"La tragedia" del Banco Nacional Filipino / por Venancio Concepcion.

THE PHILIPPINE NATIONAL BANK
MANILA.
September 15th, 1916.
I. B. Dexter, Esq., Acting Insular Auditor,
Bureau of Audits,
Intendencia Building,
Manila, P. I.
Dear Mr. Dexter:
We are particulary desirous of receiving your
interpretation of Section 38 of Act No. 2612 creating this Institution, the section in question being as
follows:
"Section 38-The National Bank shall not directly or indirectly grant loans to any of the
members of the Board of Directors of the
Bank nor to agents of the branch banks. Said
National Bank is hereby prohibited from
making any loan directly or indirectly in excess of one thousand pesos to any member of
the Philippine Legislature or to any officiat
or employee of the Insular, provincial, or municipal governments except upon satisfactory
real estate security."
As you are aware, we have among our Directors, Mr. W. H. Anderson of W. H. Anderson & Company and Erlanger & Galinger, as well as Teodoro
R. Yangco, the gentlemen in question representing
respectively, the foremost American and Filipino
business interests of the Islands, and it is with the
thought of possibly securing their business that we
approach you upon the subject.
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