Frederick Heinze
 Frederick Heinze      (businessman) | |
|---|---|
| Victim of | 1907 panic |
A copper baron bankrupted by the money trust | |
Frederick Augustus Heinze was a Montana copper millionaire who was selected as the key target for the money trust's 1907 panic.
Activities
“Heinze brought his copper fortune to New York and joined with C. W. Morse of the Ice Trust. Jointly they acquired control of Mercantile National Bank, using the assets of the Bank of North America already dominated by Morse. Heinze and Morse then acquired control of the Knickerbocker Trust Company, allied with the Trust Company of America and Lincoln Trust. They then incorporated a speculative vehicle, the United Copper Company. It was stock market games with United Copper that precipitated the 1907 crisis. Banks under control of the "money trust" called their loans to United Copper and began a run on the Heinze-Morse Mercantile National Bank. It is now generally agreed "that the 1907 panic was precipitated by the struggle to get rid of Heinze."”
Anthony Sutton [1]
