New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-08
SPOT COPPER STILL sTRoN
DEAIEas RIGHTIaG sHT or CONTRACTS.
10 xyyoErs 10 rnnprcr Han RESULT OF THE
pANIu-xr fszpnrSsIox THAT TIE
TRnscu syNDIcArE 70
STILL STRONG

STILL STRONG.
Notwithstanding shs Starry which nov prevails IN
the metal mafSez, tho prices OF sfs copper rmain
ern There b however. disposition on inc part OK
dealers to maize icng contracts ehe french syhoi-
cate should collapse, prices would fah- Ine nrnness
a. the prizes OF copper for Immodian delivery indt
Gates that tc, is no general apprehension Of fmmedi-
ate disaster to the syndicate What tho outcome OF
t,s matter may be, 81 Is impossible TO say. The syn
Sicass has Largo Undertaking It's hands, but she
French srirst Is hopeful, shown By the long conan
uef enthusiasm 10 the Panama canal schems. sad n
nav be thas the syndicate will for sometime yet CEN
anne TO control the copper market and keep up 'he
prices alfonyh sober Judgment would aairm tat fns
game must be losing pne IN the end The history OK
Inc production and trade Id copper during the lass
ave years "a not without interest five or noo
years ago the price Of coppsr was In the
Of twenty cents pound This was NOS consmefeo
hich. ORIGINALLY the price dropped TO fifteen cents
nd n was thought that the bottom had been reached
and fI,at he figures would never be lower, pus the
crn,et,op Of the southern Pacific and the Norsnsra
Pacific railroads and the consequent opening W ~
the world of the mines Of Arizona and Montana teDaeo
70 sim further depressiou. Tho proeaeton % ehs
nss yras perhaps over-esimated. but the bears hsa
..,r asv 3, the market ana PRICES reached the low
se,rc AZ ten ana eleven cents Improved metnoos
i, sbe extraction Of the ore from the crude product OF
The ntes also had It's eject With tho abundance OF
ropper ana ffs low price, tho consumption inero@se
n was widely used in the electrical apphaneos a,
household ntsnssls Factories started up shr0hshOu'
the world, notably In England s.,.,.
The tendency In the price OF copper was -
,,nwers ard ths French capitalists saw thsir oppor
t,,ntys About q year and half ago aey aess ,.
,h scbeme Of controlling the markets OF tne woriu'
ana the syndicate was formed ana eonu" 80
entered into with the owners OF the large piVA s
principally the Calumet and Hecla ana inc nna'e'.s
- 4ara All their products. Some opposiuon was
.s, ~ nv the French Government 70 the syndica'e
INF th,s was siicnced by the argument that 'nen
rnsrsh rivals wocld be shut out ard thas fran0e
,xos1d th,s score victory. Having made t1elr con-
s,.cts WITH the mns owners they forced tho prices
an 10 is and 10 cents A decline In the use OF .ne
natal followed and there was an increase IA lhe
production. The English capitalists anu m" ~.
lecturers cav the now move IN tae
came and did every thing IN their power
10 clog is progress The amount of copper used mas
scl,ped the cheaper metals having been substituted
In It's place wberever It was possible ana the supply
Of the commodity has been greater than ever peio'o
The result has been large accumulation Oh eoppol
in the hsnds Of the syndicate. It Is estimated tnas
they now hold 10000 TONS but by many this estimate
IL thought be too large. In this amount Is nciuueu
not only Whit tho mines have produced. but also
much winch Is now ernde product large quahuty
OF the metal Is also hid BY private persons wneh
credited to tho syndicate. Apprehension OF nnAa
defea. hes appeared probable account OF the large
eaptta necessary TO carry the stock The Syndicate
now nay 10 ID cents. They have submitted prop
ositiou 10 the directors Of the American mines 10
reduce the price 90 per cent and to restrict 'he
amount OF production In this way they wouio %
abs 10 sell at lower rate aud incresss the amount
Of consumption Il is reported that the directors Of
tho Calumst and Hecla and the Anaconda are winins
to listen 70 the latter proposition provided the Same
priee Is guaranteed
The death OF NJ. Rocheroau has drawn attention TO
the state OF affairs, and the opinion Of people here
is that that all that was needed 70 bring ABOUT
AZ the Metal Exchange there has been some decline
In tho prices for spot copper but the large deaiers
IA the city 40 not pay much attention 70 these M
dfcstions and maintain thes tho prices are nrm Inee
was como dealing. IN April and May deliveries SIhe
most 81 the bids were OF frivolous nature Private
dispatches st tho Exchsnge yesterday confirmed tne
report that the French corporation hAo received Pc
cunieFy assistance from prominent foreign panEefs
among whom the Barring Brothers, OF London.
Outside OF Jere Abbott g. Co, the Now fcrk agents
o. the syr.dcae tho quantity Of coppcs In tho pos
session Of American operators is httlo or nothing
COPPER SHARES FAILING on THE BoURsE.
Paris, March Tho Offices Of tho Compton uEs-
compte were crowded to-day with persons awaiting
to withdraw their deposits. This Bouiso was sgitaed
sccsets des Metsnx shares fell Is francs and RIO
Tinto shares IS FRANCS g centi,nes ccmptoit dEs-