of interest, redeemable at will in currency. CHARLES JACOB, JR., & Co., pork packers, Cincinnati, have failed. BARKER BROS. & Co., bankers and brokers of Philadelphia, have failed. The failure was heavy and was caused by unprofitable railroad investments. IT is said Baring Bros. will reorganize as a joint stock company. A. M. LOFTUS shot and killed his father, H. C. Loftns, six miles east of Gainsboro, Tenn., in a personal difficulty, accidentally killing his brother with him at the same time. The son is said to have acted in self defense, in defending his mother from an attack by his father. THE weekly statement of the Bank of France shows a decrease in gold of 81,851,000 francs and an increase of silver of 2,975,000 francs. CARDINAL GIBBONS says that the report of his bringing a libel suit against the publishers of a book dedicated to him was entirely untrue and was probably set afloat to advertise the work. JACK MAPLES, colored, was hanged for rape at Knoxville, Tenn. He vigorously protested his innocence on the scaffold and accused a man named Connors of swearing his life away. CHIEF MAYES has sent a message to the Cherokee Legislature advising that the Nation make the best terms it can with the Government for the Cherokee Strip. JAY GOULD thinks better times are at hand for Wail street. BUSINESS failures (Dun's report) for the seven daysended November 20 numbered 274, as compared with 266 the previous week and 272 the corresponding week of last year. THE Commercial National Bank of Guthrie, Ok., failed on the 21st. THE run on the Howard Savings Bank at Newark, N. J., gradually tapered off. It was the result of a foolish scare. ITALIAN laborers and citizens had a fight recently at Paris, Ky. The Italians were driven out of town after several had been hurt. The trouble was caused by runaway horses dashing into the Italians, when they attacked the driver. IDA JONES, a colored courtesan convicted of stabbing Steven Zimmer, of St. Paul, to death last June, has been sentenced at Denver, Col., to fifteen years in the penitentiary. A motion for a new trial was denied. DORSEY EDWARDS was hanged at Yazoo City, Miss., for the murder of his wife in September last. THE Twenty-sixth Ward Bank of Brooklyn, of which Ditmas Jewell, formerly of the Brooklyn Bank, is president, was robbed of a package containing $5,000 in bills. The work is supposed to be that of a band of clever sneak thieves. W. S. WHARTON, the Chicago broker who was arrested in Philadelphia on the charge of swindling a number of persons in that city out of amounts aggregating about $50,000, was committed to await the action of the Illinois authorities.

15. November 27, 1890 Iron County Register Ironton, MO

Article from Iron County Register, November 27, 1890

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A BIG BREAK The Banking and Brokerage Firm of Barker Bros. & Co., Philadelphia, Compeied to Assign, with Liabilities Placed at About Three Million Dollars-Slow Collections Responsible for the Break. PHILADELPHIA. Nov. 21. - Barker Bros., bankers and brokers of this city. have made an assignment for the benefit of their creditors. Their liabilities have not yet been made public. This is Wharton Barker's firm. They are largely interested in Reading securities; Oregon Pacific bonds and Baltitimore & Ohio car trusts. The firm had a small line of deposits. A great flurry was caused in the Stock Exchange about noon when it became known that the large and well-known banking-house of Barker Bros. & Co. had made an assignment. As soon as the announcement was made there was a general fall in stocks. Vice-President Bachman of the exchange, when asked about the suspension, said: "All I know about it is that we received a note from the Barkers stating that they would be compeled to make an assignment. I do not know any thing about their assets or liabilities. In fact, I do not even know the name of the assignee. Stocks fell, but it will not make much difference in the stock market, as they have not been dealing in stocks to any extent. They have been interested in outside speculation, I suppose, and to this, probably, is due their assignment." Inquiry at the office of Barker Bros & Co failed to elicit any information further than they had made an assignment, and that perhaps some statement would be made later in the day. The firm consists of Wharton Barker, Abraham Barker and Joseph Wharton. Mr. Wharton Barker is president of the Finance Company. The firm also con trols the Wharton Switch Company, and gained a world-wide reputation some time ago by its Chinese inter-telegraphing banking scheme. They are also the Philadelphia correspondents of the Barings, the great London bankers, who were in difficulty recently. Mr. Abraham Barker, the founder of the b: nking-house of Barker Bros. & Co., S: d: "The assignment was unavoidable. We hoped to be able to avert 10, but it was impossible. People who owed us money, and upon whom we depended, did not pay us. We expected that they would doso, but they failed to me t their engagements, and now we have failed to meet ours. That is all that can be said now. Of course, the condi on of the money market has much to do with the trouble. The step was cessary for the protection of our customers." T1: . liabilities are said to be about $3,000,000.

