A U.S. Foreign Legion

In 1914, when the U.S. stood on the threshold of world trade and world power, Manhattan's National City Bank opened its first foreign branch in Buenos Aires. It was forced to staff the new bank with Englishmen, because--to the disgust of City Bank president, the late Frank Arthur Vanderlip--few U.S. citizens with South American know-how were available. Sensing the U.S.'s new world role, Banker Vanderlip began giving tough 12-to-18-month courses in foreign economics, languages, business customs to college graduates, for jobs in the City Bank's foreign service.

As members of this Foreign Legion, students got only $50 monthly, lived together fraternity-house style to save money, occasionally frolicked in Vanderlip's swank swimming pool (see cut). When training ended, some stayed in the City Bank's foreign division in Manhattan, most went to overseas offices.

Last week, in Manhattan's Harvard Club, 48 of these Foreign Legionnaires had their first reunion in 25 years. As at any reunion, there was backslapping, drinking, comparing of progeny. There was also talk of businesses in foreign lands. Many of them knew more about foreign business and intrigue than State Department veterans. A small but specialized group, they represented a fact about U.S. business: that in the course of doing from $3 billion to $13 billion worth of exporting and importing each year since World War I, it has developed at least the nucleus of a new professional class. With the U.S. on the threshold of waging economic war on many fronts (see p. 69), professionals are needed. It is no longer possible to hire Britons. The men at last week's little reunion knew all this. Through their talk ran speculation about when and where they would be called.

Typical Legionnaires:

> William G. Chapman spent 17 years in Italy and Belgium, now bosses New Jersey's National Bank of West New York.

> Reginald F. Chutter worked three years in South America, now runs Sharp & Dohme's export division.

> Carl W. Hayden has shuttled between National City's big Far Eastern branches for 24 years.

> Elwood J. Mahon stayed overseas, is now sub-manager of National City's Shanghai branch.

> Leo N. Shaw spent five years in Russia, served as U.S. vice consul in Siberia, helped spirit the bones of the Tsar's family out of the Soviet Union to the British at Harbin, Manchuria. A vice president, he now bosses National City's foreign exchange trading.

> William Welch is a Chicago investment banker, worked for National City in Russia, has commuted almost yearly to Colombia on his own behalf.

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