New-York tribune., 1918-03-30
Discount Bank
Organized to
Finance Trade
George A. CASTOR Heads
New Institution With
100000 Capital

An American discount bank similar
in the projected scope Of its operations
to institutions of this character now
operating in France and England has
been organized by George A. Castor,
president Of CASTOR, Williams e. Wig
more. Inc, who has associated with
him an important group Of bankers and
business men.
The new institution, which was char
tered at Albany yesterday with a capi-
tai of s2,0OO,OoO is known as the For
eign Trade Banking Corporation. It's
main function will be to deal in bank
and trade acceptances. Mr.. CASTOR,
who is expected to be president Of the
company, in stating his plans said:
Bct4cr Credits Essential
owe hear much these days about
rendering service for the purpose Of
building up and holding our foreign
patronage. Nest of this propaganda
consists Of statements relative to
proper packing and other featurcs--im-
portant, but matters of detail OF
greatest Importance is the matter of
credits to help us achieve this most de-
sirable result. What this country
needs to maintain it's recently won
supremacy as an exporter is adequate
shipping facilities and more elastic
credit system
"rhc new discount company will not
accept deposits like banks nor transact
general banking business. In ether
words. it will not compete in any way
with the established banking institu-
tions. Naturally enough, a great
amount Of educational work must be
done among the banking institutions
generally throughout the country so
they will understand fully the value
.of trade acccptanccs. Such knowledge
Will enable them to render a real and
constructive service to their own pa
irons.
Beyond dispute the establishment
of the Federal Reserve Bank was the
most progressive step taken by this
country in many years. 1t has proved
great boon in the industrial and COM
merclaI life of the country, and while
1T gives needed elasticity to the coun-
try's banking capacity through its re-
discounts Of commercial paper it MAIN
talns direct relations only with banks
Our discount bank will offer rediscount
facilities to banks, and will 20 even g
step further by extending service to
firms and individuals"
Others Interested
Mr. Gaston's associates on the board
OF directors as named to date include
Max May, who retired as vice president
and head of the foreign exchange de-
partment of the Guaranty Trust Com
pany on January /. Wade Robinson.
president of Wade Robinson g. Co..
Inc, marine underwriters; Harry T.
Hall, formerly banking commissioner
OF ONO and now vice pres dent of the
Merchants National Bank, and Ben
Jamin S. Guinness. of Guinness e.
MaEon, London bankers.
Mr.. May, who is considered an
authority on foreign exchange matters.
Will act as managing director OF the
new corporation. He came to the
United States from Germany in 1855
and first became identified with the
banking business in Chicago. where
ne was connected with the Union Ma.
tional, the Atlas National and the First
National banks. He joined the Guar
anty Trust Company in 1904.
The headquarters Of the company.
while not yet definitely decided on
VIII be located in the financial district