Los Angeles herald. [microfilm reel], October 18, 1907, Image 1

About Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911

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PRICE OF THE HERALD IS REDUCED— 2 GENTS A COPY; 40 GEINTS A MONTH
All the News
VOL.. XXXV.
NUMBER 10
PRIQE: fl£\sg¥S 40 CENTS
BANKS CRASH; HEINZE FORCES ROUTED
T.F. RYAN
TO ABANDON
ACTIVITIES
RETIREMENT LURES TRACTION
LEADER
BTEP VOLUNTARY, DECLARES
REPORT
Foremost Figure in New York Traffic
Situation and Financial Factor
Will Aid in Solving
Problem
By Associated Press.
NEW YORK, Oct. 17.— Thomas F.
Ryan, one of the chief figures In the
local fraction field, and a Wall street
factor, is to retire irom further partici
pation In the traction affairs of the city,
according to statements published today.
A recent conference between Mr. Ryan
and August Belmont, presumably regard
ing the pending investigation ot traction
affairs by the public service commission,
have given life to the report of Mr.
Ryan's retirement.
Mr. Ryan, It Is said, will reftre volun
tarily, and In doing so will lend his In
fluence so far as he is able, to the solu
tion of the problem which the traction
managers are facing.
It has been for some time his Intention
to withdraw from the management of
various enterprises and It Is stated that
the opinion of his associates In the Inter
borough-Metropolitan and its allied cor
porations, that such a withdrawal would
be opportune in the present crisis, coin
cides with his own.
NOT SIGNIFICANT,
SAY JAPS OF RIOT
Government Officials of Nippon Reti.
cent — Press Declares One Died at
Hands of Mob — "Irresponsi
ble Crowd" Keynote
By Associated Prtss.
TOKIO, Oct. 17.— A special dispatch,
made public here gives a sensational ac
count of an attack on Japanese by a mob
at San Francisco, and relates the de
struction of Japanese property and the
fatal Injury of one Japanese.
The foreign 'office has no informatipn
giving details of this occurrence, and Is
not inclined to make a statement thereon.
One of the officials said last night that if
the facts are as published, it is only an
other evidence of th^ action of Irresponsi
ble persons who did not represent the
real sentiment of America.
This affair is regarded as particularly
unfortunate, however, on account of the
splendid reception accorded by the offi
cials and merchants of Japan to Messrs.
Thomas Burke and M. F. Backus, the
delegates from the Seattlt exposition,
who have, lieen constantly entertained and
feted for the last ten days.
RAIN SHUTS OFF
IMPERIAL VALLEY
Train Runs Full Speed Into Ditch.
Engine Crosses Chasm, but
Car and Tender
Fall
Special to The Herald.
IMPERIAL, Cal., Oct. 17.— The local
train into the valley this evening struck a
washed out culvert while going at a high
rate of speed, six mileS north of Imperial,
and although the engine managed to get
across tho deep chasm safely, the tender
and a car behind it pitched ifito the
ditch. No one was injured.
• All traffic has been blocked, and this
afternoon passengers and mail were
transferred and brought to town.
Thunder and lightning all through ths
night accompanied a heavy rain, which is
tho first fall of any consequence within
the last year and a half.
Washouts arc scattered along the line
clear across the desert from Mecca to
Tuma, and train No. 10 was held at Im
perial junction for twenty-four hours.
"RED" HAVES FIREBUG, SAYS
SHORTRIDGE; IS SUED
By Associa'rd Press.
SAN JOSE, Oct. 17.— Charles M. Short
ridge, former state senator, editor of the
Daily Times and at one time owner of
the Mercury, was arrested at noon today
on complaint of Congressman B. A.
Hayes on a charge of criminal libel.
The action grew out of an assertion
made by Shortrldge in a public speech
last Wednesday evening that he had In
formation that Hayes had burned his for
mer mansion at Edenvale for the insur
ance, which statement, together with
other serious accusations, was published
in Shortridge's paper the following moj-n-
Judge Brown fixed Shortridge's bail at
$1500. -
ARMY OFFICERS TO GET
THE RIDING TEST TODAY
By Associated Pi on.