16. November 27, 1890 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, November 27, 1890

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THE BARKER FAI URE. They Are the Barings' Philadelphia Agent. Philadelphia, November 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 and Joseph Wharton. The firm at 1 o'clock stoped receiving deposits at their office at Fourth and Chestnut streets and at 1:15 o'clock the doors were closed. The members of the firm refused to make any explanation of their troubles, Mr. Wharton Barker stating to an Associated Press reporter that the firm had no statement to make whatever. As soon as the announcement was m d on 'Change there was a general fall in stocks. Mr. Wharton Barker is president of the Finance Company. The firm also controls the Wharton Switch Company, and gained a world-wide reputation some time ago by its Chinese Inter-Telegraphing Banking scheme They are also the Philadelphia correspondents of the 'Barings, the great London bankers, who were in difficulty recently. The firm of late has been doing very little business through the Stock Exchange, An assignment has been made to Edward Mellor, who is the son-in-law of Mr. Wharton Barton. The suspension was not much of a surprise to the well-informed, as the firm's credit has been poor for the past two months, It is said that the liabilities will be about $3,. 000,000, but the creditors are not numerons The firm is said to have an interest in the stock market and failed because of their inability to realize on outside securities.

17. November 27, 1890 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, November 27, 1890

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THE BARKER FAILURE. It Has Not Pulled Down Anything Else With It Yet. PHILADELPHIA, Nov. 21.-The doors of Barker Bros. & Co.'s banking house were opened again this morning and affairs in and around the bank resumed something of their wonted appearance, although, of course, no banking business was being transacted. It was impossible to see either member of the firm, as they were busy straightening out their tangled business; but one of the employes stated that no statement of the firm's situation would be made this morning, although it was possible that one might be made later in the day. The fund of $800,000, subscribed yesterday by a number of banks and private banking houses to aid the Finance Company of Pennsylvania if the occasion for it arose to meet its outstanding liabilities, has not yet been drawn upon by the company, it being fully able to meet its liabilities. Mr. Wharton Barker was vice-president of this company, and it was feared his connection therewith might cause a run upon its financial affairs. The Investment Company of Pniladelphia. of which Mr. Wharton Barker was a director, claims to be perfectly solvent and unaffected by the failure of Barker Bros. The stock of the company, which yesterday declined upon the announcement of the failure of Barker Bros., advanced this morning $1 per share to 36. With the excepttion of Lehigh Navigation, which fell to 431 this morning, the general market is stronger.

18. November 28, 1890 The Mankato Free Press Mankato, MN

Article from The Mankato Free Press, November 28, 1890

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MANKATO, MINNESOTA, FRIDAY, NOVEMBER 28 Within ₹ E A HEAVY failure is announced in Phip A CORRESPONDENT in last week's Lak adelphia. Barker Bros. & Co., bank Crystal Mirror, signing himself "A FRE STAR ers, suspend business with liabilities PRESS Subscriber," comments on an A placed at $3,000,000. It is expected that sociated Press dispatch from Washing 9dT the company will be able to pay their ton which quoted an editorial from indebtedness dollar for dollar. New York paper, warning capital t ТЭАЯТХЭ 1000

