Telegram-herald., 1890-11-18
THE BARlNGS.
Tbs Big Lcnaea Banksrs' Escape
Was Narrow.
The. ctsisn to Be Al Right. CT cea-
h1saes Fizs Net Yet Been
Fsay Restored.

cAVsE OF rskgR EsBARsAssAENF
L0SD0s. Nov II - Ths BariRx
broshsEs' sz basEsssneat @as due 70 tss
action q tke Russian 0oyerRmenE
watch. alarmed by the financial tEou bles
IN tAs ArEeasiRs hspablle durinz TEE
samneF ss4dsnly sith1Few fson ths
barinzs ks so9 90. iast a. is NithdFeS
ki,ooa. 9oo from the ComptoiFd Z Escompte
IN the spriax Of 1850 Us sctioa al th4E
tue resulting in the saicl1s Of ths
manager u The institution znd the col
lapse ot she copper FiRg
Except the rise In the baRk rate % s
no tso1ele occurred ana tie a. soc go
was quietly Transferred 10 Berlin. After
this. things apparently regalAed their
former smootAness The governor Of
the Bank Of England acted with exceed
iag discretion. Keeping every thing as
secret as possible la order 10 avoid a
p2nic.
The Earrings offered 20 sacrifice every
thing, but the Unavoidable delay in
realizing would have been almost equiv
alsnt 10 an actual collapse. and Tor this
reason u vas decided 10 raise guaran-
tee fund
The arrangement for assisting the
Barings was finally concluded Al meet
ing AZ the Bank OF England Satur-
/ day morning. The personal prop
srty OF the members OF the hrm
amounts 10 over Gi.Oo0. 600. IL Is
rumored that Rassia's agent IN Paris
withdrew another s2, 200. 900 on a
rumor that the Barings had stopped
| payment The latter's assets include
| 81 090, 0OJ OF the finest paper in tie
world. II is believed that three years
will be ample tune 10 bring tho hrm'
affairs TO 4 substantial position.
All the morning papers, while re-
| GREETING that great name has been
brought so low, applaud the courage
with which the difficulty was met, and
acknowledge that the Bank of England
| has earned the thanks Of tho whole
/ community FOR the skill and prompti-
| tude with which IL arranged SO difficult
and complicated an affair.
The general feeling is that ii is still
too early TO conclude that all is right
4 Ii is known that a number Of minor
firms have been under heavy strain.
1t is also improbable that confidence
will be restored until the position Of
the Bsrinys toward Argentine financial
matters becomes clearer.
LoSDoS, Nov. IA representative
OF the Associated Press visited the
house OF Barring Bros. & Co. Every
thing was quiet about their place Of
I business. and there were no in
ternal or external signs of dis
turbance. The memb0.s of the
firm stated that all their ac-
ceptances and other liabilities
Will also De met as thoy fall due. They
also said shat the position of the firm.
with the Bank of England at its back,
Is stronger now than ever before. The
firm will realize "a. 600. 600 surplus
They row hold $4,000, 90 u the best
commercial paper in Il world, and
their total liability is e21, 900, 600.
Barring Bros. g. Co. are one Of the Oldest aud
most respected banking houses in the world
The present firm was founded in the first quar-
ter OF the present century. John Barring,
the ancestor OF AL the English
Barings. came from Bremen and set
tied IN Exeter Eng, early in the
Barring. London merchant who became di-
rector in the East India Company and amassed
/ very large fortune for those days. Owing TO
/ his infueace William Pitt renewed the charter
/ Of the East India Company in 1871. Two Of Sir
/ Francis BaTing's sons married sisters. caugh-
ters Of Senator Bingham. OF Pennsylvania
/ This was about the year 1900. Their desceR d.
ants are now the chief partners Of Barring Bros.
| Co. and buidcs hold four peeragcs In the
! English House Of Lords. The Earl OF North
brook Lord wolverton Lord Ravelstoke and
/ Lord Ashourton are members Of the famous
Barng tsnily. or these peers only Lord
I Rave stoke is now a member Of the bank z
house. The other partners are James Stewart
Hodyson, Henry Bingham Midmay. Charles
+ Lloyd Norman, Thomas Charles Barring. Honor
sbleS Francis Henry Barring Robert Kirk
man Hodgson, Thomas Barring and
William Barring Hulhed. Private banking
houses "a England usually do considerable
portion OF their business through public banks.
I Like all b.g bankers. Barring Bros & co. bad an
account with the Bank OF England. Their
ether London agent was the banking nrm OF
I Martin & Co. ~
Barring Bros have been one OF the grea, bank
I Ing houses which have lent money 10 the Egyp-
tian Government. With the failure Of Egypt TO
/ par the interest on the loans the troubles OF
/ The Barings began. Instead OF retrenchins the
/ house plunged deeper and deeper into foreign
/ loans and Investment About nve years ago
/ Barring Brothers became financial agents in
| Europe for the Argentine Republic. when this
stsp vas taken several London newspaper
warned them OF the gravity OF the IN
tsrtsSing and eT-essed the belief that
| Barring Brothers I'd lost reputation IN
recent Yesrs through similar risky ventures
| But Barring Bros. have also played a very
I important part IN the American market
through their New York agents. Kiddsr
Peabody & CO. The greater part OF the
large Atchison. Topeka Santa p
I railroad belongs 70 them or IL controlled
~ them. when this road failed 70 pay It's
nxed charges more than two years sEo IL had q
b reorgsniz-d This vas brilliantly and sue
crssfully doae through TIE agency o
KidSsr Peaocdy 4 Co. bat the
change must have resulted in . larr.
financial loss 20 the Barings. Barins
Bros have lately been interested In promoting
Industrial companies. such as brcvcries snt
stocE yards, IN this countrY IN order % launci
fhe stock On The Eas ish market 80 far az f.
known these Transactions have not iuvolve,
sny losses - fhe frr
n 1sls vhon ths crsdit of this country "a
soreiy trisd b7 ne exclusion policy o. Franc
and -nsisni in Europe ths Barring family
provsd themselves true friends ~ The vounG
Repsbsis Saestzntisl financial az vas gireF
bT thsn - - Urit,d States a. sine rher
thas help ras bsflv needed