The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-05
STORMY CAREER Of
tcontinusd from Flrst Pare,

tana to seek his fortune. For two
years he worked in the mines of the
Boston and Montana Company for SIS
a day. Then he and his brother. Ar.
thur p. Heinze, went into the smelt-
ing business. leasing mines and taking
out the ore on percentage basis.
Not long after that Heinze organized
the Montana Ore Purchasing Com
pany.
Always in Litigation,
From the beginning Heinze was In.
volved in litigation. 1t was claimed
that ore bodies discovered in the
Rarus, one Of his mines, ran into the
property of other concerns. S,lita
were brought against him by the Bos-
ton and Montana and the Butte and
Boston Companies. Heinze had friends
in office and In the courts, and 1t
was charged that legislation favorable
to him and inimicable to his rivals
was passed. and upheld much, accord
these suits and others that steadily
added to his fortune.
The late Marcus DAILY had been chief
owner of HeinZe's rival companies,
and the stage was set for a copper
war when DAILY died, and when the
Amalgamated Copper Company was
organized in April, 1899, with a capt.
tai Of $T5,000.0o0, the stage was SET
for a great copper war. Heinze was
soon involved In litigation against
DAILY. the late Henry H. Rogers and
other men representing Standard Oil
interests as officials OF Amalgamated.
Heinze's brother delved into the titles
of every company controlled by Anal
gamated, and whenever he saw
chance he started q suit. The result
was that the copper industry in Mon
tana was tied up in a knot. thousands
of poor men were thrown out Of work.
and Heinze kept on making money.
When the war was settled in 1905
the young man from Brooklyn had =
large bank roll.
Showed Great Versatility.
During the struggle Hcinze had
shown his versatility. He published
newspapers he started banks. he play
cd politics. he did anything that would
promote his mining interests In 1909
he organized the United Copper Com
pany. and three years later came TO
New York, a handsome. polished, dar-
ing man, willing to wager his last dol
lar. supremely confident that he would
prevail over every obstacle. He es-
tablished his brothers Arthur and
Otto in the stock exchange irm of
Otto c. Heinze & Company. Ho
bought control of the Mercantile Ma
tionai Bank from Edwin Gould, and
became its president.
Working through this bank and the
stock exchange firm, he and his friends
established a chain OF banks. Things
were breaking big in the financial
world, and He!nze's name was heard
wherever bankers and brokers got to-
gether Then came the panicky days
of 1907. and when ever. banker was
outstanding his resources Heinze start
ed to corner copper. That was the
beginning OF the end. Great quanti-
ties OF stock were dumped into the
market and were bought by firms COM
missioned to buy by Otto c. Heinza
& Company Debts came piling up.
and on October IS, 1907. the stock
exchange suspended Heinze's broker
age house The State Savings Bank.
Of Rutte, Mont. Heinze institution.
suspended payments. The Clearing
House committee compelled He!nze 70
resign from the Mercantile National
Bank presidency. and began an inves-
tigation OF Its affairs.
The result was that Heinze and his
| friends. Charles w. Noise, O. F.
Thomas and e. r.. Thomas. got out
! Of the banks which had been organ
| ICED at Heinze's suggestion.