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 Co-operative service in foreign trade . 
 
 3 1924 013 924 935 
 
Cornell University 
 Library 
 
 The original of tliis book is in 
 tlie Cornell University Library. 
 
 There are no known copyright restrictions in 
 the United States on the use of the text. 
 
 http://www.archive.org/details/cu31924013924935 
 
Vol. IV MARCH. 1919 No. 3 
 
 CO-OPERATIVE SERVICE 
 IN FOREIGN TRADE 
 
 NUMBER TWENTY-FIVE 
 
 IRVING NATIONAL BANK 
 
 WOOLWORTH BUILDING NEW YORK 
 
Co-operative Service in Foreign Trade 
 
Co-operative Service 
 in Foreign Trade 
 
 Reprint from 
 
 Trust Companies Magazine 
 
 OF NEW YORK CITT 
 
 February, 1919 
 
 SECOND EDITION 
 
 Irving National Bank 
 
 WOOLWOBTH BUILDING NSW TOBK 
 
This pamphlet is the twenty-fifth 
 of a series published by the Irving 
 National Bank as a contribution 
 to public thought upon questions 
 relating to national prosperity. 
 
 For a list of Irving publications, 
 any of which will be forwarded 
 upon request, see the final page of 
 this booklet. 
 
 (^ 
 
EDITOR S NOTE 
 In Trust Companies Magazinii 
 
 7^HE important idea developed in 
 the following article is the adapt- 
 ability of the principle of co-operation 
 in providing the necessary facilities, both 
 at home and abroad, through which to 
 build up American foreign trade and 
 fiscal connections. The subject is not dis- 
 cussed as a theory but from the stand- 
 point of practical operation, based upon 
 the distinctive policies which have been 
 logically and successfully pursued by the 
 Irving National Bank through its spe- 
 cialized departments dealing with foreign 
 trade and banking service. 
 
Vol. IV MARCH, 1919 No. S 
 
 Co-operative Service 
 in Foreign Trade 
 
 THE rapid development of foreign trade activ- 
 ity in recent months is giving rise to increas- 
 ing service demands on commercial banks 
 in the United States. Closer contacts with other 
 nations through the expansion of our business 
 relations with them have made a comprehensive 
 knowledge of trade and industrial conditions in 
 each of these countries a basic requirement of suc- 
 cess. They have put a premium also on clear 
 insight into the social, political and material fac- 
 tors underlying these conditions. From the view- 
 point of business as well as of banking, the situa- 
 tion necessitates the solving of new and impor- 
 tant questions in banking policy — questions on 
 which many vital interests turn — and the devising 
 of effective ways of reducing effort, of adjusting 
 differences in customs and operating methods, and 
 of making existing facilities more useful and more 
 responsive to the needs of international trade. 
 
 Essentially a commercial bank serving customer 
 interests in both domestic and international 
 fields, the Irving National Bank develops and 
 extends its banking operations along the lines 
 
 7 
 
CO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 of co-operation, rather than competition. This 
 policy permits of wide expansion in various ways. 
 Here at home it leads to intimate reciprocal rela- 
 tions between the Irving and banks in every 
 state in the Union. In the foreign field it may 
 promote similar relations with weU-estabUshed, 
 carefully chosen banking institutions wherever 
 these are found, or it may recognize opportunities 
 for the establishment of branches where such a 
 course will be most agreeable and useful to local 
 interests and most advantageous to the Irving as 
 well. 
 
 Some banks have found the solution of certain 
 of these foreign banking problems in the establish- 
 ment of branch banks. There is another point of 
 view, however. In certain fields and under certain 
 conditions, an American branch bank might prom- 
 ise to be of such service to the community that it 
 would be most cordially received and therefore 
 would help to cement amicable trade relations. 
 On the other hand, it is beyond question that the 
 entry of an American branch bank into a field 
 already fully served by existing national institu- 
 tions might be considered by the latter an en- 
 croachment on their business province. 
 
 Just now the strain to which the war has sub- 
 jected the business of the entire world and the 
 existence of unusual and difficult after-the-war 
 problems clearly point to the desirabihty of the 
 fullest development of this philosophy of co-opera- 
 
 8 
 
CO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 tion instead of competition. The game of the na- 
 tions today is a game of give and take; while 
 American business has much to ask of other 
 nations, it also has much to offer. If, as happens 
 at present, we find ourselves prepared to give more 
 than we are incUned to request, it is because we 
 occupy a dominant position in world finance and 
 trade. We can afford to be generous. At present, 
 indeed, the national atmosphere seems to be 
 charged with generosity. 
 
 In terms of practice, the Irving's pohcy of co- 
 operation is expressed by the selection, in each com- 
 mercial center abroad, of a banking institution of 
 the highest standing and widest range of connec- 
 tions as the principal Irving representative for that 
 territory. This arrangement is supplemented by 
 the presence of resident Irving officials whose 
 function it is to promote the most cordial and ef- 
 fective relations between the two institutions and 
 faciUtate their reciprocal exchanges and mutual 
 helpfulness. 
 
 One immediate result of this plan is the pro- 
 viding in the various countries of fruitful contacts 
 with business and financial forces and organizations 
 otherwise beyond the reach of an aUen institution. 
 Under such circumstances, indeed, the influence 
 and co-operation of trusted overseas banks repre- 
 sent an important asset to the American bank serv- 
 ing customers engaged in foreign trade — and to the 
 customers an equaUy important element in the 
 
 9 
 
CO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 establishment of advantageous connections and the 
 development of their undertakings abroad. 
 
 Behind this definitely worked-out plan lies the 
 intention of service. In order to give adequate ex- 
 pression to the idea, the Irving has need not only 
 of well-established connections in all parts of the 
 world, but also highly specialized service depart- 
 ments, definite sources of information, and the 
 sort of organization within the haoak which permits 
 of most effective co-ordination between its various 
 departments. Always the process of organization 
 is directed toward that end. Various departments 
 — the Foreign, the Foreign Credit, the Foreign 
 Securities, the Foreign Trade and the Commercial 
 — concentrate all their energies upon realizing this 
 idea of service. 
 
 The Foreign Department, for instance, is in 
 touch with every important commercial center of 
 the world. In these centers its activities are repre- 
 sented through correspondents, and in some of the 
 most important, such as France and Great Britain, 
 this relationship is strengthened by an Irving repre- 
 sentative on the ground. No function essential to 
 foreign trade transactions is ignored. In detail 
 the technical problems are those of transferring 
 money from one country to another by draft, mail 
 remittance or cable transfer; aU phases of foreign 
 collections; the purchase of foreign currencies; the 
 handling of travelers' checks, travelers' letters of 
 credit and commercial letters of credit both for 
 
 10 
 
GO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 import and export purposes; and whatever other 
 services may be required in faciUtating the opera- 
 tions of foreign trade. 
 
 The Foreign Credit Department provides credit 
 information for those interested in foreign trade. 
 Specific credit reports are an indispensable part 
 of the bank's customer service. And through such 
 credit reports on individual firms, the depsu-tment 
 is able to analyze, at least in a general way, the 
 conditions in individual trades or industries and 
 outstanding business conditions as a whole. In 
 addition to this specific service, the bank main- 
 tains an advisory service, designed for those who 
 wish to discuss the relative merits or demerits of 
 propositions involving the element of credit. The 
 Irving has almost unUmited sources of information 
 from which it can draw. It secures a great deal of 
 its information through co-operation because of 
 its intimate and friendly relationships with banks 
 in other world centers. 
 
 Closely alhed to this service is that offered by 
 the Foreign Securities Department. The condi- 
 tions arising out of the war point to a probable 
 increase of interest in the foreign securities invest- 
 ment field among American business men. This 
 covers foreign government securities as well as 
 industrials and pubUc utihties. A sound basis for 
 action will be attained only through complete in- 
 formation regarding relatively unknown security 
 markets. Working with this in mind, the Irving 
 
 11 
 
CO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 now is prepared to accept orders for securities, 
 domestic and foreign, and its facilities also provide 
 a system for the collection of coupons. 
 
 The outstanding feature of the Foreign 
 Trade Department is its advisory service. As 
 someone suggested not long ago, the sight of pack- 
 ing cases marked for far-off lands has brought a 
 breath of salt air even into the factories of the 
 Middle West. There is much which these new 
 exporters need to know as they enter upon world 
 trade, and the natural source of information to 
 which they turn is the bank or banks with which 
 they do business. Where the bank in question is 
 a correspondent of the Irving it can draw freely 
 upon the latter's sources of information — though, 
 indeed, the Irving's idea of co-operation is broad 
 enough to put such information at the disposal of 
 any bank with a foreign trade problem too knotty 
 for unaided solution. 
 
 The questions asked by the hundreds of visitors 
 who come into the bank weekly deal with the 
 estabUshing of new foreign business connections, 
 the selection of promising fields of foreign activity, 
 methods of conducting foreign trade, means of 
 securing commercial representation abroad and 
 both general and specific information regarding 
 trade and financial conditions in foreign lands. 
 
