The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-21
IM|LuKEN TAKES
HE|NzE'S PLACE
Situation Following Big
Copper Collapse is
Clearing Up.
THOMAS SELLS
BANK HOLDINGS
Clearing House Committee
Pleased With the Arrange
n1ent. aud Effect on Market
Will Be Healtl,y-C. w.
Morse Resigns from
All Banks.

T. i. g 9 '.h . 4 .
NEW YORlS. October :O.-ltt N tInt..
benr Tonight the Associated Pres. wa.
assured by the clearing house commits
lee that the Hcinzc, Morse and TIomns
interests had been eliminated from the
banking ORGANIZATIONS of New York
tity, and In the light Of this fnct the
Clearing House Ahsociation announced
Ns readiness to lend nll necessary aid
TO my OF the banks which have been
under suspicion, the clearing house
investigation having established their
1oIyency.
1t IL believed TINT this action ,,in
prevent amy crisis In New York bnns< :
ing circieh.
william II. Hnycmeyer. one OF it's
directors, was To-day elected to the
prestdency of the National Bunk OF
North America. succeeding Alfred II.
surtfs, resigned.
u ts understood thnt the Mercantile
National Bank will undergo process
VI slow liquidntion.
NEW YORK. October 2o.-At a sne-
slal meeting OF the board of directors
of the Mercantile National Bank to-
lay Seth NJ. Milliken was elected
president OF the bank to succeed i.
Augustus Hcinze. resigned AT the
fame time William Skinner and G.. II.
Miliiken were elected additional vice.
presidents. G. II. MillIken being added
10 the board OF directors
The clearing g-iouse 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
Association, gave out the following
statement:
Statement.
"A committee of the clearing house
has examined the several banks OF the
association that have been under criti-
cism and find them solvent. The clear
ipg-house committee has decided to
render them such assistance to meet
their deposits as the committee may
think necessary.
Neither the members of the Board
OF Mercantile National nor the clear
ing-house committee would add to
these announcements. The statement
OF MIR. Sherer is, however. taken to
mean that the clearinghouse COM
mittee Is perfectly satisfied with the
reorganization of the Mercantile Ma
tional. and Will see that that bank
is enabled TO meet any crisis that the
widely published stories about its
conditions following the collapse OF
the Heinze corner in United Copper
may force 1t to face.
After the meeting OF the Mercantile
National directors Z. r. Thomas. one
of the directors. announced that he
had disposed of all his holdings in
the Hamilton Bank to syndicate
composed of men interested in the
bank. This action had been expected.
New President
Mr.. Milliken. who heads the new
list of officers of the Mercantile Ma,
tional. is one of the best known of
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 member Of
the firm, Of Deering. Milliken Co.
He is an officer or director in 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 to-day.
William Skinner, who was elected
vice-presdent Of the bank. is presi-
dent OF the William Skinner Manufac-
turing Company, and is director in q
large number. of railroad companies,
including the New York, New Haven
and Hartford.
G. H. Minlken is son of Seth NJ.
Milliken.
Relieves Unca5iness.
While none of those connected with
the Mercantile National or the clearing
house would discuss any phase of the
matter to-day. it Is known that 1t is
the belief Of the clearing house COM
mittee that the election of Mr. Milli-.
ken as head of the bank will relieve
uneasiness In the financial district, and
the action was taken to-day that it
might have quieting effect on the
market before the Stock Exchange
opened Tomorrow.
Charles w. Morse announced to-day!
his resignation from the directorate OF
every local bank with which he was
connected. He gave out the following
formal statement:
Owing to my connection with the
affairs OF the Mercantile National
Bank and the seemingly disturbed
pondition of the public mind. 1 have
determined, without the slightest sug-
gestion or solicitation on the part of
any one, that my resignation from the
various boards of directors Of the
other banks with which I am assoc
cated might be for the hest interests
gof the depositors. stockholders and
others interested In those banks. Ac-
cordingly. have this day rendered
my resignation in all the banks In
which ] have been serving as direc-
tor @s95t