| Show MERCANTILE BANK DEBIT LANGE Whon Made Mado Known Gave Favor Favorable Favorable Favorable able on Banking and Business Circles Setback THE AMOUNT IS front of J t Ir tie I CI Hint nm t trl rl II One o Ill Now Nw York Tor Oct Jl UThe The most fat favorable fa sentiment in business and an banking circles circle cI le resultant front from pester yester yesterdays r rd days d changes In n various hank bank man mana a ement and tho the promises premiers prom of at up sup support port pott made d by hy the Clearing House aa as received something of a set seta t a ask k today lod when it becam known knon that the tho debit balance of the Merean Mercantile tile III Ii bank at the tM clearing house ho wan wait l fl no The Th debit balance of the National Bank Bunk of lit orth America These Th urea indicated that hoary hearT ta withdrawals from the two banks bank were WN being mado made and the totals were r re te d to by one member of t the Clear Clearing lug ing h House Houe association as u unexpected ed idly dl I v large and disconcerting It Jt was W announced In a short hort time however that the Clearing House aa as would extend to th the Mercantile and National Bank of ot North America Seth Heth Ht th M the newly elected president of oC Uie Ule lit Mercantile National bank sail said IJ today t that counting out thc loans bare the th assets asset of the Ih hunk bank are 1140 for every vry dollar of and that the loans buns In lU lUlion lion are of value Mocks today opened strong trOll and slid higher hl her all 11 the t market leaders participating palIng a tine In hi the rise rie Sundays meeting of bank html presidents dents succeeded u ed In finally nail the Morse lore and Thomas Inter eat sets on ott certain certIn of the clearing house houle banks banke Besides choosing new tie officers for tor the banks bank In hI question and sad announcing that each wa wee In a solvent condition a II fund of oh was Willi pledged pled ed by bya a score of ot Individual banks to 10 extend aid to 10 those banks b and anti render rendOr such luh as al assistance to meet their depositors depo BJ am the clearing house bou committee may think necessary The deposits of the bank banks represented at the lia Sunday conference amounted to 12 The men IS 15 1 In III number every eve I on one a practical beaker decided upon the measures measure for tor eliminating the Lite interests which have hae been under crit Im which measures later latet In III the th day were carried out The arhe methode th that t have mave ve hen ben eliminated eliminated from Crom the local blinking banking situation It ID isa Mated ar are a development of this the thelast ih last laM Ia decade Ie These consist of buying of ot ora a 1 tHInk bank then putting up ulI the time Mock Hetti representing that control ae as collateral for funds fund to buy control of ot another tHink and continuing the process with banks bank and trust companies so 10 s that the result Is n a pyramid controlling chains chain of o financial financil institutions and azud ad their deposits Th That crisis it I Is IR declared delar delare ed e 4 WAS a serious one but buL the cure extended Is II expected to be complete Manager Shearer of the Clearing Charing House today that that Ill W Institution had the under control that all al the undesirable elements hud had had been bell eliminated slid and that from tills this time Hould woul begin l n a new era In In New York It I was I denied that It I would be he b to leSue clear cle log Inc house houM In order to secure support for foY the Ibe banks which have lune been beell under criticism Unie Copper a Heinz lelna security ad advanced advanced two points today to from U to 10 list U Seth M Milliken the new hew president r r I of ot tho Mercantile National lon I bank questioned a u am to loans made mude to F A heinz and Charles Chants Chari W t Morse said U It I was a expected that they th would repay them as a soon In 03 as W they were er able a bl |
