The Birmingham age-herald., 1907-10-21
BANK SITUATION
 |S CLEARING UP Heinze, Morse and Thomas h. tereSts Are EIimineted
s. M. MILLIKEN ELECTED
Succeeds F. A. Heinze as President of Mercantile National--Clearing House Association Will Lend
 Aid to Banks.

New York, Ovtober 20.-At a late hour tonight the Associated Press was assured by the clearing house committee that the Heinze. Morse ana Thomas interests had been eliminated from the banking or ganizations of New York city, and in the light of this fact, the clearing house tion announced it's readiness to lend all necessary aid to any of the banks which have been under suspicion the clearing house investigation having estab- lshed their solvency. It is believed that this action will prevent any crisis in New York banking circles
 William F. Havemeyer one of its di- rectors was today elected to the presi- dency 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.
 MiIIiken Succeeds Heinze. At a special meeting of the board of directors of the Mercantile National bank today. Seth NJ. Milliken was elected presi- dent of the bank to succeed F. Augustus Heinze, resigned.
 At the same time William Skinner and G. H. Milliken were elected additional vice presidents; G. H. Milllken 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 two hours. Later William Sharer, manager of the clearing house association, gave out the following statement:
 "A committee of the clearing house has examined the several banks of the asso- ciation that have been under criticism and find them solvent. The clearing house committee has decided to render them such assistance to meet their de- posits as the committee may think nec- essary.''
 | Neither the members of the board of the Mercantile National nor the clearing house committee. would add to these an nouncements The statement of MT. Sharere is. however taken to mean that the clearing house committee Is perfect ly satisfied with the reorganization of the Mercantile National and will see that that bank is enabled to meet any crisis that the widely published stories about It's condition. following the collapse of the Heinze corner in United Copper, ma y force 1t to face.
 Disposes of Holdings. After the meeting of the Mercantile National directors, E. R. Thomas, one of the directors, announced that he had dis posed of all his holdings in the Ham ilton bank to syndicate, composed of men interested in the bank. This action had been expected.
 MT. Mlliken, who heads the new list of officers of the Mercantile National, is one of the best known of the New York capitalists. He has been for some time member of the board of directors of the bank. He is a rich man and a mem Der of the firm of Deering, Milliken X Co. He is an officer or director in a score of northern woolen companies and southern cotton companies. He is well known in business circles and is said to be the choice of the clearing house committee for the position to which he was elected today.
 William Skinner, who was elected vice president of the bank, Is president of the William Skinner Manufacturing company and Is d director in a large number of railroad companies, including the New York New Haven and Hartford. c. H. Milllken is A son of Seth M. Millken
 Election Is Satisfactory.
 While none of those connected with the Mercantile Nationa1 or the clearing house would discuss any phase of the matter today, 1t is known that 1t is the belief of the clearing house committee that the election of MT Millken as head of the bank will relieve uneasiness in the financial district and the action was taken today that it might have q quleting effect on the market before the stock exchange opens tomorrow.
 Charles w. Morse announced today his resignation from the directorate of every local bank with which he was connected.
 He gave out the following formal state ment: towing to my connection with the affairs of the Mercantile National bank and the seemingly disturbed condition of the public mind, | have determined, with out the slightest suggestion or solcita ton on the part of any one, that my resignation from the various boards Of directors of other banks with which 1 am associated. the best interests of the depositors, stockholders and others in terested in these banks. Accordingly I have .nis day rendered my resignation in all the banks in which I have been serv- ing as director"
 Morse's Connection.
 MT. Morse was connected with the fol- lowing institutions: The National Bank of North America, the New Amsterdam National bank and the Garfield National bank, all of which he was vice president as we'll as director the Mercantile Ma tional bank, the Garfield Safe Deposl. company, the Fourteenth Street bank, New Amsterdam Safe Deposit company, New York Mortgage and Security com pany, New Yorw Produce Exchange bank. the Title and Insurance company of New York. Van Norden Safe Trust company, in all of which he was a director.
 MT. Morse is heavily interested in the American Ice company the American Ice Securities company and the Consolidated Steamship company, which latter com pany controls the important coastwise steamship lines, including those operating between the United States and Cuba and the West Indies.
 Mir Morse also controls the Peoples and Citizens liRes of the Hudson River steamboats.
 Following a conference of the officers of that institution tonight. 1t was formally announced that William o. Allison would succeed Orlando F. Thomas as president of the Consolidated National bank. MT. Thomas, 1t was stated had sold his hold ings in the bank to Mr. Allison. and Thomas l. Lewis. who already were large stock holders and active in the manage ment of the house.
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