Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-10-19
UNDER CONTROL,
Wall Street Now Has Much
Brighter Aspect
Metals, However, Go Down.
Carrying the General List
Railroads Shares Particularly Hard
Nit by the Slump.

New York. oct. 18.-While by no
means q BLACK Friday" this was far
from being a fair day in Wall street
and when trading closed, genuine salts
faction was expressed that short
Saturday and a Sunday would force a
lull during which many things Were
possible of adjustment.
The prompt action of the Clearing
House committee in eliminating the
Mercantile National Bank as a dis
quoting factor should result by Mon
day in pretty well clearing the at
mosphcre Today, however, this in
fuence was offset by frequent rumor:s
that the the committee meeting at
which the solvency of the Mercantile
had been established, there had been
further discussion in which the
names Of other banking institutions
were involved. The Clearing House
committee declared that the condition
of the banks generally was satisfac-
tory, though the qualification was
made that in some instances changes
in the direct rates of other banks
might be necessitated. 1t was also
stated that there was nothing alarm
ing in the local banking situations.
In the Stock Exchange the metals
and affiliated list, particularly railway
shares. The selling was heavy and the
market feversh throughout, being sus-
ceptible to vague influences. Call mon
ey touched 10 per cent, an hour before
TIE close Smelling broke 3-S selling
down to 61L. and Amalagamated Cop
per rs, dropping to 4414. Both OF
It do. low records as
did a long list of other properties, in
Gliding such prominent railway issues
as Union Pacific. st. Paul, Great
Northern Pacific and Reading. Sup
port and short covering assisted a clos
ing rally after various trouble rumors
had failed to materialiZe The railroad
and industrial stocks closed today at
the average price of ssh. against yes
terday average of Sc rs. The same
stocks Il month ago averaged 95 IS and
a year ago 139 is.
The change in the management of the
Mercantile National Bank. the preSi-
dency of which was resigned by +.
Augustus Hcinzc yesterday, was made
complete today. Following its invcsti-
Cation of the institutions affairs, the
Clearing House committee today eX-
tended the bank cash assistance. but
as q condition precedent to this de-
manded the resignation of the entire
board of directors. These We're imme-
Giately presented to the president OF
the Clearing House Association, who
will arpoin. a new board. Some Of the
old board may be reappointed. VIM. B.
Ridgley. comptroller Of the currency,
iol1 annn1,ncn6 fnI9v
had decided to accept the presidency.
He was present today when the banks
affairs were looked into. 1t was said
that Mr.. Heinze still retained his
holdings in the Mercantile. The Off
GERS ot the bank are:
President. F. Augustus HeinZe. re-
signed first vice president, Miles NJ.
ORrlcn; second vice president, r. r..
Thomas: third vice president Chester
Glass; cashier. Emil Klein; assistant
cashier Alfred w. Day.
Other developments today consequent
upon the collapse Of the HcinZc pro-
iectcd copper corner included an an
nounccrncnt that Otto IIeinzc G. Co. at
:, meeting of creditors next Monday,
would offer a settlement in fun of all
CLAIMS which the firm considered &c
gal
These were said to total about $1,000
oGO and did not include the claims Ct
Gross & kleeberg. whose failure
Wednesday was declared by tho firm &c
be due I" the reputation OF orders fol
copper buying received from the Hcinze
house.
In the supreme court today an at
tachm2nt was issued for s10S,075 against
property of tho State Savings Bank Ol
Rutto. Mont. in favor of the Mercan-
tile, for the balance alleged to be due
on = demand note Of $150.000 made by
the state Savings Bank on March 5.
Conservative Wall Street men today
expressed the opinion that the furry
was; 50 far serious results were con-
ccrncd a representative Of the Clear
ing House said: "The situation Is now
urlcr control, and no untoward de-
velopments are looked for