 The service of the Irving in the field covered by 
 the Commercial Department has been accepted as 
 pecufiarly helpful among its foreign correspond- 
 
 12 
 
GO -OPERATIVE SERVICE IN FOREIGN TRADE 
 
 ents. In its treatment of a customer's interests in 
 the foreign field it follows the same principle which 
 characterizes its attitude toward their interests in 
 the domestic field — which is to provide the most 
 efficient service possible. More concretely, it 
 covers all the detail operations peculiar to foreign 
 trade transactions. Among other specific kinds of 
 service are the exchanging of railroad bills of lad- 
 ing for ocean documents and making custom house 
 entry on shipments from abroad in instances where 
 they have not received prompt attention from the 
 consignee. Even such details of import and export 
 service as ordinarily have nothing to do directly 
 with banking are included. 
 
 The Irving's interest in the conduct of foreign 
 trade is manifested through its numerous pubUca- 
 tions. The development of American business in 
 world markets is a subject for speculation, inquiry, 
 and investigation equally as much as for actual 
 practical experience. As a nation, our poUcy in 
 world trade has not yet been determined upon 
 definitely. We must feel our way and progress 
 slowly in order that we may not make mistakes 
 which might have calamitous results. The national 
 effort will be the sum total of individual effort, and 
 the whole cannot be broader or more generous or 
 more significant than its parts. 
 
 Among other pubhcations by the Irving on the 
 general subject of trade is a handbook for the 
 exporter and manufacturer on the subject of 
 
 13 
 
CO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 "Trading with Latin America." It aims to famil- 
 iarize the reader with conditions among our neigh- 
 bors to the south and point out the essentials of 
 foreign trade transactions. A volume following the 
 same general lines and covering that other impor- 
 tant territory, the Orient, has just been produced 
 under the title, "Trading with the Far East." 
 
 A series of Irving pamphlets includes the 
 following: "The Influence of the War on Trade, 
 Domestic and Foreign," "Trade and the War," 
 "American Banking in Foreign Trade," "Broad- 
 ening the Vision of the American Business Man," 
 "Foreign Trade Thought of 1918," "Foreign Trade 
 Thought of 1919," "Wanted: American Spirit in 
 Our Foreign Trade" and "Trade Thought of the 
 Two Americas in 1919." The "Foreign Trade 
 Thought" booklets are digests of opinions expressed 
 by men prominent in financial and commercial 
 circles. A commercial map and a graphic trade 
 chart of Latin America have been printed in 
 English, Spanish and Portuguese editions for dis- 
 tribution in the two Americas. 
 
 This bird's-eye view of the bank's activities gives 
 a general idea of the Irving's policy in regard to 
 foreign matters. Operating on the conviction that 
 the ravages and devastation of the past four years 
 have brought about a situation where every con- 
 structive agency is needed for rebuilding the fabric 
 of trade and industry, the Irving stands for the 
 principle of co-operation as the nearest approach 
 to the ideal of individual and world service. In 
 
 14 
 
GO-OPERATIVE SERVICE IN FOREIGN TRADE 
 
 general, it seems that the principle is flexible, sound 
 and practical. 
 
 It is flexible because it can be adapted easily to 
 changing conditions. The needs of foreign corre- 
 spondents are so varied and so varying that no cut- 
 and-dried methods could be successful. At the 
 comparatively slower pace with which co-operation 
 can progress (as compared with competition) there 
 is time for study and for investigation, for testing 
 of ideas and opinions and for the gradual shaping 
 of policies which will utilize all that are worth while. 
 
 It is practical, just as all effort is apt to be prac- 
 tical that is controUed and directed by men actually 
 engaged in the work. The advisory service, the 
 public addresses, the pubUcations of the Irving 
 come from officers and representatives of the bank 
 who have known business conditions intimately 
 and at first-hand for many years. From such 
 experience and knowledge comes the assurance 
 upon which all lasting and far-reaching service is 
 founded. 
 
 Judging by results, too, the principle is sound. 
 A policy which definitely aims not to disturb satis- 
 factory existing relations usually is workable and 
 usuaUy is given the benefit of the doubt, if doubt of 
 its ultimate wisdom exists. Here is more than a 
 case of letting well enough alone: foreign banking 
 practices and the handhng of exchanges are so 
 intricate and involved that only the ripe experience 
 of years is able to master them. 
 
 15 
 
CO-QPERA.TIVE SERVICE IN FOREIGN TRADE 
 
 To sum up, then, the Irving's policy in foreign 
 trade keeps the following four objectives always in 
 view: First, to promote the extension of American 
 trade in profitable fields in all parts of the world 
 — this through advisory service, pubUcations, ad- 
 dresses by officers and the fike. Second, to estabUsh 
 reliable and responsive sources of information and 
 service in the world's commercial centers — this 
 through well-recognized and long-estabhshed for- 
 eign correspondents, supplemented by the presence 
 of Irving representatives in foreign centers in which 
 their services will be most effective. Third, to 
 develop speciahzed service departments, which, 
 supplementing the general banking service pro- 
 vided, will place the institution in a position at all 
 times to respond efficiently to requests for informa- 
 tion or service, foreign or domestic, bearing upon 
 any phase of world trade. Fourth, to study and 
 consider carefully all conditions in foreign fields 
 before permitting any departure which might tend 
 to disturb satisfactory existing relations with for- 
 eign correspondents. 
 
 In all its ramifications this poHcy rests solidly 
 on the purpose of co-operative service. To the 
 extent that it is given concrete expression in co- 
 ordinated effort does it represent and measure the 
 value of an institution like the Irving. 
 
 16 
 
Annual Statement to Stockholders 
 
Annual Statement 
 
 To Stockholders 
 for the Year 
 
 1918 
 
 Irving National Bane 
 
 WOOLWOBTH BUILDING NEW TOBK 
 
To The Stockholders, 
 Irving National Bank 
 
 American banking institutions have played an important 
 part in the nation's great struggle. These institutions, in 
 co-operation with trade organizations, in a short period of 
 eighteen months distributed successfully among patriotic 
 investors short term Certificates of Indebtedness in prepara- 
 tion of Liberty Loans in the amount of $14,589,801,000.00 
 and Liberty Loan Bonds in the amount of $16,974,330,000.00. 
 
 In this work the Irving's quota each time was either reached 
 or exceeded, its total, distributed among 62,389 investors, 
 aggregating $132,579,300.00. 
 
 The bank's deposits, $55,000,000.00 at the beginning of 
 the world war in August, 1914, have increased to over $127,- 
 000,000.00. A substantial portion of this growth has been 
 effected during the past two years. 
 
 The increase in the volume of business in the Foreign 
 Department, and the extension of the foreign relations of 
 this department, have been highly satisfactory. A new and 
 beneficial departure in American banking is expressed in 
 reciprocal working arrangements which have been entered 
 into with Barclays Bank Limited, of London, and Cox & Co. 
 (France) Limited, of Paris. Under this arrangement English 
 and French departments are maintained in the Irving, and 
 an American department in the London and French 
 institutions. 
 
 For the second year in succession the Irving secured first 
 prize for bank advertising in the Convention of the Financial 
 Advertisers' Association of the Associated Advertising Clubs 
 of the World. 
 
 The profit-sharing plan put in operation two years ago was 
 continued throughout the year. At present a committee of 
 directors is studying its operations, with the intention of 
 
making such changes as will develop even closer co-ordination 
 and efficiency throughout the organization. 
 
 After full provision for bad debts and depreciation ot 
 securities to present market values, the profits of the bank 
 for the year Nineteen Eighteen amoimted to . . $2,537,518.96 
 
 From this there has been set aside for Federal 
 
 and State taxes $1,253,830.92 
 
 leaving a net profit of $1,283,688.04 
 
 From net profits there were paid to stock- 
 holders cash dividends of $ 540,000.00 
 
 and to the American Red Cross a special 
 
 contribution of $ 45,000.00 
 
 The balance carried to undivided profit account 
 
 is $ 698,688.04 
 
 Under the direction oi the bank's examining committee, 
 Messrs. Marwick, Mitchell, Peat & Co., have made an 
 examination of the bank as at the close of business December 
 27th, 1918, and their statement of that date bearing proper 
 certificate is submitted herewith. 
 
 Respectfully, 
 
 New York, N.Y., 
 
 January 27, 1919. 
 
Auditors' Certificate 
 
 MARWICK, MITCHELL, PEAT & CO. 
 
 AccourUantt and Audiiort 
 79 Wall Street 
 
 New York. January 13, 1919 
 
 Messrs. D. W. Whitmore, Chairman 
 Frederic G. Lee 
 
 William Childs Examination Committer 
 
 Arthur W. Milbum Irving National Bank 
 
 Alexander Gilbert New York City 
 
 Dear Sirs : 
 
 In accordance witk your instructions, we have 
 examined the affairs of the Irving National Bank, 
 New York, as at the close of business December 
 27. 1918. 
 
 We HEiiEBT CEHTIFT that the attached Statement 
 of' Condition is in accordance with the books and, in 
 our opinion, presents a full and true statement of the 
 Resources and Liabilities of the bank as at that date. 
 
