New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-04
\ STATEMENT AT THE BA

the East
4 STATEMENT AT THE BANK
The following statement was given out at the
bank
eeScy o. the MercanfiIc National Bank For sew;
se @ rec coinage ina of silver Recehtly the feeling in
banking circles against bank president adVocating
brought 10 an issue this morning by his reading a
letter from o. his directors. OF which the fol-
Dear Mr. St John: have Just heard that YOU
csso Yoa are under obiigations not 10 do so in
ny belief admit that the position you hold gives
not 70 20 when YOU know your Board is against
Your views. as well as all money centres. am
Nj 81 John was recently requested by resolu;
The National Democratic Convention and urge
The ncorporati9n Of eertain pTesm1pIs p1 ana GS
The first OF these demands IL Independent and
Mr s. John resigned his once OF president Of
the Mercantile National Bank because a majority
Sso1dst M Wou4 Be harmful to the bank The Board
accepted his resignation with a unanimous ex-
preston OF regret
The directors Of the bank are W. p St John.
John f. Borne. W c. Browning. G. w Cross
man. Vale Kneeland Emanuel Lehman. s. NJ.
Miiliken. James E. Nichols, A. G. Paine G. H..
Sargent c. NJ Vail, Isaac Wallach J. W. Wentz.
r II Williams and 4. T. schenck.
Mt St John said yesterday: There was no
personal feeling exhibited at the meeting OF the
Board of Directors. nor has there been any per-
soma feeling in the matter. The Board is the
proper guide for the bank and I accepted Its
Judgment. The directors did not want me 70 go
10 Chicago. I desired to go. l shall start for
Chicago tomorrow afternoon.
There is a possibility that Mr.. St. John VIII pc
nominated at Chicago for Vice President he
Is not only free-silver man. but a Democrat. A
free-sllver newspaper at Denver q short time ago
suggested him as an acceptable candidate 10, Ior
President He does not expect 70 head the Chl- M
cago ticket. hut there is reason TO believe tnat ne
hopes 10 secure second Ilace He has never
been in politics before.
MR.. ST. JOHNS LIFE.
He Is wealthy man. and the loss OF the Mer-
camille Bank presidency will impose no pecuni-
arv hardship on him Mr.. 81. John was born
in Mobile. Ala. on February 10 le49. he re-
ceived his education In Mobile Germany, Eng
land and Massachusetts, In 1861 he came 70
New-york and he has since been IN seven AIi.s H
Of business He was for four years prior ~
his connection with the Mercantile BANK III
charge Of credits. sales and prices tor ns nans
meyer Elder. the sugar rehnerS' Nhvrv - c. c.
actions footed up SJ0.VO0OoJ year ms i mn
was subsequently, taken into the AInerlcam i,
Sugar Refining Company. or as II is coini.onis
called th- Sugar Trust Mr St John en'ereu
the Mercantile Bank as cashier In January,
1851 He was engaged for this post by se 1eolse
W Perkins who at the same time itit NE =. ha
as cashier Of the Hanover Nauonei Wb.n Mr.
come president Of the Mercenuie. nm mn sIc. -il
Perkins died two years later. Mr.. ST John SUI
ceed-d 70 the presidency 49,, l.. .,a Nor
Mr St John Is a large stockholuer III NV u is
Camille Bank. and remains as director, ne ~ ~
director of the Hamilton Natonal BAN 80 80
Harlem and the Second National BANK. nc 40
an elder in the Rev Dr. Parkhurst Nhui IA "a
Nj St John is weh known IN southern $50 ss
circles, and is warm friend OF Mis 1a,is
DAVIS and her daughter. Miss NlhhIe -" ~
Considerable attention was attracted 10 ms lls
resignation from the Southern SocieN a
years ago He Is unmarried. He IS taIi an an
We built has q brown beard and brown .nI haIl
slightly tngAd with gray, ana dresses a. sso,i,.a
He has the reputation of being d"
orator.
NOT ALWAYS SILVER MAN.
Mr 81 John has not always been free-s'iVer
man and was formerly a member OF the coin-
nittee On finance Of the Chamber OF Commerce.
When he was put on this committee ne was
for gold but his views subsequently chanseu'
and he made minority reports in favor OF sIiNri
HI was finally dropped from the coprl''ee @ re
entitled 10 a place on the Cle. lg fiouse
COMMITTEE Of the associated banks OF CIV Vi Va n
but he left off because or ms preoil, '.b.a IN
for silver NIr ST John strongly opposed 'hs
repeai II the Sherman silver purchase law anu
Appeared before the Congressional comrnlttee
In Washington which had the sunJect IN manu-
Recently he drew up platform. Which ne pro
posed for adoption by Natlona4 SILVER CoN'e"
uon
The Mercantile Bank is strong institution
It's csrital stock is 81 900 OD0 and II has sur
plus fund Of $500 900 Its last report or con-
dition made on May showed individual de-
pOsits subject 20 check. St.fZ3 lb' Va que ~ ~
other National banks So 400 3G 5G and due 10
State banks and bankers sl.545, ,01l IS Us
loans and discounts amounted TO SbS3D ''So ~.
The bank lost some S2OOWO two years ago
through the forgeries Of Quigley. a bond broker
who is now IN Sing Sing prison