 The failure of the corner left Otto unable to meet his obligations and sent his brokerage house , Gross & <unk> , into bankruptcy . On Thursday , October 17 , the New York Stock Exchange suspended Otto 's trading privileges . As a result of United Copper 's collapse , the State Savings Bank of Butte Montana ( owned by F. Augustus Heinze ) announced its insolvency . The Montana bank had held United Copper stock as collateral against some of its lending and had been a correspondent bank for the Mercantile National Bank in New York City , of which F. Augustus Heinze was then president . 