BAN FRANCISCO, Oct. 17.— Military
mareuvers will today assume a new
phase at the Presidio, when officers of
grades from colonel to major will dem
onstrate their ability as horsemen. Fif
teen miles is the distance over wbidh
the officers must ride, according to the
latest order from the war department.
Retiring boards are now in process of
formation and some are in session, but
who will be called before them and
whether as a result of the horsemanship
test, are yet to be disclosed.
Los Angeles Herald.
INDIANS BURN AGED TO
BE RELIEVED OF CARE
Terrible Barbarities Uncovered In
Trials at Hudson Bay Com.
pany's Fort — Strangula.
tion Common
Ey Associated Press.
WINNIPEG, Man., Oct. 17.— That In
dian tribes living within a few hundred
miles of Winnipeg have reverted to tho
most brutal savagery was brought out
at the trials of chieftains of the Salt
eausex tribe, Just ended at the Hudson
Bay company's fort at Norway.
Sick and helpless members of the tribe
were strangled or burned at the stake
for no other reason than to relieve their
relatives of caring for them. Joseph
Pezquan was convicted of murder and
sentenoed to die. Jack of the Sucker
band of the same tribe strangled- him
self to death in his cell the night before
the date set for his trial.
Two brothers named Rae are In jail
at, Norway awaiting trial for several
murders. Eyelids, a brave of the Crane
bang tribe, gave sensational testimony,
specifically describing five strangulations
and torturlngs in which he participated.
In one instance the strangulation was
not complete and the victim was placed
on a platform ovei a huge fire, where
he was slowly roasted to death.
CHARITY FA VORED
BY MRS. CHADWICK
WILL MADE BEFORE EXPOSURE
OPENED
Swindler Buried In Girlhood Home.
$1,000,000 Bequeathed in Document.
Would Perpetuate Name in
Buildings and Funds
Ey Associated PreM.
CLEVELAND, Oct. 17.— After the body
of Mrs. Cassle L. Chadwick was lowered
into the grave at her childhood home,
Woodstock, Ont., there was made public
in this city a will she made two years
before her strange criminal career was
exposed.
There is a remarkable contrast betweon
the pathetic funeral scene in the little
Canadian cemetery and the picture of
opulence told in the words of the will.
Altogether It Is one of the most interest
ing documents yet found in connection
with Mrs. Chadwlck's operations.
The will disposes of over $1,000,000 worth
of property. Her son, daughter and hus
band, retinue of servants, relatives In
distant cities and friends were t6 share
to the extent of hundreds of thousands.
Charitable Institutions, ten of them, come
In to the extent of $2j,000 to $100,000 each.
The Humane society was to get $50,000.
Western Reserve university was be
queathed $100,000 cash and was to benefit
under other generous provisions.
In every case of bequest to an institu
tion, Mrs. Chadwick stipulated tha,t *3he
should receive full credit, ordering that
the funds be named Chadwick memorial
funds, and that if buildings bo erectud
they be called Chadwick buildings.
$1,200,000 BOATS
FOR COAST TRADE
Five Turbine Steamers Planned for
San Diego. Seattle Run of the
Pacific Coast Steamship
Company ,
Ey Associated Pres*
SAN DIEGO, Oct. 17.— C. D. Dunnan,
general passenger agent of the Pacific
Coast Steamship company, is authority
for the statement that within thirty days
the large steamers Umatilla and Senator
will be put in operation between Seattle
and San Diego.
It is also proposed to build at once two
fine turbine steamers to cost $1,200,000
each, which will be placed on the run be
tween San Francisco and San Diego. The
new steamers will carry only passengers
and, express matter.
BURTON ART TREASURES
TO COME TO AMERICA
By Associated Press.
NEW YORK, Oct. 17.— 1t is learned here
that Thomas Agnew & Sons, art dealers
of London, are .ne buyers of the famous
Burton collection of paintings, which are
about to be disposed of in England. The
price the firm paid was. $3,000,000. Some
of the finest pictures are to come to this
country.
