The New York herald., 1877-11-14

TENTH NATIONAL BANK.
RUMoRs OF PROPOSED cHANGEs--THE BANK

RUMoRs OF PROPOSED CHANGEs--THE BANK IN
SOLVENT CONDITION.
Among various rumors floating about in Wall
street yesterday was one. seeming to cmanate from
toleraby Trustworthy sources, In reference to the
Tenth National Bank aud certain contemplated
changes in It's management. IL said that Mr..
Palmer President OF the Broadway Bank, who owns "A
heavy II not controlling Interest in tho Tenth
National Bank, was celebrating upon these changes,
the objects OF which would be 10 place the bank upon
a cicent aud remuneratve basis and curtaiI It's
expenses In this connection II was also stated that
tho bank, which has already been celebrated in the
past for its nomadlc tendencies, would shortly re-
move to other quarters. Originally started
up town, the Tenth National FIRST moved To
the junction Of Broad street aud Exchange place,
then Broadway and Leonard street TO the building
VI the New York Lie Insurance Company) ana thence
10 IT'S present in the Clearing House building IN
Nassau street. II viii be remembered tnat The Tenth
National had large suit, involving over quarter OF
"a mlIon against tue city Tor the recovery oI pay.
mculs made CITY warrants duriug the time OF the
Ring This SUIT is stll pending. but meanwhile, 10
the heavy taxation OF bank capital, the Tenth
National has reduced s capital from VI 600 QUO To
$500 900, paying the htockholders 100 cents the
dollar Tor retired shares SO much for the history
of the bank AS these ruinors Of changes were used
tor aiarmst purposes by some of tho Wall street
quidpuncs reporter was sent 10 Mr.. Palmer, Prcsi-
dent OF Broadway Bank, TO ascertain personally
IRON HIM whether tho changes indefinitely alluded
were really contemplated by him. Dir. Palmer
said II VAS entirely premature to speak Of this
matter or 10 give The information MS yet
10 the public 1t was thus tar Impossible .
say whether bis plans would carry majority or
the Board OF Directors; out IN couple oil weeks The
propositions now ia view might have sufficiently ma
tured TO be generally made known. IL was probably
close connection with this subject that Mr. Palmer
started Oh upon Inc broader theme OF the reduction
OF bank taxation, which, he declared should be urged
upon Congress by the HERALD as we'll as all other
Ieadi ing journals
Mr.. Ackerman, President OF the Tenth National
uQtp lh.sit limit fha Hrv n
fat with the interior affairs OF the bank, but de-
clineu answer any inquiries on the subject. Both
gentlemen asserted that tho bank In u thoroughly
solvent condition.
Ex Alderman Van schaick, a stockhoIder OF tho
Tenth NatioLal, said II tho bank about remove
It's Offices II was probably Tor tho that the di-
rectors thought they could prudenIy lessen the rent
Taxation Of bank ut It's present enor rate alb
sorUed three per cont OF the capital per annum, and
where money, safely invested, was not worth over
three per cent any bank safely conducted could
the present time, pay more than expenses. Dir. Van
Scnack, whoso authority on financial matters is re-
garded very good IN Wall street. sad he would not
sell ms share tor ninety cents the dollar what
ever changes are made be WAS convinced that fears
regarding the sovency Of the bank need be enter
tanned. He understood that tue claim OF nearly
$300U00 against tho city had been charged of their
books ana over and above this amount tho bank was
amply nbe TO pay It's debts.