New-York tribune., 1902-04-23
LIKELY TO ADD TO CAPITAL
INCREASE CONTEMPLATED BY Ma
TIONAL CITY BANK-STOCk GOES
Up FROM go TO 64O

National City Bank stock for which the bid
quotation Monday was 59o, rose Sesteiu'y
ro $40 bid. on a report that the directors had
declared extra dividend Ihls report ">1'
found to be incorrect but the significant fac'
was learned that at the directors meeting yes
terday the advisa bility of increasing the caplta
tzation Of the institution was informally us
cussed. decision. however being reacheu
There is good authority for believing thal
substantial increase is in contemplation There
are three banks in this city and in the uhlteu
States having a capital of Slo,On.ooO each-the
National City Bank the National Bank Of Com
merce and the First National Bank. The pio-
neer was the National City Bank the directors
of which. on December 2. iS9' issued state
ment announcing that they had decided to rec
ommend to the shareholders an Increase IN the
capital from 100000 to $10oN'oo among
the reasons assigned for the step being the
phenomenal increase of both foreign and dones-
tic business during the last few years and the
rka BILE extension of the business OF the Clty
Bank both at home and abroad and the de-
sire to be able to comply strictly with the pro-
visions of the National Banking act which
prohibits any national bank from making
direct loan of more than one-tenth of Its capital
stock to any firm, person corporation. The IN
crease of stock authorized by the share
holders in January, the depositors' security
under the arrangement being the stock
holders double liability" S20.OOO,O0O. and the
surplus and undivided profits. amounting TO
So 900 600
In January. 1900. the National Bank of Com
merce absorbed the National Union Bank and
increased its capital from S5.OO.OOO to $40
O00.oOO, The undivided profits of the institu-
ton were over S60OOOOO the depositors Sc
curity being thus between S1G.OOO.OOO and
SIT, 100000, the shareholders of the National
Bank of Commerce are not under a double iia-
bility." Last year the First National Bank
controlled by interests closely Identified with
those dominant in the National Bank of Com
merce, increased It's capital from S5,OOoOO to
$1oOOOOOO.
The National City Bank under the presidency
Of James Stllman, has long enjoyed the dis
tinction of holding the largest amount of de-
posits of any bank In the country. According
to the latest Clearing House statement, its de-
poslts aggregated S123, ,697 ,O0O and its loans
11S125OO. 1t had also S25,932, 900 specie and
So. 762. 300 legals, and its net profits were
ST. 16G. 600 Its reserve was $50 694 200, 264
per cent Of it's liabilities. The condition of the
other two S1O.OoOOOO banks shown by the
same statement, was as follows
Nst aI P[Gss sns 81, .0sas @l, 600 S. SnsSe g 800
1rnfeST rrst National co.. s1a74s20o fSo3sS0S
Percen-
Iegals Deposits. revenue.
Commerce So f3S 700 s8i.93i 200 q 1
First National. ........... 100000 7l.50.9o 2t5
The dividend rate of the National City Bank
is per cent: OF the National Bank of Com
merce. S per cent. and Of the First National
Bank. 90 per cent year. The current quota
tion for Bank Of Commerce stock Is 33o bid. 3i5
asked. and for First National Bank stock. so
bid $40 asked
The First National Bank last fail established
q Community of interest" arrangement with
the Chase National Bank. which has Sl.WDHW
capital and a surplus of about S3,OoO.Opn. these
two institutions. with the National Bank of
Commerce. being regarded by Wall Street
less in rivalry with the interests controlling the
National city Bank. The directors of the Ma
tional City Bank are William Rockefeller John
d Rockefeller jr.. Henry o. Havemeyer. pTesi-
dent of the American Sugar Refining Company:
James II. Post, president OF the National Sugar
Refining Company Robert Bacon and George
W Perkins of J. p. Morgan & Co: Jacob Fl.
Loeb & Co; John A Mccall, president OF the
Eew-Yurk Life Insurance Company; Charles s
FairchiId president Of the New-York Security
and Trust Company. until recently controlled
by the New York Life; Il. II. Hartman, chair
man Of the board OF the Cnion Pacific Rail-
road Company and president Of the Southern
Pacific Company: William d Sloane. vice
president of w. & ]. Sloane; Samuel Sloan,
Ice-presdent OF the bank and chairman OF the
ern Railroad Company; Stephen s. Palmer
president OF the Ncw-Jersey Zinc Company:
Henry a. {. Taylor. Moses Taylor and NJ Tay
lor Pyne Francis NJ Bacon, Cleveland H.
Dodge. A G. Loomis. vice president OF the
bank. and President Stillman.