Stevenson Scott of the firm of Scott &
Fowles of this city is closely connected
with the Agnews and saw the collection
in England long ago, and he thinks that
a Murrillo in It will probably be brought
to New York. This painting he considers
one of the most valuable by that great
master in the world. Two of the ten
Rembrandts may be sent here, each be
ing valued at $200,000. One is a portrait
of Rembrant by- himself and the other is
a portrait of a brother artist, Cornelius
Junssen.
Yet other pictures in the collection
which will probably be brought here are
"Hurtsmen Halting N^ar Herdsmen," by
Albert Cuyp, a Dutch artist, who died in
16(2, and "Cottages in a Woody Land
scape," by Hobbema. The former paint
ing, Mr. Scott says, is worth not less
than $300,000, and the latter is worth
$150,000.
REAR ADMIRAL J. C. WILSON
HONORED BY LOYAL LEGION
By Associated Press.
PHILADELPHIA, Oct. 17.-The nation
al commandery of the military order of
the Loyal Legion In annual session here
hns elected the following officers:
Gen. Qrenvlile M. Dodge, New JTork,
commander In chief; Rear Admiral John
C. Wilson, California, vice commander;
MaJ. Henry L. Swords of lowa and Capt.
J. C. Courier of California councilors
in chief.
FRIDAY MORNING, OCTOBER 18, 1907.
CAPTURE
MONROVIA
FUGITIVE
SUSPECT LODGED IN JAIL AT
YUMA, ARIZ.
JUST CONVICTED THERE OF
KILLING A MAN
Town Marshal Finds Crumpled Circu.
lar with AlbKre's Picture and Re.
gards His Prisoner as Much
Wanted Californian
Apparently the brutal murderer of
Frances Ramirez at Monrovia has been
run down In Yuma, and as soon as Los
Angeles officers can complete the identi
fication the California authorities can for
a time at least suspend their hunt, which
has extended for months in all directions.
In a singular way the partial identifi
cation of the much wanted man came
about, and the Arizona officials are sat
isfied that their prisoner Is none other
than Delfln Albltre, whom the Monro
vlans want.
Town Marshal Bob Anderson of Yuma
was rummaging in an old pair of trousers
a few days ago when he picked up a
crumpled, forgotten circular, sent out
months ago by Sheriff William Hammel
of Los Angelea county asking for the
arrest of Albitre.
Anderson looked at the photograph and
description carefully and quickly noted
a resemblance there to one of his pris
oners, Genaro Murlllo, who early In Oc
tober was convicted In the district court
of Yuma county of murdering one Cruz
Asal.
Aside from the picture it is said other
circumstances regarding the past where
abouts of "Murlllo" substantiate the
charge that he was near Monrovia a year
ago, hence special precautions will be
tatien to guard him In his enforced re
treat.
A Pitiless Killing
The murder was one of the most piti
less in Southern California annals.
Albitre, It is charged, beat the wo
man to death in her humble shack In
Monrovia some distance removed from
any neighbors and made his escape be
fore a quick pursuit could be organized.
For three days posses beat , around
the foothills and watched the railroad
points in Los Angeles, Riverside and
Orange counties, as it was supposed
that the fellow had fled to Mexico to
mingle with others of his race in
safety.
From various points reports of his
capture have come, but In all cases the
identification was faulty.
In a few days positive knowledge of
who the man at Yuma is will be at
hand.
ARREST ALL ACTORS, ORDER
OF KANSAS CITY JUDGE
By Associated Press.
KANSAS CITY, Mo., Oct. 17.— Unusual
tactics are, It Is stated, to be employed
here in the attempt to close the local
theaters Sundays by the arrest Saturday
morning next of every actor and actress
then In the city who may have played
here In alleged violation of the law
against working on Sunday. This would
involve several hundred persons on the
boards of the sixteen theaters, large and
small, in Kansas City.
In his fight to close the theaters Judge
Wallace of the criminal court has not
received the support of the local police
department. The court Is determined
that his recent order to close the theaters
on Sunday shall be carried into effect, and
It comes from a high authority that this
new move will have his sanction.
