New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-06
RUSSO-AMER|CAN BANK
Great Opportunity Pointed Out
by Consul General at Moscow.
WOULD DEVELOP COMMERCE
Mr. Snodgrass Says if Americans
Do Not Come to Front,
Others Will Step In.
From The Tribune Bureau.


Washington Aug. 5.-There IS wonder
full opportunity for the esta blishment OF
q great American bank in Russia. accord
ing TO report just received from John
H snodgrass, United States Consul-Gen-
eral at Moscow. Mr.. Snodgrass says that
if Americans do not come to the front,
others will step in and exploit the re-
sources OF the Russian empire
The consul-generaI says that such
banking institution would be strong help
toward developing and regulating trade be-
tween Russia and the United States. and
the financing of all importations from
the United States into Russia would grad
ua1lv concentrate in such a bank.S Mr..
Snodgrass discusses phases of the Russian
| banking system:
"A Russo-American bank" ne says.
would act as a working institution be-
tween the Russian manufacturer of cotton
on one hand and the American on the
other There would be nc use for the
middlepsn In this trade between Russia
and the United States, which aggregates
SO Os, neo p wear. The bank would be the
agent of the cotton raisers and would
fDance all transa ctions between them and
the mill owners AS one manufacturer ex-
messed IL: Give US direct banking con-
nectfons between the United States and
Russia and a stable cotton market and
we will increase our yearly purchase of
cotton to 100000 000.'
I'm addition to this leading product OF
exportation the United States enjoys
profitable and growing trade in agricui-
tural machinery and implements, and is
represented In practically every line or
manufactures bought by Russia. The IN
ternafional Harvester Company has recent
" acquired the plant Of the New York Air
Hrake COMPANY in Moscow, and, besides
the manufacture of engines, will produce
harvesting machinery and agricultural I'M
Elements. In the course of year 1t Will
undoubtedly have the largest institution
of the kind in Europe, and its support OF
sn American bank at Moscow would go TO
make the institution a success from the
start.
'"The creation of such an institution "ouio
tend 70 rronnote friendly commercial rela-
tions between the two countries, anu
American trade would be appreciably eN-
tended throughout the confines of Russia
and Siberia a Russo-Amerlcan pahk
Y o,1Id only succeed through a coanuoii
With an institution already in existence
having MANY branches thoroughly organ
ized-a bank which already enjoys the con-
fdence OF the people through capable man
es,enent Such an amalgamation Woulo
guarantee success. for the reason that the
,rn-to-date methods Of the American bank
ers could be introduced. while the eA-
uerience and protection afforded by the
Russian bankers in country new TO the
American would be q most valuable asset
to the organization.
Another fleet is 10 be built; RUSSO
American bank would assist in securing
the contract for the United States. In ao-
dition to the large profit resulting, the
fortv-year per cent bonds would be proht-
able as we'll American commerce cannon
exnect to secure an equal standing with
that of Great Britain and Germany III
Russia or take part in looms, without the
assistance of banking house, either at
Moscow or st. Petersburg. The COM
rcercial progress of Germany and England
I'm the Far East is an example of what ma
tons are able to do when backed by bahhs.
1.-The field OF activity Of such a bank
would not be confined to ordinary banking
transactions and financing of Russo-Amer-
team. trade. The possibilities for the IN
yestment of capital in Russia are uniin-
tied Money Is required to develop agri-
culture, to give the richest soil in Europe
the chance to produce as much as the
poorest soil of other more advanced coun-
tries Capital is needed to bring Russia 8
fabulous metallurgical and other hidden
wealth to the surface, for the improve
ment and extension of its railways, for the
construction of inland highways and main
ttSance of inland waterways. for the I'M
provement of it's cities and for many other
purposes Furthermore, there is an extern
sive field of activity for an American bank
in the financing Of loans in the govern
Inent railroads cities and Zemstvos'