Ceballos and Ca., ship-Cragin, director of the Trust Company of America; P. H., Flynn, director Hamilton Trust Ca.; H.
Hardy, secretary; John B. Jackson, president Fidelity Title and Trust Ca., Pittsburg, and H. P. McIntosh, president Guardian Trust Ca., Cleveland, Ohio.
Cragin said' on Tuesday: "The signation of the International Banking tion as fiscal agent of the United hina settles a controversy of standing. The International ignoted because it was ready to do business and its charter gave it fall authority to establish branches anywhere and to conduct business in any part of the world. Other competitors did not have authority in their charters to do such business.
James S. Fearon has been appointed to take charge of the branch of this corporation in China, and has accepted. Mr. Fearon is a prominent merchant and banker and is well known in the Orient. He Wa" recently chairman of the Municipal Council of Shanghai, has had large expe-nonce in Chinese affairs and is thorough. ly conversant with Oriental business and finances.'
Cragin said that the International Benking Corporation, operating under special charter of the State of Connecti ut, is at present the only American bank-corporation that can do business outside the United States. This branch of foreign business, ho said, is at present done by the English, Germans, french and Spanish, with some other foreign corporations. For the present, Mr. Cragin said, jit as expected that the business would be confined to the Orient and to Central and South America. The principal competitor of the International Banking Corporation for the agency of this' Government in China in the matter of the collection of the indemnity that has to be paid by China was the Guaranty Trust Company of this city.
The company obtained its charter last summer. The name of the corporation when its charter was passed was the International Company, and its capital was to he $500,000, but power was granted to increase the capital, and this has been done, and the name has been changed, also. Among the charter powers of the corporation are:
To transact the business of merchants, manufacturers, miners, commission merchants, agents of every kind, shippers, builders, financiers, brokers, contractors and concessionaires, in all the forms of any kinds of business; to engage in the general banking and trust. business;"**to engage in a general safe deposit and storage business; to construct public or private works, outside of the State of Connecticut, and to operate the same; to construct, purchase, charter or sell' vessels; and engage in the business of transportation by rail and by water outside of the State of Connecticut, and to carry on an express forwarding business outside of the State of Connecticut; to establish branches in any part or parts of the world.
Washington, 1st January.
the decision made by the Cabinet yesterday to give the management of the interest payments on the Chinese indemnity to the International Banking Company may have an important bearing on A ern banking development in the Orient. The International Company were required by Secretary Hay to present strong guarantees of their ability to handle the transaction before the matter was intrusted to them. They succeeded in meeting all these requirements and were promptly notified by telegraph of the decision made by the Cabinet. The attitude of the Administ: tion a week ago, as stated in these di patches, was against entrusting the indemnity transactions to an institution which had not actually a going agency or office in China. This objection was met by the prompt action of the International Company in arranging with Messrs. Fea-
Text read from the printed page and cleaned; old type leaves the occasional error.