Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-11
ONLY A DRUMMER.
The Remarkable Exploits of a
Yankee Pill Peddler.
THE Barring BROS. FAILURE.
How the Moneyed Head of the Great
Financial Firm WAS Turned by the
Panoramic Pictures Drawn
by Charles II. Sanford.

the New York World sent staff cores
pondent to the Argentine Republic to inquire
| INTO the Investments which precipitated the
failure The correspondent made a thor.
ough investigation, and his report makes
remarkable story. showing how
| Charles II. Sanford. a Yankee drummer
for the sale of pills and toilet preparations,
| first gained "a membership in the American
firm of :. B. Hale X Co. in Buenos Ayres,
| and after making Sl,000,000 by Il single
| financial coup. Went TO London and won the
confidence of Lord Reiliistoke. head of the
Barring firm. Thence returning TO Argen-
tine, he invested millions of the
! Barings' gold III doubtful enterprises
and securities. Twenty-Five years ago
! Sanford was on the east coast of South
America. and travelled as drummer of 4
| New York tirm dealing in drugs and chemi-
| Gals. This firm failed. and he turned his
| attention TO the firm of =. B. Hale X Co,
whose members We're about to retire. He
used the maternal love of Mrs. Pear
! son. daughter of Samuel Hale. and
wife of John r. Pearson, as a
| lever to further his interests. He argued
THAT TIE GLORY
| of the old house OF Hale & Co. might be re-
vived, and that in its operations there was
/ q brilliant future for Mrs. Pearson-s sons.
| The ambitious hopes thus filled III the
| lady's mind, forced cooperation in
| the minds of other feminine members
! Of the family, ana although Mr.
| Pearson demonstrated, the house of Samuel
| B. Hale Il Co. was continued with the pill
! drummer. Sanford. as one Of the partners
! Sanford obtained full control. and engaged
| mi foolhardy enterprise which would have
| ended i'll ruin but for the private fortunes
| of Hale & Pearson. Then came the stroke
| of the Yankees life thus described :
| After the revolution the provincial
| government found it necessary to OOnsoli-
date its debt. In order to accomplish this
| purpose outstanding loaus had to ne
loan held by Hale & Co.
| The real ability which Sanford possessed
| ROW became apparent. Through no antici-
patons of his own, the loan had failed, and
the personal resources of the Pearson
family alone
SAVED THE HOUSE.
Sanford counted on the immediate sale of
bonds, and the failure of the public to buy
was Il crushing blow to his pride. San
ford intrigued with the government IN be-
half Of the popular loan" and it is cur
rent here thar he subsidized certain officers
whose favor was useful to the
realization of his hopes. Gold and
silver were now at Il par. The loan was
taken up by the government in paper. and
the safes of Hale u Co. We're cleared of Ger
titicates which cost the firm many anxious
moments and SleeplesS nights. European
loans were paid in gold and the profit which
ensued, solely by reason of good LUCK and
the parity of gold and paper turned out
profit of upward of Sl.0oO,000.
LONG. VARIED AND PANORAMIC.
Shortly after Sanford went to London.
where he besieged Lord Reillistoke. head
of the firm of Barring Bros Long, varied
and panoramic was the tale poured into
ReilliStcke's ears Sanford talked to him
about the extraordinary resources of the
Argentine and unbounded prospects of the
country Soon the head of the Barring
Bros was heard to say that Sanford was
the cleverest man he had ever met When
Sanford departed from London. carrying
with him the confidence and admiration of
Reillistoke. and with the millions of the
Barring Bros behind him to spend and in
vest, universe of chances were revealed
to his triumphant vision.
The correspondent then relates in detail
the story of the investment of Baring's
gold by Sanford. First he was compelled
to subSidize the government officials
to obtain u great WaterwOrke contract.
This part of the story is told
in these words: The estimated cost of the
waterworks, upon which interest was to be
allowed, was sa6,5 100000 in gold. The price
of the concession to the Earrings
through S. B. Hale & Co.
was 81 100000 in gold, payable to
the minister of finance in three insSall-
ments. 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 concealed from the government
in Argentine, without price, as has been
described in the correspondence.
The officials, from the president down to
the janitors, in public offices expect consid-
GRAFTON for their services in addition to
their regular stipend. The procuring of
the concession was obtained, as was pre-
viously mentioned. by Charles H. Sanford
and greater coup d. etat was never ac-
complished in the delectable capital where
BRIBERY, CORRUPTION AND FRAUD
thrived as they rarely do elsewhere. In
order to secure great contracts, Sanford
was compelled to bid high, and the success
that he attained placed him on the pinnacle
toward the apex on which the less fortu-
nate operators of the speculative market
gazed with eyes fraught with admiration.
JuereZ Coleman was the chief executive
of the Argentine republic. He was ripe for
Doodle before he had warmed the presiden-
tial chair, and at the time the concession
was granted the Barring Bros, through
Sanford, his need of money was great.
DR.. Wild, another of the gang of sharpers
who formed the Doodle ring of the Argen-
tine. was secretary of the interior. To
these two worthless Sanford addressed him
self and their favor secured to him the
concession. Coleman received upward
of S5O0,000 for his fee in grant
ing the concession. An additional
sum of 100000 was also paid to the presi-
dent. if the statements of some of the most
responsible here are accurate. The minis |
ter of the interior received $500, 900 for his !
share of the deal.
1t proved difficult task for this CORE
spondent 10 trace the entire disposition of |
the Barring corruption fund used in the |
waterworlfs deal The belief is current |
here that nearly s., 100000 was spent in the |
'.prei;minaries. "
Sanford is poptlarly credited with Sc
curing special commissions" which put |
him high above the water in MS course |
down the financial stream among the !
brazen kettle and earthen pots. Having |
secured this contract, Barring Bros |
forwarded to Sanford two installments of |
81 0oG. 900 each, and the third of a like |
amount will fall due this summer. Other |
sums were advanced at various times,
until now, the correspondent estimates. the |
liability TO the Barring Bros.
on this single enterprise at nearly 800
900, 600.
THE wATERwoRKs INVESTMENT.
He continues: The loss of the Earrings
from their waterworl1s investment will not
be as great proportionately as in their pur-
chase of bonds and other money here, which
no one outside the confidential clerks of |
tae house ard those of their agents can |
describe. l have met with many difficulties