Omaha daily bee., 1907-10-19
SITUATION WELL IN HAND
Clearing House Committee of New
York Expresses Confidence.
OTHERS MUST FOLLOW HENzE
Conservative Bankers Think Several
Changes Are Yet to Result
The situation I'm
Europe.

NEW YORK, oct. lS.-Declines to the
lowest prices of the year in the stock mar
ket followed a meeting Of the clearing
house committee today, sentiment on the
Stock exchange being disturbed by rumors
as to the proceedings of the committee.
Statements were made by several of those
who participated in the conference to the
effect that except for possible changes in
the personnel of the management OF other
banks than the Mercantile National this
situation was satisfactory. All of those
present at the clearing house agreed that
the examination OF the affairs OF the Mer-
camille National bank had shown that in
stitution TO be absolutely solvent. with its
capital stock unimpaired. IL was said also
that rumors as to other banks were incor-
rect and that today's meeting OF the clear
ing house had shown that all OF the New
York City institutions we're fully able to
meet their obligations.
At first the metal stocks suffered sharply,
but a little later the railroads, especially
Union Pacific, Reading and st. Paul fell
away on heavy selling to the lowest prices
of the year In some instances the quota
tions for stocks we're the lowest since 1898.
The weakness in the metal stocks was ex-
emplihed in a sale of Guggenheim Explora-
tion on the curb at 100 This is $50 a share
lower than the last preceding sale.
There were heavy demands for call loans,
which advances the rate to per cent
shortly before o'clock.
Clearance Committee Meets,
A special meeting Of the clearing house
committee was held this morning to con-
slider the general banking situation. The
solvency OF the Mercantile National bank,
as reported by President Nash of the Corn
Exchange bank last night was reaffirmed.
1t Is understood that the condition OF
certain other banks in this city was dis
cussed at the meeting but so far as could
be learned no definite action with regard to
these institutions was taken To quote a
representative of the clearing house, "the
situation 10 now under control and no un-
toward developments are looked for"
3 In conservative circles the feeling pre-
walls that certain other interests will have
to be eliminated before complete confidence
in the local banking situation can be re-
stored. 1t is believed that the retirement
: of f. Augustus Heinze from the presidency
Of the Mercantile National bank will be
followed by the retirement OF other persons
connected with the bank.
Another Failure in HnmburE.
HAMBURG, Oct, Representatives OF
all the banks of deposit interested held a
meeting here today to consider the situa'
ton resulting from the failure yesterday OF
the firm OF Haller. Soehle & Co. II was
unanimously agreed to adopt certain pre-
cautions in order TO avert further trouble
Luetgens & Einstmann, exporters and
importers in the far eastern trade, sus
pended payment today as a result of tho
failure of Haller, Soehle & Co.
LONDON, Oct. 1s-Copper shares i'm.
proved fractionally at the opening Of the
stock market. 'Amalgamated gained three
fourths of a point in spite of the reduction
in the dividend.