San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-02-11
A GREAT BANKING SCHEME.
Proposed Inter-American System
To Promote Commercial
RearnpOcitV

Proposed Inter-American System
To Promote Commercial
Reciprocity.
A gigantic financial enterprise is
now in process of evolution among
various capitalists of the country. 1t
is intended to promote reciprocity in
commercial and manufacturing circles
between the United States and other
American republics, and is decidedly
new feature in the banking bust
nese. Ii carried to q successful con-
clusion it will probably be OF direct
interest to the commerce of st. Louis,
as we'll as to hat of other commercial
centers of the country. The proJec-
tors contemplate the establishments OF
Inter-American banks in the CONNER
cisl centers of the United States and
other American countries, with which
m%ercban aud manufacturers Of the
United States are engaged in trade.
A bill for the purpose Of incorporat-
ing such a banking institution was
introduced in the house OF represent
tatives some days ago by Mr.. Bacon,
OF New York, and Ii passed will
authorize Cornelius s. Bliss, of New
York, L. Jefferson Coolidge, of Mas
sachuset;s, John F. Hanson, of GeOr-
pia, Charles r. Flint, of New York,
Enoch Pratt, of Maryland, Stanley o.
Thomas, OF Louisiana, Marshall Field,
of Illinois, Edmond A. Pond, eff Cali
forpia, and Charles H. Turner, of
n 70 onrnprafa InnHar fha
name of the International American
bank.
The capital stock is to be S., 200, 900,
in so, 600 shares of a par value of SlOO
each, with the privilege of increasing
the capital stock to S25, 600 600 The
principal office is to be in New York
City or Washington, d. G., with
branch offices in various cities of the
United States, not to exceed eight in
number, and in Mexico, Central and
South America and the West Indies.
The corporation is to be managed bv
q board of twenty five directors, each
of whom must hold not lees than 100
shares of the stock, the same not being
hypothecated or in any way pledged
for the payment of any loan or debt,
and at least fifteen of the directors
must reside in the United States.
The institution can not be incorporat-
ed until the $4,000 shares of stock are
subscribed. IL is intended to provide
q system of interamerican exchange
and to extend the banking facilities of
this and the other countries in which
it may establish branches.
In many of the South American
markets drafts on the United States
can not be obtained at all, and where
they are obtainab ] are salable only
at q discount, the financial transac-
tons being carried on manly
through European banking houses,
thus allowing these banks to reap a
large profit at q minimum risk. I'm.
der the proposed system this ex
change would be saved to America.
At present there is no organized
system of exchange or credit be-
tween the United States and the
Central and South American repub-
lies. 1t Is commended that to extend
the export trade of this country the
larger and longer credits, and the
that this will offer relief in this par
tlCuldI as "0ll Ms luEDlsn TSlldDl6
mercantile information between the
various countries, and thus insure
greater satety. The enterprise has
been fostered by New York and
Boston capitalists. Each branch of
the establishment is intended to do
a local banking business i'm the COM
munity in which 1t is established.
AS yet the locations for the various
branches Of the establishment have
not been discussed and little iDforma-
ton a be gained from local finan.
cial authorities, but it is thought
that st. Louis will be named
as a location for one of them.
The OF no individual
banking institution are considered
sufficient for such an enterprise, and
ii has been deemed best to incorporate
al entirely new system of banks with
which to begin the enterprise.
The province of Onterio, Canada,
will mn b. nm nvtApat.ya ratxx~- x-k.