The times., 1898-03-06
PAN-AMERICAN BANK.
The Proposition To Found One As.
rumes Tangible Shape.

A pan-American bank is the latest pro-
ject in the banking world. Congress is
expected soon 10 pass an act, now before
it, that shall permit the organization of
the institution, which will be one Of the
largest of it's kind in the world.
This great bank will be known as the
International American Bank. It's capi-
tai is to be So, 90, ,0C0. All OF it is to be
subscribed entirely by American invest
ors. Its object is tu obyiate the necessi-
ty under which American business men
have always laboreG of holding all bank
ing transactions with South American
firms by way OF London and other Eu-
ropean money centerS.
Back of the project is the National AS
sociation of Manufacturers. whose presi-
dent is Theodore c. Search, of Philadel-
phia. This body took up the idea at its
annual meeting held in New York two
| months ago, when ex-United States Sena-
tor Warner Miller introduced a resolu-
ton embodying the general outlines on
which the new banking company has been
| formed.
The plan received the approval of the
manufacturers Though Air. Miller intro
| duced it, he is as far as could be learn
| ed, not connected with the company The
man most active in carrying out his sug-
! gestions and in interesting large manu-
| facturers and business men was William
| II. \. Hughes, of New York, an exporting
| merchant.
He has been IN frequent consultation
with Theodore c. Search, president of the
| Manufacturers Association, who is man
! ager of the John Il. Stetson hat manufac-
! tory, is . deep student of South Amer
| lean trade, and as a director OF the Bank
! Of North America has mastered most of
! the intricacies Of foreign exchange 1t has
| been largely left to the discretion of
! these two gentlemen to arrange the de-
tails relating to the project
| In general the bank will be conducted
on much the same plan as the Credit Ly-
onnaise, the Hong Kong ana Shanghai
Bank of London ana others operating be-
tween money centers and the frontiers
| Of trade. However The method will be
! broader. Headquarters will be in Wash
| ington and New York. At least eight
branches will be opened in the United
! States. These will in all likelihood be in
! Chicago, Baltimore, Pittsburg, New Or
! leans, Minneapolis, Denver St. Louis and
| San Francisco. Branches will also be
established in the capitals OF each of the
! Central and South American countries.
| The reason given for the establishment of
| branches in these countries is this that
| it is almost an impossibility to find a
| Central or South American bank that is;
not affiliated with some European cen
! ter
| AT the present time number OF Amer
lean houses are practically carrying on
| their own banking business with South
America sending out one cargo and
bringing back another, and sending
money one way or another, as the exigen-
cies of this trade demand. The system
however has for a long time appeared to
these men as inadequate. Hence the pan
American bank.
Among those interested in the new pro-
ject are Edwin j. Berwind. of the Ber-
wind-White Company, coal operators OF
Philadelphia; n. jefferson Coolidge
treasurer of some Of the largest cotton
mills in Massachusetts, and largely inter
ested In banking and trust companies OF
| Boston; William Barbour, the thread
manufacturer; Henry w. Cannon, presi-
dent OF New York bank; Charles r.
Waterbury, a New York banker; Charles
X Flint, an export merchant, trading on
| the east coast Of South America; Grant
B. schley, of Moore & Schley brokers
John J. Mitchell. Samuel Hill and John
| Cassels.