19. November 28, 1890 The Red Cloud Chief Red Cloud, NE

Article from The Red Cloud Chief, November 28, 1890

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MAJOR MCLAUGHLIN, THE AGENT AT STANDING ROCK Major McLaughlin, the agent at Standing Rock, admits that he has lost control of the Indians. Sitting Bull a day or two ago very coolly told the agent that he and his braves had no use for him. NEGOTIATIONS FOR A CONSOLIDATION Negotiations for a consolidation of the coal and iron interests in the Hocking valley are reported to be in progress. JAMES D. BUTLER James D. Butler, brother of Congressman-elect Butler, of Michigan, a clerk in one of the departments at Washington, was stabbed in the back by Thomas H. Tate, a fellow-clerk. They were apparently under the influence of liquor when the stabbing occurred. WILLIAM ROBINSON William Robinson, passenger agent in Michigan for the Grand Trunk railway, was killed at Lapeer, Mich., while attempting to board a moving train. INTENSE EXCITEMENT Intense excitement prevails at Belding, Mich., over the discovery that a Mormon elder has succeeded in proselyting fourteen young girls employed in the silk factory there. THE BURLINGTON The Burlington has declared the usual quarterly dividend of 1¼ per cent. THE FIRST ANNUAL MEETING The first annual meeting of the National non-partisan W. C. T. U. began in Allegheny City, Pa, on the 19th. THE INTERNATIONAL LAW AND ORDER LEAGUE The International Law and Order League was in session at Pittsburgh, Pa, on the 20th. THE NEW YORK SUPREME COURT The New York Supreme Court has declared the bequest of $4,000,000 by Samuel J. Tilden to the New York public library invalid. The case now goes to the Court of Appeals for final decision. THE MEMBERS OF TONG YOONG & CO. The members of Tong Yoong & Co., a Chinese merchandise house, of San Francisco, have fled to China, leaving their employes unpaid. There was a riot in Chinatown in consequence. It is again asserted that Mr. Adams will be compelled to retire from the Union Pacific. THERE IS A REPORT There is a report that Secretary Windom will recommend the issuing of bonds at a low rate of interest, redeemable at will in currency. CHARLES JACOB, JR., & CO. Charles Jacob, Jr., & Co., pork packers, Cincinnati, have failed. BARKER BROS. & CO. Barker Bros. & Co., bankers and brokers of Philadelphia, have failed. The failure was heavy and was caused by unprofitable railroad investments. It is said Baring Bros. will reorganize as a joint stock company. A. M. Loftus shot and killed his father, H. C. Loftns, six miles east of Gainsboro, Tenn., in a personal difficulty, accidentally killing his brother with him at the same time. The son is said to have acted in self defense, in defending his mother from an attack by his father. THE WEEKLY STATEMENT The weekly statement of the Bank of France shows a decrease in gold of 81,851,000 francs and an increase of silver of 2,975,000 francs. CARDINAL GIBBONS Cardinal Gibbons says that the report of his bringing a libel suit against the publishers of a book dedicated to him was entirely untrue and was probably set afloat to advertise the work. Jack Maples, colored, was hanged for rape at Knoxville, Tenn. He vigorously protested his innocence on the scaffold and accused a man named Connors of swearing his life away. Chief Mayes has sent a message to the Cherokee Legislature advising that the Nation make the best terms it can with the Government for the Cherokee Strip. Jay Gould thinks better times are at hand for Wall street. Business failures (Dun's report) for the seven days ended November 20 numbered 274, as compared with 266 the previous week and 272 the corresponding week of last year. THE COMMERCIAL NATIONAL BANK The Commercial National Bank of Guthrie, Ok., failed on the 21st. THE RUN ON THE HOWARD SAVINGS BANK The run on the Howard Savings Bank at Newark, N. J., gradually tapered off. It was the result of a foolish scare. Italian laborers and citizens had a fight recently at Paris, Ky. The Italians were driven out of town after several had been hurt. The trouble was caused by runaway horses dashing into the Italians, when they attacked the driver. Ida Jones, a colored courtesan convicted of stabbing Steven Zimmer, of St. Paul, to death last June, has been sentenced at Denver, Col., to fifteen years in the penitentiary. A motion for a new trial was denied. Dorsey Edwards was hanged at Yazoo City, Miss., for the murder of his wife in September last. THE TWENTY-SIXTH WARD BANK The Twenty-sixth Ward Bank of Brooklyn, of which Ditmas Jewell, formerly of the Brooklyn Bank, is president, was robbed of a package containing $5,000 in bills. The work is supposed to be that of a band of clever sneak thieves. W. S. Wharton, the Chicago broker who was arrested in Philadelphia on the charge of swindling a number of persons in that city out of amounts aggregating about $50,000, was committed to await the action of the Illinois authorities.

