In 1871, Barclay J. Smith and others incorporated the Newtown Banking Company. Stock was sold to the public, and Smith used his connections and business acumen to build the bank's capital. He placed ads in the papers selling stock at various times. Most of the subscribers were locals, who placed their trust in Barclay and the bank.
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| March 30, 1872 Newtown Enterprise |
Barclay advertised that the bank was an "Old and Reliable Institution", and that the deposits of the community would be safe and secure. By all appearances, the bank was doing exceedingly well at this time. They advertised a paid up capital of $100,000 and many people in town owned shares, there were around 100 stockholders. Barclay was one of the largest stockholders, as was the Newtown Fire Insurance Company. One advertisement essentially said that it was impossible for this bank to fail, which was the prevailing thought at the time.
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| Oct 27, 1877 Newtown Enterprise |
By 1878, things appeared to be going very well for Barclay J. Smith. The railroad opening was a huge event in Newtown, Barclay had shoveled the first spade of dirt in 1872 and was involved throughout the process, perhaps too involved.
The railroad took six years to complete and wasn't without its share of problems. A financial panic in 1873 caused work to be stopped for lack of funds. The company was reorganized after the mortgage on the road was foreclosed, with Barclay J. Smith as treasurer. The bondholders bought into the road and turned their bonds into stock. Eventually, thanks in large part to help from the Newtown Banking Company, the road was opened on February 2, 1878. Newtown was now connected to Philadelphia, which would help the community grow and prosper in the decades to come.
At this time, the Newtown Fire Insurance Company had some losses after a fire in Philadelphia amounting to a few thousand dollars. Barclay was stretched too thin and couldn't borrow any more money, the bubble burst.
The immense costs incurred with the railroad were about to catch up with him, and the others who trusted him. With his hands in so many baskets, businesses were bound to get mingled together. Barclay's business practices got him in over his head and shortly it would all crumble. The local newspapers covered the situation relentlessly, particularly The Newtown Enterprise, which on May 11, 1878 reported:
The Recent Failure - The failure of Barclay J. Smith of this place, was announced on Thursday the 2nd, and the last paper was printed on Friday morning, giving us only time and room to announce the fact in an article prepared mainly by him. A week has intervened, and the subject has been the principal talk of the town and vicinity ever since; and as is natural on such occasions, there have been many exaggerations and misrepresentations.
Mr. Smith founded the Newtown Banking Company and the Newtown Fire Insurance Company. He was the principal stockholder of both these concerns, and managed them both, almost exclusively. What the Directors of either institution knew of the business was obtained from him. He also originated the idea of building the Newtown Railroad. He conceived the plan of an association of men joining together, purchasing a charter, organizing a company and issuing bonds, on which bonds the road was to be built. A loss of confidence in all such enterprises, when this organization was just getting under way, ruined its prospects. A number of persons had joined with him in this project, and it was persisted in after all home of the completion of the road under the arrangement should have been given up, entailing very serious loss on many, as well as himself; losses from which some will not be able to recover. The Railroad, the Bank and the Insurance Company were united together by a financial chain. The greater part of the money invested in the Railroad was lost when it was sold, and when Mr. Bush agreed to complete it, nearly all the old indebtedness was wiped out, and he received the new bonds issued under the first mortgage.
But the Bank was apparently on a firm foundation. A list of it's stockholders was published on June 18th, 1877, in connection with the settlement of the condition of the Bank at that time. (A list of stockholders follows, with Barclay J. Smith owning 100 shares, and Newtown Insurance Co owning 125 shares. The next highest shareholder held 75 shares and the majority held 10 or less.)
This was accompanied by a circular calling attention to the soundness of the Bank, stating that interest would be paid on deposits, and that the stockholders were liable for deposits, principal and interest. There may have been a few changes in the names of the stockholders since that date. The lowest the stock ever sold at public sale was $90, and previous to that it has sold at par. As to the present state of the Bank we know nothing. The Directors met on Friday of Last week. Dr. Benj. Smith, the Cashier, was absent on a visit to his son Edward in Minnesota, and intended when he left to remain about three weeks. Barclay J. Smith was left in charge of the Bank and books, the latter to be put in shape for examination previous to another meeting to be held on Wednesday, the 8th.
