Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-03-20
The New York View of the Situation.

The New York View of the Situation.
New York, March especial to the Boston
Herald: The reported death OF Presiden
Deuiert Rochereau OF the Compton d,Es
compte of Paris, the big banking house tina,
has all along been backing the copper SYN
dictate formed by the Societe des Metaux
and the subsequent Iall in the Syndicate,
stocks in London aud Paris gave rise tt
the rumor among copper men yesterday
inorning that the big Syndicate was on th,
eve OF dissolution. Later Development
on the metal exchange and the market
reports from London and Boston, how
ever, indicated that the Syndicate was in
very 1ourishiDg condition, and that q hi,
deal had been consummated this after
noon, which brought all the American COD.
per mines, including the Anaconda, in &C
cord with the copper Syndicate. It was
said to-day that the copper Syndicate has
shrewdly forced the decline in stocks in
order to effect satisfactory contracts with
the copper producers.
It was estimated that the copper Syndi.
cate would require $50, 600 900 more to
carry out it's scheme.
VERY LITTLE EVIDENCE OF A PANIC
existed in the metal exchange here, how.
ever, az the furry in London and Paris
bad little effect on the local markes. There
was much curiosity among the copper men
as to the q of this sudden disturb.
ance, and general opinion, which seemed
to be borne out by the closing reports
from London and Boston, pointed toward
q compromise between the American prO-
ducers and the copper Syndicate. Accord
ing to the latest cable. the total visible
supply OF copper in Europe seemed to be
about 1915 tons. At 1890 O'Clock
this afternoon this cable was posted on the
exchange:
I'm reply to the inquiry, Give particu-
lars in detail concerning Syndicate con-
have the following: At close of buriness in
London, contracts considered amply gus
Paris recovering; Societe des Met
AUX shares, 1910; Rio Tinto. f66 12s.;
sellers OF three months copper at esq, and
'or all the year at esq. Rio TiBto closed
asst night 1887. equal to nearly ZIG, and
5ociete shares 1892, after decliningto {. 312
The market closed steadisr here, al.
traders were holding off in view OF
he reported panicky situation in London
Ind Paris markets. The feeling that mat
ers had been compromised by the pro-
lucers and the Syndicate was further
by a late dispatch from Bos-
on stating that copper stocks were jump
ng, the Montana having gone up s per
emf. from the lowest, and the Calumet and
tecla b. The copper men asserted thai
he producing companies had evidently |
ONE to the conclusion that they must |
meet the Syndicate half way and help them |
AIRY the worlds copper supply. This Of
cial statement was made public by the |
Upper companies during the afternoon:
"Al American copper mines, including |
anaconda and Calumet & Hecla, are in &C
ord, and proposals, which are considered
ayorable, have been accepted by their ex-
cutive officers, to be ratified by meetings
I directors to be called at once, present
'tters OF credit or guarantees to remain
|
THE EXPLANATION |
I ths turbulent copper market was given
y q copper dealer tonight. He said:
About eight months ago q contract was
gned by the Syndicate and the copper
roducers, by which the producers were to
'ceive 13k cents a pound for their cop
Dr., and q share in the profits. This
the price Of copper up to 16 cents
pound. The demand fell of, and
le Syndicate found that they had at
too much under the present con-.
The death OF President Deusert-
brought matters to a crisis. and
Syndicate determined to make a new
Tonight there was a meeting at
10 Brunswick between the executive boards
the Anaconda, Calumet & Hecla- and
me OF the smaller mines, and the repre-
natives of the Syndicate. The Syndicate
opposed that the contract price be re
iced to liz cents q pound. After a long
this was received by the execu-
boards. They win report to the stock
'lders, and in an probability. it will be
cepted."
Jere Abbott & Co., the New York repre-
OF the copper Syndicate, said to-i
sht, after receiving the news from Bostonl
q compromise, that it was true that theI
nerican copper companies have agreed tot
. Syndicate's terms It was moreover
tied by copper men that q hank was to
started in London by the Syndicate,
th q capital OF ga, 0OO, Oo0. and an issueI
debenture bonds to the amount oil
10000.