The Montgomery advertiser., 1907-10-19
,lRECTORS ALL RESIGN To Re-organize New
 York Bank. WALL STREET IS UNEASY Stocks of Prominent Railways Co Down. ---s----- The cle.ri.s House oe-nitss. r..i.s- That There Is Nsthing Alsrmias, ,a New Ysrk s.skias
 situation.
WALL STREET $ UNEASY

New York. Oct. Is--while by no means a ..Black Friday" this was far
 from being fair Friday in Wall Street
 and when trading closed. genuine sat- l isfaction was expressed that short l Saturday would force 1ull during which m: " adjustments will be possi- hIa The prompt action of the Clearing House Committee In eliminating the
 Mercantile National Bank as dis | quieting factor. should result by Mon- day in clearing the atmosphere. Today. however. this influence was offset by frequent rnnera that st ths committee meeting at which the soiv- ency of the Mercantile had been estab- ifshed. there had been further dis cussionfi in which other banking insti- tutions were involved.
 The Clearing House Committee mirt- mizsd Consequent fears by declaring that the qualification was made that in some instances changes in the director ates of other banks might become nec~ essary. It was insisted that there is nothing alarming in the Iccai banking situation. 1tI
 In. the stock exchange. the metals and affiliated stocks continued their downward movement carrying with them the general ltsts particularly rail- way shares. The selling was heavy with the market feverish and suscept- ihIe to vague influences. Cali money touched ten per cent an hour before the closing. Smeiting broke 2 s-s. selling down to 61 t-4. Amaigamated Copper. { 7-s, dropping to A. l-1. Both of these stocks are new low records A
 long list of other properties. includ-
 ing such prominent railway isBiIos as Union Pacific st. Paul. Great Northern. Northern Pacific. and Reading also fell away. Support and short covering as- sisted q closing rally after various ru- more had faiIed to rnateriaiizs.
 Thirty railway ana industrial eteelss closed today st an average priee ef s5 1.A aGafnsk yeBterAayss awerage of 2s 7-s. The same ssnckesa mouth ago averaged e5 B-s snd q year ago ass7-s. The change inssthe mana Hegsant of presidency of which was resigned bg F Augustus Heinze yesterday was made complete today. Following it's investigation of the institution. the clearing house committee extended the. bank cash assistance but as condi- tions of the directors. These were i'm. mediately presented and the clearing house association win appoint new board some of the old board may be appointed.
 Directors Resigm.
 The directers of the Mercantile Ma tional Bank whose resignations were handed in were: M
 William F. Carlton, Stanley Clifford Chester Glass. Arthur P. Heinze. F. A. Heinze, Edward T. Jenfery, John Fl Morse. Benjamin Nieols. M O'Brien, Dick Ramsey. Max Fl. Schuitze. Will liam Skinner, Edward R Thomas O F. Thomas and Warner Van Norden.
 William R. Ridgeiy. comptroller of currency, 1t was unofflcially announced, will accfpt the presidency. He was present foday when the banks affairs were discussed, It was said Mir. Heinze still retained his holding in the Mer- cantile.
 The ofieers of the bank were: Pres- ident. F. Augustus Hoinze; First Vice President. Niles M. OBrien; Second Vice President. B. R. Thomas; Third Vice President, Chester Glass: Cashier. Emil Klein; Assistant Cashier. Alfred W. Day.
 Other developments today consequent upon the collapse of the Heinzs cop per corner included an announcement that Otto Helnze and Company at a meeting of creditors Monday will of- fer a settlement in full of all claims which the firm considers f1egal." These are said to total about, S2.00e.00o, but do not include the claims Of Gross and Kleeberg, whose failure Wednesday was. declared due to the repudiation of orders to the Oto Heinze and Company house. In the Supreme Court today an 1 attachment was Issued. for $i0S,075 | against property of the State Savings Bank of Butte. Mont. in favor of the | Mercantile for a balance alleged to be l due on demand note of $l50, ,000 made | by the State Savings Bank March 5.
 Conservative Wall Street men tonight | expressed the opinion that the furry | is over so far as serious results are | concerned.
 RidEeIy Accepts.
 Charles W. Morse. formally announce ed tonight that Comptroller Ridgely | has agreed to accept the presidency of | the Mercantile National Bank From | other sources it was learned that MT. | Ridgely insisted as condition that 6 | new board of directors be elected and1 that he be given free rein.
 This was said to mean that Mir. Ridg- ely and his friends had secured an | option on a controlling interest in the | bank and the option would be exer- | cised probably tomorrow F. Augustus Heinze tonight reiterated that he is | still in control of the Mercantile and | has not sold a single share of his hold tngs, which amount to about s1. 200 ,000. He was aggrieved that the Clearing House Committee had thought 1t neces- sary to inquire into the banks affairs [
 .'The institution is perfectly solvent and the one material result of the in- yestigation," he said, will be to di- 1 I