Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-17
3 Iu1ustus Heinze Says Brought
about by Differences Between
Certain Interests.
MOT OF FIRM OF 0. HElNzE co.
Wall street Experienced Feeling
Of Relief at Clearing Of Copper
Manipulation Situation.
,,o,,aua Man Resigns Presidency of
Mercantile NATL Bank-EN-Comp-
trollcr Ridgeley Succeeds Him.

v., York, oct. lotto Heinze &
~, made the following statement at the
-..o,re of the stock market today:
.Arhr Z. Heinze is no longer a
,,hsr Of the firm OF Otto Heinze q
The firm of otto Heinze & Co.
..l. itself perfectly solvent and VIII
Meet and pay an its just and legal OBJ
,,-,tons i'm full The firm, however
,.m.es to pay obligations which 1t
loss mot consider either legal or just
mil further adjudication Of the matter
a. been made. Rather than submit
N such unjust demands. il prefers TO
,,rrr Itself 10 be temporarily sus-
osp5a5 from the privileges Of the stock
exchange
HEINZE'S STATEMENT.
p Augustus Heinze said this morn
hg
Il am considering resigning from the
presidency of the Mercantile National
bank. but whether my resignation VIII
b rendered at the meeting Of the board
of directors today I cannot say. The
troubles of the United copper COM
panv are internal and We're brought
about by differences between certain
interests. have much TO do at this
time i'm bringing about settlement OF
AFFAIRS and there is nothing more that 1
can say at this time
MI Hoinze arrived az his office at
the Mercantile National bank early and
held several conferences with officials
of the bank aud several callers.
WALL STREET SENTIMENT
sediment in Wall street today before
the opening NJ the stock exchange was
divided between feeling Of relief that
the situation created by the United
Conner manipulation had been cleared,
and a certain amount of nervousness
lest the failure Of Gross & Kleeberg
might have am unfavorable effect gem
orally. That firms claim that their
inability 70 mec. their obligations was
due &c purchases Of United Copper
made for Otto Heinze & CO., but not
accepted by them, brought the name Of
T. augustus Heinze into the Wall
street comment, although it was denied
that he is interested in the firm Of
otto Heinzo < Co. This firm is COM
posed Of Otto c. Helnze, Arthur p
Heinze and Max II. Schultz.
F. Augustus Heinze president Of the
United Copper CO., has been a prom
inent feature in New York financial
cres since the settlement of his long
drawn-out litigation with the Amalga-
mated Copper interests, over Helnze's
Montana property II was understood
that he received a large sum in cash
as a part OF tho settlement. Soon after
wards he became president Of the Mer-
camille National bank, one of the large
financial Institutions Of the city.
Late last night there was a conference
cn the situation al the home of Charles
W. Morse, who also is heavily inter-
ested iu the bank Afterwards, II was
umored that r. Augustus Heinze had
agreed 10 resign the banks presidency
today and that he would be succeeded
hy william b. Ridgeley. comptroller OF
We currency Mr. Ridgeley denied
N.t he had accepted the presidency,
lu Nr, Heinzc said today that he was
cts.dering the question OF resigning.
A PICTURESQUE FIGURE.
r Augustus Heinze is one Of the mos;
picturesque and remarkable figures IN
mrIcan finance. A graduate OF the
Columbia school OF mines, he went west
Without capital and began the devel-
rpn"Ht OF copper properties which
li0ught him into conflict with the grYi
Anaconda company, now a part OF TIC
Ama.gumated Copper company. This
conflict lasted for years and was fought
oIt from court To- court until "a year
lI moro ago. "A compromise was effected.
N0Ir unt made public, but % is known
inff lIo.uzH received enough, AZ hia
HHI. t0 make him several times a
millionaire.
fa. some time past the situation in
m. "nH1ar shares has been rather un-
lfU. be- For a number of weeks,
il. lgamated Cappcr company has
h.eH holding down the production of
N. uH.. tO about half IFS normal out
pai 0H account of a heavy over pro-
N.cOOU OF the ore ana the refusal Of
Consumers to buy al the prices which
0ai prevailed
Sine. tbo price of the metal has
.lr" hut steadily continued 90 de-
Following the policy of the Anal.
.0. copper company and Phelps
Nl'O interests the Como do PusCo
lIr Peru South America 10 was
..oo'nD.d Today have reduced their
lpW I0 90 per cent of the norma 4.
muns have been turning ont pi
t'0 off 2t00O00o pounds year
mines are controlled hy j. 49,
ma tho Hearst estate.
HElNZE RESIGNS
NeH York. oct lI-F. Augusta.
Resigned the presidency off th.
HNIo National bank today ~
NliH.'ey comptroller 0f the cur
Nas boon Invited 90 accept th'