Show fAILURE TO CORNER UNITED COPPER it i CAUSES OTT HEIN E TO SUSPEND Ii Bears Dump Thousands of Shares Unlooked Unlocked For and Firm is tr Unable to Take All of the Stock That Thatis is Offered f F. F F AUGUSTUS TO WAGE YAE BITTER WAR FOR BROTHER After Stormy Session Butte King Resigns Presidency of Mercantile Mercantile Mer Mer- cantile Bank to 10 Take Up New Work ConI Cont Con- Con t Now Oct Ocr 1 17 all i. street treet is wil wildly l guessing tonight hi as ns to the I r V i amount lm of or U the tho p losses os sustained by l' Frederick Augustus In the tho crash r J. J of or t the tho attempted corner In United Copper Gue Guesses cs ran rm all the way from fron 1 ton millIon to twenty Jn millions III ions but there Is nothing from Crom which to 10 draw oven fn a rCa Inference r T 0 J JI 1 J About bout i aI alj that can enn be enol safely assumed at present is that the big copper I v r Y J king ln h ha hf hN boen n badly crippled and Is probably 5 several svera 1111 millions t to the tho had bad 1 1 i In the meantime a merr merry row rO has broken ou out among among- the tho members of or s. cop copper r clique anti and all cill sorts sort of ot reports are U afloat Friends of or orF F. F A. A r 1 declared at it first firM that hat he hens was ns not a 0 member of or the firm of or Otic tf Co and went Vent so 59 far or as M q to assort assert In the lie hc beginning that th the tho forme l had not been a lo loser er h by the slump In copper i 1 It hf became came apparent nt that tho they wore not telling lolling the truth when it wa wai announced t that F. F A. A had been literally forced foree out nut of or tho presidency O of or the Mercantile National bank banI 4 Added testimony came with the tidings s that Owl the tho State Savings Paving bank hanl of ot V Butte Mont a fn Institution had had been hn com compelled to close CIMO Its doors y a Thin Then came cam word that Arthur P. P now In i Europe was as no lon longer er a member of th tho uie firm of or Otto Heinze CoS Co H S 'S f Following th the tho r 1 tUon atlon of oC fr from r m the presidency of oC th tho Mercantile Mor- Mor 12 tl V-A V L' L t cantile National ban arIes arlt W. W Morse orse gave out word that the h vacant j office has hn been heen offer To o 0 William Darrett RIdgely comptroller of or the currency curt cur- cur t rency and in son of oC United States Senator Cullom o of Illinois a. Sn So far farJ faras as J known Mr 11 ha has not as aEl yet t accepted or declined th the o offer ITer It Is s si i J assured that Mr 1 More or who with the retirement of became the f t 1 Jn t t figure Sin in the tho affairs of th the bank n 1 has ha n. alvery r good opinion of t I and It i avns through Morse More c the tho offer was made Uel ni also o 1 7 raid akl h ho he favored ored Rl It 11 became m known today that Otto OUo 1 t have repudiated obligations JI c. c to o m of or l O TJ Ii t h o cal l tC t V t II and J 1 do- do 11 not r. r I t cJ Ut Jh 0 J NIt SP m t 0 I. I Fi In V k Announcement nou was wa mAdo ll urt r- r Q Io rt jnO 1 COl counsel 1 for Cro Cross s g 1 le erg that If Heinz and company od ll pt up p t to th ir oH obligations at and anti d. the tho brol bro- bro l wo would be he able abie to straighten out their a affairs rS and re bu business ne o. o But Jr f. f the contracts contract were repudiated the firm cannot to return to 0 solve sol sot ve ye velio cy The rhe T repudiation of U those these e claims followed fol tol fol- fol I lowed lowet the 1 resignatIon x of F F. A. A Heinze the Montana copper king as president t emt o oC I the National hank bank A Af Af- tor he ho gave up th the tho management of or the tho hank bank ho IH conferred with v his coun counsel e fI cr cr the straightening out of or his brother bro bro- thora ther affairs It was stated staled b by him bin himI I he lie would see fee th the firm through h it its it I difficulties s and ana prevent an nn a assignment l Before going down to th the tho directors directors' meeting and anel handing In his resignation re lion tion Mr 11 Heinz tonight was wa as seen In th A Waldorf Valdorf lorla Yes Y s I am going poing to 10 r resign as ns pr president 51 dent tient of or the Mercantile National bank he said Hid That was WD decided at mIdnight midnight midnight mid mid- night nt ut the home homo of oC Charles Chars W. W Mor Morse cor e c of or Fifth avenue But Dut I wish Ish wl h to state though gh that I do not give up any o of 1 my fly stock Th The control of oC the tho bank bunk 1 I fl where It did lId before will n rest In in n view of oC th th difficulties In which m my copper i ii is now no involved I feel It m my duty luty to resign Although 1 was wo In no noway way vay r responsible for or the raid on United Copper anti and th thC tho attempt to corner th the tho stock I feel called upon to go out and antI head hond the thC fight to ml raise it again to 10 Its present nt status And I will l To 10 Ul FI light II II As this new no ew labor will occupy much of my time lime I 1 felt I must give gle up m