The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-11-26

lmany occasions Wnen the miners III
the streets cheered hoarsely for Fritz.
They remained true to him ever after
ward and for long time hated the
capitalists of Boston and New York.
although Heinze's protagonist was
Marcus Daily, one of their own people
and the original developer of Buttes
mines.
| Litiaation Involved in Elections.
To tell the whole story of the fight
for fortunes at Butte would require
volume. 1t covered about every in
terest in the state of Montana from
INNING to agriculture Politics boiled
with ii and elections turned upon It
1t was story of chicanery, bribery
besmirchng of the courts and even
bloodshed. The Amalgamated Copper
company was charged with all the
crimes of the calendar and Heinze fig-
lured as a popular hero, the indcpend-
ent citizen, who was fighting single
handed for his rights and his property
lagainst an immense corporation, nc
less than Standard Oil. The Amalga-
MATED officials of that time were guilty
of many misdeeds, no doubt, but In
Hooking back upon the events we are
disposed to think that virtue was quite
as much on their side as on Heinze's
The LAWYERS fattened as never they
had before, but out OF the enormous
waste of money there came a re-
deeming feature, viz, a knowledge OF
the Butte ore deposits was gained t.
the subsequent profit of Butte that
probably would not otherwise have
been obtained
Stencil Became Too etrong.
Tn 1902 Heinze had transferred most
of his interests to the United Copper
company. In 1906 this company, which
was still Heinze, and the Amalgamated
became tired of fighting and of the in
curing of prodigious legal expense
and of the stencil of things generally
The Amalgamatcd purchased the NOR
valuable of Heinzes property ir
Butte paying him about $10000,000
according to the popular belief TIL
exact amount was never officially stat
ed, so far as we know. Thus was ter.
minated VIGOROUSLY a 10-years' lgh
for colossal fortune.
During the struggle Heinze had
shown his versatility He published
newspapers, he started banks. M
played politics. he did anything that
would promote his mining interests
Having "eashed in his checks" he
came to New York in 1906, a hand
some, polished, daring man, willing tc
wager his last dollar supremacy con
fldent that he would prevail over every
obstacle. He established his brothers
Arthur and Otto in the stock exchange
: firm of Otto c. Heinze & Co. He ha9
an overwhelming ambition to figure as
a great banking financier and this was
prominently the time of high finance
He bought control of the Mercantile
National Bank from Edwin Gould
paying an enormous price, and became
its president.
Establishes Chain of Banks.
Working through this bank and his
stock exchange firm, he and his
friends established a chain of banks
Things were breaking big in the finan-
cial world and Heinze's name was
heard wherever bankers and brokers
got together. Then came the threaten
ing days of 1907, and when every 9th.
Ter banker was outstanding his re-
sources Heinze started to corner Unit
ed Copper. This company had been
continued in existence, although most
.of its valuable property had been sold
TO the Amalgamated and the proceeds
distributed As to the value of what
remained there was mystery and un-
certainty, Yet the capital of the com
pany was not written down, which was
always regarded by critics as a prepos
ferrous neglect. The stock was a use.
full gambling medium.
The attempt of Heinze and his
friends to corner United Copper failed
The firm of Otto c. Heinze E. Co. fail
ed. The State Savings Bank of Butte.
Mont, Heinze institution, suspended
payments. The clearing house com.
mittee compelled Heinze to resign from
the Mercantile National bank presi.
dency and began an investigation OF |
It's affairs. This was the beginning OF |
the panic of 1907, That started witt |
the Heinze failure just as the Euro. |
pcan war started with the murder Of |
the Austrian archduke. The first was
not the cause of the panic and the sec |
ond was not the cause Of the war
but both were the sparks in the pow.
der magazines.
Indicted Under Banking Law.
During and after the panic there was /
house cleaning which eliminated
Heinze, Morse and some others from
The banking business. Both Heinze
and Morse were indicted for breaches
ot the banking law. Morse was con- I
'icted and served a term in Atlanta h
Heinze was acquitted after long trial |.
suite went wild with joy. Then, com II
poor, Heinze went back to K
suite, but no longer had he his old
bold and enterprising spirit L
)ut OF the wreck of his fortune NJ K