The daily morning journal and courier., 1907-10-18
COPPER DIVIDENDS
 GUT BY COMPANIES
Sensations Follow One Another in Rapid Succession in the t
 Financial District.
HEINZE BROTHERS
 TROUBLES CULMINATE
F. Augustus Quits Bank Desk and Otto's Firm Suspends Butte Bank Stops
 Payments.

New York, Oct. 17.-Sensations foi- lowed each other in rapid successo on in the financial district to-day as the re- suit of the collapse of the projected corner in United Copper and the sus- pension of prominent brokerage firm yesterday.
 The firm of Otto Heinze & company was suspended on the stock exchange. F. Augustus Heinze, the Butte cop- per magnate, resigned the presidency of the Mercantile National Bank of New York;
 The Amalgamated Copper company at it's directors meeting cut it's quar- terly dividend from per cent to 1 per cent;
 The directors of the Boston and Mon- tana Copper company declared quar- terly dividend Of $6 in place of former dividend of SIP:
 The failure of Haller-Soehle & com pany, prominent bankers of Hamburg Germany, with liabilities that may reach $7,500,O0O was announced;
 The State Savings Bank of Butte, Mont, of which the Heinzes are the principal stockholders, suspended.
 As a result of these sensations the stock market was halting and irregu- lar, but there was an apparent feelins, that the break of the attempted corner in United Copper had cleared the at mosphere somewhat, and the market rallied before the close.
 The, suspension of Otto Heinze & Co.,. of which firm Max M Schultze Is the Stock exchange member, was based on complaint to the exchange made by Gross & Kleesberg, the Stock exchange firm which failed yesterday Tn com munication to the president, of the Stock exchange this firm charged Otto Heinze & Go. with refusing to accept 3,202 shares of United Copper said to have been bought on the order of the Heinze firm. This action, Cross & Kleeberg state, was responsible for their failure Attorneys for this firm stated to-day that the amount owing to the firm by the Heinze firm aggre- gates $600.000.
 The Heinze firm announced that it is perfectly solvent and that all it's legal obligations will be met. The at torneys say that the suspension by the Stock exchange was accepted by the firm in order to givei ithe latter an op- . portunity to sift its legal obligations from numerous claims which have been made against it and which, it is alleged, are not legal obligations
 The resignation of F Augustus Heinze from the presidency of the Mer- cantile National bank, It is said, was decided on at midnight meeting at the home of c. w. Morse, who is large- ly interested In the bank. It was arl- nounced this morning, MT. Heinze at the same time giving out a statement in which he said that his resignation was due to the fact. that he wished to devote all of his time to straightening out the business of his brothers firm. He Stated positively that he had not disposed of his holdings in the bank, and that he would continue as di- rector. william B Rxdgely, at present United States comptroller of the cur~ rency, has been tendered the office of president of the Mercantile National, but has not yet decided whether or not he will accept.
 The low price of refined copper, which dropped even lower to-day and the disorganzed condition of the metal in the market, is the reason given for : the reduction of the dividend in the cooper companies. The announcement of the Amalgamated quarterly dividend of one per cent. came as a surprise While 1t was known that there would be reduction, IA per cent was the lowest dividend expected.
 The failure of the Butte bank fol- lowed closely on the news of the sus- : pension of the Heinze firm on the stock exchange.
 The Butte bank was largely cop&roll@ ed by the Heinze interests. D. Augus- tus Heinze being the principal stcck- holder and news of the Otto Helnze suspension on the stock exchange and of the failure of the Hamburg firm pre- cfpitated a run which immediately caused the suspension of the bank, In a statement issued by the officers lt was declared that the bank is perfect- ly solvent and that the suspension is solely for the purpose of gaining time to arrange the banks affairs.
 A number of meetings were held to" day in the office of Otto Heinze 6 com- pany, but no statement of any sort was given out. It is said that the claims against the firm growing prinV cinallv out of the attempted corner in United Copper may reach $2'ooo,OoO.