Pine Bluff daily graphic., 1907-10-18

ana that ne would continue as direc-
 tor. William B. Ridgely, at present comptroller of the currency, has been rendered the office of president of the Mercantile National bank, but has not decided whether or not he will ac- cept it.
 The low price of refined copper, which dropped even lower today, and the disorganized condition of that metal in the market, is the reason given for the reduction in the divi- dend in the copper companies The announcement of the Amalgamated quarterly dividend of one per cent came as a surprise. While it was known there would be a reduction one and one-quarter per cent was the lowest expected.
 Hamburg Firm Lost in Copper.
 The failure of the Hamburg firm and the Butte bank both followed closely on the news of the suspension of the Heinze firm on the Stock Ex- change. The German firm is said to have lost heavily in the recent drop in copper and yesterday and today's developments on the New York ex- change are said to have forced the failure.
 The Butte bank was largely con trOlled by the Heinze interests, F Augustus Heinze being the principal stockholder, and the news of the Ot- to Heinze suspension of the Stock Exchange and of the failure of the Hamburg firm precipitated a rurl which immediately caused the sus- pension of the bank. In a statement issued by the officers it is declared that the bank is perfectly solvent, and that the suspension is solely for the purpose of gaining time to ar range the banks affairs.
 A number of meetings were held today in the offices of Otto Heinze & Co.,, but no statement of any sort was given out. It is said that the claims against the firm, growing prin- cipally out of the attempted corner in United Copper, may reach $2,5O0,OOO.
 Alarming rumors were in circula- tion in Wall street just before the close of the stock exchange to the effect that other firms than Gross & Kleeberg had suffered heavily through the operations of Otto Heinze & Co in United Copper. Four other firms were involved, it is said, to the ex- tent of about $1,500,0O0.
 The Heinze Suspension.
 Max M. Schultze, Stock Exchange member of Otto Heinze & Co.,, was indefinitely suspended this afternoon, his suspension being announced by the secretary of the exchange in the following notice:
 '"The president of the exchange has decided to suspend Max M. Schultze, it being imperative under the rules, inasmuch as he had time and op- portunity to notify the exchange of insolvency and did not do so. The suspension will stand until he has met all his obligations and has been reinstated by the Committee on Ad- missions
 Otto Heinze & Go. issued the follow ing statement at the opening of the Stock Exchange today:
 Otto Heinze is no longer a men1- Der of the firm of Otto HeinZe & Co.,. The firm of Otto Heinze & Co. feels itself perfectly solvent, and will meet and pay all it's just and legal obliga- tions in full. The firm, however, re- fuses to pay obligations which it does not consider legal or just until a proper adjudication of the matter has been made. Rather than sub init to such unjust demands it pre- fers to protect itself, to temporarilq be suspended from the privileges of the Stock Exchange"
 Copper Long Unsettled. For some time past the situation in the copper shares market has been rather unfavorable. For a number of weeks the Amalgamated Copper Company has been holding down the product of it's mines to about one- half the normal output because of a heavy overproduction and the refusal of the consumers to buy at the prices which had prevailed. Follow ing the policy of the Amalgamated Copper, the Clark and Phelps-Dodge interests, the Cecel Pacio copper in, Roli..ia South \ arica if