 Yours truly, 
 
 MARWICK. MITCHELL. PEAT,& CO. 
 
IRVING NATIONAL BANK 
 
 Statement of Condition, December S7, 1918 
 
 ASSETS 
 Immediately Available 
 
 Cash in vault $ 6.162,186.88 
 
 With Federal Reserve Bank 14,662,123.69 
 
 Exchanges for Clearing House and due from 
 
 Banks 18,156,861.06 
 
 ^,. .^, , $37,971,160.62 
 
 Eligible for re-discount with Federal Reserve 
 
 Bank $37,678,439.61 
 
 Loans at Sharp Call 16,212,500.00 
 
 62,790,939.61 
 
 Other Loans and Discounts 
 
 Demand loans $13,806,314.32 
 
 Due within 30 days 6,120,976.88 
 
 Due 30 to 90 days 10,230,044.07 
 
 Due 90 to 180 days 11,224,614.40 
 
 Due after 180 days 1.167,568.46 
 
 41,539,517.12 
 
 United States Bonds and Certificates of In- 
 debtedness $4,267,391.86 
 
 Short Time Securities 3,859,207.77 
 
 Other Bonds and Securities 1,047,482.33 
 
 9,174,081.96 
 
 Customers' liability for acceptances by this 
 
 bank and its correspondents (antidptUed 
 
 $467,227.04) 6.976.850.62 
 
 Total $148,452,549.73 
 
 LIABILITIES 
 
 Capital $4,500,000.00 
 
 Surplus and Profits 6,234.110.47 
 
 Reserved for taxes 1,183.664.63 
 
 Discount collected but not earned 614,364.01 
 
 Circulating notes 1,000,000.00 
 
 Acceptances by this bank (after deducting $937,084.19 held 
 
 by bank) 7.065,687.66 
 
 Acceptances by correspondents for this bank's account. . . . 378,390.00 
 
 Time drafts— Foreign 369.000.00 
 
 Deposits 127.207,352.96 
 
 Total $148,452,549.73 
 
DIRECTORS 
 
 il 
 
 M. M. BELDING 
 
 SIDNEY Z. MITCHELL | 
 
 President, Belding Bros. & Co. 
 
 President, Electric Bond and j 
 
 Mfrs. Sewing Silk 
 
 Share Company 
 
 WILLIAM C. BREED 
 
 DANIEL P. MORSE 
 
 of Breed, Abbott & Morgan 
 
 McElwain, Morse & Rogers 
 
 Counsellors-at-Law 
 
 Wholesale Boots and Shoes 
 
 F. A. M. BURRELL 
 
 CHARLES E. PERKINS 
 
 Brooklyn, N.Y. 
 
 President, J. T. Perkins Co. 
 Mfrs. of Textiles 
 
 WILLIAM CHILDS 
 
 LEWIS E. PIERSON 
 
 Vice-President, Childs Co. 
 
 Chairman 
 
 WARREN CRUIKSHANK 
 
 JOHN J. PULLEYN 
 
 President, Cruikshank Co. 
 
 President, Emigrant Industrial 
 
 ALEXANDER GILBERT 
 
 Savings Bank 
 
 Chairman 
 
 HARRY H. RAYMOND ' 
 
 Irving Trust Company 
 
 President, Clyde Steamship 
 
 ROLLINP.GRANT 
 
 Company 
 
 Vice-Chairman 
 
 J. H. SCHOONMAKER 
 
 
 Vice-President, Butler Bros., Inc. 
 
 J. AMORY HASKELL 
 
 Wholesale General Merchandise \ 
 
 Vice-President, E. I. du Pont 
 
 
 de Nemours & Company 
 
 WILLIAM SKINNER 
 
 
 of William Skinner & Sons 
 
 HAROLD A. HATCH 
 
 Silks 
 
 of Deering, Milliken & Co. 
 Commission Dry Goods 
 
 WILLIAM A. TIT.DEN 
 President, Fort Dearborn 
 
 LEE KOHNS 
 
 National Bank, Chicago, Illinois 
 
 of L. Straus & Sons 
 
 GUSTAV VINTSCHGER 
 
 Pottery and Glassware 
 
 President, Markt & Hammachcr | 
 
 FREDERIC G. LEE 
 
 Co., Import and Export 
 
 President 
 
 HARRY E. WARD 
 
 Irving Trust Company 
 
 President 
 
 JOHN H. LOVE 
 
 THEODORE F. WHITMARSH 
 
 Graupner, Love & Lamprecht 
 
 Vice-President, F. H. Leggett 
 
 JOHN G. LUKE 
 
 & Co., Wholesale Grocers 
 
 President, West Virginia Pulp 
 
 DANIEL W. WHITMORE 
 
 and Paper Company 
 
 of D. W. Whitmore & Co. 
 
 
 Wholesale Dairy Produce 
 
 ARTHUR W. MILBURN 
 
 
 President, Borden's Condensed 
 
 HARRY M. WILLIAMS 
 
 Milk Company 
 
 President, The Union News Co. 
 
OFFICERS 
 
 LEWIS E. PIERSON, 
 
 Chairman op the Board 
 
 ROLLIN P. GRANT, Vice-Chaihman op the Board 
 
 HARRY E. WARD, Pbbsidbnt 
 
 J. A. LEWIS, 
 
 Vice-President 
 
 New York City Accounts 
 
 Foreign Department 
 
 WILLIS G. NASH 
 
 JAMES HECKSCHER 
 
 Vice-President 
 
 Vice-President 
 
 BENJAMIN F. WERNER 
 
 H. A. MATHEWS 
 
 Vice-President 
 
 Vice-President 
 
 
 G. N JACOBS 
 
 EMIL KLEIN 
 Vice-President 
 
 Manager 
 WILLIAM N. ENSTROM 
 
 KELLEY GRAHAM 
 
 Assistant Cashier 
 
 Vice-President 
 
 CLIFFORD 0. CORWIN 
 
 WILMER P. HARRIMAN 
 
 Assistant Cashier 
 
 Assistant Cashier 
 
 Securities Department 
 
 Out-of-Town Accounts 
 
 HOWARD S. MOTT 
 
 WILLIAM ROBERT WILSON 
 
 Vice-President 
 
 Vice-President 
 
 HAYWARD S. KIRBY 
 
 RICHARD J. FAUST, Jh. 
 
 Assistant Cashier 
 
 Vice-President 
 
 DOUGLAS T. JOHNSTON 
 
 
 Assistant Cashier 
 
 CLARENCE C. HOWARD 
 
 
 Assistant Cashier 
 
 In Charge of Operation 
 
 M. H. CAHILL 
 
 3. F. BOUKER 
 
 Assistant Cashier 
 
 Vice-President 
 
 LOGAN C. MURRAY 
 
 EUGENE D. JUNIOR 
 
 Southern Adviser 
 
 Cashier 
 
 
 W. R. WILSON 
 
 Credit Department 
 
 Assistant Cashier 
 
 A. E. VANDOREN 
 
 SAMUEL REDFERN 
 
 Vice-President 
 
 Assistant Cashier 
 
 WILLIAM GRAFE 
 
 NEWTON D. ALLING 
 
 Assistant Cashier 
 
 Assistant Cashier 
 
 
 WILLIAM H. PANGBURN 
 
 New Business Department 
 
 Assistant Cashier 
 
 G. A. O'REILLY 
 
 PERCY W. HULSE 
 
 Foreign Trade Representative 
 
 Assistant Cashier 
 
 HORACE A. MARSLAND 
 
 FREDERICK J. GRIESMER 
 
 Assistant Cashier 
 
 Assistant Cashier 
 
 Auditing Department 
 
 CLAUDE V. ALLNUTT, Auditor 
 
List of pamphlets published by the 
 IRVING NATIONAL BANK 
 
 Volume One 
 No. 1. The Trade Acceptance a National Asset. 
 No. S. Federal Tax Law of 1917. 
 
 No. S. Influence of the War on Trade — Domestic and Foreign. 
 No. If. The Trade Acceptance in National Preparedness. 
 No. 5. American Banking in Foreign Trade. 
 No. 6. War Time Finances. 
 
 No. 7. The Trade Acceptance Nationally Lamiched. 
 No. 8. Government Price Fixing and Profit Taxation. 
 
 Volume Two 
 No. 1. The Financial Aspect of Cotton. 
 
 No. 2. Practical Questions and Answers on Trade Acceptance. 
 No. 3. The Relation of Industrial Chemistry to Banking. 
 No. Jf. Trade Acceptance Progress. 
 
 No. 5. Federal Reserve Act as Amended with Regulations. 
 No. 6. The EflBciency of War and Peace. 
 No. 7. Government Loans and Inflation. 
 No. 8. A Trade Acceptance Review. 
 No. 9. Trade and the War. 
 
 Volume Three 
 
 No. 1. Broadening the Vision of the American Business Man. 
 No. S. Trade Acceptance Conserving the Nation's Resources. 
 No. S. The Course of Bond Prices. 
 No. 4. Foreign Trade Thought of 1918. 
 No. 6. Co-operative Organization. 
 
