The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-03-16
The Losses Are Enormous, but Are Confined to
Comparatively Few Persons, and the Gen.
eral Outlook Is Somewhat Improved.
The Voters ofthe Kensington District Ex-
press Their Opinions of "PiggOttiSm."
1t Is Not Favorable to the Tories, GladstOn-
ian Being ChOsen-PrOposed Prosecutions
Of the French Patriotic League.
THE FINANCIAL CLOUD.

The Disastrous Collapse Of the Copper Ring
Continues to Absorb Attention.
LONDON. March 15.-.Phe Compton d'Es-
compte, the copper ring and the Societe des
Metaux, monopOlize the attention of finan-
ciers. 1t is still hoped that all will event
ually meet their liabilities. Although the
magnitude of the losses is appalling, the
effect will be circumscribed among those
actually interested Neither widespread
panic nor a general financial disaster will
ensue. In some quarters the liquidation OF
the Compton d'Escompte and it's reconsti-
tuition, with the cooperation of leading
bankers, and under a new management, Is
advocated, the present shareholders to
have the privilege of subscribing for the
new capital at par.
The situation is improving, and the out
look is better. The skepticism of American
mine-owners, regarding the unanimity of
the English owners to accept the syndi-
Gates offer, is believed to have been greatly
overcome. the English and American COM
panies working harmoniously. American
delegates are expected in Europe
at the end Of March, when another COM
bination or trust will probably be
formed, under the Matesons' auspices to
fix the price and supply at figures that will
enable the Societe des Metaux to meet it's
engagements. The formation of an English
syndicate would result in the copper trade
ing required to hold stock. English agents
would be employed to reach consumers.
The popular hostility against syndicates
is growing. In the House of Commons Mr.
w. II. Smith, the government leader, while
refusing to interfere with the salt syndicate.
declared that such combinations worked
their own cure and tended ultimately to
reduce the price of articles the rates on
which they temporarily raised. The French
government will introduce in the Chambers
of the measure being to prevent recur-
renee of scandals similar to that of the
Compton d. EscOmpte.
The Paris Bourse closed very dull to-day;
Compton UEscomte shares, which opened
at 300f on Monday and reached 435f on
Wednesday reacted to-day to 315f ON re-
newed rumors that the Bank of France
advances were not sufficient to overcome
were freely offered, notably Credit Lyon
nais and Banque de Paris. Societe des
MetauX which were quoted on Wednesday
at l27, declined to 91.25; Rio Tintos, which
were $50 on Wednesday, are now quoted
at 81. =
Servian affairs. unsatisfactory advices
from other bourses and unfavorable reports
respecting some provincial financial lnsti-
tutiOns. which, however, are not believed,
have increased the distrust. The crisis has
caused the suspension of the COrlnthian
canal works.
On the London Stock Exchange to-day,
American railroad securities declined on
large continental sales, closing. flat. The
Stock Exchange s expected Mi MilWaukee wa K ae
half of 1888; the dividend of per cent. for
the year ending June 1889, is much criti-
cised, only the January results being
known. The absence of an explanation
caused suspicion, which adversely affected
the tone of the market, which is completely
stagnant Everyone feels that the market
ought to improve, but public confidence
does not revive. If the present condition
continues much longer the weary share
A. cable. dispatch to the London Times
saying that the Pennsylvania railroad
meeting lasted only nine minutes, caused
amazement here, the English shareholders
having expected some discussion with ref.
erence to the large, expenditure of capital
in recent years, and to the cOmpany's share
in the responsibility for the cutting of
rates.
The general market was dull and droop-
ing Foreign securities declined, especially
Greek and Spanish stocks, which Paris
financial houses have bought recklessly.
English railway stocks shared In the fall.
The London copper market is nervous. The
price advanced on Tuesday to ESQ, reacted
and closed to-day at f51. Silver is very
quiet. being held for better prices. which
Indian exchanges do not now permit.
Holders will be compelled to meet the mar
ket unless matters become steadier.
Seventy-five million francs have been
taken out from the bank of France in addi-
tion to the 100.0 900 francs advanced to
the Compton d. Escompte. This is supposed
to indicate that other credit deposit banks
have been obliged to discount their paper
heavily.