The Montgomery advertiser., 1907-10-21
.MILLIKEN
 HEADS BANK New President of Mer- cantile National. PROMINENT BANKERS RESIGN Clearing House Com mittee Has a
 Long Conference. William F. Havcmeyer Elected Presi- dent of National Bank of North
 Americn-Financiai situa-
 ton is stI Uneasy.
PROMINENT BANKERS RESIGN

tonight. the Associated Press was assured by the Clearing House Committee that the Heinze. Morse and Thomas interests had been eliminated from the banking organi- cations of New York city. and In the light of this fact, the Clearing House Association announced its readiness to lend all necessary aid to any Of the banks which have been under suspi- cion, the Clearing House investigation having established their solvency.
 1t is believed that this action will prevent any crisis in New York bank ing circles.
 William F. Havemeyer, one of it's directors. was today elected to the presidency of the National Bank of North America, succeeding Alfred H. Curtis. resigned.
 It is understood that the Mercantile National Bank will undergo a process of slow liquidation.
 Millikem Selected.
 At a special meeting of the Board of Directors of the Mercantile National Bank today. Seth M / Milliken was elected President of the bank, to suc- ceed F. Augustus Heinze. resigned. At the same time William Skinner and O.. H. Milliken were elected additional vice-Presidents; c. H. Milliken being added to the Board of Directors.
 The Clearing House Committee met with the directors of the bank and the two boards were in session for about four hours. Later William Shrer, man. ager of the Clearing House Associa- ton. gave out the following statement:
 "A committee of the Clearing House has examined the several banks or the Association that have been under criti- ~t. v,A Ind a0lVanf The CiGhT- ing House Committee has decided to render them such assistance to meet their deposits as the committee may think necessary
 Neither the members Of the board Of the Mercantile National nor the Clear ing House Committee would add 10 these announcenents. The statement of Mir. shrer is, however. taken to mean fbat the Clearing House CoFnmitts IS nerfectly satisfied with the reorganiza- tion of the Mercantile National, and will see that that bank is enabled 10 meet any crisis that the widely pup lished stories about its condition, rol- lowing the collapse of the Heinze cor ner in United States Copper, may force 1t to face.
 Disposes of HOIdings.
 After the meeting of the MercahtiIe National directors, E. B. Thomas' one of the directors. announced that ne nao @ dIsposed of all hls holdings in the Hamilton Bank to a syndicate com nosed of men interested in the pank' This action had been expected.
 Mr Miliiken. who leads the new hst oS oficera of the Mercantile National, is one of the best known of New Xork He has been for some tltne A member of the board of directors or the bank He is a rich man ana member of the firm of Deering. AailliAen and Company He is an officer or director in d score of northern woolen and southern cotton com na nies He Is we'll known In business circles and is said to be the choice of the clearing house committee TOT the position to which he was elected today. s
 William skinner. who was elected vice president of the bank, IS presl- dent of the William Skinner Manuiae- turing Company and is director Tn Ia roe number of railroad companies, including the New York, New %taven a nd Hartford. c. H. Miiliken is son of Seth M. Milliken.
 While none of those connected with the Mercantile National bank or the clearing house would discuss any phase of the matter today, 1t is shown that lt is the belief of the clearing house com mittee that the election of MT. Milliken as head of the bank will relieve un- in the financial district and the action was taken today that 1t might have quieting effect on the market before the stock exchange opens tomorrow.
 Morse Resigns.
 Charles w Morse announced today his resignation from the directorate or every local bank with which he was He gave out the following formal statement:
 towing to my connection with the q affalrs of the Mercantile National Bank and the seemingly disturbed condition of the public mind, I have determined without the slightest suggestion or on the part Of any one, that rnv reaiUnation from the various boards of directors of the other banks with which I am associated. might be Tor the best interests of the depositors, and others interested in those banks. Accordingly I have this day rendered by resignation in all the ba nks in which I have been serving as director"
 MT. Morse was connected with the following institutions:
 The National Bank of North America: the New Amsterdam National Bank and the Garfield National Bank. of all of which he was Nics- resiuo"e' "S wall as director: the Mercantile Ma tional Bank, the Garfield Safe Deposit Company. the Fourteenth Street Bank New Amsterdam Safe Deposit Company, New York Mortgage and Securities Company, New York Produce Exchange Bank, the Title and Insurance com many of New York, Van Norden Safe Trust Company, in all of which he was a director.
 In addition to these financial institu- tiona MT. Morse is heavily interested in the American Ice Company. the American Securities Company and the ConsolIdated Steamship Company. Hyhich latter company controls the most iponortant coastwise steamship lines, including those operating between the limited States and Cuba and the west Indies. n-,.
 Mir. Morse also controls the Peoples andRcitizens Lines of the Hudson hiVer ex4.