Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-27
THE CHINESE BOYCOTT
MOVE AGAINST INTERNATIONAL
BANKING CORPORATION.

SHANGHAI. July 27.-The native bank
ers here are calling q meeting to discuss Il
proposal to boycott the International Bank
ing Corporation.
The international Banking Corporation
was organized in June, 1901, under the laws
Of Connecticut, receiving Its charter by a
special act of the legislature. 1t was then
the only American banking institution
formed for the purpose of doing business
entirely in foreign countries, with authority
TO establish branches. The corporation was
made the agent of the United States gov
ernment for the receipt of the payments to
this government on account of the Chinese
Boxer indemnity.
The stockholders of the corporation were
carefully selected from among the leading
manufacturers, exporters and importers Of
the United States. The corporation was
capitalized at $4,000, ,O00. with surplus of
S3,o00O00. Among the cities represented in
the concern were New York, Philadelphia,
Baltimore, Pittsburg, Cincinnati, Dayton,
Cleveland, Columbus Detroit, Milwaukee,
Chicago and st. Louis. The southern and
Pacific coast cities were equally well rep
resented.
The president of the Interna tional Bank
ing Corporation, when it was made the
agent of the United States government in
1872 was Marcellus Hartley. John j. Nc
COOK was the corporations attorney and
James S. Fearon was its agent al Shanghai
The present officers of the corporate
are Thomas Fl. Hubbard, chairman of the
board of directors and president; James S.
Fearon, vice president, and J. b. Lee gen.
eral manager.
The main offices of the corporation are
at No. l Wall street, New York
The directors include Sir Ii. Montagu AL
ian; George Crocker, James S. Fearon Ed
win Gould, Isaac Guggenheim, E. H. Har-
riman. Thomas H. Hubbard. H. e. Hunt
fngton and Sir William Van Horne.
Surprise in New York.
NEW YORK, July 27.-Local officials of
the 1nterna tional Banking Corporation ex-
pressed surprise at the news from Shang
hal In response to a cable sent to Shang-
hal yesterday by the London branch Of the
corporation a cable was received here to-
day to the effect that the system of boy
colt has not interfered with business J..
s. Fearon, vice president of the Interna-
tional Banking Corporation, is the senior
member of the importing house of Fearon,
Daniel & Co. of this city, whose main
branch is at Shanghai. Fearon, Daniel &
Co. today received a Shanghai cable touch
ing upon boycott troubles there and stat
ing that the result Is not expected to he
serious.
Gen. Thomas II. Hubbard, president and
chairman of the International Banking
Corpora ton. said: ''Of course ii is well
known that the boycott is not in conse-
9ueiiSS " any opJectioH 10 our corporation,
but Is due to the resentment of the Chi
nese toward the United States government
caused by the operations of the Chinese
exclusion act"
San Francisco Merchants Anxious.
SAN FRANCISCO. July 27-Local mer-
chants interested in trade with China have
been rather anxious over the rumor that the
Chinese boycott against American goods
had gone INTO effect and that all the big
milling and -four companies had received
stop orders from their agents in the orient.
and that existing contracts had been cam
celed.
foreign goods annually. OF this amount
about s20,000,G0O comes from the United
States. of which about $4,OOO,UoO comes from
San Francisco. OF the latter amount near
ly one-third Is -four, about 100000 barrels
being exported.