Barclay J. Smith also owned the grocery and provision store kept in the basement of the bank building, known as the "Rosewood" store, with Lukens Wood as manager. Lukens had no direct interest in the store but was hired to conduct it. This was kept open, and some of the creditors obtained goods. It was intended that the store should pay its debts, independent of any other connection.
It is impossible to calculate either the direct or ultimate losses that have and may result from this failure. The stock of the Bank was $100 per share, and it is easy to calculate how much each stockholder will lose directly, but how much they will be involved in paying depositors is not known. This much for the Bank. But apart from this, we learn that the heads of two of the largest and most prominent business firms of the place are involved on account of endorsing paper for Mr. Smith - These gentlemen are among our most enterprising citizens, foremost in any improvement of project for the benefit of the town, conduct business employing a large number of men, and have always enjoyed the confidence and respect of their fellow citizens. We are assured that both these firms (and we may as well name them, Hillborn & Buckman and Hillborn & Worstall,) are sound, and able to meet all liabilities.
On Wednesday the Directors of the Bank met and had a consultation with the President, who explained to them the situation of affairs. He acknowledged that he had taken large sums out of the bank and put them in the railroad without the knowledge of the Directors. They adjourned, appointing Geo. A. Jenks, one of their body, to take charge of the books and property of the Bank.
Thus far we have endeavored to give the situation of things as we see it, honestly and fairly. There is much talk and rumor. There appears to be a general surprise manifested among stockholders, depositors and others, that the Directors, on ascertaining the condition of affairs, did not take possession of the Bank, the books and papers, and put them in the hands of a proper disinterested person to hold and investigate. It is said the Insurance Company is still doing business. Some time ago the President, Alfred Blaker, resigned, and Cyrus Hillborn was put in his place. Samuel J. Bunting and Oliver H. Holcomb, Directors, also resigned, and we have not heard of their places being filled. The business of the Company is all transacted in Philadelphia.
Having published this much it seems proper to give what we suppose was the motive of Mr. Smith in appropriating these funds. A large sum of money had already been invested in the Railroad. To keep the concern alive, to retain possession of it, until arrangements could be made to have it completed, was his constant effort, and to the end he devoted much time, attention and money. He thought if he could regain control of it, it would eventually be completed, become renumberative, and then all the money advanced would be returned or secured. The result was different, and the road passed beyond his control, was lost, and the greater part of the investment sunk. He took the risk and failed. Had he been successful, he would have been praised as a shrewd financier. As he failed, he is denounced, and more severely by those who lose nothing.
A meeting of the stockholders is called at the rooms of the Bank on Saturday, May 18th at 2 o'clock PM.
Barclay J. Smith furnishes the following statement.
The liabilities of the Newtown Banking Company have been ascertained to be as follows: $17,148.54 due on book account to 70 depositors; $23,494.62 due on certificates of deposit, upon which not more than an average of one month's interest is due; $32,481.41 due to banks and bankers, $16,792.00 of which is secured by bonds and stocks; $6,565 due to other parties not bankers. The assets of the bank would be ample under favorable circumstances to meet all these obligations, but at present it is difficult to compute the exact value of some securities held, and a deficiency of $12,000 to $18,000 may exist. Every effort will be made by the board to hasten settlements, and if the creditors will accept the securities and notes held, the whole business could be closed up in a few months; if the whole amount has to be paid in cash, it will take a much longer time to arrive at this result. On examination it is found that most of the notes which cannot now be collected were made in 1874 and 1875, being those of the President of the Bank and other parties engaged in building the railroad, some of which are still good and will have to be met. Nothing was loaned to the Railroad Company direct, but the managers and parties engaged in the work, on individual names, and on collaterals now worthless.
Barclay J. Smith had gotten himself into major financial trouble, and the trusting people of Newtown were the ones who would pay the price.
The Germantown Telegraph reported The failure of the Newtown Banking Company, which will probably close the existence of the Newtown Insurance Company, turns out to be more unfavorable for Barclay J. Smith and the stockholders than was expected. It was as usual the result of the one man power - the Board of Directors being merely so many ciphers.
Barclay J. Smith was the man with too much power.
Meetings of creditors, stockholders, directors of the institutions followed while they all tried to get a grip on the situation Barclay had created. One meeting of the stockholders of the bank was likened to attending a funeral. Barclay continued to publish statements and rebuttals in the paper, and much was written about both sides of the case.
