Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1907-10-22
Resignation or BANK
Directors DEMANDED
CLEARING HOUSE COMES TO AS.
sisTANcE OF MERCANTILE
NATIONAL IN NEW YORK.
INSTITUTIONS ARE
DECLARED SOLVENT

Stock Market Touches Bottom Mark
Some Quotations Being Lowest
Since 1893-Attachment Against
Butte Bank.
New York, Oct. 19.-The clearing
house Friday afternoon demanded the
resignation of every director of the
Mercantile National bank as condi-
ton of the clearing house coming to
the assistance of that bank. The res
ignations were Immediately signed
and delivered to the president of the
clearing house. The directors of the
Mercantile National bank whose res
1gnations were handed in were: Will
liam F. Carlton, Stanley Clifford, Ches-
ter Glass, Arthur P. Heinze, F. A.
Heinze, Edawrd T. Jeffrey, John F.
Kehoe, S. NJ Milliken, Charles w.
Morse, Harry F. Morse, Benjamin
Nicoll, Miles M. O'Brien, Dick S. Ram
say, Max H. Schultze, William Skin
ner, Edward R. Thomas, o. F. Thomas
and Warner Van Norden
1t was mi-ofiicially announced at
$3.50 o'clock Friday afternoon that
Comptroller Ridgley had accepted the
presidency of the Mercantile National
bank.
A meeting OF the board of directors
Of the Mercantile National Bank was
held Friday, and the clearing house
committee reported that after an in
vestigation of the banks affairs they
had found the institution to be abso-
1utely solvent. A statement regarding
the banks finances will be forthcom-
ing, probably on Monday. Comptroller
w. B. Ridgely, of the treasury depart
ment, who has been rendered the Of
flee of president of the Mercantile to
succeed F. Augustus Heinze, resigned,
visited the bank today but did not in
dictate to the directors whether he
would accept the position.
Nash Issues Statement.
When seen later in the day, Acting
Chairman Nash said:
THE chief purpose of our meeting
this morning was to consider the ques
ton Of assisting the Mercantile bank
We found the bank solvent, and there
fore decided to come to it's assistance
AS matter of fact, it's condition was
rather better than we expected"
Mr.. Nash declined to talk about the
general banking situation except te
express the opinion that recent devel
opments had cleared the atmosphere
He refused to discuss the rumors re
garding possible changes in several
local banks, but stated emphatically
that such changes might be of distinct
benefit.
Lowest Prices of the Year.
Precipitate declines to the lowest
prices OF the year in the stock market
followed a meeting of the clearing
house committee, sentiment on the
stock exchange being disturbed by
rumors as to the proceedings of the
committee. Statements were made by
several of those who participated il
the conference to the effect that ex
cept for possible changes in the per
sonnet of the management of othe
banks than the Mercantile Nationa
the situation was satisfactory.
considerably firmer and advances o
from / to points were made. TIL,
selling became much less urgent an,
at the same time there was a bette
demand for stocks, some of the buy
ing said to be for the account of spec
nlators who had sold at higher price
and bought in the stocks to even u
their contracts.
The market closed weak and III
settled.
Banks Are Silent.
All of those present at the clearin
house agreed, however, that the exam
ination OF the affairs of the Mercantil
National bank had shown that inst
tuition to be absolutely solvent wit
Its capital stock unimpaired. 1t wa
said also that rumors as to othe
banks were incorrect; that Friday
meeting Of the clearing house ha
shown that all of the New York cit
institutions were fully able to NEE
their obligations and that except fe
the possible changes in the office,
and boards of directors of one or tw
other institutions the situation We
satisfactory.
To Levy on Butte Bank.
Justice Blanchard in the supren
court Friday granted an attachmel
for $10S,075 against the State Saving
Bank Of Butte, Montana. in favor
the Mercantile National Bank of tn
city. for balance alleged to be dr
on demand note of s150,O00 made /
the State Savings Bank on March
1907. The sheriff is directed to lev
on any funds or property Of the Sta
Savings Bank found in this city.
Fatal Wreck on Santa Fe.
Trinidad, Colo, Oct 19-Passeng'
train No. 4, the California Iimite
eastbound. on the Atchison, Topel
and Santa Fe railway. was ditched