The sixteen theatrical managers In
dicted yesterday for a violation of the
Sunday law appeared In court today and
gave bond for their hearing at a date to
be set later.
FOUR-HOUR EARTHQUAKE
RECORDED IN ENGLAND
By Associated Prnss.
LONDON, Oct. 17.— The observatory on
the Isle of Wight reported a severe earth
quake yesterday, beginning at 2:15 p. m.
and lasting over four hours. The distance
o- the disturbance is placed at 5000 miles.
The observatory at La Balch, Austria,
also recorded an earthquake at tho same
time, lasting for two hours and a half,
at a distance of 6250 miles.
WASHINGTON, Oct. 17. — Another
earthquake shock of much less violence
than that of yesterday was recorded at
the weather bureau shortly after 6 a.
m. today.
BERLIN, Oct. 17. — The seismograph
at Goettlngen today registered another
extraordinary series of earth shocks
lasting eight minutes. The region of
the disturbances could not be deter
mined.
SAN FRANCISCANS OPPOSE
NEW BAKERSFIELD RATE
By Associated Press.
SAN FRANCISCO, Oct. 17.-A commit
tee of San Francisco merchants, headed
by VVakefield Baker, had a long Informal
conference today with Traffic Manager
Jones of the Southern Pacific relative to
the rates between San Francisco and the
Bakersfleld district, which it is claimed
has recently been given a Los Angelea
rate that tends to keep San Francisco
out of the field.
The meeting was merely of a prelim
inary character.
Passenger Agents Name Head
By Associated PreM.
NORFOLK, Va., Oct. 16.— The American
Association of Traveling Passenger
Agents, in thirty-fourth annual session
at the Jamestown exposition, today se
lected Seattle as the next place of meet-
Ing' and elected M. C. Roche of Portland,
Ore., president.
It's the Open Season for Heiresses
FORD AGAIN
FACES TRIAL
RUEF MAY NOT BE WITNESS, IS
RUMOR
Six of Tentative Jury Secured— Heney
Introduces Politics in Examining
Veniremen— Calhoun First,
Asks Defense
By Associated Press.
SAN FRANCISCO, Oct.- 17.-Today, the
first day of the second bribery trial of
former Attorney General Tlrey L. Ford,
chief counsel of the United Railroads,
compassed the examination of slxteim
venlremen, of whom six were accepted
subject to peremptory challenge and ten
were dismissed, mostly for declarations
of bias. These six retained, their places
in the box:
Harry A. Berg, cigar dealer; John R.
Jenken, jeweler; Arthur Brown, archi
tect; Martin F. Cosgrlff, merchant; Hen
ry Liebert, commission merchant; Wil
liam Lane, restaurateur.
Though the day was without sensa
tions, it was not devoid of incident.
Chiefly notable among the questions
asked by Assistant District Attorney
Heney, who conducted the examinations
for the people, was a query as to wether
the venircman was willing to vote for
conviction on circumstantial evidence
alone, provided it satisfied him of the de
fendant's guilt. As it has been made
plain that Abe Ruef Is the one witness
who can transform the Ford case from a
purely, circumstantial one into a direct,
this reiterated question of Heney's may
mean that Ruef Is not to be called. The
failure to call him In the first Ford trial
is thought to have provoked a mistrial.
The defense, conducted alternately by
Earl Rogers and A. A Moore, elaborated
a bold line of inquiry started by Heney
when Masons among the, panelmen wcie
tested as to whether Ford's membership
In that order would influence them in his
tConllnafd on Piuce Twro.»
TODAY'S NEWS SUMMARY
FORECAST
For Los Angeles and vicinity:
Cloudy Friday; light west wind.
Maximum temperature yesterday,
72 degrees; minimum, 60 degrees.
>^S':j':.',. '.>''•¦•' •."'•, -. I.OCAI/.. \\ •' ¦
¦ Monrovia murderer, ¦ fugitive for year,
is caught. ... : • . ¦ '. • ' "
| Wisconsin girl, whose wedding date is
set, is ! lost in Los Angeles.
