Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1907-10-25

terly dividend of sc in place of a form
err dividend of $12.
The failure of Halter, Soehle & Co,
prominent bankers of Hamburg, Ger
many, with liabilities that may reach
$500, 600, was announced.
The State Savings bank of Butte,
Mont. Of which the Heinzes are the
principal stockholders, suspended.
Market Rallies at Close.
As "a result of these sensations the
stock market was hating and irregular,
but there was apparent feeling that the
break of the attempted corner in Unit
ed Copper had cleared the atmosphere
somewhat. and the market rallied be
fore the close.
The suspension of Otto Heinze & Co,
of which firm Max Nj. Schultze is the
stock exchange member, was based on
a complaint to the exchange made by
Gross d kleeberg, the stock exchange
firm which failed yesterday.
In a communication to the president
of the stock exchange this firm charged
Otto Heinz q Co. with refusing to ac-
cept 3,202 shares of United Copper, said
to have been bought on the order of
the Heinze firm. This action, Gros &
Kleeberg state, was responsible for
their failure. Attorneys for this firm
stated that the amount owed to the
firm by the Heinze firm aggregates
$500. coo. The Heinze firm announces
hat it is perfectly solvent and that
all its legal obligations will be met.
The attorneys say the suspension
by the stock exchange was accepted
by the firm in order to give the lat
ter and opportunity to sift it's real
obligations from q number of claims
which have been made against it,
and which it alleges are not legal
claims.
Resignation of President Heinze.
The resignation of F.. Augustus
Heinze from the presidency of the
Commercial National bank, 1t is said,
was decided on at a midnight meet
ing at the home OF G. w. Morse, who
is largely interested in the bank. 1t
was announced yesterday morning, Mr..
HeinZe at the same time giving out
a statement in which he said his
resignation was due TO the fact that
he wished to devote all his time to
Strengthening out the business of his
brothers firm. He stated positively
that he had nor deposed of his hold
ings in the bank and that the control
would remain where it had peer and
that he would continue as a director.
William b. Ridgely, at present
United States comptroller of the cur
rency. has been rendered the office
OF president of the Mercantile Ma
tional bank, but has not yet decided
whether he will accept.
Butte Savings Bank Fails.
Butte, Mont. Oct. 1S.-After being
open a few minutes the State Savings
bank closed its doors Thursday morn
ing. A run had been precipitated be-
cause of stories received over private
wires that the firm of Otto Heinze &,
Co, of New York, and a large German
bank in Berlin had failed. These in
terests are closely identified with A.
Eeinze in his copper mining operations.
HeinZe is a large stakeholder and a di-
rector I'm the State Savings bank,
which has deposits of about "a, $50, 900.
The following bulletin was posted:
Because of unsolid conditions and
rumors that cannot be verified that
may cause unusual demands by depos-
itors, and owing to the shortage of
currency and inability to pay demands
which may be made, the management
had deemed it advisable in the interest
of all depositors to suspend for the
time being. This bank is solvent"
The state of Montana is a depositor
TO the extent of SIS, 900. but is amply
secured.
Further h a the notice the bank of
ficials will make no statement. None
OF the other n are affected.
Texas Bank Closes It's Doors.
Houston. Tex, Oct. 18.-One of the
Oldest banking houses i'm Texas went
To the wall Thursday afternoon when