The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-21

New York, Oct. 20.-At special
Mercantile National bank this after
noon Seth NJ. Milliken was elected pres
ident of the bank to succeed F. Angus
tus Heinze, resigned. At the same
time William Skinner and Gerish H.
Milliken were elected additional vice
presidents. Gerish Milliken 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
four hours. Later William H. Sherer,
manager of the Clearing House asso-
citation, on behalf of the association,
gave out the following statement:
Banks Are Solvent.
"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
ing house committee has decided 10
render them such assistance to meet
their deposits as the committee may
think necessary
Neither the members of the board of
the Mercantile National nor the clear
ing house committee would add to
these announcements. The statement
of Mr.. Sherer is. however, taken to
mean that the clearing house commit
tee is perfectly satisfied with the re-
organization of the Mercantile National
bank and will see that the bank is en-
abled TO meet any crisis that the wide
~ published story about its condition,
following the collapse of the Heinze
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 COM
posed of men interested i'm the bank.
This action had been expected.
MiIIiken a Finaneier.
Mr. Milliken, who heads the new list
of officers of the Mercantile National.
is one of the best known of New York S
capitalists. He had been for some time
a member of the board of directors of
the bank. He is a rich man and a
member of the firm of Deering, Milli-
ken & Co. He is an officer or director
of a score of northern wool companies
and southern cotton companies. He is
well known in business circles and Is
said to be the choice of the clearing
house committee to the position to
which he was elected today.
William Skinner, who was elected
vice president of the bank, is president
of the William Skinner Manufacture
ing company and is a director in a
large number of railroad companies, in
Guiding the New York, New Haven &
Hartford.
Gerish H. Milliken is q son of Seth
NJ. Milliken.
While none of these connected with
the Mercantile National or the clearing
house would discuss any phase of the
matter today, ii is known that il is the
belief of the clearing house committee
that the election of Mr.. Milliken as
head of the bank viii relieve the I'M
easiness in the financial district and
the action was taken today that it
might have a quieting effect on the
market on the opening of the stock
exchange tomorrow.
Statement of MIR. Morse.
Charles ". Morse announced today
his resignation from the directorate of
every local bank with which he was
sconnected. He gave out the following
formal statement:
owing to my connection with the
affairs of the Mercantile National
bank and the seemingly disturbed con-
dition of the public mind. | have de-
termined, 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 ] am associated
might be for the best interests OF the
depositors, stockholders and others in
terested in those banks Accordingly
I have this day rendered my resigna-
tion in all the banks I'm which I have
been serving as director.