The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-03-12
HEINzE BUMPED
FOR S6,0O0,O00.
Young Copper King Caught in
Slump, and Oil Men Take
His Coin.
UTAH COPPER J0LTED
BY THE ROGERS CROWD
System" Adds Enormous Prof
its After Exciting Day of
Wild Liquidation.

NEW YORK. March l1-F Augustus
Heinze is reported to have lost from 81
10000 to 100000 In the storm that broke
In Wall street last Monday, and other
operators of almost equal Importance are
known to have been badly hurt in the
gale of liquidation that continued until
shortly before the market closed
Standard OIL brokers were lying-by in
their wrecking fleet ready to take salvage
OF all the stranded craft that driftcd their
way, and IL Is known that millions upon
millions were added to the profits of the
system. before the day was over,
affected by his loss. AS Is well known he
merely dropped a part of the velvet he
has accumulated since he has been taking
profits of the remarka bic boom in coppers.
He is no worse on OF course, than IL he
had stopped trading before the bottom
dropped out
Pinchcd on Amalgamated.
The story OF his loss Is told In the trans
action by which he Is alleged To have sold
weeks ago cost him ll5 The number OF
shares was estimated at 100 900 to 200. 600.
This stock was purchased by Mr., Hcinze
about week before the announcement of
the settlement Of the copper war through
the organization OF the Butte Coalition
company and according to Street report,
was brought through j. S. Bachc & Co.
United Copper, which Is controlled by
the HeinZes, appeared TO have received
| something OF jolt also and was evident
| ly the victim of the crew OF the Jolly
! Rogers" for while Amalgamated dropped
only from l0I to 100, United Copper
/ dropped from 90 TO SIS When Amalga-
mated WAS ut lis. United was selling at 10.
George Blumenthal. a member OF the
| stock exchange firm of Lazard Freres
| and one of the most substantial hackers
| OF the pool in Reading for months, was
| reported yesterday TO have lost part OF
! the great fortune he had made in the
| rapid advance of that stock, When Read
| Ing started at l95 and broke down to 1851
| II moved too quickly 70! him to protect
| himself and he was said late in the after
noon TO be heavy loser.
Many Lost Only "Velvet."
Mr.. Wassermau who headed the pool Is
| said to have sold all his Reading stock
several weeks before he sailed for Europe,
| and In consequence stood no losses. IL is
| the belief of Mr.. Blumenthal and others
| associated with him that Reading Is des-
| tined to go higher than 1t has ever gone
| before and this optimism he still pos
| sessed at the end of trying day.
Mr. Blumenthals profits are stu enor-
| moul as he like many others. was onlH
| losing velvet In yesterday g decline. All
| the stock he holds was bought under par
and he still has a large margin OF saiety
| The day WAS busy one on the STOCK
| exchange, and moro than a million and a
| half shares were dealt in during the nSe
| hours the exchange was open Inc eN-
| tremc declines In some stocks were az
! great as seventeen points, the neaViest
| loser being Anaconda Standard issues
| declined from two TO flvc points. In the
! Il ST hour of trading the Introduction OF
! n bill in Congress authorizing the treas
| ,Iry departmcnt To deposit customs re-
| CENTS in the banks checked the selling
| and started a slight rally