The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-24

uo'. wth a capital OF $5O,0OO.OOO and
a charter which permits It to engage In
almost any enterprise. was formally
launched yesterday through its in
corporation at Albany.
While the purpose of the new COM
pany. which has the backing of promi-
nent business men and bankers. Is
mainly TO deal In securities Of foreign
countries. to interest American capital
III the development Of the natural re-
sources abroad and to bring American
goods into new fields, the charter per-
mits II Ia engage In almost every sort
Of a venture.
Frank A. vanderlin president OF the
National City Bank, will be chairman
OF the board. while Charles A. Stone
Of stone & Webster will be president,
willard ID. Straight. formerly OF j.. 4.
Morgan & Co. will be vice-president, and
r. p. Ttnsley, lately Of the Standard
OIL Company. will be secretary and
treasurer.
Directors All Prominent.
The board Of directors embodies the
ma OF men who are powers not
only in American business and finance.
but who have made themselves known
abroad by the success which has at
tended their enterprises. The directorate
follows
Ogden Armour Of Armour & Co;
Gompany; William f.. Corey. head Of
the Miavaie. steel and Ordinance Conn
4 Go. James J. Hiii. otto ii. Kahn Of
kuhn, Loeb & co. Judge Robert =. Low
ett, chairman Of the board OF the Union
neil OF the internattonai Nickel Company:
Henry s Pritch-tt OF the Carnegie Foun-
dalton: Percy A. Rockefeller of the stand
ard o' Company. John ID. Ryan of the
Anaconda Copper Company; Charles A.
Sabin. president Of the Guaranty Trust
insefsoii. Rand C%oinpany: James A. sill.
man, chairman OF the board Of the Ma
tional CITY Bank: Charles A.. Stone OF
dent Of tn. American Telephone and Tele-
graph Company: Frank A. Nanderlip.
president Of the National CITY Bank: Ed.
win :. Webster Of stone a Webster. Albert
u. Wtggin. president Of the Chase National
Bank; Beekman winthrop Of Robert Win
tircp 4 Co. and Robert Dollar of the
Robert Dollar Company.
IL Is planned that further additions
to the directorate will be made until
the board has been Increased TO twenty
four members.
Common stock $4,000. d
The company will begin operations
with a capital OF $4,000. 900. OF which
$4,000 900 will be in comnson stock and
the remaining $1,000. GOO IN managers
shares. Tn par value will be 800.
Twenty five million of the new stock
will be offered to stockholders OF the
National City Bank at paw. The re-
naming $4,000 600 common stock will
be offered TO those institutions and indi-
viduals who have agreed to contribute
toward furthering the end of the new
company. The managers shares will be
offered to those men connected with
the company In an executive capacity.
The managers shares will share alike in
the profits OF the American 1nterna-
tiOnal Corporation until in excess OF Z
per cent. has been paid In dividends on
the common stock. Then the managers
shares will receive 30 per cent. OF all
disbursement made n the common
stock the remaining so per cent.
In a ak with newspaper men yes
,erday MIR. Nanderlip said that the is
suancr Of managers shares was some
thing never done before IN an American
corporation. although II has frequently
been done by English and German COM
panies. The reason for this special class
OF stock. he said. was Ia attract men
OF high character and ability to the cor
poration. IL laid stress ON the diff
Guilty of securing the sor, Of men the
corporation would want. The managers
shares will not be given as a bonus and
must be paid FOR in full.