' Fremont I Older wins skirmish In court.
¦ Telegraphers' strike : grows alarming.
Split threatened in playground commis
sion.
'¦'• Dog catcher invents ¦ deadly , machine
that kills in , seven seconds. , * ;, ¦
Federal grand Jury ready for action. , .
EASTKRN
Heinze copper corner collapses with
$7,500,000 failure in Germany and closlrg
of. Butte bank's doore. Heinze suspended.
Navy department lacks mechanics on
coast; will seek to increase force.
Thomas F. Ryan Is to retire from New
York traction affairs.
Harrlman-Flsh fight delayed by count
ing of proxies.
"I did not love Fay Graham," 6ays
Maglll on stand.
¦r./ll'.y. [")•'.'•¦••• FOREIGN" Si-'i :'.- . ' ¦ .'
'/, Philippine press demands^ statement of
policy •,froui,.Taft.".;',\ , ¦ «¦•-*¦- *:- '. ¦ .•;
¦ Island , assembly ¦ opens with clash. >' . .
h Japanese say. San Francisco disturbance
is not typical of American sentiment. ;
Hague tribunal's work done. . ' '
COAST
Tirey L. Ford again on trlalf for
bribery.
$250 THE PRICE OF
SINGLE EAR OF CORN
World's Record Established at Chi.
cago's National Corn Exposition.
Purchaser Has Captured
Thousands in Prizes
By Associated Press.
CHICAGO, Oct. 17.— Two hundred and
fifty dollars was the world's record price
paid last night for a single ear of com.
A bushel at the same rate would have
gold for $15,000. The ear, a "Boore
county white," was cold to the highest
bidder in an exciting auction sale at the
National Corn exposition In the Coliseum..
The purchaser was the man who grew
it, L. B. Clore, a farmer from Franklin,
Ind., who has captured $7535 in prizes at
the enow.
BOXERS REPELLED
WITH LOSS OF 70
Chinese Troops, Rushed to Seat of
Anti. Missionary Outbreak, Drive
Insurgents Into Border
Mountains
By Associated Press.
PEKIN, Oct. 17.— The Imperial Chinese
troops detached from the Yang Tse Klang
valley cantonments because of anti-mis
sionary outbreaks at Nan Jven Slang
have driven the so-called Boxer rebels
Into the mountains on the borders of
Kwang Tung. In an engagement at
Chung Yl the troops killed seventy of
the Insurgents.
LOWER CALIFORNIA'S FIRST
ROAD TO OPEN SOON
By Associated Press.
SAN FRANCISCO, Oct. 17.— The first
railroad ever built In Lower California
will be In operation in a few days and
will come under the jurisdiction of E.
E. Calvin," general manager of the
Southern Pacific.
This line was built by E. H. Harri
man »nd is known as the Inter-Califor
nia railway. It runs southward from
Calexico as far as Paradones, thirty
seven and a half miles from Calextco
and thirty-seven miles from the boun
dary.
This road extends down the penin
sula of Lower California. How far it is
to be extended is not yet stated, but it
will in all probability be continued to
the mines.
There are ten stations on " the new
line, which runs through a particularly
rich grazing country.
CONGREGATIONALISTS FAVOR
UNION OF THREE CHURCHES
By Associated Fr«ss.
CLEVELAND, Ohio, Oct. 17.— The re
port of the commtitee of twenty-eight
to which had been referred the question
of tri-church union, was unanimously
adopted by the triennial council of tho
Congregational church, In session here
la« t night. The commtitee report favors
tIR proposed amalgamation of the Con
gregationallst, Methodist Protestants and
United Brethren.
Vesuvlus Eruptive
By Assoclatod Pres*.
NAPLES, Oct. 17. — A panic was
caused here today by the sudden con
cussion of smoke from all the craters
of Vesuvius, accompanied by loud de
tonations, which usually mean a re
sumption of activity on the part of the
volcano-
SINGLE COPIES ?S&&£&]!S&
FISH CHAFES
UNDER DELAY
COUNTING OF PROXIES MAKES
'SLOW PROGRESS
Harrimar Says Investigations Such as
Interstate Commerce Commission's
Are Injurious to the Country
and Finance
By Associated Press.
