Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-10-21
Marks Saturdays Short
Session In Wall Street.
Confidence Is Returning TO
Members Of Stock Exchange.
Nearly Every Stock Ends Week
Above Low Water Mark.

New York. Oct 20-There was sigh
Of relief tnrauchout the financial dis
trict When the short session "f thf
Stock Exchange. ended Saturday. mark
ing the close. Of one OF the most panick:
weeks Wall Street has known for d long
time.
The declinati0n OF the presidency CT
the Mercantile National Bank ~ Wiz
liam r. !.idGcly, controller Of the cur
rency. Gid not come until after tire bus
mess day was over and therefore mad
n" effect on the market or the Iinancial
situation in general.
What the effect may be when the
market opens Monday it is iml ossiblc
to say, hut il is the general opinion
OF financicrs that the Weekend hoii-
day will serve to settle matters in the
.aucet and that unless there are untX-
pected developments in the local situa-
ton confidence will, in large meas
urc. be restored by Monday.
The Clearing House committee again
Saturday took care of the debit balance
OF tn" Mercantile National Bank. nine
clearing House banks. it is said, pro
yidinfc 81, Gpa. 900 to make good the bal
anra 80 acton was takekn looking
to the future support of the oan.i'
shouid any be necessary.
f. augustus Hcinze. who resigned
the presidency Of the Mercantile Ma
tIntial Bank Immediately following the
SUSPENSION IF his brothers firm by the
Stock Exchange. issued another state
ment Saturday in which he reiterated
his denial that he had sold any of his
stock in the bank.
crif
House committee for referring To the
iluuuirn"nt of the surplus of the bank,
saying that this action was due to Il
desire on the part of other bankers to
induce customers to withdraw their de-
pusits from the Mercantile in order that
their own institution might secure
them.
The weekly bank statement showed
an unexplained addition of S6.4i3. 100 to
the cash holdings Of banks bringing the
cash holdings sl1.1SO.G00 above the re-
alired reserves. This is taken to mean
tlatthc banks are preparing themselves
for any crisis that may be forced on
them mkt week.
State Treasurer Julius Hauser. ac-
cnnlpanied by several state officials.
came to New York for the purpose of
investigating the condition of the Mer-
camille Bank, the state having deposits
in J.. aegregating 100000. Mr.. Hauser
was assured by the Clearing House
committee that the bank was perfectly
solvent and he was advised To leave
the money in the bank.
1t was announced Saturday that c. W.
Morse, who IS heavily interested in the
Mercantile. had resigned from the diiec-
toratc of the Van Norden Trust Co. in
which he held a small interest.
on the Stock Exchange and the curb
practically every stock dealt i'll suffered
:, net decline during the week. United
Copper. which Is not n listed stock and
is dealt in only on the curb. suffered :,
net decline of 3s3. for common and ~
for preferred, closing ut -. an -. re-
spcctivcly. Guggcnheim Exploration
dropped 4 points.
ON the exchange Amalgamated reach
cd Az. closing Mt AL. and showing a net
loss Of 9'S for the week. The low point
reached was the bottom price for sew
eral years. and was TX points below the
high point for the year. Smelling also
mace Il new low mark of 6lii. and showed
net loss Of IL points on the week. The
low figure was o.. under the high price
for the year and ~ under the low price
for 1906.
Railroads and industrials suffered alike
during the week, but the close Saturday
was in almost every case substantially
above the low figure for the week.
New York. Oct CA committee Of the
New York Clearing House today issued
this statement:
"A COMMITTEES Of the Clearing House
has examined the several banks Of the
association that have been under criti-
cism and find them solvent. Tho Clear
ing House committee have decided to rem
dor them such assistance to meet thcir
deposits as the committee may think
uccessarv'
Seth F.. Milliken was elected presiden;
OF the Mercantile National Bank TODAY tr
succeed F.. Augustus Heinze, resigned.
RlDGELY DECLINES.