Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-10-18

A dispatch from Butte, Mont, says that
the State Savings bank of Butte has tenn
porarily suspended. This bank, according
TO recent statement, owed depositors
Sl62l,97O.
NEW YORK. oct 17.-Otto Heinze & Co.
made the following statement at the open
ing Of the Stock exchange today:
Arthur p Heinze is no longer a mem
Der of the firm Of Otto Heinze & Co. The
firm Of otto Heinze & Co. feels itself per-
fectly solvent and will meet and pay all
its Just and legal obligations in full. The
firm, however, refuses to pay obligations
which It does not consider legal or just
until a proper adjudication of the matter
has been made. Rather than submit to
such unjust demands it prefers to permit
itself to temporarily be suspended from the
privileges OF the stock exchange"
! +. Augustus Heinze said this morning:
II am considering resigning from the
presidency of the Mercantile National bank.
but whether my resignation will be ten
dered at the meeting of the board Of di-
rectors today l cannot say. The troubles
of the United Copper company are internal
and were brought about by differences be-
tween certain interests. / have much to
do at this time In bringing about settle
ment Of affairs and there is nothing more
/ that I can say at this time"
Heinze arrived at his Office at the Mer-
camille National bank early and held sew
era conferences with officials OF the bank
and several callers.
Situation Much Relieved.
Sentiment in Wall street today before the
opening Of the Stock exchange was divided
( between a feeling of relief that the situa-
tion created by the United Copper manipu-
! lation had been cleared up, and a certain
amount of nervousness lest the failure Of
. Gross & Kleeberg might have an unfa-
vorable effect generally. That firms claim
that its inability to meet It's obligations
was due to purchases of United Copper
made for Otto Heinze & Co, but not ac-
cepted by 1t, brought the name OF F. Au-
gustus Heinze into the Wall street COM
ment, although it was denied that he is
interested in the firm of Otto Heinze &
Co. This firm is composed of Otto c.
Henze, Arthur p. Heinze and Max H.
Schultze.
+. Augustus Heinze, president of the
United Copper company, has been a prom
nent figure in New York financial circles
since the settlement of his long drawn out
litigation with the Amalgamated Copper
It was understood that he received a large
sum in cash as part of the settlement. Soon
afterward he became president of the Mer-
camille National bank, one of the large
financial institutions of the city.
RidEely il COnsiderinE.
Late last night thers was a conference
on the situation at the home of Charles w.
Morse, who is heavily interested in the
bank. Afterward 1t was rumored that +.
Augustus Heinze had agreed to resign the
banks presidency today and that he would
be succeeded by William b. Ridgely, comp
troller of the currency. Mr.. Ridgely denied
that he had accepted the presidency, but
Mr.. Heinze said today that he was consid-
ering the question of resigning.
+. Augustus HeinZe is one OF the most
picturesque and remarkable figures in
American finance. A graduate of the Co
lumbla School of Mines he went west al
most without capital and began the de-
velopment of copper properties. which
brought him into canfict with the great
Anaconda company. now a part Of the
Amalgamated Copper company. This con-
hlct lasted for years and was fought out
from court to court until a year or more
ago a compromise was effected. The terms
of peace were not made public, but IT was
made known that Heinze received enough
as his share to make him several times a
millionaire.
Copper situation.
For some time past the situation i'm the
copper shares has been rather unfavorable.
For a number of weeks the Amalgamated
Copper company has been holding down the
production Of It's mines to about half its
normal output because of a heavy over
production and TIE refusal Of consumers To
buy at the prices which had prevailed.
Since then the price of the metal has
slowly but steadily continued to decline.
Following the policy of Amalgamated
Copper, the Clarke and Phelps Dodge inter-
osts. the Cereco de Pasco copper mines in
Bolivia, South America, It was announced
today, have reduced their output 70 75 Der
cent Of the normal. The mines have been
turning cut at the rate OF 100000 pounds
year. These mines are controlled by j.
3. Haggin and the Hearst estate
HAMBURG. Oct. 1.-THE failure of Hal
Ter, Soehle & Co., an old banking house
OF this city. was announced today The la
bil!ues are estimated at from 10000 TO
ST5tcOC1.