CHICAGO, Oct. 17.— Until three men
who are locked in a room assiduously
counting proxies are able to report to the
stockholders of the Illinois Central there
will be no election of directors. Twice
today the stockholders assembled, only
to be told that the proxy Inspectors were
not' prepared to report.
The adjournment was taken after 3
o'clock In the a/ternoon, and carried the
meeting over until tomorrow at 2 o'clock.
The attorneys for Mr. Harriman, who
have been anxious to push matters to a
speedy conclusion, chafed sorely under
the delays Imposed by the proxy in
spectors.
When it was evident at the morning
meeting that the committee would not be
able to report, Mr. Cromwell went to
Judge Edgar Farrar, who represents Mr.
Fish, with the proposition that all the
proxies should be thrown upon a. table
in tho general meeting, and that con
flicting proxies should be thrown out.
This would have killed alt the revoca
tions that have been made.
Before it was definitely announced thut
the proxy committee would not be able
to report, the attorneys on both sides
were somewhat startled by the sugges
tion that the transfer books of the com
pany were open. When the stockholders'
meeting was originally called it was not
thought that it would last over one day,
and the announcement was made that the
books would be open again on October 17.
Leave Books Open
After a hasty conference It was de
cided that there was no way In which
the books could be closed today and it
was therefore decided that they should
In- allowed to remain open until 3 p. m.,
when they were again closed until next
Tuesday at 11 a. m.
It was agreed between the attorneys
that no effort should be made on either
side to purchase stock during the day.
The attendance today was much smallor
than yesterday, and only a few persona
were present when the final adjournment
was taken. The situation remains un
changed. Both sides claim they expect
to control the meeting, and both are
hunting earnestly for proxies, or for the
revocation of proxies recently given. Mr.
Harriman is credited witu sufficent confi
dence in the outcome to have offered v
directorship to a prominent banker of this
city.
When the annual meeting of the Illinois
Central stockholders reconvened today it
was evident that the chances for a vote
on the directors today were small. The
proxy committee which had worked for
the greater part of the 1 night had gone
on through the letters A to B and had
gotten a little way into C.
Harriman today declared he believed
It would be an excellent thing for the
country It co-operation could be secured
between conflicting interests without re
course to such examinations as are con
ducted by the Interstate commerce com
mission and similar inquisitorial bodies.
"Attack* Make Me Sick"
"The attacks on capital that have been
going on throughout the country for so
long," he declared, "are enough to make
a man sick. The country is t!red of it,
and the newspapers must get something
else to print or they will not sell any
longer.
"The thing for the parties to do is to
hold a conference with representatives
of the press and avoid this flood of state
ments. Both sides can have a fair hear
ing. Sometimes a railroad may be tech
nically guilty ot violation oi the law
where it is not so In spirit. It is to
(ComtlßM* om Pace Tin,)
*«• >yi i.,
MONTANAN
SUSPENDED
ON 'CHANGE
AUGUSTUS HEINZE OUT OF
MERCANTILE
INSTITUTIONS IN HAMBURG AND
BUTTE CLOSE
Amalgamated Dividend, One Per Cent,
Is Half of Preceding Disburse.
ment — Solvent, Will Pay All,
Declares Firm
By Associated Press.
NEW TORK, Oct. 17.— Sensations fol
lowed each other in rapid succession In
the financial district today as the result '
of the collapse of the projected corner
in United Copper, and the suspension of
a prominent brokerage Arm yesterday.
The firm of Otto Heinze & Co. was
suspended in the stock exchange.
F. Augustus Heinze, the Butte copper
Mercantile National bank of New York.
The Amalgamated Copper company at
Its directors' meeting cut its quarterly
dividend from 2 per cent to 1 per cent.
The directors of the Boston and Mon
tana Copper company declared a quarter
ly dividend of $6 In place of a former
dividend of $12.
The failure of Hallcr, Soehle & Co.,
prominent bankers of Hamburg, Ger
many, with liabilities that may reach'
$7,500,000, was announced.