On May 25th, the Enterprise published a long and laborious letter from Smith in which he attempts to explain the situation he found himself in.
The time devoted to making a statement of my individual affairs for your examination will not enable me to enter into details, but I ask your patience for a few moments while I give a few facts which led to the unfortunate close of my business career at this place, because I think it is due you and me and those most nearly connected with me, to have set out the cause as well as the result of my sad experience.
He then goes on to detail some agreements in which the parties tried to limit the financial damage and individual liabilities of the partners caused by the growing need for an influx of money into the railroad. At this point the railroad company had debt in excess of $100,000, mostly drawn on the Newtown Banking Company. The Fire Insurance Company owned 125 shares of the Bank. Here we see how the railroad, bank and insurance company were all tangled financially.
Smith laments that he was young and sanguine and that he was encouraged by all the ability and power of language my associated possessed, to build the road at all hazards, and they would stand by me. In other words, it's not my fault the railroad got into trouble because of your encouragement.
By September 1st, 1874, Smith admitted to having advanced the railroad the enormous sum of $184,116.75. (Note, it may be $134k.) Holding such high positions at the bank and railroad enabled him to funnel money from one company to the other, with no regard to the effect it was having. He had total control and little oversight, a bad combination. I had got myself into the scrape, and could get out as best I could he writes.
Barclay's improprieties caused prominent local businessman J. Pemberton Hutchinson to publicly disassociate with him.
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| June 1, 1878 Newtown Enterprise |
In May of 1878 the Newtown Banking company officially closed its doors, followed swiftly by the Newtown Fire Insurance Company. Two of Newtown's most reliable businesses cut down in one fell swoop. It is a dark cloud without a silver lining, with scarcely a ray of light through it. The Newtown Gas and Water Company survived the fiasco, J.P. Hutchinson took over for Barclay's multiple positions in the company upon his resignation.
The town was crushed under the weight of the ordeal. Newspapers published local viewpoints, as well as rebuttals to other papers' errors in reporting. People argued they were no different than Barclay in that they also put money into the railroad and lost it, he shouldn't be looked at as a martyr. The case was a lesson to those who blindly trusted their money without ample security.
Barclay argued With all my embarrassments I never had a doubt of the ability of the bank to meet its engagements, because I believed it secure, to a great extent, although I have advised but one person for a long time to put money in the bank stock or certificate.
To which a local replied He had no doubt of the ability of the bank to meet its engagements, when he had taken almost everything out of it! He never asked but one person to put money in the bank stock or certificate. But he asked them to deposit it, which is the same thing. They go on to call him out on a circular that Smith published called "twenty good reasons" for depositing money in the Newtown Banking Company.
The heat was on Barclay, and on June 4th, 1878, he skipped town.
The July 20th Enterprise reports that Barclay had been heard from. He wrote a letter from Helena, Montana Territory, which was first published in the Intelligencer.
Esteemed Friends - After the announcement of my failure, May 1st, I worked almost unceasingly for five weeks, during which time I set in order the books of the companies with which I was connected, settled up with and resigned my position as executive officer in four of them and two were placed in other hands to be closed up. My personal affairs were given to trusted friends to dispose of and distribute the little there was left among my creditors. On the second of June I packed my valise to go to the Argentine Republic, South America, expecting to take passage on the new steamship City of Para, of the Brazilian line, which was in sail June 6th. Owing to failure to consummate a business arrangement for which I was going there in time for this steamer, and the entreaties of my mother, who came to visit me the day before I was going to engage my passage, not to go too far away, I gave it up, and on the evening of June 4th, not having anything to detain me there, and no business at which I could earn much more than a living for myself and family, I took the Cincinnati express for Montana.
I would be glad to give your readers any information about the character and resources of the Territory. My address is Helena, M. T., and it is my intention to stay in the Territory. I propose to engage in the manufacture of an article which is in general demand and can be produced here at about the cost of transportation from the States - provided a little capital that has been tendered me shall be forthcoming. If so, I will visit the States in a few months to procure machinery and bring out my family. I can make no promises, but had I come here ten years ago, when things were even better than now, I believe I could have built several railroads as long as the Newtown and not become insolvent by it.
We see that despite his failure, Barclay J. Smith's confidence did not wane and he threw himself right into a new venture. A month later he was reported to be back in the insurance business in Helena. In September, his family joined him at their new home. Barclay was immediately back up to his old habit of getting involved in too many businesses, he was now reported to be in the cracker and cake manufacturing business.
