Show STATE SA VINiS Of BUTTE CLOSES ITS DOORS DOOMS IS BS SOLVENT BULLETIN 2 P. P M M. NEW YORK OCT OOT 17 THE THE SUSPENSION SUSPENSION SUS SUS- PENSION OF OTTO HEINZE CO WAS ANNOUNCED ON THE STOCK EXCHANGE THIS AFTERNOON I BULLETIN 2 P. P M. M L NEW YORK Oct 17 F. F. F Augustus Heinze Heine signed resigned rom ed the presidency of ot the Mercantile Na National bank today W. W B. B Ridgeley comptroller of or the currency currency cur cur- rency has been invited to accept the presidency HELENA HELENAr Mont Oct 17 A A special to the Record from Butte says that after after af at ter having been open only a a. few mins minutes min utes tho the State Savings bank today closed its doors A run nm had been precipitated pre pre- tod because of stories received over private wires that the firm of Otto Heinze Co 00 of New York and a a. largo large German bank in Berlin had failed faUcet These Interests are closely identified with F. F Augustus Heinze in his copper mining operations Heinze is tho the largest larg larg- largest est stockholder and a director in the State Savings bank which has deposits of about The following bulletin was posted posh Because ot of conditions and rumors Tumors that cannot be bo verified that ma may cause unusual and excessive demands de do- mands by depositors and owing to the shortage of currency and inability to secure additional currency immediately to pay demands which may bo ho made the tho management has hns deemed it advisable advisable advis advis- able in the tho interest of all depositors to suspend for the time bein being The Tho bank is solvent Crowd Around Bank A lar largo large e crowd is gathered in front of the bank but considering the tho circumstances cir cir- and conditions is quite undemonstrative undemonstrative un un- un demonstrative although there aro are aro occasional occasional oc oc- oc cries s demanding re en revenge o on Heinze and his institutions The state of Montana is a depositor to tho the extent of but is amply secured Further than the notice notice tho the bank officials will make no statement None ono of ot tho the other banks is affected The Tho deposits of the bank are in the vicinity of ot and of the e sav savings v. v ings department about about- the latter lar largely ely from the working people of Butte The Tho state has also about of state funds in the bank Gorman German Bank Falls Fails HAMBURG Oct 17 The H.-The The failure of holler Hallor Co an old banking bankin house of this city was announced today The liabilities arp arc estimated at from to lo HEINZE HAS A LARGE CASH DEPOSIT IN SALT SAL T LAKE CITY BANK RANK W. W S S. S 1 pr president of or McCornick nick Co bankers and one of the tho leading I leadIng lead lead- adIn ad Ing In financial men o of the W nest It said MId today that the Butte Dutte banks bank's closing would have o absolutely no effect on conditions here I talked over ocr the tho telephone this mornIng morning morn morn- Ing to financial men In Butte said Mr and the they told me that not oven enen the tho other banks there felt any effect of the State Savings hank bank closing All the tho scare In Jn Butte Dutte was confined to that one ono Institution and th therefore the trouble can not have havo nn any ill effect on hanks banks In other places ep especially In Salt LaJ Lake e CIt City There Then Is positively no reason for any alarm at all here bore about the tho Butte Dutte scare I do not believe that F F. F Augustus Heinze is in any way crimped over the tho failure of his brother to corner comer the United Copper stock I 1 know where he ho has a largo deposit de do I I po posit lt of cash in a Salt Lake City bank The Tho State Savings bank at nt Butte Butto clos closed d Its doors In accordance with the clause In savings bank which allows them to take advantage of or a n thirty day period to meet the tho demands of ot depositors The fact tact that it closed is not proof that It has all gone crone One to tho trio wall It mo may be able to get gel funds to meet all d de de- de mands The liTho conditions in the tho west generally generall are sound found and Salt Lake City finances are aro safe Sare now There Thero is ts no cause whatever whatever whatever what what- ever for tor an any one here to ret get frightened about the tho Butte trouble The cause of ot that banks bank's clo closing is not nol a n general cause that would havo have a widespread ad effect It was the tho result of or ofa ofa I a 0 very cry dangerous experiment and not the there re result of ot dangerous financial conditions In the country Mr brother tried to comer corner the United d Copper stocks and made a failure of or It lie He evidently overestimated the shortage of oC buyers buyerl He was successful in tho the first coup to catch the shorts unprotected and force them to buy at his prices If It he hod had been successful suc suc- successful in fn his last attempt he would have hava cleaned up millions But Dut he played the Continued on Page S 8 SAVINGS SANK BANK Continued from Page Pago P e 1 game and nd lost It I Is I a dangerous thing thing thing- this trying to corner corer the market Some Some- Sometimes times It wins sIns Ins with big results sometimes it I loue ver very ery badly badh It I Is a n risky business And the te trouble In New ew York that fol lowed the failure allure of Mr Ir Heinze's brotherto brother to corner the tho market caused a scare among the depositors of ot tho the Heinze Heinse bank In Butte Butto Buto That was all al It was confined to that one bank and things s are likely to shape themselves out well wel In the end |