The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-20

New York. Oct. 19.-There was sigh
of relief throughout the financial world
when the short session of the stock
market closed today, ending one of the
most panicky weeks that Wall street
has known for a long time.
The declination of the presidency or
the Mercantile National bank by Will
liam 3. Ridgely, comptroller of the cur
rency, did not come until after the
business day was over, and then had
no effect on the market or finances in
general. What the effect may be when
the market opens Monday it is impos-
sible TO say but il is the general opin-
ion Of financiers that the weekend
holiday will serve to settle matters in
the street. and that unless there are
unexpected developments in the deli
cate situation, confidence will in
large measure be restored by Monday.
Balance Made Good.
The clearing house committee again
today took care of the debit balance of
the Mercantile National. nine clearing
house banks. il is said, providing
Sl.S00,0 900 to make good the balance No
action was taken looking to the future
support of the bank, should this be
necessary.
+. Augustus HeinZe, who resigned the
presidency of the Mercantile National
bank Immediately following the sus-
pension of his brothers firm by the
stock exchange, issued another state
ment today, in which he reiterated his
denial that he had sold any of his
stock in the bank. He sharply criti-
cized the clearing house committee for
referring to the impairment of the sur
plus of the bank, saying this action
n a On ri of
other bankers to induce customers to
withdraw their deposits from the Mer-
camille National, in order that their
own institutions might secure them.
Preparing for Crisis.
The weekly bank statements showed
an unexplained addition of Sc, 443. 100 TO
the cash holdings of banks, bringing
the cash holdings up TO SILL $50 900
above the required reserves. This is
taken to mean that the banks are pre-
pairing themselves for any crisis that
may be forced on them next week
State Treasurer Julius Hauser, ac-
cOmpanied by several state officials,
came TO New York today for the pur-
pose of Investigating the condition of
the Mercantile National, the state de-
posits in the bank aggregating $500, 900.
Mr.. Hauser was assured by the clear
perfectly solvent. and he was advised
TO leave the money in the bank.
1t was announced today that c. W.
Morse, who is heavily interested in the
Mercantile National, had resigned from
the directorate of the Van Norden
Trust company, in which he had a
small interest.
Fall of United Copper.
On the stock exchange and the curb
every stock dealt in suffered a net de-
cline during the week. United Cop
per, which is not listed stock, and is
dealt in only on the curb. suffered a
net decline of 1885 for common and 1872
for preferred. closing at "a and %, re-
spectively.
Guggenheim Exploration dropped 45
points. On the exchange Amalgamated
reached 4S1s. closing today at 447s. and
showing a net decline of 91s for the
week. The low point reached was the
bottom price for several years and
was II points below the high point of
the year.
Railroads and industriaIs suffered
during the week, but the close today
was in almost every case substantially
ahOVa the low r o11ra fo,-