Washington State journal and Adams County news. [volume] (Ritzville, Wash.) 1906-1907, 1907-10-30
.HEINZE
OUSTED
HE AND FRIENDS OUT
OF NEW YORK BANK.
CLEARING HOUSE TO LEND AID
TO ALL BANKS NEEDING
HELP.

The New York clearing house COM
mittee announces that the Heinze,
Morse and Thomas interests had been
eliminated from the banking organiza'
lions 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 Hf Havemeyer, one of the
directors, has been today elected to
the presidency of the National Bank
of North America, succeeding Alfred
M. Curtis, resigned. 1t is understood
that the Mercantile National bank
will undergo process of slow liquida-
ton.
At a special meeting Of the board
of directors of the Mercantile National
bank, Seth H. Milliken was elected
president of the bank, to succeed F.
Augustus Heinze, resigned.
At the same time, William Skinner
and Gerish H. Milliken were elected
additional vice presidents, Gerish Mil.
liken being added to the board of di
rectors.
The clearing house committee met
with the directors of the bank and
the two boards were in session for
about four hours. Later William H.
Sherer, manager of the clearing house
association, ON behalf of the associa-
ton, gave out the following state
ment:
"a committee of the clearing house
has examined the several banks of the
association that have been under
criticism, and finds them solvent. The
clearing house committee has decided
to render them such assistance to
meet their deposits as the committee
may deem necessary
Neither the members of the board
Of the Mercantile bank nor the clear
ing house committee would add to
these announcements. The statement
of Mr.. Shearer is, however, taken to
mean that the clearing house COM
mittee is perfectly satisfied with the
reorganization of the Mercantile Ma
tional bank, and will see that the bank
is enabled to meet any crisis that the
widely published story about its con-
dition, following the collapse of the
Heinze corner in United Copper, may
force it to face.
After the meeting of the Mercantile
National bank directors, e. r. Thomas,
one of the directors, announced that
he had disposed of all his holdings
in the Hamilton bank to a syndicate
composed of men interested in the
bank. This action had been expected
Milliken Rich and Influential.
Mr.. Milliken, who heads the list of
officers of the Mercantile National,
is one of the best known of New
York's capitalists. He had been for
some time member of the board of
directors of the bank. He is a rich
man and a member of the firm of
Deering, Milliken & Co. He is
an officer or director of a score of
northern wool companies and southern
cotton companies. He is we'll known
in business circles and is said to be
the choice Of the clearing house COM
mittee to the position to which he was
elected today.
William Skinner, who was elected
vice president of the bank, is presi-
dent Of the William Skinner Manu-.
featuring company, and is director in
a large number of railroad companies,
including the New York, New Haven
& Hartford.