Los Angeles herald., 1907-10-19
WALL STREET GLAD
TOMORROW is SUNDAY
STOCK EXCHANGE EXPERIENCES
DARK DAY
Hope Expressed That Conditions VIII
Be Better Adjusted Before Busl-
ness is Resumed Next
Week
Hv Associated Press.

BY ASSCcldteQ Press.
NEW YORK, Oct. 1S.-While by no
means "Black Friday" this was far
from being a fair day in Wall street. and
when trading closed genuine satisfaction
was expressed that short Saturday and
a Sunday holiday would force lull dur
ing which many things were possible of
adjustment.
The prompt action of the clearing house
committee in eliminating the Mercantile
National bank as disquieting factor,
should result by Monday in pretty well
clearing the atmosphere. Today, how
ever, this influence was offset by frequent
rumors that at the committee meeting, at
which the solvency of the Mercantile had
been established, there had been fur
ther discussion in which the names OF
other banks were involved.
The clearing house committee mini
mized consequent fears by declaring that
the condition of the banks generally was
, satisfactory, though the qualification was
made that in some instances changes in
the directorate of other banks might be
necessary.
1t was insisted there was nothing alarm
ing in the local banking situation.
On the stock exchange the metals and
dIIllldltu SlOChS COlltlllutQ lutlI QOWn-
ward movement, carrying with them the
general list, particularly railway shares.
The selling was heavy and the market
feverish throughout, being susceptible to
vague influences.
Call money touched 10 FER cent an hour
before the close American Smelling
broke S-s, selling down to 81 Ia Anal
gamated Copper broke u.s. dropping to
A IL. Both of these stocks made new
low records, as did a long list of other
properties, including such prominent rail-
road issues as Union Pacific, st. Paul,
Great Northern, Northern Pacific and
Reading.
Closing Rally
Support and short covering assisted a
closing rally after various trouble ru.
mors had failed to materialize.
Thirty railroad and Industrial stocks
closed today at the average price of S5A,
against yesterdays average of s67s The
same stocks month ago averaged 95ss,
and a year ago 139A.
Mercantile National bank the presidency
of which was resigned by F. A. Heinzs
yesterday, was made complete today.
Following it's investigation of the insti-
tution's affairs, the clearing house COM
mittee today extended the bank cash as
sIstance but as condition precedent to
this demanded the designations of the en-
tire board of directors. These were i'm
mediately presented to the president of
the Clearing House association, who will
appoint a new board of directors. Some
of the old board may be reappointed.
William Barrett Ridgely comptroller of
the currency, 1t was unofficially an
nounced today, had decided to accept the
presidency. He was present today when
the banks affairs were looked into. 1t
was said that Mr.. Heinze still retained
his holdings in the bank.
Other developments consequent upon
the collapse of the Heinze projected cop
per corner included an announcement
that Otto Heinze & Co., at a meeting OF
creditors next Monday, would offer set
tlement in full of all claims which the
firm considers legal" These were said
tc total about 81, 100000, and did not in
clude the claims of Gross & Kleeberg,
whose failure Wednesday was declared by
the firm to be due to the reputation of
orders for copper buying received by the
suspended firm from the Henze house.
In the supreme court today an attach
ment was issued for s10S,O75 against prop
erty of the State Savings bank of Butte,
Mont, in favor of the Mercantile Ma
tional bank, for a balance alleged to be
due on a demand note of $3.50 900, made by
the State Savings bank on March ..