James Madison Barker
James Madison Barker was an American banker and business executive who worked for First National Bank of Boston, Sears, Roebuck & Company, and Allstate Insurance Company.
Born in 1886, Barker began his career as a civil engineer, earning his degree in engineering from the Massachusetts Institute of Technology in 1903. In 1914, he married Margaret Rankin, whom he met on a trip to the Panama Canal. After the birth of their three children, Barker took a more financially stable position developing a First National Bank of Boston branch in Buenos Aires, Argentina. In order to return to the United States, he then took a position at Sears & Roebuck Co., in which he developed the concept of “time-payment” financing, which became popular in other banks and companies. He was later appointed director of Allstate Insurance, a subsidiary of Sears.
Barker made a significant impact on the business world, but his endeavors in international affairs are lesser-known. In 1948, he travelled to the Middle East to help research and write the final report for Overseas Consultants Inc. (OCI) pertaining to the financial viability of Iran’s “Seven-Year Plan” to reconstruct the economy. Barker did similar work with the World Bank and the Hoover Commission.
Barker died in 1974.