The Montgomery advertiser., 1902-09-05
INTERNATIONAL BANK
PLAN TO GET TRADE OF SOUTH
AND CENTRAL AMERICA.
Effort Will Be Made to Divert to
New York the Business Which
Now Goes to the Capitals
Of Europe.

Mexican Trust Company Bank for the
formation Of an international banking In
stitution. capitalized ut 100000 and de-
signed especially TO operate in Latin
American countries
The s(heme involves the consolidation
of the Mexican Trust Company Bank and
the Corporation Trust Company. The
combination is to be known as the Inter-
national Bank and Trust Company of
America. The directors Of both the merg-
ing corporations have signed the CONSOLE
dalton agreement. A majority OF the stock
holders of both concerns already have
signifed their approval of the plan In
fl finally. and q meeting Of stockholders
to give formal approval Of the merger
will be held within the next three weeks.
1t Is expected that the combination will
become effective about October 1. Both
the Mexican Trust Company Bank and
tie Corporation Trust Company have
broad charters under the laws Of Della
ware. The new company's charter will
embrace the features Of both of them.
Branches OF the Mexican Trust Company
Bank are established In several cities In
Mexico as follows: Guadalajara. Pachuca.
Monterey. Tampico. Aguas Calientas. San
Luis Potosi and Puebla. II also has agen-
cies in New York and Chicago.
The new company win utilize the
branches already established and 1t is
planned to establish branches. at sixteen
leading cities in Mexico. Branches are to
be located also in Havana. Buenos Ayres
Rio Janeiro. Valparaiso and other South
American and Central American cities as
the opportunities develop. The general
clearing house for the various branches
of the corporation will be located in New
York City. The company will not do a
local banking business. but It's special
| e. ~
of exchange between all the cities Of the
American hemisphere. The purpose will
be to divert to New York the very large
amount of Latin-American exchange that
now goes to London, Berlin and Paris
w. II. Hunt who was the organiser and
is the President of the Mexican Trust
Company Bank. will be the President OF
the new corporation. Charles Francis
Phillips, now President of the Corpora
ton Trust Company, will be First Vice
PRESIDENT The Board of Diresctors will
comprise substantially the two existing
directorates and will contain several
other men in additions. The directors will
include:
], Sioat Fassatt, Elmira; c. r. Carver.
Elmira: w. j. Highlands, Chicago; Julius
C. Birge, st. Louis; Silas B. butcher,
Brooklyn; Frank B. Robinson, New York:
William r. Watson. former Governor of
Delaware; Joseph G. Deane. New York;
Russell Whitcomb, New York and Balti-
more: John II. Vaughan, New York; L.
G. Mitchell. Minneapolis; DR.. J. B. MUIR
ply. Chicago. Frank L. Torres, New
York; Isaac M. Hutchinson, Mexico: j.
o. Rice, Treasurer of the Mexican Trust
Company; P. II. Sercombe, Mexico City;
James Virdin, Dover DEL; Ignacio de la
Tore, Mexico; Frank r. Crocker. Char
iton, Ia, and r. M. Nelson, Baltimore.
The Mexican-Trust Company vas in
corporated last year with capital OF
81, 0Oc. o00 this amount being soon in
CT eased to 100000. The bank opened its
principal ces in the City Of Mexico or
June Is, 1901. Senior Don Ygnacio de 10
Tore, one of the foremost capitalists OF
Mexico and son-in-iaw of President DAG
became one of the directors of the in
stitution. The Corporation Trust Com
pany is allied with another corporation
whose title Is the Corporation Trust Com
peny of Delaware. The former institu-
ton was the first corporation created un.
der the present corporation laws OF the
State of Delaware.
In regard to the consolidation, W. H
Hunt said:
THE Mexican Trust Company was the
first banking institution to DE organized
In the United States for the transaction
of an exclusively foreign business. II
was also among the first OF American
institutions to establish a system OF
branch banks. Soon after opening oui
business in Mexico, we realized that the
banking business in that country was In
its infancy, and that 1t was susceptible
of development to a marked extent.
1.-THE condition of our bank at the end
of its first year clearly demonstrated the
practlcability and tho profit of interna-
tional and branch banking from New York
city as a center. The policy of our bank
has been in thorough harmony with the
financial methods of the United States
and It has conducted its system OF banks
in Mexico in accord with the require
ments Of that Government. 1t Is we'll
known fact that until recently there was
no banking communication between the
Latin-American countries and the United
States but our manufacturers are rapidly
developing n pan-American trade. al
though their efforts have largely beer
| hampered by the inadequacy Of interna'
tional banking arrangements.
I'VE are thoroughly convinced that New
York Is to be the future financial cen
ter fthe world. 1t is preposterous tha'
the settlement of trade balances between
American countries should continue t.
the banks of Europe The American
banking system must be developed In for
eign countries. along with this country''
| .l..,.-iaI avnanSinn II will he DJir.