 Volume Four 
 
 No. 1. Business Problems of Reconstruction. 
 
 No. S. Federal Tax Law of 1918. 
 
 No. 3. Co-operative Service in Foreign Trade. 
 
 No. If. Industrial Issues of the Times. 
 
 No. 6. Foreign Trade Thought of 1919. 
 
 Volume Five 
 
 No. J. Trade Thought of the Two Americas in 1919. 
 No. S. Some Factors in American Prosperity. 
 No. 3. Wanted: American Spirit in Our Foreign Trade. 
 No. i. What is Wrong With the Electric Railways. 
 
Vol. IV MARS, 1919 No. 3 
 
 LA COOPERATION 
 
 DANS LE 
 
 COMMERCE ETRANGER 
 
 IRVING NATIONAL BANK 
 
 WOOLWORTH BUILDING NEW YORK 
 
La Cooperation 
 
 dans le 
 
 Commerce Etranger 
 
 Extrait du 
 
 Trust Companies Magazine 
 Fevrier, 1919 
 
 Ieving National Bank 
 
 WOOLWORTH BUILDING NEW YORK 
 
CiETTE brochure est la vingt- 
 cinquieme de la sferie publi^e par la 
 Irving National Bank, comme 
 contribution aux etudes des ques- 
 tions interessant la richesse na- 
 tionale. 
 
 La demiSre page de ce livret, con- 
 tient une liste des publications de 
 la "Irving" qui sont expedieessur 
 demaude. 
 
NOTE DE L'^DITEUR 
 da Trust Companies Magazine 
 
 L 'ARTICLE ci-apres traite Vimpor- 
 tante question, comment adopter le 
 principe de cooperation au developpe- 
 ment, aussi Men dans le pays qu'a 
 I'etranger, des moyens qui faciliteraient 
 le progres du coTnmerce exterieur de 
 VAmerique et de creer des relations de 
 finance. Cette question n'est pas dis- 
 cutee id comme une theorie; elle est 
 plutot envisagee au point de vue pratique 
 en se basant sur la methode suivie avec 
 logique et avec succes par les services 
 specialises de la Irving National Bank, 
 aussi bien dans les operations de banque 
 que dans le commerce Granger. 
 
Vol. IV MARS, 1919 No. 3 
 
 La Cooperation dans le 
 Commerce Etranger 
 
 IE developpement rapide du commerce ex- 
 . terieur pendant ces derniers mois demande de 
 la part des banques commerciales des Etats- 
 Unis une extension de leur activite de plus en plus 
 importante. Nos relations d'affaire nous ont mis 
 en contact avec d'autres nations et la connaissance 
 approfondie des conditions dans lesquelles se 
 trouvent leur commerce et leur Industrie est 
 devenue necessaire pour reussir. Un a vantage est 
 assure a ceux qui en outre seront au courant des 
 facteurs sociaux, des moeurs et de la politique 
 susceptibles d'avoir une influence sur ces condi- 
 tions. Ce developpement extraordinaire necessite 
 la solution d'un nombre de questions au point de 
 vue des affaires et de la banque, concernant la 
 methode a adopter dans la nouvelle activite. 
 Dans le but de reduire I'effort il faut aussi deter- 
 miner les nouvelles voies a suivre, les moyens a 
 employer pour concilier les usages et les precedes 
 variant d'un pays a un autre et trouver les meil 
 leures methodes afin de faciliter le commerce 
 international, car tous ces problemes sont d'un 
 interet vital pour les interesses. 
 La "Irving National Bank" est une banque 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 essentiellement commerciale qui a pour but de 
 defendre les interets de ses clients aussi bien en 
 Amerique qu'a I'etranger et d'accrottre ses opera- 
 tions, animee plutot par I'esprit de cooperation 
 que par celui de la concurrence. Cette politique 
 lui permet d'atteindre une grande expansion dans 
 maintes directions; ainsi a I'interieur du pays elle 
 conduit a des rapports intimes entre la "Irving" 
 et les diverses banques dans chaque etat de TUnion; 
 elle encourage a I'etranger des relations similaires 
 avec de bonnes maisons de banque soigneusement 
 choisies, ou demon tre eventuellement I'oppor- 
 tunite d'etablir des succursales, si toutefois une 
 telle institution est consideree plus agreable et 
 plus utile aux interets locaux et en meme temps 
 plus avantageuse pour la "Irving." 
 
 Quelques banques ont cru avoir resolu certains 
 problemes d'operations de banque a I'etranger en 
 y creant des succursales. II existe, cependant, un 
 autre point de vue. Dans certains pays et sous 
 certaines conditions, I'etablissement d'une banque 
 americaine serait d'un grand interet pour la com- 
 munaute et ne pourrait que recevoir le meilleur 
 accueil et consolider les relations d'affaires amicales 
 deja existantes. D'autre part, il est evident que 
 I'entree d'une banque americaine dans un champ 
 d'activite deja bien desservi par des institutions 
 nationales pourrait etre consideree par celles-ci 
 comme un empietement sur leur propre terrain 
 d'affaires. 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 C'est surtout en ce moment quand on se trouve 
 en face de la grande tension creee par la guerre 
 dans les affaires du monde entier et des problemes 
 difficiles et compliques d'apres-guerre qu'il faut 
 developper au maximum cette doctrine de co- 
 operation et la substituer a la concurrence. Les 
 relations entre les nations sont basees aujourd'hui 
 sur le principe "donnant-donnant" et si, en 
 general, le commerce americain est oblige de 
 demander beaucoup aux autres nations, il se 
 trouve dans I'heureuse situation de leur en offrir 
 autant. Mieux encore, aujourd'hui nous pouvons 
 donner bien plus que nous sommes enclins aexiger, 
 et ce-ci a cause du fait que notre finance et notre 
 commerce dominent le monde entier; nous pouvons 
 nous permettre d'etre genereux . A I'lieure actuelle 
 on peut meme dire que I'atmosphere nationale 
 semble etre chargee de generosite. 
 
 La mise en pratique de la methode de coopera- 
 tion adoptee par la "Irving" comprend le choix 
 d'une banque ayant une grande renommee et 
 possedant de nombreuses relations dans chaque 
 centre du commerce mondial qui doit servir de 
 representant principal de la "Irving" pour le 
 territoire respectif . Les arrangements de ce genre 
 sont completes par la presence sur place des repre- 
 sentants delegues dela "Irving" dont la t^che con- 
 siste a rendre les relations entre les deux institutions 
 plus cordiales et plus efficaces et de faciliter leur 
 correspondance et leur entre-aide reciproque. 
 
 9 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 Les relations avantageuses avec les forces finan- 
 cieres, les organisations et les gens d'affaires des 
 differents pays, — ce qui serait en dehors de la 
 portee d'une institution etrangere, — constitue un 
 des resultats atteint par ce plan. 
 
 Dans ces conditions, I'influence et la cooperation 
 des banques etrangeres ayant toute notre con- 
 fiance deviennent un important f acteur positif dans 
 le service de la banque americaine que demande son 
 client interesse dans le commerce exterieur et 
 apporte en second lieu a ce dernier un element 
 precieux pour etablir des relations avantageuses et 
 developper ses entreprises a I'etranger. 
 
 L'idee finale de ce plan consiste a rendre tout le 
 service plus effectif . Afin de donner plus de corps a 
 cette idee la "Irving" n'a pas seulement besoin de 
 relations bien etablies dans toutes les parties du 
 monde, mais aussi des departements tres special- 
 ises et d'une organisation a la banque meme qui lui 
 permettrait de coordonner efficacement ses differ- 
 ents services. Tous nos efforts dans I'organisation 
 de ces services sont concentres vers ce but unique. 
 Les diflFerents departements, comme le Departe- 
 ment Etranger, le Credit Etranger, les Titres 
 Etrangers, le Commerce Etranger, dirigent toutes 
 leurs energies pour realiser cette meme idee . 
 
 Le Departement Etranger, par exemple, est en 
 contact avec tous les centres commerciaux du 
 monde. II y est represente par ses correspondants 
 et dans les centres plus importants, comme il a 
 
 10 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 ete mentionne plus haut, ces relations sent sup- 
 pleees par la presence sur place des representants 
 delegues de la "Irving." Aucune operation ay ant 
 trait aux transactions commerciales avec I'etranger 
 n'est ignoree par la banque. La technique de ces 
 transactions consiste en: transferts d'argent inter- 
 nationaux par traite, par mandats-poste ou man- 
 dats telegraphiques; encaissements etrangers de 
 toutes sortes; achats de monnaies etrangeres; 
 cheques et accreditifs pour voyageurs et lettres 
 de credit de commerce pour I'importation ou 
 I'exportation. En un mot toutes les operations qui 
 servent a faciliter le commerce etranger. 
 
