New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-19
NO COPPER PANIC IN PARIS


NO COPPER PANIC In PARIS
PRICES rTRMER, AND PLAN PROPOSED 10
AID THE coMPToR DESooMpfh
. ror.r. or 100000. 600 FRANCS TO BE ADVANCED
- rur. aasK = FAILURE OF A LARGE
- x-.v,rcu RANKING FIRM - THE
,oxnos MARKET IMPROVED.
N...h 1a-Comptoir dEscompte shares
sis 80 auoted of 65 francs, Socicte des
80 .h.,ex at 76 francs, and Rio Tinto shares
at aos francs 76 centmes.
= A.. N. close Compton d'Escompte shares were
,,...a a. 60 francs S0ciete des MetauS shares at
"a ,r.ncs Is centimes and Rio Tinto shares at
ons yranes 25 ,centimes. The Bourse was gen.
.,sT1v Arm. especiaqly for rentes and foreign Sc
curities ~
u ,h,. eyenine for On advance to the Compton
gEAcomute of 40, 1000, O0e francs; Of which, sum
a.. pank of France will advance 2o,00O,000
yrsrns without having prior claim, as in the
60 ~ the first loan; the Rothschilds and the
Svns,cal Chamber, 100000 francs each; and
osh., snsncisl houses the rest The total Of 1Ae,-
ooo. 900 francs win be advanced on the condition
n the trsnsferenoe of the entire pad-up capital of
the Compton d'Escompte The Bank of France
viii have priority to the extent OF s0,O0O,oOo
frames Il is considered doubtful If the remaining
eo.oooooo win be covered by the assets from the
lioujdstion of the Compton dEscompte, but the
contributors TO the advance viii have priority IN
the reconstruction Of the bank.
Tavande & Gle, bankers of Le Mans, have sus-
pended Their liabilities amount to several mill
ION francs
London, March ls,-The Stock Exchange opened
firm to-day but prices became irregular TINS aIter
noon, owing to various rnmors respeeung tne
Rumofs of a run on the Bank OF France were
quickly denied, and all the markets showed
better tendency at the close. Copper closed at 80
THE following has been received from Paris:
There is no sign of panic here: Vn tne con; o,s
txary, prices are frmer, and both the Bourse anu
Petite Bourse closed very calm
THE LOCAL EXCHANGE UNDISTURBED'
xo,nERs NOT REALIZING ON THEIR STOCK OF
METAL.
Afnou ch not single sale of copper was recorded
m the Metal Exchange yesterday, and despite tne
fact rat the alarming news of the suspension OF the
gocsets des Metaux and of its financial backer, the
pcmptotr DEseompte the brokers and dealers In thS
cty apparently regarded the situation With COM
paraave Indifference and although prices broke IN
response TO decline IN London, holders were NOT
scared into realizing the small stock OF metal on
which bore any appearance Of dissatisfaction were
those of the bears who had missed their opportunity OF
going short Of metal at last weeks figures OF from
1915 1-e cepts aGood merchantable" declined
cents below Saturdays closing for March delivery.
and even the small short interest now out exhibited
no anxiety to at that price. Tho situation as
expressed BY prominent dealers In this city IS how
ever, viewed IN different lights.
President Thompson, of the Oxford Copper Com
psny, said yesterday This is practically the failure
Of The syndicate TO meet its engagements on the Lon
don Metal Exchange. They were heavy spectators
in Deccmber last for the March and April deliveries
and their suspension to-day Is due to their refusal to
fass delivery Of the metal then purchased The syn
ds&te people fully expected to weather tho storm.
ana thar nesnts are much surprised any one
& Che sudden collapse This Is clear from the fact
" thsir Esyyosss sssat sslss ser Eggono On Sss Sc,
market Is concerned the actual stock Of copper In
hss country Is small and Is strongly held In the hands
Of few persons. The lake mining companies have
sold at 16 IL cents, and apparently have No ntcn-
ton Of selling at lower figures. few small dealers
and spectators trying to eject further break
n prces here but they cannot do II On actual sales
unless London declines 10 such low figures for tho
American product as win make It profitable 70 reship
our copper here again. but this failure is so large and
such great interests are involved that nothing viii
bs done In hurry. After this panic IS over in Lon
DON fully expect to see price there equivalent TO-
Is cents In our market for Lake copper. I am to-
dsy delivering copper at Is cents which sold on
SATURDAY. iat and / have refused bids Of IA cents
IN tb< uzst ro-dsy. No failures will take place
hsr II oneof the American bankers win be affected
IS a. % advances made to the syndicate were made
BY TIE rene financial institutions out Of their funds
throus their agents here
HenSy selgmsn. Of J. and W. selgman Co., said
tbat toe syndicate should Hquidae at once, in which
ease syndcata OF private bankers might be induced
to take hold Of ts stock Of metal, and put It the
market at reasonable figure. He said there was
no one firm IN ts world which could afford TO carry
the syndicate's load OF 100000 tons
John Stanton, treasurer Of the Central, Anouez and
Atlantic Mining Companies. SAID that 90 per cent Of
Americs's copper production of last year has been
already delivered 10 tho syndicate, and all the
psnes agreed to deliver for sixty days from
March is, thinking taat during that time the syn
dicate would dispose Of part of fts stock and
tnne. He said that be delivered metal to them on
March IL, and had received payment. The mining
companies win not suffer- as they have delivered ther
whole stocks and have no metal hand. The stoci
IN Europe Is now ownet By the bankers who made
advances. and tnsy wiD not sell at the present low
prices but Il is understood that they have agreed tt
unload gradually. This syndicate was started," Mr.
stsnt6n said, Awhen prices were SO low that small
mines were all closed and the consumption had over
taken the supply. Ind control OF the worlds produc
ticn was obtained By making longtime contracts witt
The producers for future delivery. II mas proved dis
atrous to the promoters Of the syndicate but win moi
hurt any one on this side the Atlantic"
ADothor view Of the situation expressed on the E1
change was that the cable advices Of Saturday forc
shadowed yesterdays disaster and 1t was said tha
- Bank Of France had agreed on Sunday to recon-
1snd 10 banking houses further advance of 100000
900 to tho Compton dRseompe, onehah Of which was
e1AfanAeed nom rs vaults Shortly after receipt
~ NE INST cable sdvices from the London market
kveee cables announced the suspension OF Morrison
kekew1oh Co., OF London, who had agreed, on be
hah OF the Syndicate to take 6.oo0 tons Of csrDes
bctween the present tne and April 81. at 80 pounds