OCR Text |
Show BRANCH BANKS. The establishment of United Statei branch banks in sonic of the leading South American cities has proved so beneficial in promoting trade that a chain of such financial institutions will soon spring into being in the southern republics: .lust now the country has a firm grip upon the world's store of gold. The South American trade is also coming com-ing to us. With the branch banks in operation we shall be able to do .business .busi-ness direct, and at the same time finance such of the responsible firms as desire credit. Other countries besides the South American republics are looking to the United States for money and credit, aud these business men advocate the establishment of branch banks. The vice president of the Russian-American chamber of commerce of Moscow, now nn his way to New Vork to develop trade through visits to commercial centers cen-ters of the United States, will discuss dis-cuss the establishment of a Russian-American Russian-American bank in the land of the czar, which, of course, would be a branch of some New York institution. The business busi-ness men of Moscow aje fully alive, to the importance of the situation, and have written a letter to the United States consul general, from which we quote: In our endeavors to enlarge the existing commercial relations between be-tween the United States and Russia, Rus-sia, we are confronted with questions ques-tions of extended credit, means of securing more practical methods of payments, and the need of a medium whereby matter of transportation, trans-portation, insurance, standing of firms and other confidential subjects could be treated. After mature consideration, we have arrived at the conclusion that the establishment of an American bank in Russia is of the greatest importance. The same story is being told in many other foreign countries. Only the other day. leading Chinese financiers and statesmen publicly advocated the establishment estab-lishment of an American bank in China through which business could he done. Heretofore British and German banks have had things pretty much their own way all over the world. But the war has radically changed commercial relationships, rela-tionships, and the old bonds are being dissolved in consequence. New York, instead of London, is the financial center cen-ter of the world, and trade naturally comes to the country able to extend credit as well as buy and sell. Unless we throw the opportunity away we shall occupy almost all the points of vantage when the present war ends and the struggle for the trade of the world begins in earnest. British banks will be one of the chief aids in establishing our commercial superiority, and it should be easy to raise monev enough in this country to establish any number of such institutions. We hope the mission of the Moscow business man will be successful and arrangement made for closer business relations with Russia. Also we hope the opportunity in China will not be overlooked. |