The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-12
COPPER OPERATORS SHY.
IT'S HARD TO TELL WHICH WAY
THE MARKET WILL JUMP.


Bears Buy at Paris in Fear of a Heavy
Reaction-Persistent Reports That
the Compton d'Escompte win Be
Reorgani Higher Prices at Paris
and London.
PARIS, March 1.-THE boure closed
hrmer on extensive purchases reported to
have been made by leading banks At 5
o'clock Compton d'Escompte shares were
quoted at 400 francs. Bears were buying
fearing heavy reaction. 1t is persistently
reported that the Compton d'Escompte will
be reconstructed, with NJ. Hollender as
managing director. Compton d'Escompte
shares sold at sos at l o'clock p. m. and at
3l5 at 2:S0 O'clock Rio Tinto ranged from
27O@2SO, and Societe des Metaux from
sO@l10 francs, and closed at the highest
prices named.
HEAVY BUSINESS AT LONDON.
LONDON, March 11.--A large business
was done in copper to-day. g. nj. BIS.
ranged from ESQ to 952 los cash, closing at
the highest figure.
NEW YoRK's INTEREST.
New York, March 1.-THE possible fate
Of the French syndicate is still the all
absorbing topic of conversation in metal
circles here. Early to-day it was currently
reported down town that the copper octopus
had received additional financial aid to
that reported Saturday, and the name of
one of the most prominent banking firms
In London was mentioned in this connec-
ton. This report was substantiated about
noon by the following London cable to the
secretary of the exchange; "Matthiason's
are reported to have taken control of the
syndicate's business"
OPERATORS SHY.
On the floor of the exchange copper
operators were notably shy of the market.
London cables came in at a decline of "a
on b tn spot and futures. and speculation
h re was at a stand still. There was
scarcely bid for Lake copper, and only
two lots of good ''merchantable" W ere sold.
These quantities were bid in by Mr.. Pope,
the bear operator, to cover short sales.
The representatives of the American
mine owners of this city are still Co tident
of the ability of the Frenchmen to tide over
their di j culties. During the present week
vast quantities of copper viii have been
accumulated at the various Lake Superior
mines under contract with the syndicate
ready for delivery, and no hesitancy, it is
stated, will be shown in turning the metal
over to the French corporation
ONE OF THE hUMOho.
LONDON, March 12, 4 A. M.-The Stan
dard'S financial article says there is arumor
that the Mathisons have formed a combina-
tion to take up the stock Of copper at 940
per ton and hold off the market. The Stan
dard hopes that this report is untrue, be-
cause it says such move would be certain
to end in disaster.
The Daily Nelos' financial article says
that all the mines have practically agreed
to suspen action for two months and that
none Of those holding copper will press TO
sell it below the conventional price,
regarding which negotiations are
still in progress. The Daily
NelUs confirms the statement that the
Mathisons will control the sales from Paris
There is an extraordinary revival of the
Indian demand for copper. Negotiations
to prolong the contract between the mines
and syndicate period of twelve years are
without result.
The Times in its financial article says:
"All the mines without exception have
agreed to modify their contracts and re-
strict production. The Mathisons Of Lon
don have undertaken to act for the syndi-
cate. As far as sales of copper under
its control are concerned, sales will not be
made below a certain price. This, Ii is be-
lieved, will be near the average price at
which the syndicate bought the copper
Consumers who have seen the Mathisons,
appear TO be satisfied with the arrangements
already made -