New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-09
R|NNERCANTILE NATIONAL
c NJ. MiIIiken and F. w. Wool
worth Get Gould Holdings.
= NEW DIRECTORS CHOSEN
Merger with Irving National Ey
change Bank Expected
Within Year or SO.

c,,t-oI OF the Mercantile National Bank
:. rss announced Yesterday, has been &C.
",,,-sd by Seth " Mnliken, Frank w
Too,worth and their associates, through
.hs purchase Of the bulk Of the Could hold
49,. Edwin Gould, however. VII continue
- hA . member Of the board Of directors
GO new directors were elected yesterday
rsvard r. Stettinius president Of the Dia-
,,ond Match Company; Mortimer B. Full
~ nresident Of the International Salt
co,,nanv. Frederick G. Lee, president Of
,he broadway Trust Company. who is q
S,rector Of the International Salt Company
ord other corporations OF which Mr.. Fuller
:. head: Carson c. Peck. ce-president Of
~ " Woolworth Company and Harry
SsIfe Of Austin, Nichols e. Co, wholesale
groceTs.
The following directors. in addition TO Mr..
Gould remain In the board William Il.
Tsvlor. William T. Carleton Harold A
Hatch. Of Deering, Niilliken & Co. Of which
seth NJ Nillken is the head; Charles T..
perkins r Livingston Beeckman, Sidney
2 Mitchell. William Skinner ard Willis
q Nash and Charles II. Imhoff, respective
,ypresdent and vice -president of the bank.
Among the outgoing directors are L. T.
reterv. William Nelson Cromwell and Ben
,amin Nicon The bank, it is announced
nv President Nash will continue under its
present management no change being made
in the officers.
II is understood, however, that IN time a
merger will occur OF the Mercantile Ma
tional with the Irving National Exchange
Bank in which Mr. Woolworth is a promi-
nent factor and in which Mr. Niniken's
son, Gerrish H. Milliken, is a director and
that when this merger is effected, which is
expected to be year or so hence. when the
Irving National Exchange Bank removes
It's Offices TO the new Woolworth Building,
Lewis E. Pierson, president Of the Irving
National Exchange, will become head Of
the enlarged institution.
The Mercantile National Bank was or
gained in 1850. It's statement of February
p showed deposits Of $13292,93l; banknotes
outstanding OF $zSS,2o0 and capital, surplus
and undivided profits OF S5,175435. Seth VI.
Milliken, who had been a director Of the
Mercantile National since 1850 was elected
its president in October 1907. as successor
TO F. Augustus Heinze. who had taken the
he. with Charles W. Morse ana 2. 2.
Thomas. lad obtained the control Of the
bank and had retired from its board nine
teen Of the old directors among them Ed
win Gould. L T. Jefferv. William Nelson
Cromwell William y TAYLOR, Benjamin
Nicol and Robert c. Clowry. Frederick 3
Schenck who had been president under the
Gould control was elected president Of tho
liberty National Pank on the same DAY.
Nr Nnliken. who had taken the pres
dency only as temporary arrane ement,
retired as president ard director on Te1rg-
arv q. after having piloted the bank
through the panic, the beginning Of which
had been marked by the collapse Of United
Copper stock and the suspension of the
Stock Exchange house Of Otto Uoirzo a.
60. which developments had forced the
retirement Of Ar Heirza from n, presf-
dencv. ~. NnHken.s successor vas Willis
q Nash cashier Of tho New York state
National Bank ~ Albany. who has been
since then AZ TIE heal 81 the institution
Tho Irving National Exchange Bank has
been known under its present style since
Jsnulr, fro,. when Tire irving National
Bank ,,1s consolidated with m, Sow York
National Exchange Bank. Icri. b. Tis.-
Son. president Of the lsttc~. being made
president ~ the consolidated institution
Interests associated with the Irving >a
ional Exchange Bank obtained few
months ac1 control of tine Broadway Trust
Conpau. rise president of which D.. a.
10. I. ono r tho now directors of the N'I.
oaur'. National. and among tho directors
o. Vbl-h srr M Noo'Nortn and lIr Pier
sor Tho Broadway Trust tump1u" he
recently absorbed Tho SAVOY and TlafhIsh
Tr.rf rnrIrarie-