The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1891-06-10
How q Yankee Made His
Pile in Buenos Ayres,
But Nearly Broke the Barings
in the Operation.
The Romantic Career OF a Spec
ulative Vendor OF Pills.
How He Bribcd the Oficers and Carried
His Points.

lapse of the Barring Bros. was announced
the New York World sent q staff corre-
spondent to the Argentine Republic to in
quire into the investments which precipi-
tated the failure. The correspondent
made thorough investigation and his re-
port makes a remarkable story, showing
how Charles II. Sanford, a Yankee drum
mer for the sale of pills and toilet prepara-
tions, first secured membership in the
American firm of s. B. Hale & Co., in
Buenos Ayres, and after making 81 100000
by single financial coup, went to London
and won the confidence of Lord Revel-
stoke, head of the Barring firm. Then re-
turning TO Argentine, he invested until
millions OF Barring gold were sunk in
doubtful enterprises and securities.
Twenty-Five years ago Sanford was on
the east coast of South America and trav-
eled as a drummer for a New York firm
dealing in drugs and chemicals. This
firm failed and he turned his attention TO
the firm of S. B. Hale & Co., whose men,
bers were about to retire. He used the
maternal love of Mrs. Pearson, daughter
of Samuel Hale and the wife OF John r.
Pearson, as a lever 10 further his interests.
He argued that the glories of the old house
of Hale & Co. might be revived, aud that
in its operations there was brilliant fut-
ure for Mrs. Pearsons sons.
Ambitious hopes, thus instilled in the
lady's mind, found cooperation in the
minds OF the other feminine members of
the family, and, although Mr.. Pearson re-
monstrated, the house OF Samuel B. Hale
& Co. was continued with Lanman q
Kemp's quondam pill drummer. Sanford,
as one of the partners. Sanford obtained
full control and engaged in foolhardy en-
terprises which would have ended in ruin
but for the private fortunes of Hale and
Pearson. Then came the stroke of the
yankees life.
After the revolution the provincial gov
ernment found it necessary to consolidate
the debt. In order TO accomplish this pur-
pose the outstanding loans had to be
taken up, including the popular loan"
held by Hale & CO. The real ability which
Sanford possessed now became apparent.
Through no anticipation of his own the
loan had failed and the personal resources
OF the Pearson family alone saved the
house. Sanford contracted on an imme-
diate sale of the bonds, and the failue Of
the public to buy was a crushing blow 10
his pride. Sanford intrigued with the
government in behalf OF the popular
loan" and il is current report that he Sub
sidized" certain officials whose favor was
useful to the realization of his hopes. Gold
and paper were now at par. The
loan was taken up by the government
in paper, and the safes of Hale & Co. were
cleared of certificates which cost the firm
many anxious moments and sleepless
ha L
in gold and the profit which ensued, sole
ly by reason of good luck, was upward
of S1,OOO,O00.
Shortly after this Sanford went to Lon
don, where ne beseiged Lord Revelstoke,
head OF the firm of Barring Bros. Long,
varied and panoramic was the tale the
man poured into Revelstoke's ear San
ford talked to Revelstoke about the ex-
traordinary resources of argentine and the
unbOunded prospects of tho country.
soon the head Barring was heard to say
that Mr.. Sanford was the cleverest man he
had ever met. When Sanford departed
from London, carrying with him the con-
fidence and admiration of Lord RevelstOke,
and with the millions of the Barring bank
behind him to spend and invest, uni
verse OF chances was revealed to his tri-
umphant vision.
the story Of investment Of the Barring gold
by Sanford. First he was obliged to sub
sidize government officials to obtain the
great water works contract. This part of
the story is told in these words
The estimated cost of the entire works
on which interest was to be allowed WAS
36,5OO.oO0 god. The price of the conces-
sion to Barring Bros, through 5. b. Hale
d Co, was 81. 100000 gold, payable to the
minister OF finance in three installments
This was the public price, but there is
another side TO the business and it forms
dark chapter in the record OF the Barring
Bros bank. Nothing is conceded from
the government in Argentine without a
price, as has been described in the cor
respondence. The officials, from the
president down to the janitcrs in the pub
lie Offices, expect consideration for their
services in addition to their regular
stipend"
The procurate OF the concession was
obtained, as was previously mentioned
by Charles II. Sanford aud a greater
coup was never accomplished in this de-
lectable capital, where bribery, corrup-
ton and fraud thrive as they rarely do
elsewhere. In order to secure the great
contract Sanford was compelled to bid nigh
and the success that he attained placed
him on a pinnacle toward the Apex Of
which the less fortunate operators of the
speculative market gazed with eyes of ad-
miration.
Juarez Celman was the chief executive of
Argentine. He was ripe for Doodle before
be had warmed the presidential chair,
and at the time the concession was
granted Barring Brothers, through Sanford.
his need OF money was great. Dr.
Wild, another OF the gang of sharpers
who formed the boodle ring of Argentine,
was minister OF the interior. To these
worthies Sanford addressed himself, and
their favor secured to him the contract.
Celman received upward OF $4,000 for
his fee" in granting the concession. The
additional sum Of 100000 was also paid to
the president, if the statements OF some
of the most responsible here are nc
curate. The minister OF the interior re-
ceived 100000 for his share of the deal
. It proved difficult task for this cor
respondent to trace the entire disposition
Of the Barring corruption fund used in the