New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-07-20
WrprHSDAY July lQ-P. n.

at 1921. Cash gold is more abundant and has been
borrowed quite freely without cost. The effect OF
the absorption OF gold for duties s not estimated so
highly by the bulls to-day. There are rumors OF an
intention 10 sell specie by tho Treasury, and 1t Is
asserted that part of the daily receps find their
way regularly to market-a policy safe for the De-
part,ncnt and damaging to operators for rse' IL
is also stated that soon as the army payments are
made, the Treasury is in position to put gold 70
1875 with ease. The Boston steamer to-day took no
specie.
Government stocks are without material ohahge
and very steady. Border State stocks are neg
lected. Tennessee Is sold at 70!, and were dull
Bank shares are strong; Fourth National soid a'
par. The miscellaneous shaIes we're dull. Gary
Improvement fell per cent. Brunswick Land 20
was also lower under an attempt to realzs ihooc'.
ately. The general share list was irregular unu
weak Illinois Central was an exception ana s'fong
at 1861 0l27. Eric was steady, and II was reported
that the Company had declined to take the engines
contracted for at $4,000, on the ground OF ohuc'
livery at the time named Northwestern was
weak in the absence Of information as to Its POSI-
ton outside the direction. An auditing COMMITTEE
of three has been appointed and the power OF the
executive officer limited but beyond this the puDhc
know little Of the present obligations of the corpor
alton. At the public Board prices generally were
lower. The closing prices were; New-1oTK Cen'
trial, 93i; Erie, 81; Hudson, 1861 Rock Island,
1885, North. Western preferred, $50; Fort Wayne,
95i.
In money there is no change. Call loans are
quoted at COZ per cent, md offered freely to STOCK
houses. In commercial paper no change in rates.
Sterling bills are quoted. 1861, and francs, at To
days. 5.lsi.
Al the coal sales to-day full prices were paid, and
upon some grades an advance was had.
The business Of the Sub-Treasury was: Receipts,
q, $50, 325 5O-for Customs, 1000 Payments,
s., $50, 493 27-on account Of Loan, $4,000; BAL
ancc, 81, ,lO7 IS.
Freights are dull bat rates hre without change
Tie engagements to Liverpool are 1000 bushels
Wheat at 4d, in ships bags, and 500 barrels Flour,
at Is To London, 80 hogsheads Tobacco a, Jos.
To Antwerp, 1900 bags Coffee at 22sGd. The
charters are two British baTks with 1900 barrels
Refined Petroleum each TO port IN tho Baltic,
ct Is.
crease Of s. 900 for second week in July.
The earnings Of the Chicago and Rock Island
Railroad for second week IN July were:
1865 Isl Col ls64 .sis. $50 Increase. $40
The Ninth National Bank sold $2iO,O0o United
States Seven-T hirties to-day.
The New-Jersey Railroad and Transportation
Company have DECLARED semi.annua dividend OF
five per cent, payable and after the let August
next.
The Boston Tyareller OF last evening sAys;
There IL not much animation "a general b1'iness.
Money is In fair request for collateral oans and the
current rate OF interest at the bank Is sI per celt bat
occasional negotiations are made outside az hVe her-
camille notes Of the first class having three or four
months TO run quite tcaroo and ~ qtck Domino Al
and eight per cent good ccal otIoose ca lth
is beir put in the popular currency oan at par ana
there is also steady demand for the different issues Of
gold bearing bonds. There IL not muck activity Ia
ousiiye stocks. with rev EXCEPTIONS and tie or
ders for the dividend paying kinds II local securities
chiefly limited to moderate amounis
Now that the National Bank system has not only
been fully established, but bids fair TO absorb the
whole Of the State system which opposed II, the
discovery has been made that the pioneer banks
provided for an increase Of their capitals,
which promise ~ be- Of much advantage. The fol-
old National banks have their claims 10 new oapi-
tai after the limit Of $500 900 900 has been reached;
S. r. v,S CANrEs, az. Pre-. Fi'n Eanons! Bank,
LlnUs ~ T.
DTAg SIR Your letter Of The sih instant IN relation
TO your legal right Ia Increase your capital stock even
10 the full cIient named in your Articles Of Association.
has received ny careful attention
The 18Th section Of the Act Of 1904 tays u thnl he
las fu for any association formed uAder this ac by IT,
articles OF sssocaon to provide fer an increase OF cap
it'll from time TO tine as may be decinrd exponent
subject TO the lmi,aiions OF tins act Pr0ridsd ihnt
the maximum OF such increase shlu DO determined by
the Controller Of the Currency
Having stipulated IN yonr Articles Of Association Tor
an increase Of capital sud the Articles having been a
proved by the Controller. Cou are, In my opinion.
LEG ally entitled 10 fill up the amount frUm tine to
time" until the maximum 80 stated has been reached
YOn reserved the night to Increase your capital and
tho Controller in approving your Articles OF Atsoca-
,on. gave bis sanction TO that reservation,
Section 10 requires thft every association Shall Do
liver 10 the Treasurer not lees than onethird o! the
capital paid IA IN o. s. bonds and section q provides
that the Bank making the deposit Of bonds shan be en-
titled ~ circulating notes equal IN amount " W per
cent Of the bonds Deposited
section ~ commences IN these words: THAT the
tire amount Of for circulation 10 be Issued under
this act shall not exceed e3ooooo.Oo"
Here is d limit 10 circulation. but no limitation a. TO
he act Of 1903 under which your bank was organ
lied was repealed by the act Of is6t The repeating
section, however. has this clause Prordtd thht sueh
repeal shsl not affect any appointments made. acts
done or proceedings had or tue organization acts or
Of any association organized or In process
OF or ganization, under the act Aforesaid
Section Is OF the original act 10 the same az section Is
of the act Of Is64 that both establish right
~ increase your capital
You seem ~ share the current opinion that the banks
in this State can have no more currency awarded 10
them they havo already obtained the iu proportion
that the State IN entitled 10.
The act Of ls63, section H. did appropriate certain
amounts Of the 800 OJU0C0 TO certain sections VI the
country but IN the act OF le6i this is omitted leaving
the 3OI0COOOO Of currency open for tic banks thrt
shall first qualify and apply for it, II may be proper for
the Secretary Of the Treasury and Controller Of the