The New York herald., 1921-02-14
WARBURG FORMS
ACCEPTANCE BANK
New international Corpora
tion to Have Important For
eign Connections.
WILL OPEN ABOUT APRIL /
Principal Business Is to BE
Granting Credits-Common
Stock Subscribed.

Paul NJ Warbnrg, formerly Vice.
Governor OF the Federal Reserve Board
and member of the firm of Kuhn Loeb
G Co., and now member of the Fed
eTai Advisory Council announced yes
terday the formation Of his new inter-
national acceptance corporation with
slo.o01O0N Of fully subscribed common
stock, $4,000 of subscribed surplus
aud 500 600 of special stock, which will
compete in no way with the 100000 0C0
Foreign Trade Financing Corporation
now IN process of organization. The
after VII issue debentures under the
Edge act, precluding it from transact
Ing Il gtnoral acceptance business. The
former primarily viii 90 it's business
b. stanting acceptance credits.
With important foreign connections
arranged for, the new corporation with
out Foi eign branches from its start Will
control q considerable volume OF busi-
ness, an it takes over part OF the
OF sAnizat'on and the foreign credit
,risincss of the First National Cor
p~rat on, New York, owned by the First
National Bank OF Boston, and also the
Sor~isr exchange department OF Huth
cS Co of New York. 1t Is expected
tnat the bank will open for business
about April / in 81 Pine street, New
York.
The officers of the new corporation
10 he known as the international Ac-
ccpiance Bank. Inc, are as follows:
Chairman Of the board, Paul M. War
burg; president. f. Abbot Goodhue,
vice-president First National Bank.
Boston; vice-presidents. K. W. Daven-
port, vice-presidcnt First National Cor
poration. New York, and r. j. Vogel,
former ce-president of American For
eign Banking Corporation and now Win
Chase National Bank.
Directorate Widely Chosen.
The organizers and first board Of
directors are made up as follows: New
comb Carlton. president of the Western
Union Telegraph Company; f. w
Clark president of the First and Old
Detroit National Bank, Detroit; Walter
r. Frew president of the Corn Ex-
change Bank; f. Fl. Goff. president OF
the Cleveland Trust Company; +. ABB
bot Goodhue, Robert F. Herrick OF
Herrick. Smith. Donald & Farley, Boz
ton: j. r. McAlister president OF the
Franklin National Bank. Philadelphia:
C. g. Seger, president Of the United
States Rubber Company; l.. IL. Shear
man of w. r. Grace Co.; William
skinner, silk manufacturer; Hans Z.
Some of Huth & Co.: Philip Stockton,
president of the Old Colony Trust Com
pany, Boston: Felix M. Warburg OF
Kuhn, Loeb & Co.; Paul M. Warburg
Thomas West. Jr, president or the
Rhode Island Trust Company. Provi-
dence: Daniel G. Wing. president OF the
First National Bank, Boston.
The companies represented In the
directorate are interested directly m
the new corporation. and In ADDITION
other stockholders will be the Follow
ing: The American international Cor
poration. the First National bank,
Birmineham, Ala: the First Nationai
Bank. Chicago; the Fidelity Nationdi
Bank and Trust Company, Kansas City'
the First National Bank, Los Angeies'
~ Efrst National Bank, Portland.
ore the Wells Fargo Nevada National
Rank san Francisco; the Seattle Ma,
tional Bank, and the First National
Bank, st. Louis.
Arnonp the foreign interests holding
IN ali approximately a third OF tne
% n,tal of the new bank. are the foi-
lowing banks and bankers;
Foreign Connections.
Amsterdam - Nederlandsche Hanoei-
Maatschappij. Hope Co. Basie-S"sS
Bank Corporation. London = y. W.
Rothschild & Sons, National frovlileisi'
and Union Bank OF England. LTD. STOCK
holm = Aktiebolaget Svenska Handeis-
hanken. skandinaviska Kreditakheoola-
get Zurich--Credit Suisse.
The foreign connections thus escao-
ushed Mace at the disposal Of the new
bank large and influential organizations
and open to their clients the facilities OF
the American bank. Negotiations 10 es-
tablish similar relations with prominent
banks and bankers in other countries
are under way. In France the new pank
expects TO work In close cooperation
with the French American Banking Cor
poration, of which the First Natiohai
Bank Of Boston is one OF the principal
stockholders. together with the Comp'o,r
Nationale dEscompte de Paris. II Is