Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-03-20

Il
cline-The New fork Markets sseadi-
ness-Hints ~ 10 the Renewed Con-
tracts-
Paris special Of March 6 to the Boston
Herald" Founded December ~, 1887,
the copper Syndicate had things it's own
way for awhile. Its successful efforts to
raise the price OF copper proved very detri-
mental to consumers, notably to all
branches OF art and industry wherein
bronze is employed. and the corner struck
a terrible blow at Partisan trade. In treat
ing for it's output, the Syndicate agreed
with N. Pontifax, president OF the Cape
Copper company. for 5000 tons annually,
but he, having only q limited confidence in
the Syndicate, insisted on q direct guaran-
tee from the Compton d'Escompte, after
the Bank OF France, the first financial
house in Paris, and the branch house Of
that institution in London.
This operation soon transformed the
regular copper market, but the ring had
only treated with the most powerful com
panies-that is to say, those which could
continue their operations with profit, or
without loss, whose metal was quoted at
Ella per 100 pounds. Now, when that
price vas doubled, other societies not in
the ring began work, and the syndicate was
forced to buy all they produced. It YVES
buy, buy. buy all the time, and Rochereau,
the manager Of tho Compton d'Escompte,
and Ephrussi, q son-in-law Of Rothschild,
began to 90 broke.
Meanwhile, consumers taking into &C
count the situation, and believing that the
-~--~~I- ->.,1I - - l:-s.lzI
their orders almost completely. 1t was be-
cause of this state OF affair, and to deal
with the difficulties just mentioned, that
there was formed. fifteen days ago, an aux
Hilary metal society, with q capital Of f.40,.
100000, and power to issue up to 100,.
000. 900 in bonds payable to bearer and
by copper etock on hand or be
bought hereafter. Their first mistake had,
however,
TIT RESOURCES OF RoCHEREAU, |
and he was Obliged to abandon the direc-
ton Of negotiations he Was pursuing
in England and America tn n. Jou-
bert OF the Bank Of Paris and OF
the Netherlands. Nor is this all. On
Monday last another move was made |
Tor the formation Of q society in London
to open the English market with q stock of
copper which has for some time been op-
the Societe Industrielle des Met
AUX of Paris.
I asked an American banker his opinion.
BE said: when the Syndicate was
copper was worth f3O per
ton, hardly remunerative to producers.
Soon prices advanced to fS5, but this rise
was OF short duration. The fact is, the
ing. wishing to make q monopoly, had
of more than it could chew. Pro-
luction continued, and the market wss
orced to 60 slowly. and presently ceased
altogether. Well, the stock accumulated
Monday was over 5000 tons, and this
means a loss OF several hundred million
rancs."
Originally the Syndicate was a society in
which all the members we're responsible to
he extent of their whole fortunes, hut re-
it was changed to a limited concern,
md the members we're only responsible for
V much as they put in. Not long ago the
syndicate put out f45, O0O, 900 OF shares
md as much of bonds, and that is how the
,ublic got pinehed badly. The losses in
Paris are considerable. One man. Eph.
ussi, was put into liquidation Monday,
Rothschild, his father.in-law. has
'een Obliged to pay f15, 000, 900 to save
lis name.