 Le Departement de Credit Etranger f ournit des 
 informations relatives au credit a tous ceux qui 
 sont interesses dans le commerce etranger. Les 
 rapports tres exacts sur le credit des firmes etran- 
 geres constituent une des parties essentielles des 
 services mis a la disposition des clients. En com- 
 pliant les rapports mentionnes ce departement est 
 a m^me d'arriver a des conclusions interessantes, 
 d'un ordre general, sur les conditions de telle ou 
 telle autre branche d'industrie ou de commerce et 
 pent ainsi se faire une opinion sur I'etat des affaires, 
 prises dans leur ensemble. En dehors de ce service 
 special la banque maintient egalement un service 
 consultatif pour ceux qui desireraient discuter les 
 avantages et les inconvenients d'une proposition 
 ayant rapport aux questions de credit . La "Irving" 
 dispose d'une source d'informations presque 
 
 11 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 illimitee sur laquelle elle peut compter. EUe doit 
 ces renseignements en grande partie a son systeme 
 de cooperation qui lui procure des relations suivies 
 et amicales avec les banques dans tous les grands 
 centres du monde. 
 
 Etroitement lie a ce service se trouve celui des 
 Titres Etrangers. Les conditions creees par la 
 guerre semblent indiquer un accroissement d'in- 
 teret parmi les hommes d'affaires americains 
 pour des placements d'argent en titres etrangers, 
 comprenant aussi bien les rentes des etats etrangers 
 que des actions d'entreprises industrielles ou 
 publiques. On ne pourra arriver a un bon juge- 
 ment dans ces questions que par la connaissance 
 exacte des conditions particulieres des marches de 
 titres relativement peu repandue ici. Avec ces 
 considerations en vue, la "Irving" est preparee 
 des maintenant a recevoir des ordres d'achats et de 
 ventes des titres americains et etrangers et peut 
 se charger, gr^ce aux relations dont elle dispose, 
 de I'encaissement de tous les coupons. 
 
 Le trait le plus saillant du Departement Stranger 
 est son service consultatif . Comme quelqu'un I'a 
 justement remarque il n'y a pas bien longtemps, 
 la vue des caisses d'emballage libellees pour des 
 destinations lointaines a apporte le souffle de 
 I'air salin jusqu'a des usines du Mi-Ouest. II y a 
 bien des choses a apprendre pour des expor- 
 tateurs novices entrant dans le commerce mondial 
 et la source d'informations suggeree par la logique 
 
 12 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 est la banque ou les banques avec lesquelles il 
 travaille. Lorsque cette banque est un cor- 
 respondant de la "Irving" elle pent puiser librement 
 a sa source d'informations. 
 
 La Irving a d'ailleurs une conception assez large 
 du principe de cooperation pour naettre ses infor- 
 mations a la disposition de n'importe quelle banque 
 qui se trouverait en face d'une question concernant 
 le commerce exterieur et difficile a resoudre sans 
 une assistance competente. 
 
 Les questions que posent les visiteurs qui passent 
 par centaines dans le courant d'une semaine a la 
 banque 'concernent surtout I'etablissement des 
 nouveaux rapports d'affaires a I'etranger, le cboix 
 de nouveaux champs d'activite, la representation 
 commerciale a I'etranger, les methodes de traiter 
 les affaires et I'information sur les conditions com- 
 merciales et financieres dans les pays etrangers. 
 
 Les services du Departement Commercial de la 
 "Irving" ont ete particulierement apprecies par ces 
 correspondants etrangers. Dans le domaine du 
 commerce etranger ce departement a obei en ce 
 qui concerne les interets des clients au meme prin- 
 cipe que celui qui a ete constamment suivi dans 
 le pays, c'est-a-dire, de rendre le service aussi 
 eflBcace que possible. D'une maniere plus con- 
 crete il est a mdme de s'occuper de toute transaction 
 particuliere au commerce etranger. Parmi ces 
 services speciaux nous ne citerons que les echanges 
 de lettres de voiture contre des connaissements 
 
 13 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 est la bienvenue, la "Irving" preconise le principe 
 de cooperation comme celui qui repond le mieux 
 a I'ideal individuel et mondial . Ce principe semble 
 d'ailleurs, en general, souple, bien fonde et pra- 
 tique. 
 
 II est souple parce qu'il peut s'adapter facile- 
 ment a des conditions qui varient. Les besoins 
 des correspondants etrangers sont si multiples et 
 si changeants qu'aucun systeme rigide, preetabli, 
 ne saurait avoir une chance de succes . Le systeme 
 de cooperation ne peut se developper que par une 
 evolution relativement lente (comparee a celle de 
 la concurrence); ainsi il donnera tout le temps 
 necessaire pour faire des etudes et des recherches 
 dans le but d'experimenter sur les idees et sur les 
 opinions et pour former graduellement un systeme 
 elabore dans ses detailes en utilisant tous les 
 elements importants. 
 
 Ce principe est pratique comme Test tout effort 
 entrepris par des hommes d'action. Le service 
 consultatif, les discours publiques et les publica- 
 tions de la "Irving" sont assures par ses directeurs 
 et ses representants qui ont une connaissance 
 profonde des affaires toujours documentee a la 
 source meme. Une pareille experience et connais- 
 sance font naitre la confiance qui constitue toujours 
 la base de tous les services permanents et d'une 
 grande etendue. 
 
 Ce principe est bien fonde a en juger par les 
 resultats obtenus. Un systeme dont le but final 
 
 16 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 est de maintenir les bonnes relations existantes 
 sera aussi generalement pratique ear les doutes 
 emis sur sa valeur seront dissipes par la sagesse 
 meme du principe. Mais il y a la plus qu'un simple 
 "laisser aller la bonne routine"; les operations de 
 banque avec I'etranger et les questions de changes 
 sont si delicates et embrouillees qu'on ne pent 
 reellement les posseder a fond qu'en ayant une 
 grande experience. 
 
 En resume, le systeme de la "Irving" dans le 
 commerce etranger a tou jours en vue quatre 
 objectifs: l)-d'encourager le commerce americain 
 dans les centres de toutes les parties du monde en 
 I'aidant par ses services consultatifs, par ses pub- 
 lications, par les discours de ses representants, etc.; 
 2)-d'organiser des sources d' informations et des 
 services siirs dans tons les centres commerciaux 
 du monde. Ce service est constitue par les cor- 
 respondants de la "Irving" choisis parmi ceux 
 d'ancienne et d'excellente reputation; il est com- 
 plete par les representants de la "Irving" dans les 
 villes ou leurs services seront reconnus necessaires 
 et utiles; 3)-de developper ses departements 
 specialises qui tout en completant le service general 
 de la banque doivent repondre, a bon escient, a 
 chaque demande d'information ou de service 
 venant de I'interieur du pays ou de I'etranger et 
 concernant tons les cotes du commerce mondial; 
 4)-d'etudier soigneusement les conditions existant 
 dans les territoires etrangers avant d'entreprendre 
 
 17 
 
LA COOPERATION DANS LE COMMERCE ETRANGER 
 
 une nouvelle activite qui pourrait porter atteinte 
 aux bonnes relations actuelles avec les corres- 
 pondants etrangers. 
 
 Ce systeme reste fidele au principe de cooperation 
 dans toutes ses manifestations et le developpement 
 des services bases sur cette fondation fait ressortir 
 la valeur et I'importance d'une institution comme 
 la "Irving." 
 
 18 
 
RAPPORT DES CENSEURS DES COMPTES 
 
 A la Commission de ContrSle 
 de la Irving National Bank: 
 
 Messieurs, 
 
 Nous avons rhonneur de vous informer que conformSment & vos 
 instructions nous avons examine la situation de la IrvingNational 
 Bank, New York, k la cloture des affaires le 27 Decembre, 1918. 
 
 Nous certifions par la presente que le bilan ci-dessus est conforme 
 aux livres at qu'^ notre avis, il represente la situation complete et 
 exacte de I'actif et du passif de la Banque k la date indiquee. 
 
 Veuillez agreer, Messieurs, nos salutations distinguees, 
 Marwick, Mitchell, Peat & Co. 
 
 79 WaU Street, New York, 
 le 13 Janvier, 1919 
 
 r£sum£ du compte profits et PERTES DE 
 
 L'EXERCICE AU 31 DECEMBRE, 1918 
 
 Solde de I'exercice 1917 ?612,465.40 
 
 Benefices de I'annee au 31 Decembre, 1918 sous de- 
 duction des frais generaux et d'administration, de 
 I'amortissement complet des creances douteuses 
 et apres evaluation des litres aux cours actuels 2,537,518.96 
 
 $3,149,984.36 
 
 Repartition des benefices : 
 
 Impots du Gouvernement federal et 
 
 de I'Etat de New-York $1,253,830.92 
 
 Dividendes aux actionnaires 540,000.00 
 
 Contribution & la Croix Rouge Amer- 
 
 icaine 45,000.00 
 
 Report a nouveau 1,311,153.44 
 
 83,149,984.36 
 
 Lewis E. Pierson, President du Conseil 
 
 Harry E. Ward, President 
 
IRVING NATIONAL BANK 
 
 Situation, le 27 Decembre, 1918 
 
 ACTIF 
 
 Realisable a vue. 
 
