Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-19
MERCANTILE BANK
FACES DISASTER
Heinze's New York Institution
May Yet Be Forced to Close
Its Doors
u
FACES DEBT OF $4,000
FACES DEBT OF sh1o0,00'
Clearance House Committee With
draws Further Aid-stock Market
Still Affected and Prices Close at
Lowest Point Of the Day-copper and
Other Stocks Affected.

New York. Oct. 19.-There was
distinct lull in the financial sltualoii
in this city today, and the excitement
Of yesterday had materially supsioeo'
While the price of stocks deciihed oi'
, the stock exchange, the losses were
z Il ~, sensational Prices of railroad
stocks were held better than had peeh
exneeted. The center Of interest was
in the situation created by develop
mants in the Mercantile National pank'
the affairs of which We're consioereu
again at a meeting Of the clearing
house committee. While no official
statement was made at the close OF the
meeting. several Of those present per-
mitted II to become known tnae NJ
conclueJ.... had been reached as 10 'ne
continuann Of support of the Mercah-
tile National, except from day 10 uas
1t was reported but not connrmed li,sal
further assistance to the banK ue
pended upon the attitude OF some VI
The directors whose resignatlons were
demanded yesterday.
It was reported from washington
that Comptroller of the Currency hio. ;.
gety today declined the presidency "
the Mercantile National.
New York, Oct. ia perplexhs
situation today faced the bankers anu
financiers who are trying to stralghleil
:. out the affairs of the Mercantile Ma
,ioral Bank and to divorce it com
pietely from any association with T.
Augustus Heinze, its former pfesl-
dent. The clearing house commlttee
Seslt in session this Morning TO COIL
siaer its affairs. Soon after the COM
aittee met it was reported that there
was hitch in the arrangements as TO
i the future Of the Mercantile National
a,,e. it was said to the refusal on the
mart OF Charles w. Morse and ms
friends to consider their designations
from the directorate as permanent.
The clearing house committee was
in sess X. only a short time. At the
conclus I'm of the session Manager
Shearer said the debt balance OF the
s Mercani 10 National this morning was
!. sl.lOO. .OOl and that there was no doupt
it woulu be paid. A continuance OF the
banks existence depends largely upon
it's own resources, and the clearing
house association is not disposed 10
render further assistance unless II
shows an increased capacity to help
itself The feeling in influential
quarters is that the bank may yet be
compelled to go into liquidation.
Heinxe Says Committee is Unfair.
+. Augustus Heinze said today:
II still hold controlling interest IN
the Mercantile National bank. l have
not parted with a share OF my mer-
camille stock | would like to say this
about the clearing house COMMITTEES.
They were asked to come into Our
bank and make a thorough examina-
ton. They found it perfectly solvent
and said so. Later they added gra-
tuitious blow about the surplus en-
pairment. You know why they did
that? Nothing more or less than to
induce our depositors to withdraw
their accounts. They were endeavor-
lnS " -. .lSL ASRoSAIS "
ins...Fu,
s ocks Sell at Low Prices.
It's stock market opened irregular.
Opening quotations of United Copper
Company stock, Heinze copper prop
cry. were at 10, compared with the
closing price of 1913 last night. Bonds
of the Consolidated Steamship Com
pany controlled by c. w. Morse. who
has been associated with Heinze in the
Mercantile bank, started at 81 per
share lower. Fitful fluctuations in the
first few minutes of business indicated
measures of support at some points.
Copper stocks continued under pres
sure. Amalgamated Copper broke 21@.
American Smelling fell 1la, Union Pa
cific opened y higher. then ran off
to nearly a point below last night.
Reading declined H.
Violent rebounds followed, but the
market continued feverish and nerv-
Gus. This tone persisted even after the
bank statement was issued, in spite of
its supericially favorable character.
The market closed weak at the lowest
prices.