The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-05
Mexican Trust Company Bank and the
Corporation Trust Company To
Combine.
WILL HAVE MANY BRANCHES
IN MEXICAN, CUBAN AND CENTRAL
AND SOUTH AMERICAN CITIES.
Main Business VIII he to Facilitate
Remittances of Exchange between
All American Cities.

to-day at meeting OF the directors or the
Mexican Trust Company Bank Tor the
formation Of an international banking IN
stitution, capitalized at 100000 and de-
signed especially TO operate in Latin Amer
lean countries. The scheme involves the
consolidation OF the Mexican Trust Conn
pany Bank and the Corporation Trust COM
pany. The combination Is to be known as
the International Bank and Trust Company
of America. The directors of both the
merging corporations have signed the con-
solidation agreement. majority OF the
stockholders of both concerns already have
signified their approval OF the plan IN
formally, and a meeting of stockholders to
give formal approval OF the merger VIII be
held within the next three weeks. 1t Is ex-
pected that the combination will become
effective about Oct. 1.
Both tn, Mexican Trust Company Bank
and the poration Trust Company nave
broad CHI; rs under the laws OF Delaware
The new >ompanys charter will embrace
the features of both of them. Branches or
| the Mexican Trust Company Bank
are established in several cities In
| Mexico as follows: Guadalajara, Pa
| chuca, Monterey. Tampico. Aguas-
| calienties, San Luis Potosi and Pu-
| ebla. 1t also has agencies in New York and
| Chicago. The new company will utilize the
| branches already established, and IL Is
| planned to establish branches at sixteen
leading cities in Mexico Branches are To
be located also in Havana. Buenos Ayress
Rio Janeiro, Valparaiso and other South
| American and Central American cities as
| the opportunities develop.
| The general clearing house for the va
| rious branches of the corporation Will be
| located in New York city The company
| will not do a local banking business. but
| its special effort Will be TO facilitate the
| remittance of exchange between all the
| cities of the American hemisphere. The
| very large amount of Latin American ex-
| change that now goes to London. Berlin
| and Paris
OFFICERS AND DIRECTORS.
w. H. Hunt, who was the organizer and
is the president of the Mexican
Trust Company Bank. will be presi-
dent of the new corporation. Charles
Francis Phillips, now president OF
the Corporation Trust Company, will
be first vice president. The board of
directors will comprise substantially the
two existing directorates and will contain
| several other men in addition. The direct
ors will include: ]. Sloat Fassett, Elmira;
c. F. Carrier. Elmira; w. J: Hilands, Chi
4 -
butcher, Brooklyn; Frank b. Robinson.
New York: William 7; Watson; for
pesSe New YorR russell %s
comb. New York and Baltimore:
John G. ,daughan, New York: L. C
Mitchell, Minneapolis; DIR. ]. b. Murphy.
Isaac NJ. Hutchison. Mexico City. J. o.
Rice, treasurer of the Mexican Trust Com
jany; p. II Sercombe. Mexico City; James
Mexico; Frank r. Croker. Charlton, Ia.
and r. NJ. Nelson. Baltimore, Nd.
The Mexican Trust Company Bank was
100000, this amount being soon increased
to s50oo.Ooo. The bank opened it's principal
office in the City of Mexico on June is,
| 1901. Senior Don Yagnacio De La Tore, one
of the foremost capitalists of Mexico. and
son-in-law OF President Diaz. became one
of the directors of the institution. The
Corporation Trust Company Is allied with
another corporation whose title Is the Cor
| poration Trust Company Of Delaware The
former institution was the first corpora
ton created under the present corporation
laws Of the State of Delaware.
In regard TO the consolidation W. II. Hunt
said: THE Mexican Trust Company was
the first banking institution to be organized
in the United States for the transaction OF
| an exclusively foreign business. IL was
also among the first OF American institu.
| lions TO establish a system of branch ban ks
| Soon after opening our business in Mexico
| we realized that the banking business IN
that country was i'm its infancy and that &
was susceptible of development TO a marked
, | extent The condition OF our bank 81 tn,
end Of Its first year clearly demonstrated
the practicability and the profit OF interna
tional and branch banking from New Yorl
city as center. The policy OF our banl
has been in thorough harmony with tn.
financial methods Of the United States, anC
. Ii has conducted it's system OF banks II
Mexico in accord with the requirements O.
, that government.
1T is we'll known fact that up to yer,
recently there was almost no banking com
muncation between the Latin American
countries and the United States. but gu
manufacturers are rapidly developing
> | Pan-American trade, although their effort
have largely been hampered by the made
, quacy of international banking arrange
| ments. We are thoroughly convinced tina
| New York Is TO be the future financial cen
| ter of the world. Ii Is prepostero,s tina
, the settlement of trade balances betyeel
! | American countries should confirm
, through the banks OF Europe. The Amer
| lean banking system must be developed 4
foreign countries along with this country
, industrial expansion. IL will be our pur
; pose TO afford means by which America
| manufacturers and exporters may settl
their balances through a banking hous
! | pledged TO American interests and 10 IN
| financial and commercial supremacy OF tn
4 United States, with New York city as IL
Z to 100000 will provide means for the ez
: pansion OF our business. We shall expeC
to do not only a banking business, but [
y afford assistance in the building up @
o those American countries whose natural r.
y sources are so well known. but which hith
? erto have lacked the organized capital nee
n essary Tor their greatest development"