Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-21
FINDS ALL NEW
YORK BANKS
SOLVENT
REASSURlNG REPORT OF
CLEARING HOUSE PEOPLE
Heinze, Morse and Thomas
Interests Eliminated, CON-
mittee vii Extend Necessary
Help to Shaky Institutions,


IBy Morning journal Special Leased wlre.l
New York. oct 2O.--At a late hour
tonight the Associated Press was as
sured by the clearing house committees
that the Heinze, Morse ana Thomas
interests had been eliminated from the
banking organizations OF New YORK
CITY and In the light OF this fact the
clearing house association announced
It's readiness to lend all necessary aid
tn any of the banks which have been
under suspicion. the clearing house in
vestigation having established their
solvency.
II is believed that this action will
prevent any crisis In New York bank
ing circles.
William II. Havemeyer. one OF it's
/ directors, was today elected TO the
presidency of the National Bank of
| America. succeeding Alfred II. Curtis,
i resigned.
/ II Is understood that the Mercantile
National bank will undergo process
I or slow liquidation.
/ At special meeting of the board
OF directors of the Mercantile Ma
tional bank. this afternoon. Seth NJ.
Mlliken was elected president OF the
bank to succeed II. Augustus Heinze'
resigned.
! William skinner and Gerlsh IL.
Mllliken were elected additional vice
presidents. Gerish Milliken being ad-
ded 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. Sherer.
] - . aIaatsluu hAnEe n4gDrtH-
tIon. on behalf Of the association, gave
out the following statement
"a committee of the council has ex-
lamiued several banks Of the associs-
ton that have been under criticism
land nnd them solvent The clearing
house committee has decided 10 render
lthcm such assistance 60 meet their de-
posits as the committee may think
necessary"
Neither the members Of the board
of The Mercantile National. nor the
clearing house committee would adu
to these announcements. The state
ment or Mr. Shcrer Is. however, taken
TO mean that the clearing house com
mIttoe is perfectly satisfied with the
lreorganizat ton 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 csn-
dition. following the collapse OF the
Heinze corner In United Copper may
force It to face.
After the meeting OF the Mcr-
lcantne National directors. Il. H.
Thomas, one of the directors, an
nounced that he had disposed Of all
his holdings in the Hapiilton bank 20
a syndicate composed OF men inter
ested in the bank. The action had
been expected.
Mr.. MiIliken, who heads the new
lists OF officers of the Mercantile Ma
tIonal. IL one OF the best known OF
New York's capitalists. He had been
for some time n member OF the board
OF directors of the bank He Is
rich man and a member OF the Arm
of Deering. Miiiiken & Co. He u an
officer or director in score OF nor
thern woolen companies and southern
cotton companies. He Is well known
I'm business circles and is said TO be
the choice OF the clearing house com
mittee TO the position 10 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.
including the New York. New Haven
and Hartford.
Gerlsh "A. Millikcn Il a son Of Seth
VI. Milliken.
While none Of those connected with
the Mercantile National or tho clear
ing house would discuss any phase OF
the matter today Il is known that q Is
the belief Of the clearing house COM
mittcc that the election Of Mr.. Miiu-
kcn a. head - the bank will relieve
the unrasiness in the financial district
and the action was taken today that u
might have a quietlng effect on the
market on the opening Of the stock
exchange.
Charles ". Morse today announced
his resignation from the directorate
81 overy local hank with which he was
connected He gave cut the following
formal statement:
owing 90 my connection with the
affair. nf tho Mercantile National bank
and the seemingly disturbed condition
of tho public mind. I have determined
without the slightest suggestion or So
iicitstlnr on the part of anyone. that
ms resignation from the various
boards nf directors Of the other banks
with which am associated might he
fsr the best Interests of the depositorF.
stockholders and others Interested IN
those banks. Accordingly have
this dav rendered nv resignation IN AL
the banks IN which ! have been serv-
ing as director"
--%---
NIIcrcd DIackmeIIcr Released.