Omaha daily bee., 1889-03-08

II was from New York and announced that
at a meeting held in that city at 4 o'clock on
the preceding uay, representatives Of the
copper mines in the United States had de-
cidcd to accept the propositions Of the French
copper syndicate and reduce the price of cop
per 20 per cent. This meeting was
brought about by the action Of
Mr.. Shaw OF the Calumet and
Hecla and Mr.. Higgins Of the Anaconda
mine who had been first to give their adhe-
sion to the proposition of the French syndi-
cate. All the American interests were repre-
scented at the meeting with the exception Of
the Clark and Parrot mines. Mr.. Clark had,
however, not only given his consent TO the
meeting, but had also expressed his entire
willin gness to conccde more than was asked.
The result of the arrangement last Tuesday
would, 50 M. Secretan believes, more than
counterbalance any evil effects that might
be produced by the death OF NJ. Denfert
Rochereau, and there was no danger of any
thing like a panic rcsulting from it.
From the Rue Moncie, the Herald's corre-
spondent drove to the Banque des Compile for
the purpose of securing an interview with
the president of that institution. The Baron
Georges de Soubeyran was not in his Office,
but NJ. Rous, one of the managers of the
bank. assured the correspondent that
neither the baron nor the bank
were in any way interested in enterprises
with which the late NJ. Denfert Rochereau
had been connected. His death had pro-
duced nothing more serious than a tenn
porary furry at the Bourse, which spectators
had taken advantage of to hammer down
prices a little, but these had already recov-
erred and there WAS no danger whatever
of a panic. This opinion was fully concurred
in by MIR. Scligman, of the firm of Seligman
Freres ct Gle, the American banker Of
Boulevarde Hausmann who was seen at his
residence in the Rue Faubourg. The Comp
toir des Compile was so high and so careful
a financial institution that there was not the
slightest danger that il would not be able to
get all it's liabilities. The facts concerning
the French copper syndicate are briefly as
follows: Since the commencement Of 1888
the stock of copper on hand had been con
stantly increasing. At that time it
amounted to $1,000 tons and to-day
it is in excess of 10000 tons.
h is to say, it has been increasing
at the rate of from 5000 to 5000 tons a
month. Suddenly, in February, this increase
rose to 5000 tons, a fact which proved the
mines were producing their maximum. AT
the same time, the syndicate being obliged to
take more copper than they could dispose of,
were forced, in order to realize any profits,
to increase the price of an article which al
ready in August had reached a figure of $500
a ton. Meanwhile, English buyers finding
themselves driven out of the copper market,
declared war on the syndicate. This closed
their factories and even the government of
that country reduced their orders to the
lowest possible figure. 1t is in order to put
Il stop to this state of things. that the syndi-
cate has for several months been endeavor-
Ing to induce the owners of mines
to consent to a reduction in the
price at which the syndicate had
agreed to take their ore. The
negotiations were commenced by NJ. Secre-
tan in August last and they have been pur-
sued actively ever since. They have been at
last ended in an acceptance of his original
proposition of a reduction of 20 per cent.
The effect will be to bring the market price
of copper down to one which will allow man
ufacturers using the article to resume opera
tions, and it is hoped that under the stimu-
lus of this inducement the consumption will
increase sufficiently to enable the syndicate
to get rid of the large stock they are now
carrying.
The dramatic suicide of NJ. Denfert
Rochereau, the director of the Compton des
Compile, is the sole topic of conversation, A
thousand wild rumors were flying about yes
terday. Some said that the French copper
syndicate had completely broken down and
that Paris was on the eve of a crisis. Others
said that NJ. Denfert Rochereau had been
plunging on the Bourse. The result was
that the pauic ensued, which is now, how
ever, happily ended.