The Washington times., 1907-10-17
Comptroller of Currency
Picked to Succeed
Montana Copper
Man.
T hire e Brothers in
Clutches of Standard
Oil Try to Es-
cape.

NEW YORK. Oct 1T.-Augustus
Heinze resigned at noon as president OF
tue Mercantile National Bank, and
Comptroller OF the CurI ency William
Barrett Ridgely has been offered the
appointment as his successor.
deiIze accompanied the announcement
% mis- resignation with the statement
that the strenuous copper situation was
responsible for his opinion that he would
&c serving the banks best interests b,
retiring. he has tot relinquished his
stock IN the nnauc. al institution. how
ever.
No denial is made CT the fact that the
| brothers-F. Augustus. Otto. and Arthur
p. Heinze-are penned IN toe copper
corner end MAXI q the most desperate
exertiors to wriggle out and escape the
clutches of their enemies IN the Stand
ard Oil System"
An aIl-night conference Of the d.
| rectors OF the bank wss held at the
/ residence OF Charles ". Morse. on
Fifth avenue, which was called. after
the disastrous collapse OF the 5000. 900
| Heiuze United Copper holding. and the
8, 900 failure OF Gross & KleeberE.
New York Stock Exchange brokers.
II was decided at this conference that
Heinze sho uld QUIT.
In the meantime, the firm OF Otto
Helnze & Co. which is responsible for
the copper fasco that barely missed pre-
cipitating a financial panic, is tempo
rarily suspended from the stock ex-
change. and FOR some as yet unexplained
reason Arthur p. Eeinze. VOW abroad, +
annuneed to be out OF the concern.
Think Otto Heinze Responsible.
The Street generally attributes the col
| lapse OF copper shares 20 Otto Heinze's
mistakes. Tie. brokerage firm. Il Is said
undertook 70 teach a lesson to those
| who have been goinr short on United
| Copper and at the ssmU time to collect
| heavy pay for their Investment.
| 1t was proposed thus 20 compel those
/ who had been selling short TO axe Il up
! and at the same time reveal t1eir iden-
| titles.
The stock went up 20 90 the next day
i and the brokers began TO deliver stock
/ to HeinZe & Co, much TO the firm s
/ amazement- IL came in floods Cross
| * Kleeburg alone delivered 5000 shares.
| The Heinzes had not believed II could
1 be delivered.
i OF Che directors meeting Mr.. Helnze
| delivered the following statement:
Will Help Brothers
! "In view OF the difficulties in which
I brothers firm finds Itself, I have
Z determined that It is proper that ]
should give literally Of my time in as
slsting them to straighten out their az
\ fairs. In aid OF this ] have. after con-
/ sulting with my fellOw-dirsctors OF the
/ bank and my personal friends, as vel
| as consulting my own personal inter
| ests as a large stockholders OF the bank
| this day resigned as its president, re
| naming, however, as a director, and
| have Joined with my fellow-directors ir
! a request that Mr. Ridgeley accept the
place made vacant by my resignation"
! At tile same Gae Il was announced
! that Heinze has called In attorneys and
/ plete examination oC the books Of OttC
! Heinze q Co. 70 Geternune the cxaCt
standing OF tho company.
/ In the Sensational events which
brought about the financial crisis, Gros.
&c kleeberg, brokers Of the M0ntans
I mining men, were forced to the wall
| while the firm OF Otto Hciuze & Co
vas unable to fulfill the demand:
stock exchange.
The rami1cations OF The enterprises O
Frederick Augustus Helnze, the doni
nant spirit of tile IIefuZe brothers sine,
Il
this city, proved to be of such a char
acteT that the developments in Unitcs
Copper sent series OF convulsion
through the stock market. EnormOu.
lcssSs were sustained IN mining stock
and leading securities. Amalgamatct
Copper, American Smelling and Rein
ing Company, Union Pacific and suCl
SOCKS dropped four and FIVE point
from the low levels already reached.
See En1 of Rogers Fight.
|. Wen-informed bankers in Wall Stree
can see nothing in the crash OF tn
Heinze copper interests but the fina
issue Of a war between the Amalga
mated Copper men led tY II. H. Rogers
ard the interests that have centere.
about F. Augustus Heinze ever sine
ne arose to power in Montana by sue
cessful combat on the local field wit
the great copper magnates.
When Mr.. Rogers, who as the chic
: manipulation OF copper for the grea
Standard Oil interests, came to tow
, from his sick bed several days ago,
was believed that only the most urgen
business could have brought him. Th
: result. II is declared, Is apparent.
Otto Heinze & Co.
nT-sTsk