The Washington herald., 1908-02-02
BUYS BANKS ABROAD
Stillman Will Run a Chain
of Them in Europe.
ENGLIsHMEN ARE PREJUDICED
Head of National City Already in
Control of Several Institutions Ina
lip Brings Fresh Facts About Big
ChHnge ina New York's Bank.

New York. Feb behind the story
that James SuIlman will resign the presi-
dency Of the National City Bank and live
/ permanently abroad there is a fact even
more striking, as It means an American
fnancier is bold enough TO compete with
the European masters OF the game on
their own ground.
That fact is that Sullman will buy
banks ou the Continent and IN England.
form them into a chain, and run them ia
the American style, or az close % that
style as the laws Of those countries will
permit.
The news that SuIlman not only would
get out Of all his directorships here. but
out Of the country as well, became public
yesterday as a result OF the election
Of Frank A Vanderip, vice presl-
dent Of the National City Bank. as a
director and member Of the executive
committees OF the Union Pacific and
Southern Pacific railroads. Already Still
man has purchased q string Of big bank
ing institutions in France, and yesterday
1t was learned he intended 10 do the same
in England. From London came a denial
that it was possible for him 10 buy into
English banks. as the directors may re-
fuse by law 10 transfer stock 70 any one
they choose TO keep out. II is admitted.
however. that Sullman already has bought
stock in an English bank with American
/ connections. and il is thought he viii find
a way TO overcome pTejudices English
bank directors may have against him.
stays Abroad a Long Time.
Last year. when Sullman went abroad.
ii was widely reported he would not re-
I turn, and was about to give up the presi-
dency Of the National City Bank. Il is
true he stayed abroad longer than ever
before, but he returned just before the
panic broke and in time 10 be on hand
when the big copper pool in which ha
and his friends II. II. Rogers and VIII
liam Rockefeller, were interested, came
10 grlef.
When Sullman went abroad year ago
/ It was announced he was extremely III and
never would return 10 active business
again. 1t was said be had a serious in
I testinal trouble, but AZ least one OF his
business associates accused him Of lack
Interstate Commerce Commission of the
/ Hartman railroads Though It had been
said his illness was iucurable, he came
i back apparently as Well as ever. after the
/ investigation was over, IN tine to save
/ his interests IN the panic. Now he Is go
ing abroad again and resigns many di-
rectorships on the eve Of the government
suit 10 dissolve the combination between
the Union Pacific ard Southern Pacific
/ railroads. Though Il is believed StIlIman
ultimately viii get out Of all his American
/ directorates. il is noted with interest
I in Wall street that the only important
ones he has resigned from thus FAR ara
/ the boards of the two Pacifics. the roads
I involved IN the impending suit
Buys Home in Paris.
/ Stillman recently bought a beautiful
home IN Paris and enjoys life greatly in
[ that city. IL is believed he will spend
much more time there. now that he has
given up several Of his duties here. /
few days ago VanderIip was elected a di-
rector and member Of the executive COM
mittee of the United States Realty
and Improvement Company in place OF
Sullman- In all Stllman is q director IN
/ no fewer than fifty-four different corpo-
I Irations, and Vanderlip gradually will take
( his place in many of these. StiIIman has
turned the business OF the National City
+ Bank over to Vanderlip more and mora
within the last few years, and has told
Ihis friends he hoped TO be relieved from
/ the active cares Of president before long.
7 Nanderlip, who not many years ago was
/ a newspaper reporter, and who came 10
the National City Bank from an Assist
ant SeCTetaryship OF the Treasury, said
yesterday his election as director or
the Union Pacific and Southern Pacific
was OF no significance. =. II. Hartman,
president Of the two roads, at first said
il was merely a temporary arrangement,
but added Nanderip might continue on
the board after SulIman got back from
his next European visit. Eanderlip said
There is no significance whatever in
my going on the boards of the Pacific
companies. I merely have taken Mr.. Still
mans place temporarily during his short
absence in Europe. It was considered
necessary 10 have complete executive COM
mittees, and it was thought desirable
that I temporarily fH the position"