Year: 1864

inrrea.e for March 20 $40 y cent; increase
March 81 IS 40 = cent


TO THE STOCKHOLDERS or THE FOURTH SA


TIoSAL BANK OF THB CITY oP SEw-YoRK.


Six of the Directors of this Bank having pub
lishod an r. pore statement Of the difficulties existing
in its mans cement and having made appeal to you
20 sustain them OF your meeting Thursday next the
18th in becomes my duty TO correct some of their
and TO submit 10 you brief state
ment Of the facts in the case.


All their essential allegations in reference TO me and
to my action as President OF the bank are without
foundation In fact 1t is not true, us they insnuae.
that e meeting Of the stockholders is called for the
purpose of fixing In my position President. free
from any control Of the Board of Directors IL is not
true that have abored under the impression that
have controlling voice the Directors that tho
Cashier must be such person as selected. whether
the Board deemed him suitable or not. tina;
in the selection of other employees Of
the bank nv voice must controls and that the bank
must be under tho man power and that power my
self The groundlessness OF these charges and folly of
alleging such causes for the want Of harmony ~ tie
management OF the bank will be transparent 10 any
who reflects for an instant that the appointing power
was wholly with the Board Of Directors in which
c0uld give but single vote and the SIX Directors could
at any moment have elected such Cashier and such
other Ulcers as they ft while the President could
do nothing but submit. Nor ia II true that have de.
sired 20 retain nv position President On the con
trary would not have retained such poitiOn for mo-
lneut, after the unfriendly combination against In


the Board manifested itself had it been for NV
Of duty 10 the stockholders


The facts in the case are brief, these The Presi.
denoy Of tho bank was not OF my seeking did !
personally desire it. The Commissioners selected
TO open books Of subscriptions to the stock Of the
bank Of whom was one, aftor keeping such books
open for some weeks, had received aggregate sub
scription but little exceeding one million Of dollars.
They found that capitalists were unwilling to sub
scribe until they knew who TO be tie President Of
the bank They thereupon. after consultation, deter
mined 70 ask A. A. Low, esq. 20 accept that posi-
ton several persons. includng myself Offering TO
double their subscriptions, should he accept. They
made the tender but Mr. Low declined. After fur
ther consultation, my associates neIt asked me 70
accept tie position. I frankly told them that did
not want it, that if accepted it at all It would be at
the sacrfce Of nv personal wishes TOT desire to aid
fr as could the proposed system oil National banks
They urged to accept, promising that should be
aided IN the performance OF ny duties by the appoint
ment OF an experienced and capable banker as Vice
President Ahor some days reflection on the subject
consented to serve. My was thereupon pubIely
announced the intended President OF the bank after
which the balance Of tho capital Of the bank. beng
about threefsurths of the whole, was subscribed.


The bank was then organized the Directors chosen
according to ticket framed by tho Commissioners, but
not made public, nor even completed until shortly be-
fore the election BY vote Of the Directors took the
position for which had been virtually selected by the
Commissioners and the shareholders.


At some OF the earliest meetings OF the Board It bei
came evident 10 me that had been made the victim
Of combinations that my name lad been used to
aid In securing subscriptions to the stock but that
was not the person whom the majority of the Board de
sired or intended as their permanent President Under
this conviction should of and most gladly have


signed my position II could have done without vio'
atng my obligations to those who had subscribed to the
stock after had permitted my name to be announced
the offended President Under this sense of honor and
dnty retained my position. attending tsthfully 10 my