Honolulu Republican, Volume IV, Number 496, 14 January 1902 — AMERICANS TO START AN ORIENTAL BANK [ARTICLE]

AMERICANS TO START AN ORIENTAL BANK

WASHINGTON. .lan. 2.—lmportant advantages in a business way are to follow plans of the Government in appointing the International Banking Corporation its fiduciary agent in China for the collection of the Chin* -c indemnity. The company is to estah lish a (tanking concern at Shanghai and possibly other Chinese ports, with connections at Sa,i Fran- isco. and is preparing to range a proposal ■o a' t as the (Jou’am :t t financial agent in the Philippines. Frederick \\ . Molls of New York is attorm-y for the new corporation, which is strongly backed by N% wYork and Boston financial in -n. The president is E. K. Cragie of Boston, and the secretary is General Thomas Hubbard. American capitalists have striven for many years to break into the Oriental banking field, recognizing it as one which, if worked sue ! essfully. would guarantee enormous profits.