my of oC president I could not fulfill r the thc duties of president E nt of the tho bank and ond l. l m my purpose of oC putting cop cop- per back where It ought to beNo be I Xo No XoI I want it thoroughly under under- to d that I have hay no connection 1 with the firm of or Otto II inze and company I am fin in no way war responsible for or its fall fail tire ure In the ml midnight nl ht meeting In Morse Morses Fifth avenue onue mansion lon last t nl night ht there were tere pre present ent hC besides ldes the Montana copper cop cop- David Da A. A per nor man E. E R. R Thomas Heinze's Brooklyn Brook Brook- Sullivan all representing lyn yn banks hankS an and O. O B. B Bergen It Il was wa va a long and storm stormy se session though on lt Its conclusion the conferees said that harmony had been attained It II wa was rumored in Wall Wull all street that hat lors had bud Intended to tn dump his United Copper holdings but refrained retrained fronY doing so for Cor fe fear fer r that would unload Consolidated Steamship company's bonds rhe They came cam to an amicable agreement before they separated separated sepa sepa- rated rate In last t night antI and when n the market opened today the bon bonds old cold U up from to 21 1 1 yesterdaYs yesterdaY's close j iq 19 9 i- i c. 1 Tb Mercantile bank hank directors were wera 1 in se session lon s-lon when whon il arrived td In Xo No o. o Morse hail had announced an an- I itt Broadway Mr Ir eo before hore the tho directors met mel that magnate would resign the Xo So More Failures Fen red hour after aCtor th the young man mall entered entered en en- An tho the board room Mr Ir Morse dorse orso came Caine mfr out and J said ald that tho the resignation nation had hall I Seen the tendered accepted been al also o announced He lie t-l t nl to Mr 11 lon that no more failures or suspensions need be e c official b by rite rhe statement e Morse Heinze was tas i Itsue issued shortly titter Liter announced his In which view of oC till the VIii In I have firm finn Itself m my determined brothers brother's that It Is proper prO that I give gh assistIng them time In 10 u of liberallY m mY in out theIr affairs straighten to In hIn aid or of tItle I ha have haaN after aN consultIng consulting consult consult- the ur of directors my fellow Cello with my ing onal friends and hank un end my per personal personal interests Inter Inter- my as 85 consulting stockholder er of oC the ban banI this ests t a as a remaining remain remain- It Its as aJ N resigned ne a director an and have ing as n. n t. t 0 I J r with m iny my r fellow tl rf directors 1 In a tt request I that Mr 11 fidgety nh the tho place made vacant b by my rc resignation In the then n day Otto and company compan Issued the following statement state state- mont ment Arthur P. P Heinze Is no longer A t member of or the firm of af Otto Heinze and cl Co Ct Second the tho firm of or Otto Heinze and Co feels itself perfectly solvent nt an and will pay all aU Its Just and legal obligations obliga lIon Ions In full fuH It ull however refuses to pa pay all of or its Us unjust anti and Illegal obligations in full Cull 4 Rather than submit to such uch unjust demands It prefers to permit Its Hs ilC 1 I Ito to t temporarily be ht suspended from Crom tho I privileges lIeg s of or the stock exchange Statement Sta Was us as Riddle This statement was Issued shortly aCter after after af- af ter the opening of ot the market and ond it Its UP I ambiguous text proved a riddle In seI several soy sev I oral eral of Its hI pha phases It H was ras generally bt believed ed that the Ule Morse orse backing had saved sayed the firm finn from Jom collapse e but there was no explanation for Cor the elimination nf or Pr Arthur P. P Heinze from the firm as ashe ashe ashe he has hns been abroad since the futile negotiation to corner corne United Copper The Tho gO go committee of the tho stock exchange today loday suspended Corone for Cor forone forone one year ear Max H th the tho board member of Otto Heinze an and company This action was taken after a l session In III which the he United Copper corner was discussed ed at some length All night long Charles V. W. Morse e and his allies umes in the tho banking ln world conf conferred con con- f upon the situation hoping hoping- to solve olve It anti pre prevent a further disastrous S- S trous crash of or stocks blocks The fht offices of or Otto H and company in No 42 Broadway were al also o open all night with all Us Its staff working walking on tho the books Continued on pl Pase c. c Seven FAILS TO CORNER COPPER OTTO HEINZE SUSPENDS Continued C from ramPage I In ago o One in tn an aim effort to lo straighten out tho serious serious serious seri seri- ous tangle in 1 its affairs After the tile announcement was wa made that hat the time firm would temporarily suspend suspend sus sus- pen pend Mr Ir Morse issued tho the statement that matters maters had been leen so adjusted that there theae would woul be no n further suspensions of other firms involved during