Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-14
EMB0DIES EUROPEAN
BANKING CONNECTION
His Brother, Max. Has Similar
Institution Recently Launched
in Hamburg. Germany.
WILL NOT BE COMPETITIVE
Stockholders in L. :. VIII Main
tain Two-ThirdS Control OF
New Financial House.
hf HoHEpr J. RENDER.
I nitcd News stan Corrrspopdept


NEW YORK, Feb. l3.-pau1 M
WarburS. formerly chairman of ~,
Federal Reserve Board. at Washing
ton. has announced the orra.,Iz,,io,
or the international Acceptance.
Bank. Inc. which will devote itself
primarily TO financing America's for
cign commerce and world trade"
Revealing as it's oil, Ccrs and NOM,
hcrs OF It's BOARD of directors some
of the leading iinanc!crs and bust
ness men OF the country. tho new in
Hiiiution cmhodics foreign banking
connections, which would seem 10 as
sure - tremendous drive for inter-
national trade
AZ the same time il is learned that
Max WarbnrG. a brother or Paul NJ.
"arburg. has organized n similar
institution at Hamburg. Germany.
In the announcement of the new
banking house Sunday night 1t was
explained that there was no inter.
,ion of competing with the $780,
coo.30o Foreign Trade Finance Cor
poration. now in the process OF or
Ganization. The latter, il was cx-
planned. contcmplates the issue OF
debcntures while the international
- P-"''>' i''tHh primarily Will do
Its business by the granting of ac-
ceptancc credits and has no power
to issue dehcntures Nevertheless
the new haak is the first completed
organization aiming at support OF
United States firms in the markets
of the world.
The new bank will he incorporated
with fully subscribed capitnl OF
f,,
in special stock and . subscribed sur.
plus OF $S,oOe,o0o Warburi; is to he
chairman OF the board: T.. \. Good
hue, vicc-presidcnt OF the First Ma
ti"nai EanN. OF Roston. being presi-
dent; and p ]. Vogcl. OF the Chase
National Bank, New York. and l.. w.
Davenport nj The i'irs, Nat,ona, Cor
roration New York. v!ce-prcSidcnts.
Majority In America.
American stockholders viii main
tain two-thirds control over the
institution. while a third OF the stock
has been subscribed to hv foreign
interests. among them the Nedrr-
landichc ande!-Maatschappi OF
Ams rdam. tho Swiss Bank Cor.
po"ation, Of Basel: " ~ Rothschild
y Sons. OF London. the Credit Suisse,
OF Zurich. and others. In France ths
new bank will work in close CO.
operation with the French American
Banking Corporation and the Conn
toir Rationale d'Escompte de Paris.
There Will be European advisory
council. made up OF stockholdinS
hanns and firms which will give the
American officers the benefit OF their
counsel and cooperation.
In addition 10 the First National
Bank of Boston. which is one of the
:hrec leading stockholders in the ne,v
bank there are represented on the
stock list. the Old Colony Trust Com
pany. OF Boston; First National Bank
Of birmingham, Ala: First National
OF Chicago. The Cleveland Trust Com
pany, Fidelity National Eank & Trust
Company. of Kansas City Mo: First
National of Los Angeles: Franklin
National OF Philadelphia: First Ma
tonal of Portland. Ore: Wells Far
go. Nevada National. of San Fran
cisco. and the Seattle. Wash, National
Bank. in addition to New York. De-
iroit. Providence and ST Louis insti-
tutionS.
Organizers Arc Named
The organizers and first board OF
directors or the new bank include
Newromb Carlton. Walter r. Frew.
"a -