 Caisse et banque $5,152,185.88 
 
 A la "Federal Reserve 
 
 Bank" 14,652,123.59 
 
 Chambre de compensa- 
 tion 18,156,851.05 37,971,160.52 
 
 Portefeuille reescomp- 
 
 table a la "Federal 
 
 Reserve Bank" $37,578,439.51 
 
 Emprunts sujets a ap- 
 pel immediat 15,212,500.00 52,790,939.51 $90,762,100.03 
 
 Realisable d. terme. 
 
 Effets en Portfemlle et Avances. 
 
 Emprunts a vue $13,806,314.32 
 
 Emprunts a echeance avant 30 jours. . 5,120,975.88 
 Emprunts a 6cheance entre 30 et 90 
 
 jours 10,230,044.07 
 
 Emprunts a &;heance entre 90 et 180 
 
 jours 11,224,614.40 
 
 Emprunts & 6ch6ance aprfe 180 jours. . 1,157,568.45 41,539,517.12 
 
 Obligations des Etats-Unis $4,267,391.86 
 
 Valeurs a courte echeance 3,859,207.77 
 
 Obligations et valeurs diverses 1,047,482.33 9,174,081.96 
 
 Comptes debiteurs par acceptations. . . 6,976,850.62 
 
 $148,452,549.73 
 
 PASSIF 
 
 Capital $4,500,000.00 
 
 Reserves et profits 6,234,110.47 
 
 Reserve pour impots 1,183,654.63 
 
 Reescompte du Portefeuille 514,354.01 
 
 Billets en circulation 1,000,000.00 
 
 Acceptations (deduction faite de $937,084.19 escomp- 
 
 tees par cette banque) 7,065,687.66 
 
 Acceptations des correspondants pour compte de cette 
 
 banque 378,390.00 
 
 EliFets k terme payables a i'etranger 369,000.00 
 
 Comptes courants et depots 127,207,352.96 
 
 $148,452,549.73 
 
DIRECTION 
 
 LEWIS E. PIERSON, President du Conseil 
 
 ROLLIN P. GRANT, Vice-President du Conseil 
 
 HARRY E. WARD, Pr&ident 
 
 J. A. LEWIS, Directeur 
 
 Compies des Clients residant 
 en Ville 
 
 WILLIS G. NASH, 
 
 Directeur. 
 BENJAMIN F. WERNER, 
 
 Directeur. 
 EMIL KLEIN, 
 
 Directeur. 
 KELLEY GRAHAM, 
 
 Directeur. 
 WILMER P. HARRIMAN, 
 
 Sous-Directeur. 
 
 Compies des Clients residant 
 en dehors de la Ville 
 
 WILLIAM R. WILSON, 
 
 Directeur. 
 RICHARD J. FAUST, JR., 
 
 Directeur. 
 CLARENCE C. HOWARD, 
 
 Sous-Directeur. 
 LOGAN C. MURRAY, 
 
 ConseiUer pour les Affaires du 
 Sud. 
 
 Operations de Credit 
 A. E. VAN DOREN, 
 
 Directeur. 
 WILLIAM GRAFE, 
 
 Sous-Directeur . 
 
 Les Affaires Nouvelles 
 G. A. O'REILLY, 
 
 Representant de la Banque 
 pour les Affaires du Com- 
 merce Etranger. 
 HORACE A. MARSLAND, 
 Sous-Directeur . 
 
 Operations avec VElranger 
 
 JAMES HECKSCHER, 
 Directeur. 
 
 G. N. JACOBS, 
 
 Chef du Service Etranger. 
 
 WILLIAM N. ENSTROM, 
 Sous-Directeur . 
 
 H. A. MATHEWS, 
 Sous-Directeur . 
 
 CLIFFORD O. CORWIN, 
 Sous-Directeur. 
 
 Achat el Verde de Titres 
 
 HOWARD S. MOTT, 
 Directeur. 
 
 HAYWARD C. KIRBY, 
 
 Sous-Directeur . 
 
 Administration Interieure de la 
 Banque 
 
 J. F. BOUKER, 
 Directeur. 
 
 EUGENE D. JUNIOR, 
 Caissier principal. 
 
 W. R. WILSON, 
 Sous-Directeur . 
 
 SAMUEL REDFERN, 
 Sous-Directeur. 
 
 NEWTON D. ALLING, 
 Sous-Directeur. 
 
 WILLIAM H. PANGBURN, 
 
 Sous-Directeur. 
 
 PERCY W. HULSE, 
 Sous-Directeur. 
 
 Contrdle 
 CLAUDE W. ALLNUTT, Commissaire des Comptes 
 
CONSEIL d' ADMINISTRATION 
 
 M. M. BELDING, 
 President de la "Belding Bros. 
 & Co.," Fabricants de Fil de 
 Soie. 
 
 WILLIAM C. BREED, 
 
 de la "Breed, Abbott & Mor- 
 gan" Cie., Jurisconsultes. 
 
 F. A. M. BURRELL, 
 
 Brooklyn, N. Y. 
 
 WILLIAM CHILDS, 
 
 Vice-President de la "Childs 
 Company." 
 
 WARREN CRUIKSHANK, 
 President de la "Cruikshank 
 Company." 
 
 ALEXANDER GILBERT, 
 
 President du Conseil de la 
 Irving Trust Company. 
 
 ROLLIN P. GRANT, 
 
 Vice-President du Conseil 
 d'Administration. 
 
 J. AMORY HASKELL, 
 Vice-President de la "E. I. 
 du Pont de Nemours & 
 Company." 
 
 HAROLD A. HATCH, 
 
 de la "Deering Milliken & 
 Co.," Commission en Mer- 
 cerie. 
 
 LEE KOHNS, 
 
 de la "L. Straus & Sons," 
 Poterie et Verrerie. 
 
 FREDERIC G. LEE, 
 
 President de la Irving Trust 
 Co. 
 
 JOHN H. LOVE, 
 
 de la "Graupner, Love & 
 Lamprecht Co." 
 
 JOHN G. LUKE, 
 
 President de la "West Virginia 
 Pulp & Paper Company." 
 
 ARTHUR W. MILBURN, 
 President de la "Borden's 
 Condensed Milk Company." 
 
 SIDNEY Z. MITCHELL, 
 President de la "Electric Bond 
 & Share Company." 
 
 DANIEL P. MORSE, 
 de la "McElwain, Morse & 
 Rogers," Chaussures en 
 Gros. 
 
 CHARLES E. PERKINS, 
 President de la "J. T. Perkins 
 Co.," Fabricants de Tissus. 
 
 LEWIS E. PIERSON, 
 
 President du Conseil d'Ad- 
 ministration. 
 
 JOHN J. PULLEYN, 
 
 President de la "Emigrant 
 Industrial Savings Bank." 
 
 J. H. SCHOONMAKER, 
 Vice-President de la "Butler 
 Bros., Inc.," Marchandises 
 en Gros. 
 
 WILLIAM SKINNER, 
 de la "William Skinner & 
 Sons," Soieries. 
 
 WILLIAM A. TILDEN, 
 
 President de la "Fort Dear- 
 born National Bank," Chi- 
 cago, lU. 
 
 GUSTAV VINTSCHGER, 
 President de la "Meirkt & 
 Hammacher Co.," Importa- 
 tion & Exportation. 
 
 HARRY E. WARD, 
 
 President. 
 
 THEO. F. WHITMARSH, 
 Vice-President de la "F. H. 
 Leggett Co.," Epicerie en 
 Gros. 
 
 DANIEL W. WHITMORE, 
 
 de la "D. W. Whitmore & 
 Co.," CrSmerie en Gros. 
 
 HARRY M. WILLIAMS, 
 President de la "Union News 
 Co." 
 
Liste des brochures publiees en anglais par la 
 IRVING NATIONAL BANK 
 
 1" Volume 
 
 No. 1 . The Trade Acceptance a National Asset. 
 
 No. 2. Federal Tax Law of 1917. 
 
 No. 3. The Influence of the War on Trade — Domestic and Foreign. 
 
 No. 4- The Trade Acceptance in National Preparedness. 
 
 No. 5. AmericEin Banking in Foreign Trade. 
 
 No. 6. War Time Finances. 
 
 No. 7. The Trade Acceptance Nationally Laimched. 
 
 No. 8. Government Price Fixing and Profit Taxation. 
 
 S' Volume 
 
 No. 1. The Financial Aspect of Cotton. 
 
 No. S. Practical Questions and Answers on the Trade Acceptance 
 
 Method. 
 No. 3. The Relation of Industrial Chemistry to Banking. 
 No. i. Trade Acceptance Progress. 
 No. 5. Federal Reserve Act as Amended with Regulations and 
 
 Analyses. 
 No. 6. The Efficiency of War and Peace. 
 No. 7. Government Loans and Inflation. 
 No. 8. A Trade Acceptance Review. 
 No. 9. Trade and the War. 
 
 3^ Volume 
 
 No. 1. Broadening the Vision of the American Business Man. 
 
