Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-16

presidents Is Samual NJ. Jarvis. both OF
New York One of the directors or TINS
bank is John G. Carlisle and a second Will
lam /. Buchanan. The other directors are
Cubans including some of the best men OF
the island, but the most of the capital Is
American, Pierpont Morgan ana stephen
B. Ekins being large stockholoers'
These two banks do an enormous pusl-
ness The Royal Bank of Canada has as
sets of thirty-one millions and 1t had last
year more than twenty-one mllllon doilars
in deposits. 1t does business throushouI
Canada. Nova Scotia, New Brunswick and
British Columbia, and it is. rapidly pulid-
ing I'D big business. 1t is earning more
than IA per cent on Ms capital stock and
is pa ng dividends at the rate OF per cent
The National Bank Of Cuba made over
20 per cent last year on Its paid-up capital,
1t gave per cent in dividends to the
shareholders. while the balance went 10 the
surplus and undivided profits
How Business Grows in Cuba.
The ROYAL Bank of Canada opened Its
first branch here in 1899, and 1t has since
absorbed two of the large Spanish banks
and established a branch at Camaguey' IN
the heart of the island. The national bank
was opened for business only three and
half years ago. with an authorized capitai
of So 100000 and 100000 paid In. 1t mas
NOW q ONO depoSitorS, with more tnan
50 600 600 deposits, showing gain over last
wear of 81, 0OO, 600 and of 300 IN the num-
Der of depositors. This bank has increased
its paid-up capital to $3ooo,Vo. ana II pro-
noses to issue up to the total amount OF
81 OI,O OOO at an early date. Its managers
tell me they expect their deposits VIII
double within the next year, and they say
that the financial business OF cuoa Is IN
creasing by leaps and BOUNDS.
The National Bank, like the Royal Bank,
will have a central head at Havana. Win
branches all over the island 1t mas al
ready ten branch banks IN me oiit .e en-
cities and it will soon increase these TO nj
teen This bank was chosen as the depoSl-
tory of the Cuban funds when General
Wood was governor; and it may still be
called the government bank or Cupa' us
title being EEL Banco Nacional
Three Millions in Sight.
had letter from Mr.. Flather, the
cashier of Riggs National Bank at wash
,ngton. to the managers of the National
Rank. and upon presenting 1t I asked to be
shown over the establishment. This was
done. even to the vault. where l saw what
would be a rather surprising sight In al
most anv bank of the United States. The
vault Is as big as a hall bedroom and is
walled with pigeon holes ana sheiVes.
These were filled with greenbacks and yell
lowbacks, all in the good money OF our own
Uncle Sam The notes were of all denomi-
nations from 81 to $500 each, and some SIN
gle bundles contained S10o,O00 A counting
had lust been made OF the 1undS on hand'
and it showed 81, 100000 in these notes. On
the floor under the shelves were stacks Of
canvas bags, a foot long and six inches
wide, filled with Spanish gold. Each bag
contained $4,000 in coins. l lifted one and
1t took all my strength to raise it, There
was a million and a half dollars worth
of gold on the floor Of that vault and its
contents altogether amounted to more than
S.. 100000. ;,
Cuba Is land of big things 1t has mil
lions as the basis of It's industries, and II
does business in the large. 1t has planta-
lions worth fortunes, million-dollar sugar
mills and banks with millions on deposit.
Nevertheless, the country Is in Its infancy,
as far as such things are concerned. There
are no savings banks yet and no safe-de-
post vaults 1 do not know that there are
any trust companies, and there are not
vet the exploitation companies with mil
lions behind them which are bound to come
in the building UP Of the island.
Banking in Cuba.
While I was in Ell Banco Nacional met
Mr.. Samuel M. Jarvis of New York. one Of
the vice presidents Of the bank. who Is
temporarily stopping in Cuba looking after
his large interests here, and asked Inn to
tell me something about banking conci-
lions. Said he:
.Cuba has a curious history as regards
banking. Before the war the chief financial
institution was the Bank of Spain. which
with a central office at Havana. This bank
was the fiscal agent of the government. It
issued government notes. collected tho