On June 21st the sale of the personal property of Barclay J. Smith was held in Newtown, which included his various stock holdings.
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| June 29th, 1878 Newtown Enterprise |
Things quickly turned again for Smith. The Philadelphia Times reported that Barclay J. Smith was arrested by Joseph Rue in Helena on a requisition from the governor charging that he was a fugitive from justice. Michael Satterthwaite, Wm. Godley Ellis and Elmer H. Rogers filed a complaint charging Smith with embezzlement. Despite the arrest, Smith was not sent back to Bucks County. Papers said he immediately took advantage of all the legal means in his power to prevent or delay his leaving the place. There is no assurance of his having left there, and it may be some time before he arrives in Bucks County.
Smith penned a letter to the three men who tried to have him arrested in which he states that the charges are insufficient to warrant a return to Pennsylvania. He says that if they believe what they have swore to, he will come home at their cost and be tried in any court and have no counsel or witnesses on his behalf.
Satterthwaite, Ellis and Rogers prepared an "open letter" to Smith that was sent to him in Helena, as well as published in the Enterprise on December 21, 1878. In it they agree to pay his travel expenses if he will return to Bucks County.
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| Open Letter to B. J. Smith |
The January 1, 1879 Enterprise reported that
The "open letter" of Satterthwaite, Ellis and Rogers, sent to B. J. Smith at Helena, Montana was duly received there, and news of its reception has been returned here. He declines to come on at this time, on account of business complications.
It is further reported that they tried to publish this "open letter" in two of Helena's newspapers but were rejected. It seems that Barclay had secured the sympathies of the press, people and officials of Helena. Barclay's response to the letter was that he declined to come home at that time due to business complications.
In May of 1879, Barclay J. Smith was disowned by the Monthly Meeting in Newtown after mature deliberation.
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March 29, 1879 Newtown Enterprise | | Property of Barclay J. Smith incorrectly labeled as JB Smith |
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Shortly after this in June 1879, the papers for bringing Smith back were prepared in Doylestown and a requisition was signed between Governors in Harrisburg. Joseph Rue was once again dispatched for Montana with the expectation that Smith would come home this time.
A dispatch from Bismarck, Dakota, says that detective Joseph Rue, of this city, has reached that place with Barclay J. Smith, ex-Treasurer of the Philadelphia, Newtown and New York Railroad Company, ex-president of the Newtown Banking Company. amd ex-president of the Newtown Fire Insurance Company. Smith was arrested at Helena, Montana, where he had been living in apparent poverty with his family for about a year. He is being brought on to Newtown, Bucks county, to answer to those whose money he is accused of having embezzled. His parting from his family in Montana is said to have been very affecting. When arrested he was preparing to start on an overland trip to Puget Sound. July 10, 1879 Philadelphia Times
The hearing was arranged to take place at the office of John B. Pugh, Esq., Doylestown. The burden of proof now rest on the shoulders of Michael Satterthwaite, who was one of the men who made the affidavit asking for the requisition. His partner in the requisition, Lewis B. Scott, was out of state and not coming back.
During this period, Barclay showed up unannounced in a place he was previously disowned.
When the congregation in Friends Meeting was sitting in silence in the forenoon of Sunday last, who should walk into the house and take his accustomed seat but Barclay J. Smith. He came up on the train, which was somewhat behind time, and came direct from the station to the meeting. When the meeting broke up there was a regular hand-shaking. He looks very well. August 9, 1879 Newtown Enterprise
Presumably, Barclay's father's standing in the community, as well as Barclay's once prominent role in the Society gained him reacceptance.
At the trial, Satterthwaite could not produce a shred of evidence that Barclay J. Smith had embezzled funds. The lawyers asked that the case be thrown out as there was not a single person or a single fact to make up a case of criminality against Mr. Smith. The Philadelphia Times said that Barclay exclaimed "Glory to God!", which the Enterprise said was simply not true and that he sat entirely unaffected.
After the trial, Barclay returned home to Montana and wrote his requisite letter published in the Enterprise. A letter from General H. G. Sickel, of the Newtown Railroad, was published in the Helena Herald which attested confidence in Barclay's character and pledged money towards his journey home. Barclay had to do damage control on his reputation. He already had one business in Helena fail after the first time he was arrested.
