Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1889-05-15
THE COPPER TRADE.
The American Visitors to Europe Discuss
the Prospects of Break.

| NEW YORK, May 14-At the steamship
dock today many prominent copper oper-
ators from this city and Boston were i'm
patiently awaiting the arrival of the
Cuparder Servia for definite intelligence
of the result of the European conference
between the American mine proprietors
and the defunct French syndicate people
| Mr.. Hammond, who is the sole owner of
the Anaconda mine, looked decidedly
| savage when questioned about the result
of his journey abroad. He said
with emphasis that his trip had been pro-
ductive of no good 1--WE were unable to
come to any agreement and have come
back to throw our metal on the market for
what it will bring" he declared. He
positively declined to say anything
further.
Colonel Livermore, who accompanied
Mr.. Haggin and the other American mine
representatives abroad, was inclined to be
more communicative. He stated that
since the arrival of his party in New York
they had received information by cable
from Paris which considerably changed
the aspect of affairs. The report that
Americans had found the French reluctant
TO meet the mine owners half way IN sett-
ling the difficulty was entirely
for Europe" he said, ''before the crash
occurred. The failure came be-
fore we reached the other side. When the
French syndicate went under the copper
held by the foreign corporation amounted
to over 10000 tons. Most of the metal
was held in Paris In London there was
not possibly more than $4,000 tons. The
Bank of France and the Rothschilds had
100000 tons. We were anxious to come TO
some understanding by which the metal
could be disposed of without loss, and to
avert the disastrous effects Of haviag it
thrown pom the market in lump. The
Frenchmen seemed always ready and will
ing TO enter into any agreement to prevent
a panic. The French banks which held
the copper even now have entire confidence
in the metal as security"
Colonel Livermore gave an outline Of the
terms offered by the Americans. The pro-
position was that the banks should take a
certain number of years in which to mar
ket their copper. The number Of years
mentioned occasioned no dispute. The
mines should reduce the production of last
year. which it was deemed was far in eX-
cess of the worlds wants, a certain per
cent until the banks metal could be dis
posed Of There would be minimum
price-about e45 per ton, and the equiva-
lent of IL cents per pound for lake copper
agreed upon for the metal to be sold by
the banks and mines. This figure was
thought to be low enough to meet con-
and not so low as to ruin the
mines After the terms were gone
over in general way and they
seemed to meet the favorable views
Of the foreign representatives present and
they were laid before a lawyer represent
ing the bank directors and foreigners in
5erested. The repres lntative of the Rio |
Unto mine was not exactly satisfied with |
5he proposition. He demanded that the |
American mine owners should agree to re- |
strict the export of copper. Of course the |
Americans refused to entertain such an !
dea. While they were willing to put |
themselves on an equal footing with the |
,ther mine owners of the world they did
Tot propose to put themselves at dis
dvantage They insisted upon equal
erms. They did not ask for an immedi-
tie reply and came away without coming
o any definite conclusion.
1T would seem from what Mr.. Haggin
las said this noon," was suggested, that
lis mine at least will begin to throw its
roduct on the market for whatever it
will bring"
WELL" the colonel replied Eve may
ave all come home prepared to do it.
ont think we will. L don't deny that
ince our return some notifications have
cen made in our original propositions,
nd just now a settlement is not q hope
ass question" v
During the afternoon Colonel Liver
lore's rooms at the Brunswick were filled
nth representative copper dealers and a
engthy conference was held, at which it is
tated that several cablegrams which
cached New York soon after the Servia
sft LIVE pool were carefully considered.