Troy weekly news. (Troy, Idaho) 1897-1933, 1907-10-25
HEINzE OUT OF BANK
He Is No LONGER PRESIDENT
Of THE NEW YORK BANK.
Clearing House Committee Examined
Several Banks of the Association
and Decides to Lend All Aid Neces-
sary to Ward Off Any Danger Of In
soIvency.

The New York clearing house com.
mittee announces that the Heinze.
Morse and Thomas interests had been
eliminated from the banking oreaniza-
tons of New York city, and in the
light of this fact, the clearing house
association announced its readiness to
lend all necessary aid to any of the
banks which have been under suspi-
cion, the clearing house investigation
having established their solvency.
1t is believed that this action will
prevent any crisis in New York bank
ing circles.
William II. Hayemeyer, one of the
directors, has been elected TO
the presidency of the National Bank
of North America, succeeding Alfred
M. Curtis, resigned. 1t is understood
that the Mercantile National bank
will undergo process of slow liquida-
ton.
At a special meeting of the board
of directors of the Mercantile National
bank, Seth II. Milliken was elected
president of the bank, to succeed #.
Augustus Heinze, resigned.
At the same time, William Skinner
and Gerish II. Milliken were elected
additional vice presidents, Gerish Mil.
liken being added to the board of di.
rectors.
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, manager of the clearing house
association, on behalf of the associa.
ton, gave out the following state
ment
"a committee of the clearing house
has examined the several banks of the
association that have been under
and finds them solvent. The
house committee has decided
to render them such assistance to
meet their deposits as the committee
may deem necessary"
Neither the members of the board
OF the Mercantile bank nor the clear
ing house committee would add to
these announcements. The statement
OF Mr. Shearer is, however, taken to
mean that the clearing house com
mittee is perfectly satisfied with the
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
Heinze corner in United Copper, may
force it to face.
After the meeting of the Mercantile
National bank directors, e. r. Thomas,
one of the directors, announced that
he had disposed of all his holdings
IN the Hamilton bank to syndicate
of men interested in the
bank. This action had been expected.
MilIken Rich and Influential.
Mr.. Milliken, who heads the list of
officers of the Mercantile National.
is one of the best known of New
York's capitalists. He had been for
some time member of the board of
directors of the bank. He is a rich
man and member of the firm of
Deering, Milliken g. Co. He is
IN officer or director of a score of
'orthern wool companies and southern
otton companies. He is well known
n business circles and is said to be
he choice of the clearing house com
elected today.
William Skinner. who was elected
nittee to the position to which he was
ice president off the bank is presi-
ent Of the William Skinner Manu-
acturing company and is a director in
large number of railroad companies.
lcluding the New York, New Haven
Hartford.