The daily morning journal and courier., 1902-09-05
AN INTERNATIONAL BANK.
Plans Made Yesterday at Meeting fl
 New York.

Plans Made Yesterday at Meeting in
 New York.
 New York, Sept. 4.-Plans were made to-day at meeting of the directors of the Mexican Trust company bank, for the formation of an international bank ing institution, capitalized at $lo,0OG,O0o, and designed especially to operate in Latin American countries. The scheme involves the consolidation of the Mex ican Trust company bank and the Cor pOration Trust company. The combina- ton is to be known as the International Bank and Trust Company of America. It is expected that the combination will become effective about October l.
 Both the companies have broad char ters under the laws of Delaware. The new companies charter will embrace the features of both of thefn. Branches of the Mexican Trust company bank are established in seven cities in Mex icO, as follows; Guadalajara, Pachuca. Monterey, Tampico. Aguascalientes, San Luuis Potosi, and Pueblo. It also has agencies in New York and Chicago. The new company will utilize the branches already established and it is planned to establish branches at six teen leading cities in Mexico. Branches are to be located also in Havana, Buenos Ayres, Rio Janeiro, Valparaiso and other South American and central cities as the opportunity develop.
 The general clearing house for the various branches of the corporation will be located in New York city. The company will not do local banking business, but it's esaecial effort will be to facilitate the remittance of exchange between all the cities of the American hemisphere. The purpose will be to di- vert to New York the very large amount of Latin American exchange that now goes to London. Berlin and Paris.
 w. H. Hunt, who was the organizer and is the president of the Mexican Trust bank will be the president of the new corporation. Charles Francis Phil 1 lips, now president of the corporation trust, will be first vice president. The board of directors will comprise sub- stantially the two existing directorates, and will contain several other men in addition.
 | The Mexican Trust company bank was incorporated last year with cap ital of $1, 900, 900, this amount being soon increased to $5,O0O0OO. The bank open ed its principal office in the City of Mexico on June IS, 1901.
 The Corporation Trust company is al- lied with another corporation whose title is The Corporation Trust company of Delaware.
 In regard to the consolidation w. H Hunt said: The Mexican Trust com pany was the first banking institution to be organized in the United States fol the transaction of an exclusively for eign business. It was also among the first of American institutions to estab' fish system of branch banks. Soor after opening our business in Mexico we realized that the banking bushes: in that country swasgin its infancy ant that it was susceptible to development to 0 marked extensy
 "The condition of our bank at the enC of it's first year clearly demonstrated thu practicability and the profit of interna tional and branch! banking from New York city as a center The policy O our bank has been in thorough harmony with the financial methods of the Unit ed States, and 1t has conducted it's sys tenn of banks in Mexico in accordance with requirements of that government
 Tt is a we'll known fact that up tc very recently there was almost nt banking communication between the Latin American countries and the Unit ed States. But our manufacturers arc rapidly developing a Pan-Americar trade, although their efforts have hith' erto been largely tempered by the in adequacy of existing banking arrange ments.
 We are thoroughly convinced that New York is to be the future banking center of the world, It is preposterous that the settlement of trade balances between American countries should continue to be done through the banks of Europe The American financial sys. tenn must be developed in foreign coun- tries along with this country's indus. trial expansion. It will be our purpose to afford a means by which American manufacturers and exporters may set tie their balances through a banking house pledged to American interests and to the financial and commercial su- lpremacy of the United States, with New York as it's clearing house."