Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-17
THE Barring BROTHERS.
What Is Said In Financial Circles Here
Of the Great English Firm. 2

What Is Said In Financial Circles Here
Of the Great English Firm.
The banking house of Barring Broa, the re-
ported failure Of which caused tremor
throughout the financial world Saturday, oc-
cupies q peculiarly important position, say
Washington inanciers, second only, it 10 esti-
mated, to that held by the Rothschilda.
In the unique phraseology Of the English
commercial system the firm ID not one Of
bankers" that term being confined to folks
dealing directly AZ issuers Of money and
repositories Of valuables, something after
the style of the old-fashioned
English "Goldsmiths" The Earrings are called
merchants" since their business is largely
commercial, although they handle enormous
sums. The Bank of England, or, to use the British
phrase, 1.-THE Bank" is to all other and
hence minor concerns what father 10 to aaon,
IN that in case of danger loan would be made
to tide the infant over the difficulty. II needs
very severe disease to shake such a powerful
Infant" as the Earrings. The trouble seemed to
be too heavy indulgence in q fancy
for South American loans, as well as taste for
American railroad stock. The Argentine con-
federation has drawn from this source more
than once. The Earrings were until quite lately
the government agents in England, but o
change was made to a number of other firms,
notably Morton, Bliss Co. and the Seligmans.
Their agents in this country are Kidder, Pea
body 4 Co.
THE CAREER OF THE HOUSE.
The Barring family is of German origin.
Their founder in England was Bremen pas
tor. who settled in that country. The money
OF the family was originally made in the rich.
profitable clothing business Of the west OF
England. 1t has been the rule in the house
that when any one Of them has got title he
goes out Of the business.
Sir Francis Barring. the first great banker,
who, dying in 1910, left a fortune Of two mil
lions, had three sons-Thomas Alexander and
Henry. Thomas succeeding to the baronetcy,
gave up the business. Henry had rather a
romantic reputation az lucky gambler. The
reputation was hardly suited to the intense re-
speciality of the firm, and Mr.. Henry was in
duced to retire from the business.
Alexander Barring, oftener known as "Alex-
ander the Great" sustained and extended the
fortunes OF the house. He came to America,
aud hero the richest banker in England mar
ried Miss Bingham Of Philadelphia, whose
father was at the time reputed to be the rich
est man in the United States.
There are six great powers in Europe" said
the Due de Richelieu. England. France
Russia, Austria, Prussia and Barring Brothers"
In 1885 he was made Lord Ashburton, and in
1844 became minister to the United States. 1t
was he who negotiated the famous treaty with
y
of State. Two Of his sons held the title, and
each successfully retired from the business
The head of the firm, Thomas Barring, refused
the Office of chancellor Of the exchequer in
Lord Melbournes ministry, and another men,
Der, Lord Northbrook, has been governor gen.
eral of India.
In 1885 still another member OF the firm
Mr.. Edward Charles Baring-was ennobled,
and now sits in the house Of lords az Baron
Revelstoke. Two of the most celebrated mem-
boz ~ G.,.x h. l..
These were Joshua Bates and Russell Sturgis.
The latter, who retired from the firm In jan
uary, 1888, died in 1887.
THE PRESENT EMBARRASSMENT.
The Barring Bros embarrassment was due TO
the action Of the Russian government, which,
alarmed by the financial troubles in the Argeu-
tine Republic during the summer, suddenly
withdrew from the Earrings e., 500 600 just as it
withdrew 4l.000.0 600 from the Compton d'Es-
compile in the spring OF 1889, its action at that
time resulting in the suicide of the manager OF
that institution and the collapse Of the copper
ring.
Except the rise in the bank rate to five no
trouble occurred. and the E2500,0OO was
quietly transferred to Berlin. After this things
apparently regained their former smoothness.
The governor Of the Bank of England acted
with exceeding discretion, keeping everything
as secret as possible in order to avoid panic.
The Earrings offered to sacrifice everything. but
the unavoidable delay in realizing would have
been almost equivalent to an actual collapse,
and for this reason 1t was decided to raise a
guarantee fund
The arrangement for assisting the Earrings
was finally concluded at meeting at the Bank
OF England on Saturday morning The personal
property OF the members of the firm amounts
to over G1 ,00000 1t is rumored that Russia's
agent in Paris withdrew recently two and
half million pounds on a rumor that the Bar
ings had stopped payment The latter's assets
include Il, 100000 of the finest paper in the
world. 1t is believed that three years will be
ample time to bring the firms affairs to SUBJ
stantial position.