Barclay's second stint in Montana did not last long, as on December 20th, 1879 the Enterprise said that his new address would be San Francisco. Barclay and family were off to California, a new start in search of business success.
Apparently, he wasn't as successful in raising capital out West as he was in Bucks County, for the April 17th, 1880 Enterprise reported Barclay J. Smith has made a request of his friends in Newtown to raise him capital with which to go into business at San Francisco. He must've been desperate to appeal to those who he so recently harmed financially. First, Barclay and son opened a restaurant in San Francisco that didn't last long.
In October we learn that Barclay went back to his roots. He was in the grocery business with a former resident of Bucks County, D. W. Jenney. He would drop his partner and replace him with his son and this grocery business would end up being a great success.
We are informed that Barclay J. Smith, formerly of Newtown, is now doing a very large and profitable business in the grocery line in San Francisco, California, in the name of his son Harper A. Smith. No one here doubts the business capacity and energy of Barclay, and it is safe to say that his old friends, neighbors and acquaintances are all gratified to hear of his prosperity after his unfortunate financial failure here. During the recent holiday season he employed as high as twenty assistants, has a number of wagons delivering goods throughout the city, and his trade extends into the interior to a considerable distance. February 3, 1883 Newtown Enterprise
Barclay's store continued to prosper, and for a few years we hear only sparingly from the man out West.
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| June 16, 1892 San Francisco Call |
Few readers, we take it, but are familiar with the title "Smith's Cash Store." In a few years it has become as generally well known as any landmark or any similar distinctive title the city posesses. And that it holds a very favorable place in public opinion is evidenced in the business it transacts. Its growth is not so much owing to advertising as would be imagined, although it has always been a large and judicious advertiser. Advertising has of course played a very important part, but back of this was the great main point that it carried out fully the wording of its advertisements. It meant what was stated in the papers, and hence confidence was engendered towards it, on the part of the public. The success of Smith's Cash Store is the success of a previously outlined policy. And the success has been achieved in the face of a very vigorous competition and under not a few difficulties. The store has been conducted differently from others, and reflects very able management by which such obstacles as were encountered were overcome however. Its growth, though rapid, has been gradual, and it is evident each step taken was carefully thought out. Its history shows that no risks were indulged in. Ambition was kept well in hand. Many, had they been at the head of such an enterprise, would have inaugurated different branches, would have selected more conspicuous locality for the retail trade, would have made more display. Eagerness would have urged on enterprise to a too rapid development. But the enterprise of this store is a prudent one, and hence its success and the stable place it holds in commercial circles. October 10, 1892 San Francisco Chronicle
In many less words, business was good and the Smiths were good people according to San Franciscans. An advertisement from Sacramento shows that the store had a capital stock of $200,000. This time, Barclay didn't control the bank, so presumably the stockholders weren't worried about another collapse.
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| Smith's Cash Store Business Card |
In 1895 the number of workers employed by the Smiths had risen to two dozen and business was booming. The father and son team found themselves the subject of local articles. They moved locations multiple times until they settled in at 27 Market Street, a beautiful six-story building that they fully occupied which was described as one of the handsomest buildings that has recently been constructed.
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| Jan 17, 1897 San Francisco Call |
It is a proud monument to its owner and builder and an everlasting ornament in San Francisco. Smith's Cash Store is a name familiar in almost every household, not alone in San Francisco but throughout California. The growth of this establishment has been phenomenal, and it occupies to-day a leading place among the commercial houses of this coast.
Barclay had once again risen to the heights he dreamed about. From his humble beginnings at the Buckmanville Store, to a six story megastore in San Francisco, Barclay never gave up and found success more times than he lost it.
Barclay acclimated himself to California and grew into the same figure that he was in Newtown, maybe greater. He housed 10 to 14 people, most of whom he employed in some capacity. He was a leading religious figure, and started a kindergarten for underprivileged children.
That isn't to say the store was without it's problems.
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| February 2, 1900 San Francisco Call Bulletin |
Once again, disaster struck Barclay J. Smith. In 1900 it was reported that the liabilities of the store were $120,000 to $126,000, and the assets were about $10,000 more. Those figures must've seemed familiar to Barclay. This time, no bank was a creditor and the largest creditor was owed $20,000. Barclay gave his customary excuse.