the time da day These an and other oilier assurances serve serveto served to lo offer ofer a firm bottom to the tottering tottering market anti and there were no marked marke declines de de- de- de clines chines in today's opening opening Loft hi In iho Lure The fhe members of the firm Orm Cr of Gross of-Gross f GlOSS t I and Kleeb rJ anti and their trIen friends bitterly denounced the time attitude of Otto Olio Olo and amid company any in practically announcing announcIng ing lug that the they would disregard their obligations ob oh- us to the brokers Mr 11 Gross announced that the had hal left him bin and amI hl his partner In the lurch for which Otto had promised to give lve at sit time the opening of or the ti-ic te stock exchange exchange- yesterday morning Delivery time passed had had passed an and no mon mon- oy was wu forthcoming Consequently Con Gross Gros antI anil Klec Kleberg went to the wan wall Coun Counsel onnel 1 for Tor the tho brokers have bear beon i tu to tely bring sul h n ti t tt I UH to j un legal obligations will wI ho bo a adjudicated Undoubtedly many sensational suit sUI will wil crop out of or the copper crash All checks and statements on yesterdays yesterday's yester yesterdays yesterday's days day's Al stock stoel transactions went through tol today am ami th th clearing cic house smoothly it Is believed that every firm that was ivam I In any way vat squeezed tor time to t de de- de United Copper stocks had hod sarel safely weathered yesterdays yesterday's storm It Is said sull that Frederick Augustus Augustu I ha had cabled to his brother Arthur Ar Ar- Arthur thur to return Immediately as there Is la a long bug and bitter r struggle ahead of oh them to save their copper Interests wi-i wi which ich have ha suffered enormously through the fatal step Stel of their brother Otto Oto United Copper opened on curb to today to- to day at 11 ll bid 15 IG asked aske It I closed yesterday at 10 bl bid 15 asked On Tuesday United Copper opened nt ot CO GO and sold sol up to tt Otto Otlo Oto Heinze thought I he lie had hail located mill all tl the stock out an and when the bears lears hammered it down own to 32 in Tues Tuesdays Tuesday's ays ay's closing ho lie organized that failed the coup COUI Caled Stock in Iii il Fat He had ha not the time vaguest sort of or ahue a aline alne line hue Ie on the time amount of stock heI held by the lne different brokerage concerns and in instead In- In stead Rt 11 of or catching catching them napping he lie I r found them ready to overwhelm him with r a lot of shares share His action acton is said wih to have been taken entirely without with with- wih- wih out Dut the sanction sancton of his hl two bro bro- Gross and hold hol Otto Olto Oto and amid company directly responsible sible for their failure Today oay they Issued Issue a statement directed to H. H H. H Thomas president ent of or tho the New ew York stock dock exchange It I said sid On Monday onda the 1 lh by b direction of the time firm of or Otto Oto Heinze and company com coin pany members of the exchange we ie purchased purchase and received for roa to tho time ac account account account ac- ac count of 01 that lint shares of or United Copper Coppel common and an preferred stock which we WO tendered them on Tuesday Oct 15 and an demanded payment Im pay Oct H. H ment meat which was refused by them Inasmuch Ina therefore as us they failed lo to lo comply with their contract obliged to 10 announce our om suspension suspension suspension sus sus- we were pension to the exchange yesterday l Tho Time attorney for fOl Gross s Grots and an Kleeberg Klee- Klee berg ber Issued this statement Tho Time action acton of or tho time firm of Otto Oto Heinze and company In repudiating Its Us contract presents a spectacle never ever before seen In lii Wall Tahl Val street Never evir before before before be be- fore have we seen such a flagrant fa ant re repudiation re- re of or contracts by any ny one firm It may be bo said sold that the time irm of Otto OUo H I and amI company made ma an effort rt to tomake tomake with jip cli make malte u n part settlement my cl- cl Gross Grossan will Under no conditions wi anything but a accept and an Kleeberg l full settlement They Insist that ev every eV- eV ful the time stock stoel exchange o obligation of cry ery firm shall bo be paid and ana the stand which the tho hal firm of Gross and has is taken In iii the time matter mator has 1 s sheel been with time the hearty approval of or all ni nithe the heel members of tho thu New cw York stock exchange The action of or that firm Irm In deliberately deliberately acton Gross anti and Kleeberg Kleeber to al 1 ordering to the up execute orders rs practically when close of tit the market on Tuesday ay Ul Insolvent la Is laa Isa they know that ut they were 1 tho time a most r revolting entre ro proceeding It I is our oU intention to 0 tho time take legal proceedings proc against legal to recover the lie losses sustained sus sus- Irm tho time operations for Cor them 1 tamed by |