H. Upmann &amp; Co. was very successful through the purchase of promissory notes in Madrid during the Cuban War of Independence. Due to the American blockade during the war, the Spanish government was dependent on H. Upmann’s bank to finance its war efforts. Because of the unrest in Cuba, many bankers decided to withdraw their money from Cuba in 1896. As a representative of the Rothschilds and other important customers, H. Upmann &amp; Co. transferred large quantities of gold and silver to its office in New York, which had been a financial center and trading hub with the Caribbean islands since the 18th century.