The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-10-18
A BLACK THURSDAY
/. FOR F|NANC|ERS
SANK FAILURES FOLLOW sREAk
IN COPPER STOCKS.
DIVIDENDS ARE REDUCED.
A Bank in Hamburg, Germany, Fails
fer $f,ooo,Ooo and the Heinzes 'f
are Found TO be in
Bad Way.

New York, Oct, RESERVATIONS fol
lowed each other IN rapid succession
In the financial district Thursday az
the result of the collapse of the pro
jected corner In United Copper and
the suspension of prominent broker
age firm "Wednesday
y The Arm Of Otto Henze & Co. was
suspended on the stock exchange.
r. Augustus lieinZe. the Butte cop
per magnate, resigned the presidency
Of the Mercantile National Bank OF
New York.
: The Amalgamated Copper Co. at its
directors meeting cut it's quarterly
dividend from per cent. to | pei
cent.
The directors of the Boston and
Montana Copper Co declared quar-
terry dividend of So in place of n
former dividend Of sl2.
The failure of llaller, Soehle & Co,
PROMINENT bankers of Hamburg. Ger.
many. with liabilities that may reach
81 900, 900. was announced
The State Savings Bank. of Butte,
Mont, of which the lleinZes are the
principal stockholders, suspended.
AS u result OF these sensations the
stuck market was hating aud iirregil-
lar. but there was an apparent feeling
that the break of the attempted cor.
ner in United Copper had cleared the
atmosphere somewhat, and the mar.
ket rallied before the close
The suspension OF Otto Heinze d
Co, OF which firm Max NJ. SchultZe is
the stock exchange member. was
based on a complaint to the exchange
made by Gross K Kleeberg the stock
exchange firm which failed Wednes.
day. In a communication to the pres
ident OF the stock exchange. this firm
charged Otto HeinZe a Co. with re.
fusing to accept 3.2Gg shares of Uni.
Ted Copper said 10 have been bought
on the order of the HeinZe firm. This
action, Gross < Kleeberg state. was
responsible for their failure. Attor-
neys for this firm stated that the
amount owing to the firm by the
Heinze firm aggregates 100000.
ffhe fIeinZe firm announced that Il
is perfectly solvent and that all its
legal obligations will be met The at.
torneys say that the suspension by
the stock exchange was accepted by
the firm In order TO give the latter an
opportunity TO sift its legal obiga-
lions from numerous claims which
have been made against It and which
II is alleged are moi legal obligations.
The failure OF the Hamburg firm
and the Butte bank followed closely
ON the news OF the suspension OF the
Heinze Arm on the stock exchange.
rbe German firm Is said to have lost
heavily IN the recent drop In copper
stocks.
Hamburg. Oct. 1S.--The old private
banking firm of Haller, Soelile g. Co.
failed Thursday. The liabilities of the
firm are variously stated and IL was
estimated early in the day that they
were In the neighborhoCd OF $1,000.
900. but the Hamburger Naehrichten
says it is Informed by banker who
ID IN petition 20 know the facts that
the Liabilities will reach $500 900.
This will make the crash OF this iiru
the biggest bank failure in Germany
since the famous breakdown OF the
L<ipziger bank In June, 1901. The as
sets Of the firm have not yet been as.
ceftained. but i'm banking circles the
capisal of the partners Is declared TO
be 12,26e.OO9. Ntarly all the joint
stock and private banks In Hamburg
are Affected by this failure