March 2023
Beginner to intermediate
432 pages
11h 43m
English
Content preview from The Panic of 1907, 2nd Edition
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Chapter 7Falling Dominoes
… the ramifications of the failure and the possible consequences of the utter collapse of United Copper had a disastrous effect on Stock Exchange sentiment . . .
—New York Times, October 17, 1907
The First Domino
The first casualty of the failed corner attempt was Gross & Kleeberg, the brokerage house Otto Heinze had asked to initiate the corner. On Wednesday afternoon, October 16, Gross & Kleeberg closed its doors and suspended all trading after executing a major sell‐off of all its United Copper shares. Having been instructed by Otto C. Heinze & Company to purchase 6,000 shares of United Copper, Gross & Kleeberg later found the Heinzes unwilling or unable to pay for them. The brokerage had, in fact, been the most active buyer in United Copper on the rise that began on Monday when the stock went from $39 to $60 per share. When the Heinzes refused to pay for the shares, Gross & Kleeberg was forced to sell its United Copper holdings at a large loss on Wednesday, driving the price momentarily to $10 a share.1
Gross & Kleeberg explained their situation in a letter to the Governors of the Stock Exchange:
Dear Sir: On Monday, the 14th, by direction of the firm of Otto Heinze & Co., members of the Exchange, we purchased and received for the account of said firm 3,202 shares of United Copper common and preferred, which we tendered them on Tuesday, Oct. 15, 1907, and demanded payment therefore, which payment was refused by them. Inasmuch, therefore, as ...
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