The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-09-02
The Bingens of Genoa Who
Caused the Panic There
Recently.
ACCUSED OF ENHANCEMENT.
Supposed to Be on This Coast-An
Effort VIII Be Made to Extra
dite Them.

August 80, states that the Governor of
that Territory received on August %
message from the Italian Consul at Den
yer asking him to arrest the Bingen BROTH
ers, Alfred and Gustavo. of the late bank
ing firm of Bingen Brothers of Genoa,
Italy, on charge of fraudulent bank
ruptcy.
The amount Of money embezzled, ac-
cording to the dispatch from Arizona,
amounts to 96O, 900 lire. The two bankers
sailed from Italy for America on August
and, according to the dispatch from the
Italian Consul at Denver, are sup
posed to be either in Arizona or Southern
California.
Behind this dispa tch there is quite an
interesting story which recent advices
from Europe have brought to light The
parties who are endeavoring to have the
Bingen brothers arrested are the Anglo
Italian Bank, the Federal Bank of Zurich,
Switzerland and the Securities of Credit
of Zurich. 1t is probable that if these two
men are in Southern California they will
soon make their way to this City, as it is
infinitely more difficult to find men in a
large city than in a more SparSely popu-
lated district. The Italian Consul at Den
yer has asked that the Bingen brothers be
given up under the comfy OF nations"
although no extradition treaty requires it.
The Arizona dispatch, which states that
$50 900 lire ($182,68S) is the amount for
which the Bingen brothers are defaulters,
very much undertakes the total. The crash
OF the Bingen bank has brought about al
most panic in Genoa, such as has not ex-
listed there for many years. The Fratelli
Bingen were the leading bankers of Genoa.
Tbax ho ut m
speak. The bank was established many
years ago by two brothers, and after their
death was continued by the two sons of
the original founders, Alfred and Gustavo
the two who are now supposed to be on
this coast. In partnership with them was
their uncle, Adolfo.
Some years ago the uncle, distressing
the speculative tendencies Of his nephews,
retired from the firm with fortune OF
about 100000 lire, and has ever since
lived at his villa near Porta Brlgnole.
After the uncle was out of the firm the two
brothers began financial kite-hylng. They
began "bearing" Italian stocks in partner
ship with some Paris firms, and when 1tal-
ian paper fell from 80 to II they made
enormous gains. But their success en-
boldened them, and they entered on other
speculations which we're not SO successful.
They have been in difficulties now for
some months and were forced to pay TO
their mother early this year 100000 lire,
which she withdrew from the business.
For several months prior to their failure
they were in such desperate straits that,
among other things, they commenced sell
ing checks on London for cash at favorable
interest, and then covering these checks
bv wire. In this way they obtained the
use of large sums of money for a few days
at time, but their telegram method went
wrong one day, one of their checks was not
honored, and the bank of Fratelli Bingen
was closed.
A panic followed in Genoa, the Stock
Exchange suspended business, and finally
compromise prices were set upon all stocks
and sureties for adjustment. The price OF
Italian national securities rose after these
bears had failed, the rate of exchange fell
and the premium on gold rose. The losses
to those concerned in the Bingen affair are
very heavy, as there are practically no
assets and the deposits of the bank and all
other securities seem to have disappeared.
Two other banks have been compelled to
suspend payment, Garibald 81 Co. of Porto
Manrico and De Saints of Naples. The
Garibaldi firm is a creditor to the amount
of 200, 900 lire and De Saints holds checks
on the Bingen brothers to the amount OF
SOC, 900 lire. But this is not all, and as
an illustration of the fine Italian work of
the two brothers it is only necessary to add
that the Banco di Roma holds their paper
400 600 lire, Ramella of Turin for 624 coo
lire, the Credit Bank of Zurich for 100000
lire. the Swiss Federal Bank for 100000
lire and the Lander Bank for very large
sum, which is not yet known. A Berlin
bank is also reported to have lost 800, 900
marks with the Bingen brothers. One of
the heaviest losers by the failure is the
Anglo-Austrian Bank. Its manage, Mr..
Weinberg, is now at Genoa, where there
are about fifty representatives of banks en-
gagged in endeavorlng to save what they
can from the wreck.
1t is probable that these associated bank
ers have set on foot the measures to arrest
the fleeing brothers. If the Bingen broth
ers are in Southern California the Italian
Government may make similar request
upon Governor Budd to that which has
been already addressed to Governor Hughes
of Arizona Territory. Delivering up
prisoners under the comfy of nations is
rather nice question when no extradition
treaty exists, and it is very doubtful how
the matter would be regarded by Governor