The morning news., 1889-03-16
SPECULATION In COPPER
OPERATORS NERVOUS AND A
DECLINE EXPECTED.

------~
The Close on the Bourse Very Dull
Not Pound of the Metal Sold at
New York During the Day-The
Feeling Against Syndicates Grow
ing in England.
PARIS, March 15-At o'clock this even
ing Compton d'Escompte shares were
quoted at 1856 francs, Societe des Metaux at
81 francs IS centimes, Rio Tinto at 237
francs 81 centimes.
Seventy-five million francs have been
taken out from the Bank of France in addi-
tion to 00,000,0 900 francs advanced to the
Compton d'Escompte This is supposed to
indicate that other credit deposit banks
have been obliged to discount their paper
heavily.
Oh the Petite bourse Compton d Escompte
shares closed at S05 francs and Rio Tintos
at 322 francs.
CLOSELY WATCHED IN ENGLAND.
LONDON, March 15.-Comptoir DIES
compte, copper rings and Societe des Me-
taux monopolize the attention of financiers.
1t Is still hoped that all will eventually meet
their liabilities. Although the magnitude
of the loss is appalling, the effect will be
circumscribed among those actually inter
ested. Neither w despread panic nor gen.
eral financial disaster will ensue In some
quarters the liquidation of the Compton
d'Escompte and its restitution with the CO.
operation of London bankers and under
new management is advocated, the present
shareholders to have the privilege of sub
scriblng for the new capital at par. The
situation is improving, and the outlook is
better. The skepticism of the American
mine owners regarding the unanimity of
the English owners to accept the syndl-
cate's offer is believed to have been greatly
overcome. English and American compa-
MES are working harmoniously.
AMERICAN DELEGATES.
American delegates are expected in
Europe at the end of March when another
combination or trust will probably be
formed under Mattheson's auspices to fix
supply at figures that will enable tine Societe
deS Metaux to meet its engagements. The
formation Of an English syndicate would
result in the copper made returning to
England, English capital being required to
hold the stock. English agents would be
employed to reach the consumers.
The popular hostility against syndicates
is growing. In the House of Commons w.
H. Smith, the government leader, while
refusing to interfere with the salt syndicate,
declared that such combinations worked
their own cure and tended ultimately to re-
duce the price of articles, the rate on which
they temporarily raised.
FRENCH LEGISLATION.
The French government will introduce in
the chambers bill concerning credit socie-
ties, the object of the measure being to pre-
vent a recurrence of scandals similar to
that of the Compton d'Escompte.
The Pa is bourse closed very dull to-day.
Compton d'Escompte shares which opened
at 300 francs on Monday and reached 435
francs on Wednesday, reached to 3l5 francs
to-day on renewed rumors that the Bank
of France advices were not sufficient to over
come the existing difficulties. Other credit
shares were freely offered, notably Credit
Lyonnais and Banque des Paris. Rentes
resisted at first, but finally yielded, falling
25 centimes.
The London copper market is nervous.
The price advanced on Tuesday to ESQ, re-
acted and closed to-day at 951.
COPPER DULL.
New YORK, March 15.-Cables from
Europe to-day stated that the foreign
copper market was dull, with downward
tendency. Chilli bars opened at e1 decline
on spot. There was scarcely ripple Of in
terest here. The only bids received came
from bears TO cover short sales. Not a
pound of metal was turned over.