24 THE CUBA REVIEW 



This institution was organized under the laws of Cuba on February 11, 1901, with 

 a capital of $1,000,000, and opened its doors for business July 18th of the same year. 



With a head office in Havana and three branches, at Matanzas, Cienfuegos and 

 Santiago it undertook the pioneer work of modern banking in Cuba, and was appointed 

 sole depositary and fiscal agent for the U. S. Government of Intervention. On the 

 inauguration of the Cuban Republic the office was confirmed and the bank has con- 

 tinued as the sole fiscal medium at home and abroad. 



Under its charter and the commercial code, the institution has the power to issue 

 bank notes, which it has never exercised, and to do a general banking and trust com- 

 pany business. 



During its first year, new branches were opened at Manzanillo and Cardenas, and 

 in 1904 at Sagua la Grande and 84 Galiano Street, Havana. 



By reason of growing business demands and the bank's position as Government 

 Agent, its capital was increased to $3,000,000 in 1904 and to $5,000,000 the year 

 following. 



With greater resources thus available, the bank established a new era in behalf 

 of Cuban agricultural interests, which had hitherto been neglected, and in 1905 five 

 additional branches were opened at Pinar del Rio, Caibarien, Guantanamo, Santa 

 Clara and Camaguey, respectively. The number has been increased to 44 accordingly 

 as conditions have required. 



By this means the cane growers of Cuba were for the first time able to borrow 

 money direct from banks for their crops, on reasonable terms, thus laying the founda- 

 tions of a general prosperity which found them in a condition to meet the demands 

 of production at the outbreak of the European War in 1914. 



Since its organization 17 years ago, the bank has paid dividends twice a year 

 without interruption. Up to December, 1904, the rate was 6% per annum (payable 

 semi-annually), when it was increased to 8%, and has been so maintained, with a 

 special dividend of 1% at each period since June 30, 1916, inclusive. 



A surplus of $5,000,000 has been accumulated since the bank began business. 



The specific condition of the bank is shown in its balance sheet of June 30, 1918, 

 with deposits of $86,499,321.90 and total assets amounting to $112,772,576.83. 



With a complete organization at its command, founded on time and experience, 

 the bank has attained a degree of popular confidence which is reflected in the Fourth 

 Liberty Loan campaign, just closed, to which the institution has contributed for its 

 customers $4,210,000 of the $10,211,750 subscribed by Cuba, or over 70% of the 

 $6,000,000 quota fixed for this country by the United States. 



American mercantile BANK OF CUBA Manuel Rionda, Miguel Arango and sev- 



The Mercantile Bank of the Americas, eral of the officers of the Mercantile Bank 



in conjunction with the Guaranty Trust of the Americas. 



Company of New York has organized a Mr. Charles H. Sabin has been elected 

 new bank in Cuba. The name of the new Chairman of the Board of Directors, Al- 

 bank is Banco Mercantil Americano de bert Breton, President, and Frederick 

 Cuba (American Mercantile Bank of Strauss, Thatcher M. Brown and Jason 

 Cuba) and it has a paid up capital and A. Neilson, Vice-Presidents. The Man- 

 surplus of $2,500,000. The Board of Di- ager of the new bank will be Mr. Fernand 

 rectors includes Charles H. Sabin and J. Oehmichen, at present General Man- 

 Albert Breton of the Guaranty Trust ager of the American Mercantile Bank 

 Company, James N. Wallace of the Cen- of Peru. 



tral Union Trust Company, Thatcher M. The new Cuban bank expects to corn- 

 Brown of Brown Brothers & Co., Fred- mence operations on or before January 

 erick Strauss of J. & W. Seligman & Co., 1, 1919. 



