Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-10-18
Number OF New York
Banks Hit Hard By
Slump in Stocks,
AND HEADS MAY RETIRE
All Weather Blast So FAR
Situation Seems to Have
improved Temporarily.

New York. Oct 1S.-A special meet
ing of the clearing house committee
was held this morning to- consider the
general banking situation. The solven-
cy of the Mercantile National bank. as
reported last night, was reaffirmed. 1t
is understood the condition of certain
other banks in the city was discussed
at the meeting, but as far as could be
learned no definite act with regard TO
these institutions was taken. To quote
representative of the clearing house:
THE situation is now under control.
and no untOward developments are look
ed for"
Must BE Some Changes.
In conservative circles the feeling
prevails certain other interests will
have to be eliminated before complete
confidence in the local banking situa-
tion can be restored 1t is believed the
retirement of Augustus Heinze from
the Mercantile National bank will be
followed by the retirement of other
persons from other banks.
shows Tendency Early.
New York. Oct 1S.-The early stock
market today showed some remaining
traces of the nervousness and embar-
rassment centering around United Cop
per stocks Steps taken toward the
correction of affairs involved were a
source of relief. and the announcement
that the clearing house committee found
10 hArpontila
was regarded with satisfaction
Rise Quickly Checked.
Prices of stocks started upward at
the outset, but the selling of Amalgama-
ted Copper after the initial advance
checked the rise. The price of Anal
gaamted fell to 4SH, compared with
492s at the close of yesterday, and q
below yesterdays lowest.
Put on the street.
New York, Oct. 1S.-F. Augustus
Heinze, who played hard and winning
game in the far west. has been booted
out of Wall street. The cleverly con
structed hole into which, if his rivals
are TO be believed. he was about tc
thrust certain financiers, has closed il
on its fashioner. Mr.. Heinze yesterday
was forced from the presidency of the
Mercantile National bank, his State
Savings bank in Butte, Mont. was com
PEELED to shut its doors. and the firm
of Otto Heinze & Co. was suspended
from the New York stock exchange.
Cut Dividends in Half.
As if this had not filed the HeinZt
cup to brimming, it was announced
that the Amalgamated and Boston ant
Montana Copper companies had Gu
their quarterly dividends in two. ant
that Haller-Soehle & Co. big bankers il
Hamburg, Germany. had gone to tn,
wall And, as change closed yesterda,
afternoon. there were well defined re
ports that further developments of
sensational character are looked for il
financial circles today.
Texas Bank Forced to Wall.
Houston. Texas, Oct 1S.-One of til
oldest banking houses in Texas wen
TO the wall yesterday afternoon whe
r. W. House filed a general assign
ment. w. B. Chew, w D. Cleveland
and j. S. Rice were named as assignee:
They qualified by giving bond to tn
state of 100000. The bank was a pr
vate concern which never issued stat,
ments. 1t is said the resources are SUI
tlcient to pay all creditors in full.
Exporters Forced to Suspend.
Hamburg, Oct. 1S.- Luetgens an
Einstman, exporters and importer
have suspended payment today as
result of the failure of Haller. Goehl
& Co.