New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-02
AMERICAN BANKS IN CUBA
FIRST ONE ESTABLISHED IN SANTIAGO
BY NORTH AMERICAN TRUST co.
APPOINTED FISCAL AGENT OF THE GOVERNMENT
president TRENHOLM DESCRIBES hD-
vANTAGEs OF RECIPROCITY


Heretofore the Bank of Spain and other Euro
pean bankers have handled all the commercial
paper called for by the requirements of the trade
between the United States and Cuba making dis
counts and collections. issuing letters of credit.
buying and selling bills of exchange. and In some
cases acting as commercial agents. The necessity
for American banking houses in Cuba that will en-
able exporters to do business direct with their
toners in that island and make trade profits in
proportion to the credit given is of course obvious.
Samuel NJ Jarvis. vice-president of the North
American Trust Company. has Just returned from
Santiago de Cuba after establishing there the first
American banking house in the West Indies. 4
Tribune reporter called at his Office and learned
from w L. Trenholm. president of the company,
that Immediately after the captuaon Of Santiago
vessel carrying safes, station cry and other equip
ment for banking purposes sailed for Santiago,
where the company had been made the fiscal agents
OF the Government. Mr.. Jarvis sailed in that YES
sci. Mr.. Trenholm was asked by The Tribune re-
porter:
What do you think OF the general prospects "
an increase Ge the export trade between the port
Of New-York and the Spanish dependences?'
II know very little Of the conditions, except In
the island OF Cuba replied Mr.. Trenholm. II
would prefer to confne what have to say to that
island. There sIou'd be very large trade be-
tween Cuba and the United States, very profitable
TO oil parties engaged in IT, but the development Of
such trade will depend upon what may be done
hereafter to establish in Cuba government that
will give to commercial the assurance that
peace and order will be preserved all over It's rich
agricultural areas. and that the rights Of all per-
will be protected by the courts and municipal
authorities Such is necessarily the bed
rock Of trade and commerce, but is by no means
of itself sufficient to create condition favorable
TO active and lucrative trade between the United
States and Cuba. Two great barriers have here
tofore obsructed that trade. one being the tariff
OF the United States and the other the tariff OF
Spain in Cuba The staple exports Of Cuba are
sugar. tobacco and hard woods. all of which have
heretofore reached our people at prices very much
higher than those realized by their Cuban pro-
ducers. The difference went partly into the treas
ury of the United States and partly into the pockets
of a few Intermediates. On the other hand. nearly
all the articles of American production consumed
in Cuba paid heavy tribute TO the Spanish treasury
II we should hereafter have reciprocity trade with
Cuba great stimulus would be given to the indus
tries of that island and 10 those productions of our
own country which find market there. IT the
Cuban growers Of sugar and tobacco could receive
all that the consumers Of those articles pay for
them less the cost Of freight insurance and eX-
change they would be quickly able, out OF their
profs 10 rehabilitate their wrecked plantations and
10 extend the cultivation of those commodities over
the great areas which now virgin soil
on the other hand. the Cuban consumers OF Amefl-
can goods If they hereafter able TO buy them
as Cheapy as do. will no doubt use Eredt
many more kinds OF our products and very much
more Of each kind. Let us assume now that SAT
isfactory government has been establlshed IN upt
and tho trade between that island and the | mted
States has been placed upon the basis OF tarliis
adjusted upon the principle of reciprocity. VIVA
NOR is needed. because. the Government haViHs
mutual trade? II NAV be said briefly that nothiihs
more is needed. because the Government having
done so much, the brains enterprise ana INDUSTRY
OF Americans may be relied upon TO do the rest
During the II said that the men
behind the guns who the night. ana IN tne
commercial campaign which will follow the eslln-
lishment of peace. IL will be found that the men
behind the goods will insure success. Trade makes
quick friends -.,..
What is the scope and plan Of your campaign
in the West Indies" 49, -
we have established and have In working order
an agency In Santiago de Cuba, which Is purely
hankinp establishments designed. first. to serve the
needs OF the United States Government and us
fiscal agents and secondly, TO serve the neeuS OF
there To this latter end are prepared TO issue
in New York letters Of credit 10 be uSed IN Saht
ago either jewellers there or importers OF Soo9
from that place and in Santiago our agency i
nrenared 10 buy or sell exchange on New YORK ana
10 handle shipping documents. At each OF th,-s"
points we are prepared to FURNISH telegraphIc
transfers Of money to the other; similar ds,hCIeS
will be established in Havana, Mantanzas ana such
other ponts as we may hereafter select
"Wl IT within the scope OF your DushieSS
N make collections In Cuba for American eX-
porters and in this country FOR CUBAN eAP"''e''
and II to what eXtentE u...,e.s -,
I'VE shall. OF course. make suCh coHecuoHs 70
whatever extent may be called upon 10 90
THAT Is one Of the ways in which we expect 10 ne
a Bile 10 facilitate and promote an active commerce
between this country and Cuba.