The daily morning journal and courier., 1907-10-21
Heinze, Morse and Thomas Interests Eliminated From N. Y. Bank
 Operations.
MANY BANKING CHANGES
William F. Havemeyer Elected President of the National
 of North America.

New York, Oct. 20.-Late tonight the Associated Press was assured by the clearing house committee that the Heinze, Morse and Thomas interests had been eliminated from the bank ing operations of New York city In the light of this fact, the Clearing House association announced its read mess to lend all necessary aid to any of the banks which have been under suspicion the clearing house investi- gation having established their sol vency. It is believed this action will prevent any crisis in New York bank ing circles.
 William F. Havemeyer, one Of its directors, was to-day elected to the presidency of the National Bank of North America, succeeding Alfred H, Curtis, resigned.
 It is understood that the Mercan- tile National bank will undergo pro- cess of slow liquidation.
 At special meeting of the board of directors of the Mercantile National bank this afternoon, Seth M. 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 addi- tional vice presidents, Gerish H. Milli- ken 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 Sherer manager of the Clearing House associ- ation, on behalf of the association, gave out the following statement
 "A committee of the clearing house has examined the several banks of the association that have been under criti- ism and find them solvent The clear ing house committee have decided to render them such assistance to meet their deposits as the committee may think necessary"
 Neither the members of the board of the Mercantile National or the clearing house committee would add to these announcements. The statement of MT. Sherer Is, however, taken to mean that the clearing house committee Is per fectly satisfied with the reorganization of the Mercantile National and will sec that the bank is enabled to meet any crisis which the widely published stor. les about it's condition, following the collapse of the Heinze corner in United Copper, may force it to face.
 After the meeting of the Mercantile National directors, E, R. Thomas, out of the directors, announced that ht had disposed of all his holdings 1T the Hamilton bank to syndicat, composed of men interested in thu bank. This action had been expected
 MT. Milliken, who heads the nev list of officers of the Mercantile Ma tional, is one -of the best known O New York capitalists. He has beer for some time member of the boart of directors of the banks. He is rich man and a member of the firm O Deering, Milliken & Go, cotton fac tors and merchants. He Is an office or director in score of mortimer wooden companies and southern cotto companies. He is very well known i business circles and is said to be tn choice of the clearing house commit tee for the position to which he wa elected to-day.
 William Skinner, who was electe vice president of the William Skinne Manufacturing company, and is a d rector in large number of railroa companies, including the New Yorl New Haven and Hartford, Gerish I Milliken Is a son of Seth M. Millikel
 While none of those connected wit the Mercantile National or the cleaI ing house would discuss any phase ( the matter to-day it is known that is the belief of the clearing houS committee that the election of M Milliken as head of the bank will Y move the uneasiness in the financi district and the action was taken t. day that it might have a quieting e feet on the market before the openir of the stock exchange tomorrow.
 Charles W. Morse to-day announce his resignation from the directorate every local bank with which he VI connected. He gave out the followir formal statement:
 Owing to my connection with the a fairs of the Mercantile National Bal and the seemingly disturbed condlti of the public mind I have determin without the slightest suggestion or s
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