The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-19
Comptroller Ridgley's Accep-
lance of the Presidency
Of the Mercantile National Had
a String to It.
WANTED A FREE HAND
Directors Who Resigned Don't
Consider Action Permanent
The Institution May Yet Be
Forced Into Liquidation.

Washington, Oct. 19-ComptrolIer
or Currency w. B. Rfdgley today de-
cnned the presidency of the Mercan-
tile National bank of New York.
A perplexing situation is being fac
ed by the bankers and f1nanciers, who
are trying to straighten out the af-
fairs of the Mercantile National and
to divorce it completely from any as
ISOLATION with F. Augustus Heinze,
its former president. With the resig-
nations of its entire board of directors
in the hands of the clearing house.
that institution appeared to control
the situation and was committed to
the task of putting the bank on a firm
footing. For this purpose nine clear
ing house banks had promised to con-
tribute 5000, 900 each to tide the Mer-
camille bank over any distress which it
might encounter as result of the
suspension of Otto Heinze & Co., and
it is F. Augustus Heinze's desire to re-
establish that firm.
Public interest in the situation lay
in the action taken by Comptroller of
the Currency William B. Ridgley,
whose acceptance of tire presidency of
the Mercantile was conditional. Mr..
Ridgley's decision depended upon
whether he would be allowed a free
hand in reorganizing the bank or
whether he would secure the support
of men whom he desired to back him
in the task.
The clearing house committee held
meeting today to consider the af-
fairs of the Mercantile National bank.
1t was reported that there was hitch
in the arrangements as to the banks
future, due, it was said, Ito a refusal
of Charles w. Morse and his friends
to consider their designations from the
directorate as permanent. =
Debt Balance $1,1OO,OOO.
The clearing house committee was in
session only a short time. At the con-
clusion of the session Manager Shearer
of the clearing house said that the debit
balance of the Mercantile National
bank this morning was 81, 100000. Mr..
Shearer said there was no doubt that
it would be paid, the greater part by
the clearing house banks.
One of the reporters asked Mr.. Shear
er the amount of the debit balance of
the National Bank of North America,
Shearer replied that it was about $780,
O0o -. 81.
The continuance of the Mercantile
banks existence depends largely upon
association, it was stated, early today
is disposed to render further as
sistance unless it shows increased ca
pacity to help itself. The feeling in
influential quarters is that the bank
may yet be compelled to go into liqui-
dation, but that the depositors would
be paid in full
Opening quotations of United Cop
per common stock, the Heinze copper
in the curb market today
were at 10 as compared with closing
price of 1895 last night.
On the stock exchange copper con-
Linued under pressure. Amalgamated
Copper broke 21a to 44A, thus breaking
low price touched yesterday.
American Smelling fell ~ under yes
terday's closing price in the first half
hour but did not reach the low price
Of yesterday. Amalgamated Copper
sold as low as 1885. Violent rebounds
yerish and nervous. This tone persist
ID even after the bank statement in
spite of it's superficial favorab char
lcter The heavy increase in the cash
tenn was attributed to precautionary
measures by the banks
Stocks again declined in the final deal |
ngs, closing weak a. the lowest of the |
lay in most of the active stocks.
The closing quotations on United Cop |
,er common on the curb stock market !:
vas SH bid and 9A asked.
Heinze Talks.
r. Augustus Hence said today:
81 still hold a controlling interest in |
he Mercantile National bank. 1 have |
lot parted with a share of my Mercan-
lie stock I would like to say this about |
he clearing house committee: They |
we're asked to come into our bank and |
make thorough examination. They |
ound it perfectly solvent, and said SO. |
4ater they added that gratuitous blow
bout the surplus impairment. You know
vhy they did that-nothing more or less
han to induce our depositors to with
raw their accounts. A fine game They
we're endeavoring to attract deposits to
heir own institutions