 No. 2. The Trade Acceptance in Conserving the Nation's Resources. 
 
 No. 3. The Course of Bond Prices. 
 
 No. i. Foreign Trade Thought of 1918. 
 
 No. 6. Co-operative Organization. 
 
 4" Volume 
 
 No. 1. Business Problems of Reconstruction. 
 
 No. 2. Federal Tax Law of 1918. 
 
 No. 3. Co-operative Service in Foreign Trade. 
 
Tomo IV Reimpreso, JIMIO 1920 Niimero 3 
 
 SERVICIO COOPERATIVO 
 
 EN EL 
 
 COMERCIO EXTERIOR 
 
 NtJMERO VEINTICINCO 
 
 IRVING NATIONAL BANK 
 
 WOOLWORTH BUILDING, NEW YORK 
 
SERVICIO COOPERATIVO 
 
 EN EL 
 
 COMERCIO EXTERIOR 
 
 Tornado del 
 
 "TRUST COMPANIES" 
 
 UNA REVISTA DE BANCA Y FINANZAS PUBLICADA 
 
 MENSUALMENTE EN LA CIUDAD 
 
 DE NEW YORK 
 
 Irving National bank 
 
 WOOLWORTH BUILDING, NEW YORK 
 
NOTA DEL REDACTOR 
 
 En el Trust Companies Magazine 
 
 ZA idea de importancia desarrollada 
 1 en el siguiente artlculo es la 
 adaptahilidad del principio de coopera- 
 cidn a la obiencidn de las facilidades 
 necesarias, tanto en el pais como en el 
 extranjero, para reconstituir el comercio 
 exterior americano y las conexiones 
 fiscales. No se irata el asunto como 
 teorla sino desde el punto de vista de la 
 operacion prdctica, basada sobre los 
 planes distintivos seguidos Idgicamente 
 y con todo 6xito por el Irving National 
 Bank mediante sus departamentos espe- 
 ciales dedicados al comercio exterior y al 
 servicio bancario. 
 
TomoIV MARZO de 1919 Numero 3 
 
 El Servicio Cooperativo en el 
 Comercio Exterior 
 
 EL rapido desarrollo de las actividades del 
 comercio exterior en meses recientes esta 
 dando por resultado un aumento en la 
 demanda de servicio de los bancos comerciales 
 en los Estados Unidos. Nuestro contacto, cada 
 vez mas intimo con otras naciones, motivado por 
 la expansion de nuestras relaciones comerciales 
 con ellas, ha hecho que un conocimiento com- 
 prensivo de la situacion comercial e industrial 
 de cada uno de los paTses sea un requisito funda- 
 mental para el exito. Este contacto ha hecho 
 ademas de suma importancia el obtener una in- 
 formacion clara sobre los factores sociales, po- 
 liticos y materiales que sirven de base a esta 
 situacion. Tanto desde el punto de vista de los 
 negocios como desde el punto de vista bancario, 
 el asunto requiere la solucion de nuevos e impor- 
 tantes problemas bancarios — problemas de que 
 dependen muchos intereses vitales — y la creacion 
 de medios eficaces para reducir el esfuerzo, para 
 ajustar las diferencias de las costumbres y metodos 
 de operacion, y para hacer que las facilidades 
 actuales sean mas utiles y satisfagan mejor las 
 demandas del comercio internacional. 
 
SERVI CIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 El Irving National Bank, banco esencial- 
 mente comercial que sirve los intereses del cliente 
 tan to en el pais como en el extranjero, desarrolla y 
 extiende sus operaciones bancarias procurando la 
 cooperacion mas bien que la competencia. Este 
 plan de accion permite una expansion amplia en 
 varios respectos. Aqui en el pais, conduce a 
 relaciones intimas y reciprocas entre el Irving y 
 los bancos de cada Estado de la Union. En el 
 extranjero puede promover relaciones semejantes 
 con las instituciones bancarias bien establecidas y 
 cuidadosamente seleccionadas, donde se encuen- 
 tren, o puede reconocer oportunidades para el 
 establecimiento de sucursales en caso de que esto 
 sea lo mas conveniente y util para los intereses 
 locales, y a la vez, lo mas ventajoso para el Irving. 
 
 Algunos bancos ban encontrado la solucion de 
 ciertos problemas de banca extranjera en el 
 establecimiento de sucursales. Hay que con- 
 siderar otro punto de vista, sin embargo. En 
 ciertos lugares y bajo ciertas condiciones, la 
 sucursal de un banco americano podria prometer 
 tales servicios a la comunidad, que seria cordial- 
 mente recibida y ayudaria por lo tanto a fomen- 
 tar relaciones comerciales amistosas. Por otra 
 parte, no hay duda de que la entrada de una 
 sucursal de banco americano en un campo que 
 esta ya completamente servido por instituciones 
 nacionales podria ser considerada por estas ulti- 
 mas como una invasion de su territorio comercial. 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 Hoy por hoy, la tension en que la guerra ha 
 puesto al comercio y a la industria en todo el 
 mundo y la existencia de extraordinarios y dificiles 
 problemas despues de la guerra, indican la con- 
 veniencia de que se desarrolle lo mas ampliamente 
 posible esta filosofia de cooperacion en vez de 
 competencia. El juego entre las naciones hoy, 
 es un juego de dar y tomar; y si el hombre de 
 negocios americano, tiene mucho que pedir de 
 las demas naciones, tiene tambien mucho que 
 ofrecerles. Si, como acontece hoy, nos encontra- 
 mos preparados a dar mas de lo que nos inclinamos 
 a pedir, esto se debe a que ocupamos un puesto 
 dominante en las finanzas y en el comercio mundia- 
 les. Esta en nuestros medios el ser generosos. 
 En los momentos actuales el ambiente nacional 
 parece estar cargado de generosidad. 
 
 Practicamente, el plan de cooperacion del Irving 
 National Bank se manifiesta en la seleccion de 
 una institucion bancaria de la mas alta reputacion 
 y mayores relaciones en cada centro comercial 
 extranjero, para que sea su representante principal 
 en ese territorio. 
 
 La presencia de funcionarios del Irving residentes 
 en cada centro, completa este arreglo, promoviendo 
 las mas cordiales y productivas relaciones entre 
 ambas instituciones y facilitando los cambios 
 reciprocos y servicios mutuos. 
 
 Un resultado immediato de este plan, es el de 
 establecer contactos fructiferos en los distintos 
 
SER VICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 fuetitcs de informacion casi ilimitadas. Obtiene 
 gran parte de esta informacion mediante la 
 cooperacion debida a sus relaciones intimas y 
 amistosas con los bancos deotros centros mundiales. 
 
 En intima relacion con ese servicio se haya el 
 ofrecido por el Departamento de Valores Ex- 
 tranjeros. Con motivo de la situacion creada 
 por la guerra aumentara probablemente el interes 
 de los hombres de negocios americanos en la 
 inversion en valores extranjeros. Esto se aplica a 
 los valores de gobiernos extranjeros asi come a 
 las acciones y obligaciones de sociedades industri- 
 ales y de empresas de servicio publico. Para 
 proceder sobre una sana base es indispensable 
 obtener informes completos respecto a mercados 
 de valores relativamente desconocidos. Teniendo 
 esto en cuenta, el Irving esta ahora en condiciones 
 de aceptar pedidos de valores del pais y del 
 extranjero, y cuenta entre sus facilidades con un 
 sistema para el cobro de cupones. 
 
 El rasgo saliente del Departamento de Comercio 
 Extranjero es su servicio consultivo. Como dijo 
 alguien no hace mucho, la vista de fardos marcados 
 para tierras lejanas ha traido un soplo de brisa 
 marina aun a las fabricas de la region central del 
 Oeste. Al iniciarse en el comercio mundial, estos 
 nuevos exportadores necesitan muchos informes, y 
 la fuente natural de informacion a que acuden es 
 al banco o bancos con quienes tratan. Si el banco 
 en cuestion es corresponsal del Irving, puede 
 
 8 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 servirse libremente de las fuentes de informacion 
 de este — aunque el concepto de cooperacion del 
 Irving es lo suficientemente amplio para poner tal 
 informacion a disposicion de cualquier banco que 
 tenga un problema de comercio extranjero demasia- 
 do dificil para poder ser resuelto sin ayuda. 
 
 Las preguntas de los centenares de visitantes 
 que vienen al banco semanalmente se refieren al 
 establecimiento de nuevas relaciones mercantiles, 
 a la seleccion de campos prometedores para la 
 actividad, a los metodos de conducir el comercio, a 
 los medios de obtener representacion comercial y a 
 la situacion comercial y financiera, general y 
 especifica, en el extranjero. 
 
