The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-09
FRANCES COPPER BREAK
OPERATORS ON THIS SIDE OF THE
WATER AROUSED.

Threatened Collapse.
PARIS, March S-The Bank Of France
has advanced 100000 francs to the
Compton d'Escompte, which is sufficient to
cover the amounts of the deposits with
drawn from the latter bank. The English
conner companies have accepted the pro-
nosaIs made bv the copper syndicate to
reduce their output during 1889 20 per
cent and to postpone deliveries two
months. The trouble Of the So
ciete des Metaux arose from
an interruption of harmony inside
the syndicate. The collapse of the syndi-
cate is not believed to be likely. The firms
interested are Of such high standing that
they would not be willing to have their
names connected with financial disaster.
The Rothschids, If not directly interested
in the syndicate. have fostered it by proxy
and they would be unwilling to have any
concern with which they are connected,
collapse.
1t is understood that the bank Of Frances
advance is completely covered by discount
ed bills which the Comtoir d'Escompte
holds
La Liberte expresses the hope that N.
Rouvier's initiative and hrmness will avert
injuries which prolongation Of the crisis
must infiict upon business on the eve of
the exhibition.
sOtdTtS Oh iDt 1OitlpLJlT u ESCDulpJo lEl
to 4S0 francs at o'clock this afternoon and
closed at $40 francs Societe des Metaux
shares are quoted at 1876 francs.
WHIPPED IN BY RoUvIER
A meeting of bankers, presided over by
M. Rouvier, sat at the ministry of finance
from 10 o'clock last night until 3 O'clock
this morning. Several speeches were made.
Finally, NJ. Rouvier, losing patience, pro-
tested against the unwillingness of the
bankers to guarantee loan and their
refusal to tn.,,n recognize their, their own
perity in the question, ard be
threatened to announce to parliament
that the government was ready to do it's
duty. The speech produced a great i'm
preston, and the syndicate including
Rothschild, Malet, Andre, and Girod,
Heine, Hottenguer, the Credit Foncier and
the Banque d'Escompte, was formed to
guarantee loan. The Credit Lyonaise and
Societe Generate did not join the syndi-
cate because they require funds themselves
in view of the crisis. The panic is now
practically ended. the sums withdrawn
being re-deposited in other banks.
DECLINING AT LONDON.
LONDON, March S.-The stock exchange
relapsed to-day and closed heavy Oh CONT
nent sales.
At the metal exchange G. NJ. p. copper
closed at e55, a fall of 81 since yesterday,
and $50 on the week 10 Is BELOVED that the
market is touching bottom. 1t is reported
that a large Paris order TO buy was received
tonight, and it is believed that heavy buy
ing will follow the first turn upward.
BEARS TAKEN BACK.
NEW YORK, March S-An speculative
interest ON the metal exchange to-day was
again conferred il copper. During the
morning session nearly 10000 pounds
changed hands. An carly cablegram an
nounced that the Bank Of France had come
TO the assistance of the Compton DIS
cOmpte with a loan Of ga, 900 600.
This action has completely taken aback
the 'bear" operators, who have been for
months, and particularly for the last few
days, predicting the collapse of the French
syndicate.
DISPATCHES FROM ALL SOURCES.
During the afternoon dispatches from all
sources continued TO pour into the exchange
relative to the syndicate's position From
London at 3 O'Clock the following cable was
received: "The position is considered re-
heved, although prices are lower and the
market is now steady at a decline. Three
months nominal. Sales were made
for delivery on April % at
ESP and MAY 6 at e5l. and
G52" Later the following cable was re-
ceived: "The day has brought no improve
ment in the situation of the copper svndi-
cate which tried to corner tho world. After
IA los Operators in London pre-
dict that the end of the copper
trust is near. Any scheme devised to
keep it up in the eyes of the public is
merely process to arrange for an easier
liquidation. 1t is apparent that these
securities have been forced by artificial
means upon the continental markets, aud
realizations are inevitable
CLAIMS OF A BEAR OPERATOR.
In reference to the situation prominent
bear operator, man who a long time held
close relations with the syndicate, prophe-
sled the early downfall of the French cor
poratior. He argued that as the syndicate
had 100000 tons of metal on hand and being
without funds TO carry the metal, the cor
poratlon, and the bank too. that had in
dorsed its letters Of credit, must certainly
60 under. Even if all mines stopped pro
ducing, this broker held that il
would not change the result as the present
stock was so far in excess of the co sump-
ton. The failure of the syndica tie, lie
thought, would not materially affect the
American market. because there were such
amounts of metal held here. 1t was antici-
pated, he added, that prices would fall half
below present quotations, which would
stop production here. and all spot st ok
WCh4n DC bOuShb ny 1Oltbll uOuSbS, WHICH
had plenty of capital and held for a rise.
CONFIDENT OF ITS STABILITY.
John Stanton, treasurer of the Central
Mining Company, one of the American
miTes with which the syndicate has con.
tracted, expresses his belief in the soliditv
of the syndicate. He said that only last
week payment had been received by his
company from the syndicate, and If he
had an immense quantity of copper
on hand, ready for delivery at
present he would not hesitate to turn it
over TO the Freedmen. Mr.. Stanton
thought that the fact that the Bark of
France had advanced the French banking
institution, a large proportion of whose Sc
curities were syndicate stock, $4,000, 900,
should establish faith in the stability of the
copper syndicate. The Bauk of France.
Mr.. Stanton added would certainly not
make money advances in excess of the value
Of the copper held as security.
RATIFICATION AT BOSTON.
Boston, March S.-The directors Of all
the Boston copper mining companies have
ratified the action Of their executive officers
in New York with regard to the French
syndicate.