Owing to some reverses and probably to increased expenses our checks were thrown out of a bank last Tuesday and notes held by the bank amounting to $6,500 or thereabouts were charged against the account for funds believed to be in the bank to meet these checks. We tried to redeem our discredited paper, but finding the entire amount was afloat we concluded to stop payment and called a committee of our creditors together, who decided that the nest thing to be done was to place the entire matter in the hands of the Board of Trade, which was done. Our business has grown to almost $1,00,000 per annum in actual cash sales, and was one of the most prosperous on Market street. I hope than an arrangement will be reached that will enable us to go on.
This time, the failure wouldn't be permanent. By agreeing to pay off a large loan of $61,500, Barclay regained control and ownership of his store.
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| June 30, 1900 San Francisco Call Bulletin |
Barclay went right back to selling stock in the store in 1901, calling what had just failed the
Best and safest investment in town. Barclay was nothing if not persistent.
On December 12, 1903, the Newtown Enterprise reported that Barclay J. Smith, of San Francisco Cal., formerly of Newtown, is reported as being very ill. Three days later the San Francisco Chronicle announced the death of Barclay J. Smith.
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December 15, 1903 San Francisco Chronicle
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Now for the rest of his obituary, from the December 19th edition of the Newtown Enterprise:
The Business Career of the deceased in Bucks County ended with the collapse of the Newtown Banking Company and the Newtown Fire Insurance Company in the spring of 1878, soon after the opening of the Newtown Railroad for travel. Soon afterward he went West, first to Helena, Montana, where he kept an eating house, and later to San Francisco, Cal. and embarked in the mercantile business, the same in the course of time growing to large proportions. In that city by the Pacific the remaining years of his life were spent, his business duties being interspersed with religious work.
Barclay J. Smith was a son of the late Ralph Smith and was born in Upper Makefield township. He was possibly 75 years of age. His wife, who survives, was Lydia A. Wood, of Montgomery county. There are two children - Harper A. Smith, who was engaged in business with his father, and a daughter, Laura M. Greer.
The remains will be brought East and interred with his kindred in the Friends' graveyard at Wrightstown. Notice of the funeral to be held at the meetinghouse at that place appears elsewhere.
After his death, newspapers continued to write about the man and the differing opinions locals had about him. A letter called "The Other Side", penned by "S." shows how some felt towards the deceased.
The "marvelous business rise" of the late deceased, from five dollars to a great building and the employment of one hundred and fifty hands, would strike the reader as being more meritorious and indicate more genuine business ability if it had enabled him to make some restitution to the numbers of women he had made poor, some of them destitute, and children who were deprived of their rightful inheritance because of the losses their parents sustained in the broken bank, the fire insurance, and the other ventures of his which they were over-persuaded into and which proved to be total failures. January 2, 1904 Newtown Enterprise
Two weeks later, we see a rebuttal called "Again the Other Side", written by "Justice".
There were severe reserves occasioned by the collapse of the Newtown Banking Company, and the aged, the widow and the orphan suffered, and the effects are felt yet. No one sympathizes more with these than does the writer of this. That the losses were small compared with those occasioned by a recently wrecked back of this county does not enter into the question but this does: that the money lost in our local institution in 1878 did not go to individual benefit, but mainly for the building of the Newtown Railroad, or to replenish losses of corporations subsidiary to that. Barclay J. Smith was no sporting character reveling in the money wrong from the widow and orphan. Those who visited his home in Newtown saw him living in a plain house in a plain way. He made grievous mistakes in his optimism, and the money he encouraged his friends to put in his undertakings went to the bad, but if it does his financial victims no good, that the process of his borrowing went elsewhere than to his comfort and high living is a factor in his favor.
Finally, the papers had enough of the discourse. On January 30, 1904, the Enterprise published:
For some weeks the Enterprise has given up much space to the merits and demerits of the late Barclay J. Smith, who recently died in California, and was buried at Wrightstown, as seen from the standpoint of both "Justice" and "S." The subject matter has been thoroughly ventilated on both sides, and as far as we are concerned, in the language of President Cassalt, of the Pennsylvania Railroad, in discussing the recent side-tracking of Philadelphia, the "incident is peremptorily closed."
Smith's store continued to be run by Harper after Barclay's death, until the earthquake of 1906 destroyed it and there was no insurance to replace it.
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