Albuquerque morning journal., 1907-10-21
ALy|s1 1EW.
Y0RKI||,ANKS
Solvent
REASSURING REPORT OF
CLEARING HOUSE PEOPLE
Heinze, Morse and Thomas
Interests Eliminated, Com
mittee vii Extend Necessary
Help to Shaky Institutions,
Lny MornIng JournnI specIaI Leased wlre.l

IBy Morning journal Special Leased Wire.l
New York, Oct. 20.-At late hour
tonight the Associated Press was as
sured by the clearing house committee
| that the Heinze, Morse and Thomas
| interests had been eliminated from the
! banking organizations of New York
! City, and in the light of this fact the
Iclearing house association announced
its readiness to lend all necessary aid
to any of the banks which have been
under suspicion, the clearing house in
! solvency
1t is believed that this action will
prevent any crisis in New York bank
ing circles.
William H. Havemeyer. one of its
directors, was today elected to the
presidency of the National Bank of
America, succeeding Alfred H. Curtis,
resigned.
| 1t is understood that the Mercantile
National bank will undergo a process
of slow liquidation,
At a special meeting of the board
| of directors of the Mercantile Ma
tional bank. this afternoon, Seth NJ.
Milliken was elected president of the
| bank to succeed +. Augustus Heinze,
resigned.
William skinner and Gersh Fl.
Milliken were elected additional vice
presidents, Gorish Milliken being ad-
dod 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 II, Shcrer,
manager of the clearing house associa-.
| tion, on behalf Of the association, gave
out the following statement:
| IA committee of the council has ex-
amined several banks of the associa-
| ton that have been under criticism
land find them solvent The clearing
house committee has decided to render
them such assistance to meet their de-
posts as the committee may think
necessary"
Neither the members Of the board
of the Mercantile National. nor the
clearing house committee would add
to these announcements. The state
ment of Mr. Sherer is, however, taken
to mean that the clearing house COM
reorganization of the Mercantile Ma
! tional bank and will see that the bank
| is enabled to meet any crisis that the
widely published story about its con-
dition. following the collapse OF the
Henze corner in United Copper may
force II to face.
After the meeting of the Mer-
camille National directors. r. r.
Thomas, one of the directors, an
nounced that he had disposed Of all
his holdings in the Hamilton bank to
a syndicate composed of men inter-
ested in the bank. The action had
been expected.
Mr.. Milliken, who heads the new
lists Of officers of the Mercantile Ma
tional. 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 q
rich man and member Of the Arm
Of Deering, Milliken e. Co. He IS an
officer or director in a score of nor
thern woolen companies and southern
cotton companies. He is we'll known
in business circles and is said to be
the choice Of the clearing house COM
mittee to the position TO which he was
elected today.
William Skinner. who was elected
vice president OF the bank. Is presi-
dent Of William Skinner Manufactur-
ing company and Is a director In
large number OF railroad companies. 2
including the New York. New Haven
and Hartford.
Gerlsh II. Milliken Is a son OF Seth
NJ. Mllllken.
While none Of those connected with
the Mercantile National or the clear
ing house would discuss any phase OF
the matter today II Is known. that " "
the belief Of the clearing house COM
mittec that the election OF Mr.. Mili-
ken as head Of the bank will relieve
the uncaslness In the financial district
and the action was taken today that II
might have quieting effect on the
market on the opening OF the stock
exchange
Charles w. Morse today announced
his resignation from the directorate
Of every local bank with which he wds
connected. He gave. out the following
formal statement:
owing TO my connection with the
affairs Of the Mercantile National bank
and the seemingly disturbed condition
Of the public mind. I have determined.
without the slightest suggestion OF so-
licitation on the part Of anyone. that
my resignation from the various
boards Of directors of the other banks
with which I am associated might be
for the best interests OF the deposltors,
stockholders and others interested IN
those banks. Accordingly have
this day rendered my resignation IN aii
the banks IN which have been serY-
ing "A dirocfor"