The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-23
COPPER-LINED POLITICS.
THE FRENCH GOVERNMENT NOT
TO ADVANCE MONEY.

Advice All that 1t viii Give Finan-
ciers to Help Them Out of Their
Present Predicam emit - Every One
Connected with the Big Speculative
Syndicate Ruined by the Venture.
LONDON, March 22.-Copper still monopo-
Lies the attention of financiers, and In
France has become political factor. The
year 1889 will justly claim hereafter to be
known as the copper year. Taking copper
at ESQ per ton, it is calculated that
the syndicate will lose 100000. Yester-
dav. in the French Chamber OF Deputies,
the ministry described the authors OF the syn
dica as ruined. Societe des Metaux share
holders are represented as cleaned out.
Manager Secretan describes himself as
emerging from the speculation as naked as
a worm. His collection of pictures will
either be sold to Baron Hirsch or mort
Gagged to the Bank of France The French
government is acting very cautiously re-
garding the reconstruction Of the Compton
d'Escompte which is nicknamed by Paris
ians "Le Panama des Riches"
RoUvIER's STATEMENT.
Premier Rouvier, in the Chamber of Dep
uties, while admitting that commercial cir
cles deemed the formation Of TIE Compton
d'Escompte necessary, declared that the
government would limit their participation
to advice, leaving the Bank of France full
freedom. The Compton d'Escompte's orig
inal paid up capital and reserve
together with 94,000.000 are re-
garded as lost. The statutes
of the new Comptoir d'Escompte stipulates
that its business shall be confined to dis
count and advance operations and its func-
tons limited to acting as an Intermediary
between commercial firms and the Bank of
France. The capital Is divided into $4,000
shares of 500 francs each, half of which is
allotted to the original shareholders at par,
and the remainder is subscribed by finan-
cial syndicate.
WAITING FOR THE MINE DELEGATES.
Societe DIES Metaux shares rose to-day on
reports that the Bank of France had agreed
with the principal copper warrant holders
to take no decision until the delegates of
the American mines arrive, and to make
final effort to bring about a union among
the mines before making forced sales.
English copper mining delegates conferred
to-day with Paris warrant holders VI.
Mo eau has been appointed judicial liquida-
tor of the Societe des Metaux. The London
copper market closed brighter TODAY. 1t
is believed that consumers will shortly be
compelled to buy in order to fill actual
gaps.
SALES OF THE DAY.
One thousand six hundred tons were sold
to-day, ranging from e403s 4d to e31 Is. ID,
the closing rate Much sympathy is ex-
pressed for Morrison 81 Kekewich, who are
acting as London agents OF the Societe des
Metaux. By the rules of the metal ex-
change they are liable as principals Credit
ors are disposed to accept a favorable
composition. The Paris bourse closed firm
to-day on notice that Russian loan would
be issued on March 30 More confidence
prevailed generally and credit companies
shares were steadier
ON LONDoN's STOCK EXCHANGE.
The London Stock Exchange awaits events
calmly The opinion strengthens that the
coming Paris settlement will not produce
any big collapse, the heavy losses falling on
firms able to meet them. Bull accounts
have been largely reduced. TIE fl eating
supply and stocks are small through long
absorption by France and Germany. The
market for American securities is kept in a
condition of unrest by the narrowing of
the bears in America, investors and specu-
lators holding aloof. The Stock Exchange
closed tonight generally strong.
THE BEARS ALARMED.
Absence of unfavorable news from the
continent alarmed the bears. Money con-
UinueS aDunuanC. during Une week The
North of England Debenture Company
asked for $500, 900, which was subscribed
six times over. The Foreign and Colonial
Debenture Company asked for 81, 900, COO,
which was subscribed twice. Another trust
company with an enormous capital will
shortly be launched, under the auspices Of
the Rothschilds and other leading tinanciers.
Another 900 tons Of copper were sold at
auction to-day. The sale was for the ac-
nj nfM oh vf,h pr - Hi
nary brands brought e4l to 242, named
brands e45 to 945 12s. Cd, and WaIla-
roo ESQ
CLOSING PRICES AT PARIS.
PARIS, March 22.-The bourse closed
quiet. Rio Tinto shares closed at $40 francs
and Compton d'Escompte shares at 100
francs. Shares of the Societe des Metaux,
after falling to "a francs and so confines,
rallied TO 40 francs