New-York tribune., 1900-01-03
CITY BANKS INCREASE.
DIRECTORS ACTION RATIFIED AND CAPT.
TAI STOCK RAISED TO s1oeooeoo.

THE action OF the Board OF Directors OF the
National City Bank about a month ago in recon-
nnending increase in the capital stock Of the
bank from 100000 to s10oooooo was ratified yes
tercsy by the stockholders by practically unani-
nous vote. as appears by the following statement
issued al the close OF the meeting:
The special meeting Of the stockholders Of the
National cry Bank was held this afternoon at
The to3sl number Of shares outstanding is 10000:
there we're represented in person and by proxy
By vote Of s2e7 shares in favor and no shares
ffa fsarnfS soS Sss to 5GSa soooSe 3 1'ee ~ '1- '
By further vote Of s34 shares IN Ma fav4s gcsrsa 70 8
himself personally in favor Of the resolutions but
Therefor) II was further resolved that Of the in
creased capital stock $ per cent be allotted to al
cent be allotted 10 Henry Parrish trustee. TO be
srorn 20 Se eiected le on January next they
paying therefor $50 share; of this $50 a share
holders thus reducing their payment 70 about
81 share and the remaining mar a. : S@Is S ads s
payable 90 he bank ms arrahss.lleI-s = @ s
in the interests OF the bank for the purpose Of
annual meetlns 70 aeq9lre a @ peI IA +Lms he
coming permanently identified with the institution
IRE reasons for increasing the capital stock were
set forrr n some detail in statement announcing
The action taken by the directors early IN Decern-
ber Under the National Banking act, 1t was
pointed cut 4 National bank could not make a
direct loan of more than oneterth OF It's capital
steck 10 anv person firm or corporation, even when
rhs best collateral was offered Under the changed
conditions OF business within late years however
the comparati lively small borrowers had IN many
Instances been absorbed into large corpora ations.
which sought larger loans II fewer, than had been
required under the old order OF things; and the
increase OF the capital of the City Bank TO So
eoo 600 would place that institution in line with the
new industrial order by enabling the bank 10 make
single loars as great as sloOo0o0. The phenomenal
Increase OF both foreign and domestic business
N -hA last few years and the noteworthy exteE-
sion Of the business OF the City Bank both al home
and abroad were assigned further reasons
The allotment OF Is per cent OF the additional
capitaI for apporrionment among the directors Is
IN iir1e with the recommendation made by COM
rnittes Of stockholders az the time the Board Of
Directors voted the increase OF stock the terms on
which the directors TO be permitted 10 sub
gested BY that committee Part Of the cap
itaI. Is understood. is 10 be used in the i'm
provement Of the Custom House property, pur-
chased by the National City Bank last July. The
payment Of the additional 100000 OF capital stock,
officers OF the bank say. viii be arranged as
net to embarrass the money market
President Stilrnau had nothing 70 say after the
meeting yesterday except that he felt much pleased
E the ntmity with which the stockholders had
ratified the directors action He declined fore
cast the action OF the annual meeting which takes
place next Tuesday. when II is believed that sew
eral additional directors viii be elected There is
some ground for the belief that that occasion
z executive committee of three FIVE directors
president and shall receive compensation for their
services This, II is understood, IS in line with
Gr. Strnar's ideas regarding the division OF work
and responsibility.