The State Savings bank of Butte, Mont.,
of which the Helnzes are the principal
stockho'.ders, euspended.
As a result of these sensations tho
stock market was halting and irregular,
but there was apparent feeling that the
break of the attempted corner in United
Copper had cleared the atmosphere some
what, and the market rallied before the
close. The suspension of Otto Heinze &
Co., of which firm Max M. Schultze Is
the stock exchange member, was based
on a complaint to the exchange made by-
Gross & Kleeberg, the stock exchange
firm which failed yesterday.
Claim $600,000
In a communication to the president of
the stock exchange, this firm charged
Otto Heinze & Co. with refusing to ac
cept 3211 shares of United Copper said to
have been bought on order of the Heinze
firm. This action, Gross & Kleeberg
state, was responsible for their failure.
Attorneys for the firm stated today that
the amount owing: to the firm by the
Heinze firm aggregates $600,000.
The Heinze linn announced that It i&
perfectly solvent and that all its legal
obligations will be met. The attorneys
cay that the suspension by the stock ex
change was accepted by the firm In or
der to give the latter an opportunity to
sift its legal obligations from numerous
claims which have been made against it,
which, it is alleged, the firm is not legally
obliged to pay.
The resignation of F. Augustus Heir ¦zn
from the presidency of the Mercantile
National bank, it is said, was decided
on at a midnight meeting at the home of
C. W. Morse, who is largely interested in
the bank.
It was announced this morning, Mr
Heinze at the same time giving out a
statement In which he said his resignation
was due to the fact that he wished to
devote all of his time to straightenii .
out the business of his brother's firm. ) L<i
etated positively that he had not dis
posed of his holdings in the bank, and
that the control was where it had been
and that he would continue as a director.
Ridgeiy Suggested
William B. Ridgeiy, at presert United
States comptroller of currency, has been
tendered the office of president of the
Mercantile National, but has not decided
whether he wilt accept it.
The low price of refined copper, which
dropped even lower today, and the dis
organized condition of the metal market
is the reason given for the reduction of
the dividends of the copper companies.
The announcement of the Amalgamated I*,1 *,
quarterly dividend of 1 per cent came aa
a surprise.
The failure of the Hamburg firm and
the Butte bank followed closely on th«
news of the suspension of the Heinze
firm on, the stock exchange.
The Butte bank was largely controlled,'
by the Heinze interests. F. Augustus
Heinze being the principal stockholder,
and news of the Otto Heinze & Co.'s
suspension from the stock exchange and
the failure of the Hamburg firm precip
itated a run, which immediately caused
suspension of the bank.
In a statement issued by the officials
it was declared that the bank was per
fectly solvent and that the suspension
is solely for the purpose of obtaining
time to arrange the bank's affairs. A
number of meetings were held today in
the offices of Otto Heinze & Co., but no
statement of any sort was given out.
May Reach $2,500,000
I( is said the claims against the firm,
growing principally out of the attempted
corner in United Copper, may reach
$2,500,000.
Rumors were In circulation just before
the close of the stock market that four
other firms betides Gross & Kleeberg
had suffered heavily through the opera
tions of Otto Heinze & Co. in United
Copper. The four were involved, it is
said, for about $1,500,000.
Max M. Schultze was Indefinitely sus
pended. The official notice said the sus
pension was "imperative under the rules,
Inasmuch as he had time and opportunity
to notlty the exchange of his insolvency
and had failed to do so."
United Copper was weak and active on
trie curb market today. The first sale
of the common stock was at $13, as com
pared with $15 last night. It quickly
dropped to $10 and then recovered to
$12.50.
Otto Heinze & Co. made the following
statement at the opening of the stock
exchange today:
"Arthur P. Heinze is no longer a mem
ber of the firm of Otto Heinse & Co.
The firm of. Otto Heinze , & Co. feels
itself perfectly 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 con
sider legal or just until a proper ad
justment of the matter has been made.
Bather than submit to such unjust <ls-
{Continued •¦ Pace Two.) ' '