 El servicio del Irving en el ramo comprendido 
 por el Departamento Comercial ha sido considerado 
 como de utilidad especial para sus corresponsales 
 extranjeros. Al tratar los intereses de sus clientes 
 en el extranjero sigue el mismo principio que 
 caracteriza su actitud respecto a sus intereses en el 
 pais — el de proveer el servicio mas eficaz posible. 
 Mas concretamente, comprende todas las opera- 
 ciones de detalle peculiares a las transacciones 
 comerciales en el extranjero. Entre otras clases 
 especificas de servicio, pueden citarse el cambio de 
 conocimientos de embarque de ferrocarril por 
 documentos maritimos, y la preparacion de las 
 declaraciones de aduana para embarques al 
 extranjero en caso de que no hayan recibido la 
 pronta atencion del consignatario. Estos servicios 
 
 9 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 comprenden aun los detalles de importacion y 
 exportacion que ordinariamente no tienen nada 
 que ver con las operaciones bancarias. 
 
 El interes del Irving en la direccion del comercio 
 exterior aparece de manifiesto en sus numerosas 
 publicaciones. El desarrollo de la industria y el 
 comercio americano en los mercados del mundo es 
 objeto de especulacion y de investigacion tanto 
 como de experiencia practica. Como nacion, 
 nuestro curso de accion en el comercio mundial no 
 ha sido todavia determinado de manera definitiva. 
 Tenemos que ir con tiento y progresar lentamente, 
 a fin de no incurrir en errores que podrian tener 
 resultados calamitosos. El esfuerzo nacional sera 
 la suma total de los esfuerzos individuales; el 
 todo no puede ser mas amplio, ni mas generoso, ni 
 mas significativo que el conjunto de sus partes. 
 
 Entre otras publicaciones del Irving sobre el tema 
 general del comercio, hay un manual para el expor- 
 tador y manufacturero que se titula " El Comercio 
 con la America Latina. " Se propone familiarizar al 
 lector con las condiciones reinantes entre nuestros 
 vecinos del sur y exponer los puntos esenciales que 
 son el A. B. C. de toda transaccion de comercio ex- 
 tranjero. La creciente popularidad que esta alcan- 
 zando entre aquellos para quienes fue escrito indica 
 su utilidad general. Bajo el titulo de "Comercio con 
 el Lejano Oriente" se ha pubhcado otro tomo que 
 sigue las mismas lineas generales y cubre otro terri- 
 torio comercial importante, el Lejano Oriente. 
 
 10 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 En una serie de foUetos se tratan entre otros los 
 siguientes temas: "La Influencia de la Guerra 
 sobre el Comercio Interior y Exterior," "El 
 Comercio y la Guerra," "La Banca Americana en 
 el Comercio Exterior," "Hay que Ampliar la 
 Vision del Hombre de Negocios Americano," 
 "Opiniones sobre el Comercio de las Dos Americas 
 en 1919," "Necesitase: Espiritu Americano en 
 Nuestro Comercio Extranjero," "Como los Bancos 
 Afrontan las Necesidades del Comercio Extran- 
 jero," y "Opiniones sobre el Comercio Europeo 
 despues de la Guerra;" este ultimo es una com- 
 pilacion de opiniones relativas a la situacion, 
 expresadas por hombres prominentes en circulos 
 financieros y comerciales. Han sido impresos en 
 ingles, espaiiol y portugues, para su distribucion 
 en ambas Americas, un mapa y una carta comer- 
 cial geografica de la America Latina. 
 
 Esta descripcion a largos rasgos de las activi- 
 dades del banco da una idea general del plan de 
 accion del Irving en lo que se refiere al comercio 
 extranjero. El Irving, obrando con la conviccion 
 de que los estragos y la desvastacion de los ultimos 
 cuatro alios han motivado un estado de cosas que 
 necesita de toda agenda constructiva para reedifi- 
 car la fabrica del comercio y de la industria, 
 sostiene que el principio de cooperacion es la mayor 
 aproximacion al ideal del servicio individual y 
 mondial. En general, parece que este principio 
 es flexible, sano y practice. 
 
 11 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 Es flexible porque puede adaptarse facilmente a 
 todo cambio de situacion. Las necesidades de los 
 corresponsales extranjeros son tan variadas y tan 
 variantes que ningun metodo rigido podria apli- 
 carse con exito. Al paso relativamente lento con 
 que avanza la cooperacion en relacion con la 
 competencia hay tiempo para el estudio e investi- 
 gacion, para poner a prueba ideas y opiniones y 
 para establecer gradualmente cursos de accion que 
 utilicen todo lo que valga la pena de ser utilizado. 
 
 Es practice, como por lo general lo es todo esfuer- 
 zo controlado y dirigido por hombres activamente 
 dedicados a la obra. El Servicio Consultivo, las di- 
 sertaciones publicas y las publicaciones del Irving 
 proceden de funcionarios y representantes del banco 
 que han-conocido la situacion de los negocios intima 
 y directamente durante muchos anos. De tal expe- 
 riencia y conocimiento deriva la seguridad en que 
 debe basarse todo servicio duraderoy trascendental. 
 
 A juzgar por los resultados, el principio es 
 tambien sano. Un plan que tiende definitivamente 
 a no entorpecer las relaciones satisfactorias exis- 
 tentes es generalmente factible de realizacion y 
 por lo menos se hace acreedor al beneficio de la 
 duda, en caso de que hubiera alguna, acerca de su 
 conveniencia ulterior. En un sentido muy especial 
 esto se aplica a las practicas bancarias extranjeras 
 y al manejo de los cambios, asuntos tan intrincados 
 y complicados que solo despues de muchos aiios de 
 experiencia pueden ser dominados. 
 
 12 
 
SERVICIO COOPERATIVO EN EL COMERCIO EXTERIOR 
 
 En resumen, el curso de accion del Irving en el 
 comercio exterior tiene siempre a la vista lbs siguien- 
 tes cuatro objetivos : Primero, promover la extension 
 del comercio americano en campos provechosos en 
 todas partes del mundo — mediante el servicio 
 consultivo, las publicaciones, las conferencias de 
 funcionarios, y otros medios semejantes. Segundo, 
 establecer fuentes seguras de informacion y servicios 
 en los centros comerciales del mundo — mediante 
 corresponsales extranjeros bien reconocidos y esta- 
 blecidos durante largo tiempo, y la residencia de 
 representantes del Irving en los centros extranjeros 
 en que sus servicios sean mas eficaces. Tercero, 
 desarroUar departamentos de servicios especiales 
 que sirvan de complemento al servicio general ban- 
 cario establecido, y pongan a la institucion en con- 
 diciones de satisfacer eficientemente en todo tiempo 
 las solicitudes de informacion o de servicio, en el pais 
 o en el extranjero, referentes a cualquier fase del 
 comercio exterior. Cuarto, estudiar y considerar 
 con cuidado todas las condiciones en los mercados 
 extranjeros antes de permitir cualquier cambio que 
 pueda tender a alterar relaciones satisfactorias 
 existentes con los corresponsales extranjeros. 
 
 En todas sus ramificaciones, este plan de accion 
 descansa solidamente en el proposito de servicio 
 cooperativo; y, el alcance que se le de en su 
 expresion concreta, con esfuerzos bien dirigidos, 
 representa la magnitud y valor real de una institu- 
 cion como el Irving. 
 
 13 
 
Lista de folletos publicados por el 
 IRVING NATIONAL BANK 
 
 Volume One 
 
 No. 1. The Trade Acceptance a National Asset. 
 
 No. 4. The Trade Acceptance in National Preparedness. 
 
 No. 5. American Banking in Foreign Trade. 
 
 No. 8. Government Price Fixing and Profit Taxation. 
 
 Volume Two 
 
 No. 2. Practical Questions and Answers on Trade Acceptance. 
 
 No. 3. The Relation of Industrial Chemistry to Banking. 
 
 No. 4. Trade Acceptance Progress. 
 
 No. 6. The Efficiency of War and Peace. 
 
 No. 7. Government Loans and Inflation. 
 
 Volume Three 
 
 No. 1. Broadening the Vision of the American Business Man. 
 No. 3. The Course of Bond Prices. 
 No. 4. Foreign Trade Thought of 1918. 
 
 Volume Four 
 
 No. 1. Business Problems of Reconstruction. 
 No. 3. Co-operative Service in Foreign Trade. 
 No. 4. Industrial Issues of the Times. 
 
 Volume Five 
 
 No. 1. Trade Thought of the Two Americas in 1919. 
 
 No. 3. Wanted: American Spirit in Our Foreign Trade. 
 
 No. 4. What is Wrong with the Electric Railways. 
 
 No. S. How Banks Are Keeping Abreast of Foreign Trade. 
 
 No. 6. Trade Thought of Post-War Europe. 
 
 No. 7. Federal Reserve Act with Regulations. 
 
 Volume Six 
 
 No. J. Practical Questions — Federal Tax Laws. 
 
 No, 2. Practical Questions — State Income Tax. 
 
 No. 3. Industrial and Economic Unrest of Today. 
 
 No. 4. Co-operation With the Farmer Needed to Steady the 
 
 Nation's Business. 
 No. 5. The Problem of Prices. 
 
 Vol. I, Nos. 2, 3, e and 7; Vol. II. Nos, 1, 5, 8 and 9; Vol. Ill, No. 2; 
 Vol. IV, Nos. 2 and 5; and Vol. V, No. 2 out of print.