The daily morning journal and courier., 1907-10-19
Opinion of Conservative Wall Street Men and Relief at Short Saturday, and
 Sunday.
MERCANTILE BANK
 DIRECTORS QUIT
Clearing House Extends Aid Otto Heinze & Co. To Settle All Legal
 Claims in Full.

New York. Oct. 1S- While by no means a Black Friday" this was far from being fair day in Wall street. and when trading closed genuine sat isfaction was expressed that a short Saturday and Sunday would force a Hull during which many things were possible of adjustment.
 The prompt action of the Clearing House Committee in eliminating the Mercantile National bank as dis quieting factor should result by Mon- day in pretty well clearing the att mosphere. To-day, however, this infu- ence was offset by frequent rumors that at the committee meeting at which the solvency of the Mercantile had been established, there had been i a further discussion in which the names of other banking institutions were involved. The Clearing House committee minimized 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 di- rectorates of other banks might be necessitated. It was insisted that there was nothing alarming in the local banking situation.
 In the Stock Exchange the metals and affiliated stocks continued their downward movement, carrying with them the general list, particularly rail- road shares. The selling was heavy and the market feverish throughout, being susceptible to vague influences. Call money touched 10 per cent an hour before the close, Smelling broke g 3-S, selling down to 61 1-4, and Amal- gamated Copper 1 7S, dropping to A 1-2. Both of these stocks made new low records, as did a long list of other properties, including such prominent r railway issues as Union Pacific, St. Paul, Great Northern, Northern Pa ciflc and Reading. Support and short covering assisted closing rally after various trouble rilmors had failed to materalize.
 Thirty railroad and industrial stocks closed to-day at the average price of S5 14 against yesterdays average of 86 7-S. The same stocks a month ago av- eraged 95 5-S and year ago 1s9 7-S.
 The change in the management of the Mercantile National bank, the presidency of which was resigned by F. Augustus Heinze yesterday was made complete to-day. Following it's investi- gation of the institutions affairs, the Clearing House committee to-day ex- tended the bank cash assistance, but as condition precedent to this de- ! n and the resignations of the entire board of directors. These were ifntne- diately presented to the president of the Clearing House Association, who will appoint a new board Some of the old board may be reappointed. Will liam B. Rldgely, comptroller of the currency, 1t was unofficially announced to-day had decided to accept the presi- deny. He was present to-day when the banks affairs were looked into. It was said that MT Heinze still retained his holdings in the Mercantile.
 The officers of the bank are: Presi dent, F. Augustus Heinze, resigned, first vice-president Miles NJ. O'Brien. second vice-president, E. R. Thomas. third vice-president, Chester Glass; cashier, Emil Klein; assistant cashier. Alfred W. Day.
 Other developments to-day conse- Quent upon the collapse of the Heinze projected copper corner included an an- nouncemert that Otto Heince & Com pany at meeting of creditors next Monday would offer settlement in full of all claims which the firm con- sidered legal"
 These were said to total about s2,- C0o,OO0 and did not include the claims of Gross 6 Kleeberg, whose failure Wednesday was declared by the firm to be due to the repudiation of orders for copper buying received from the Heinze house.
 Tn the Supreme court to-day an at tachment was issued for $108, ,975 against property of the State Savings bank of Butte, Montana, in favor of the Mercantile for balance alleged to be due on a demand nota of $159,O0O made by the State Savings bank on March 5.
 Conservative wall street men to- night expressed the opinion that the furry was over so far as serious re- suits were. concerned. A representative of the Clearing House said:
 "The situation is now under control, and no untoward developments are looked for"