20. November 28, 1890 The Bolivar Bulletin Bolivar, TN

Article from The Bolivar Bulletin, November 28, 1890

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THE International Law and Order League was in session at Pittsburgh, Pa., on the 20th. WILLIAM ROBINSON, passenger agent in Michigan for the Grand Trunk rail. way, was killed at Lapeer, Mich., while attempting to board a moving train. THE members of Tong Yoong & Co., a Chinese merchandise house, of San Francisco, have fled to China, leaving their employes unpaid. There was a riot in Chinatown in consequence. IT is again asserted that Mr. Adams will be compelled to retire from the Union Pacific. THERE is a report that Secretary Windom will recommend the issuing of bonds at a low rate of interest, redeemable at will in currency. CHARLES JACOB, JR, & Co., pork packers, Cincinnati, have failed. BARKER BROS. & Co., bankers and brokers of Philadelphia, have failed. The failure was heavy and was caused by unprofitable railroad investments IT is said Baring Bros. will reorganize as a joint stock company. A. M. LOFTUS shot and killed his father, H. C. Loftns, six miles east of Gainsboro, Tenn., in a personal difficulty, accidentally killing his brother with him at the same time. The son is said to have acted in self defense, in defending his mother from an attack by his father. THE weekly statement of the Bank of France shows a decrease in gold of 81,851,000 francs and an increase of silver of 2,975,000 francs. CARDINAL GIBBONS says that the report of his bringing a libel suit against the publishers of a book dedicated to him was entirely untrue and was probably set afloat to advertise the work. JACK MAPLES, colored, was hanged for rape at Knoxville, Tenn. He vigorously protested his innocence on the scaffold and accused a man named Connors of swearing his life away. CHIEF MAYES has sent a message to the Cherokee Legislature advising that the Nation make the best terms it can with the Government for the Cherokee Strip. JAY GOULD thinks better times are at hand for Wail street. BUSINESS failures (Dun's report) for the seven daysended November 20 numbered 274, as compared with 266 the previous week and 272 the corresponding week of last year. THE Commercial National Bank of Guthrie, Ok., failed on the 21st THE run on the Howard Savings Bank at Newark, N. J., gradually tapered off. It was the result of a foolish scare. ITALIAN laborers and citizens had a fight recently at Paris, Ky. The Italians were driven out of town after several had been hurt. The trouble was caused by runaway horses dashing into the Italians, when they attacked the driver. IDA JONES, a colored courtesan convicted of stabbing Steven Zimmer, of St. Paul, to death last June, has been sentenced at Denver, Col., to fifteen years in the penitentiary. A motion for a new trial was denied. DORSEY EDWARDS was hanged at Yazoo City, Miss., for the murder of his wife in September last THE Twenty-sixth Ward Bank of Brooklyn, of which Ditmas Jewell, formerly of the Brooklyn Bank, is president, was robbed of a package containis suping $5,000 in bills. The work posed to be that of a band of clever sneak thieves. W. S. WHARTON, the Chicago broker who was arrested in Philadelphia on the charge of swindling a number of persons in that city out of amounts aggregating about $50,000, was committed to await the action of the Illinois authorities.

21. November 29, 1890 Eagle River Review Eagle River, WI

Article from Eagle River Review, November 29, 1890

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THREE MILLION CRASH. Bros. of Philadelphia, Pushed to arker Wall-Wrecked by Stock Dealings the Firm Caught in the Whirlpool of The Street and Sent to the BottomWall Few Creditors, but Liabilities Very Heavy. Philadelphia, Pa., Nov. 20.-The failof Barker Bros. & Co. has just been anounced on the Stock Exchange. The mouncement of the failure on the ock Exchange here had the effect of pressing the market. The firm is composed of Abraham and Tharton Barker. At 1 o'clock they opped receiving deposits at their dices at Fourth and Chestnut streets, at 1:15 o'clock the doors were osed. The members of the firm reto make any explanation of their publes, Wharton Barker stating to an ssociated Press reporter that the firm dno statement to make whatever. The suspension was not much of a arprise to the well informed, as the d's credit has been poor for the past months. It is said that the liabilities will be bout $3,000,000, but the creditors are thumerous. The firm is said to have an interest in stock market and failed because of inability to realize on outside seurities. There is no probability that any statenent will be made this afternoon. The suspension is said to have been brought bout by the shrinkage in value of seurities, and by the bank calling in their ans. When the announcement of suspension was made the stock the Finance Company, of Pennsylof which Wharton Barker is resident, fell from 96 to 66, but it authoritatively stated that the comis in a position to pay every dollar hey owe. The firm of Barker Bros. as been established for fifty- three ears. When the news of the suspenion became generally known on the treet many bankers and others called ndtendered them their sympathies. The firm has of late been doing very ttle business through the Stock Exchange. An assignment has been made Edward Meller, who is the son-in-law Wharton Barker. Abraham Barker, the venerable founder of the bank, is father of Wharin Barker. the other member of the irm. He seems overwhelmed by the atastrophe which has befallen the firm. IS one of the best known financiers n the country, and was formerly presiof the Stock Exchange. Wharton Barker said this afternoon: "The assignment is unavoidabie. We hoped to be able to avert it, but it was impossible. People whoowed us money indupon whom we depended did not We expected that they would do so, but they failed to meet their engagements and now we have failed to meetours. That is all that can be said 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." Abraham Barker in December, 1887, completed his fiftieth year as a success-