The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-24


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In the forenoon rumor to the effect that Hood
was following upon the rear Of Sherman's army
and other conjectures, tended to advance the pre-.
MUM slightly, and in the afternoon the reported
preparation Of Grant for an offensive movement,
as also the intention and ability of Sherman to ad-
vance to Brsndvlle the centre of the railway sys-
tenn in South Carolina, about sixty-two miles in
The rear Of Charleston, caused decline.
The closing sales at the first and only session Of
the Board of Brokers, as compared with those at
yesterdays second board, showed the following
variations:-Erie declined q, Hudson River 4,
Reading l, Michigan Southern q, Chicago and
Northwestern q, preferred ~ Rock Island a,
Cumberland Coal "a, Quicksilver "A. Fort Wayne
Cleveland and Pittsburg were steady. Mariposa
advanced q.
Government securities were strong at frac
tional advance. Coupon skies Of 1851 sold at
1l0N -; coupon fve-twenties, 1o4A "a; new
issue, l04h "a; one year certificates, 96s+ 81;
1910 Treasury notes, lls u. State stocks were
neglected, bank shares moderately active, and
railroad bonds dull.
At the open board at one o'clock the market
was stronger at slight advance.
There was no second session, and very little was
done on the street after two o'clock.
certain party has brought an action against
the Collector of Customs at this port to test the
legality Of his refusal Of the old seven thirty notes
for duties, and remarkable negligence. has been
shown both by Mr.. Draper and the Secretary Of
the Treasury in the defence. The supineness or
the latter has, indeed from the date Of his ap-
pointment, been matter Of astonshment; but
we trust that the necessity for wakefulness will
arouse him from the indifference We have too good
reason to suppose he has thus far manifested with
regard to the national interests committed to his
charge.
The money market 10 very easy, and to-day
large amounts have been offered on governments
and other good coilsterals as low as six per cent
although the regular rate is seven. The discount
line continues inactive at from eight to twelve per
cent for prime names.
Foreign exchange is extremely dull at former
rates namely. 1897 Il for sixty, and ll0H a
Ill for three days bankers bills for sterling.
Merchants bills are offered at los, and these are
likely to come little more into favor, in conse.
quence of the subsistence Of the semi-panc in Eng
land. as indicated by the reduction Of the Bank
rate Of discount from nine to eight per cent.
Francs continne to be quoted at SIS 5.l4.
The Africa, from Boston to day, took out $4,000
In specie.
The proposed organization Of the Bank Of Com.
considerable comment in monetary circles, and the
past and probable future Of the bank freely dis.
cussed. The occasion is, therefore, opportune for
~ylo osN ~ sc nuA <6>
systems.
1.-THE Bank OF Commerce IN New York; was
established on the LIST Of January, 1889 (although
1t did not commence business till April in that
year,, under an act OF the State Legislature to
authorize the business of banking, passed April
IS, 1888, with q capital of five millions. divided
into fifty thousand shares of one hundred dollars
each. with power on the part of the board OF
directors, after January l. ls4o, to increase the
Sapital stock, from TIME to time, to twenty mil
lons. The articles of association were TO
main in force till LIST of January 1889. and be ad
Ainistercd by board Of eighteen directors, each
1ne to be q citizen, and hold at least one hundred
yhares in his right, and retain his Office during
good behavior until he resigned it, in writing,
or was removed by written resolution signed by
ewothirds Of his co-drectors, or by the sharehold.
ers, within twenty days of their annual meeting on
Che second Monday of May.
Section three OF article eleven prescribes that
the board of directors may, whenever they see
Git, permit additional subscriptions to be made to
che capital stock by or on behalf of the United
States, and also by or behalf Of any either of
The separate States, in such manner at such prices
and subject to such conditions as the directors
may deem expedient; but the amount to be so
subscribed must not exceed in the aggregate thirty
millions OF dollars in addition TO the twenty mil
aions previously authorized.
Section three of article twelve provides that two
thirds of the board Of directors may at any time
propose amendments 10 the articles of association,
which amendments shall be printed once in each
week for at least thirteen successive weeks, in two
daily newspapers printed in the city Of New York,
and if after that time shareholders, holding at
least three .fourths of all the shares Of capital
stock, shall consent to such amendments by an act
I'm writing, to be by them or their attorney duly
acknowledged, such amendments, on recording
The act OF consent in the office Of County Registrar,
shall become portion Of the articles Of associa-
ton.
Section four prescribes that no change shall be
made in these nor shall the directors consent to
br accept any act of incorporation or legislative
provision whereby the rights, remedies or secu.
tity Of the existing creditors of the association
nhall be weakened or impaired.
Section FIVE provides that whenever shareholders,
holding at least three-fourths Of all the capital
ttock, by an act OF writing duly acknowledged,
hhallsrequire the directors to DISSOLVE the asso-
Citation, it shall DO the duty Of the latter to
call in and dispose Of its property without delay,
and, after discharging oil its debts and engage.
ments TO distribute its assets rateably among the
shareholders.
In view Of these articles, the question arises,
how far the directors are empowered. Of them
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