The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1915-02-02
BTENOS AIRES, Argentina

atVtttInS AIOisSs
BUENOS AIRES, Argentina.
Uncle Sam has at last begun a
banking business in the southern nan
of our hemisphere. The National city
Bank of New York opened It's olnces
here last November, and 1t Is now
organizing a system of banks ana
credits which will eventually be ex-
tended to every part OF the South
American continent. 1t has ALREADY
esta blished a branch in Rio de Janelro.
and it has agencies n credlt ar
rangements in Montevideo, Santiago,
Lima and La Paz. Its chief banking
establishment in Argentina is in the
Stock Exchange building, and in the
very heart of the business section OF
Buenos Aires. The offices open out
upon the Gale Rivadavia, and they
are not far away from the PINK
House." where the president has Of
fees. The bank here is under the su-
pervision of Mr.. John II. Allen, for
mer INA of the Bank of Haiti,
n one of the chief men who aided
in its establishment was Mr.. Robert
o. Bailey, formerly assistant secretary
of the Treasury of the United States.
The staff of clerks is made up of men
trained in the National City Bank OF
New York. and of others who have
had experience in South American
trade. In addition are some bank
clerks who have been c~onOnected with
the large financial institutions Of this
city.
The National City Bank is doing q
general banking business. 1t deals in
exchange, issues letters Of credit, han
dies collections. and has already 8
large amount Of deposits. 1t does its
business in American dollars anO
Argentine pesos; and for the first time
one can buy drafts here or the United
States without having to translate thu
local currency into pounds, shilling:
and pence, and then translate tn
pounds. shillings and pence back int
American dollars. I have travelled eX
tensively in the South American
countries, having been here. off ant
on, for the past sixteen years.
have always had to carry a letter o
credit on London, and have paid
greedy old Lady Of Threadneedl'
Street"
It is estimated that our total bus
mess with South America gives tn
English steamers and ankerS at leas
l per cent of the whole as a to-
for their shar in carrying the freigh
and in making exchanges. This trad
amounts to nearly eight hundred mil
v hAb " sO"is IN lhS a
English rake-off is in the neighbor
hood Of eight million dollars. TIL
shock OF the war a awakened us t
a realization of this fact; and tn
time is coming when we shall sen
our goods in our own ships n hay
our own banks.
Such a change will benefit til
United States in many ways outsid
the money involved. The big Ems
lish, French, German. and Italia
n which are now working hel
are trade agencies Of their ~respectiI
countries. They devote themselves
developing that trade and are reese,
voirs of information for the European
engaged in it. Said an American cal
italist to me today:
1T is impossible to do business will
out an American bank. / am int
ested in contracts which involve mi
lions Of dollars, n if my transa
tionS pass through the English
German banks my competitors as
bids are kept posted as to just what
am doing. Suppose l should make
deposit in the German bank of a ha
million dollars with the idea of swim
ing some big contracts? The ia
that money Is there is told to Il
Germans who are in the same line
business, and they are apt to disco
er my plans and underbid me befo
SdH UIiHS lily IDEAL 10 a COnCIuSlO
1t would be the same if I made t
deposit in an English bank al
practically the same with Il
French"
The National City Bank will n
only prevent such publicity, but
will serve as a financial institution I
pushing American trade. It is c,
lecting information as to the cred
Of the various companies n m,
chants, and within a short time
will hay the standing Of every
stitution and dealer Of note in ca
ern South American States. It v
keep files OF UGH credits in BueI
Aires and Rio Janeiro and it v
have duplicate files in New York:
that it will serve the place that