New-York tribune., 1907-10-20
c. W. MORSE FORCED
OUT OF ALL BANKS.
PLEDGE TO CLEARING
HOUSE COMMITTEE.
Bank Examiners at Work an THO
Morse Concerns-Aid for
Mercantile.

Charles W. Morse. ii was learned late last
night has resigned from every bank and trust
company IN this city with which he has been
connected as either director an officer. This
list includes the Fourteenth Street Bank. the
Mercantile National Bank. the New York Prod
uce Bank and the Van Norder Trust Company.
IN all of which he is a director. and the Garfield
National Bank, the National Bank of North
America and the New Amsterdam National
Bank. in each OF which he is vice. president as
well as director. The decision of Mr. Morse to
ssver his connection with all of these institu-
tons announced after a conference which
was held last night between him and the Clear
ing House committee In the course of which he
promised the committee that he would take that
action.
The national bank examiners. it was also
sscertained at a late hour. are at work upon an
investigation of the condition Of the National
Bank OF North America and the New Amsterdam
National Bank, which are among the most i'm
portant of the so-calIed Morse banks" The re-
serves OF these two banks were shown yesterday
in the weekly bank statement to be considerably
under the required 25 per cent of deposits.
The elimination Of Mr.. Morse as factor IN
the banking field in this city is not unexpected,
as conservative bankers have long been free
in the expression Of their objections his meth
DDS and their opinion that the extension of mis-
influence to include several banks and trust
companies constituted distinct menace to the
general banking position in this city.
With the elimination of Mr.. Morse and Mr.
Heinze, which without much doubt will be
speedily followed by the enforced retirement
from directorates and official places in banks Of
certain other financiers whose interests have
been interviewer with those of the two men
named, the present crisis may be averted.
One OF the most prominent bankers in the city
said yesterday: Sanitary measures are in prog
ress." and the remark summarized the convic-
ton Of Clearing House bankers that men whose
control of financial institutions had long been
unsettling influence in the local banking
field must be forced out before conditions could
be expected to improve
An officer Of the Van Norden Trust Com
pany. from which Mr.. Morse had resigned before
his meeting with the Clearing House committee,
ezn yesterday:
Aside from any reasons which he may have
on account of his reputed connection with recent
troubles, I extremely sorry TO lose Mr..
Morse from our board. Mr.. Morse's interest in
our company small. but his cordial loyalty
TO the institution and his cheerful cooperation
in its affairs were always gratifying"
Warner II. Van Norden is president OF both
the Van Norden Trust Company and the 10Th
Ward Bans
There we're reports yesterday that the declina-
ton Of Mr. Ridgey Of the offered presidency Of
the Mercantile National was due to the with
drawaI by the Clearing House bankers of their
approval of him acceptable man for the
Office. as they had learned that he close
friend Of Mr.. Morse. and that this withdrawal
OF support also reflected the opinion that Mr..
Ridgely. as Controller of the Currency, should
have required from his subordinates more
careful scrutiny of the Mercantile, which might
have prevented the present complications. A
personal friend OF Controller Ridgely denied en-
phatically last night that there was any warm
friendship between Mr.. Ridgely and Mr.. Morse.
AS 10 the second point just referred TO, he said:
The fact that, although the Mercantile's de-
posts have declined from S19.000oO0 last Janu-
ary to less than S10.000,O00 to-day, the bank is
stin solvent shows that there has been no neg
ngence on the part of the Controller"
William Skinner. whose membership in the
board Of the Mercantile National Bank, Ike
that Of Bir. Miken, extends over period OF
many years, is a director of the New York. New
Haven & Hartford Railroad Company and sew
eral Of it's subsidiary corporations, and this fact
probably the basis for rumor yesterday
afternoon that New Haven Railroad interests
might obtain control Of the Mercantile National,
IN which Charles w. Morse who, through his
control Of the Consolidated Steamship Company,
is formidable adversary Of the New Haven.
has for years been an influential factor.
The Clearing House banks again yesterday
Continued hfih pagc
oEwErs cLARETs AND OLD BURGUNDY.