New-York tribune., 1907-01-08
Mr.. SCHENCK RESIGNS.
President VIII LeaUe Mercantile
National Bank.

President schenck of the Mercantile National
Bank announced late last night at the Union
Lea que Club that he had decided not to allow
his name to be used by either faction at the
election to-day but would withdraw entirely
from the bank.
Speaking of the election of directors of the
Mercantile National to-day. President Schenck
said last night:
"As I'd lust where the control of the bank
will remain. Il NAV not be finally determined
until the proxies are counted tomorrow"
AS to the presidency of the institution. Mr..
Schenck said that many warm and influential
friends urging him not TO withdraw his
name which has been connected with the Mer-
camille National Bank for the last twentysix
years but he had deemed it best not to allow
his to be used by either party and there
fore to withdraw entirely from the bank.
The annual meetings of stockholders of ma
tional banks throughout the United States are
I'm accordance with the National Banking law
held the second Tuesday In January and
many of the state banks In this city will also
hold their annual meetings to-day. In or
two of the local institutions important changes
may be made in the lists of directors.
The controlling interest in the Mechanics and
Traders Bank purchased in the summer of
1905 by f. r, Thomas with his brother. O. F.
Thomas. and his brother-in-law, r. Livingston
Beeckman. as his associates, was recently an
nounced to have been acquired by the Union
Bank of Brooklyn, and several directors repre-
senting that institution expected to be
chosen to-day.
The offer made early last month by Clinton
Gilbert dealer in bank stocks. for a controlling
amount of the stock OF the Chatham National
Bank. ran at first to December %, but was
extended to January g. the day OF the annual
meeting 1t is believed that Mr.. Gilbert's effor.
to obtain control has not met with success The
identity of his principals has not been learned,
but It was reported yesterday that they are the
who now striving to gain control OF the
Mercantile National Bank. with F. Augustus
Heinze at their head.
Mr.. Heinze was quoted yesterday saying
that he had been interested In the Mercantile
National for a year and had of late largely in
creased his holdings and adding that the
annual meeting would result in ''qute a few
changes in the directorate. Men who have long
been large stockholders in the bank said yester-
day afternoon that it would not be known until
the closing OF the polls to-day whether or not
the Helnzs party had got control of the insttu-
tion.
Mr.. Heinzes associates in the movement. they
continued. were understood TO be Charles w.
Morse and f. r. Thomas. both OF whom are
prominently identified with the bank.
In October. 1901. 1t was announced that Charles
W. Morse. who is stakeholder in many local
banks and controls several. had obtained a con-
trolling interest in the National Broadway Bank.
and the late Francis A. Palmer. long It's pres-
dent. succeeded by Miles NJ. O.Bren. now
vice president OF the Mercantile National. In
the spring OF 1903 the Seventh National Bank.
OF which Edwin Gould had been president since
its reorganization in November. 1901
merged with the Mercantile National, a con-
siderable block Of tho stock of which had few
months previously been bought by Mr.. Morse,
who. according TO report at the time. turned part
OF his holdings to Mr.. Could.
Closely following this merger. came the merger
of the National Broadway Bank with the Mer-
camille National under the style of the latter
institution. few months ago the Mercantile
National Bank. which for many years had had
it's offices az the south corner of Broadway
and Dey street. removed TO it's present quarters
in the Western Union Building.
Edwin Gould. referring to Mercantile National
Bank affairs said yesterday:
"A few weeks ago a fun consultation with the
largest stockholders Of the institution occurred
and a plan was agreed to by all Of them to
which ] committed. This plan includes the
reelection of Mr.. Schenck president and the
election of the present board, subject 10 such
changes naturally occur. 1 am not advised
OF any changes in the plans or purposes of other
large stockholders. but be that as II NAV I
feel in honor bound TO fuhI and carry out the |
plans agreed upon