The Panic of 1907 begins: F. Augustus Heinze, founder of the United Copper Company, with funds borrowed from the the Knickerbocker Trust Company, begins aggressively buying shares of UCC, bidding the price up from 39 to 52 Dollars per share. Heinze is hoping to force short sellers (those who borrowed stock and sold, anticipating to buy it back at a lower price) of UCC to take a loss by paying inflated prices.
Postscript: Two days later the price of UCC had fallen to ten Dollars per share as the short sellers were able to find other sources of stock. Heinze was ruined.
[restored 5/30/2022]
Subsequent Events:
References:
Calvin D. Linton, ed., The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 270.
Panic of 1907 – Wikipedia
en.wikipedia.org/wiki/Panic_of_1907#Cornering_copper
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