Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-03-23
COPPER rs POLITICAL FACTOR.
nc ~ Estimated that the Syndicate
wiii Lose SAX HILTON Pounds.
IBy Anglo American caole % the Dispstch.l


rBy Anglo-American cable 70 the Dispstch.I
LONDON, March 22.-Copper stlll monop0>
Lies the attention OF fnanciers, and in
France has become political factor. The
year 1889 will justify the claim hereafter to
be known as the copper year. Taking cop
per at ESQ per ton Il is calculated that the
syndicate will lose six million pounds. Yes
terday IN the French Chamber OF Deputies
the ministers described the authors OF the
syndicate ~ ruined. The Societe des Ne
teaux shareholders are Represented as cleaned
out. Manager Secretsu describes himself
IA emerging from the speculation a. naked
as n worn. His collection OF pictures VIII
either be sold 10 Baron Hirsch or mortgaRed
to the Bank Of Ffsnce. The French Cow
eminent IL acting very cautiously regarding
the recOustruction OF the Compton DIES
comple, which is nlcknamed by the Pa
Tisians "Le Panama Des Riches"
NJ. fouVier, In the Chamber Of Deputies,
while admitting that commercial circles
deemed the formation OF Compton DIES
cOmpte necessary, declared tint the
Government would limit their participation
to advise leaving the Bank OF France
full freedom. Compton VEscompte's 0rlgi-
nal and psid-up capital and reserve, to-
gether with four million pounds, are re-
garded az lost. The statutes Of the new
Compton D'Escompe stipuiitcs that rs busl-
ness shall be confined to discount and al.
vance operations. and its functions limited
to setting "a an intermediary between com
mercisl firms and the Bank OF France. The
capital u divided into $4,000 shares OF 500
francs each. bali Of which IS allotted
TO the original shareholders at par aud
the remainder subscribed by the financial
syndicate. Societe dcs Metaux shares rose
to-day on reports that the Bank OF France
had sgreed with the principal copper war
rant-hOIdeTs 10 take no decision until the
delegates OF the American mines arrive, snd
10 make a final effort 10 bring about union
before making forced sales. The English
coppersmining delegates conferred to-day
with the Pals warrantholders. Mr.. More
don has been appointed judicial liqui-
dator q the Societe des Metaux. Lon
don. The copper market closed brighter
to-day. II is believed that consumers
will shortly be compelled 10 buy
in order to fiI actual gaps. sixteen hundred
tons were sold to-day, ranging from 40i to
4l3. the closing rate. Much sympathy sex
pressed for Morrison & kekewich. who
are acting ~ London agents OF the Societe
des MeisuN. By the rules Of tho Metal TX
change they are liable a. principals. Credit
AulN nv AlnFNf'A " ANNf ~ Wv f-'NAHf'N
composition. The Paris Bourse closed
firm to-day on a notice that the Russian loan
would Doe issued on the 10th instant. More
confidence prevailed generally and credit
cOmpanies' shares were steadier.
The London Stock Exchange awaits events
calmly. Tho opinion strengthens that the
coming Paris settlement will not produce
any big collapse, the heavy losses falling on
firms able to meet them. Accounts have
been largely reduced. The floating supply
and stocks are small through long absorp-
ton 10y France and Germany. Tie market
for American securities Il kept IN con-
dltlon Of unrest by the narrowing Of
the bears In Americas investors and
Spectators holding alooi. The Stock
Exchange closed tonight generally
strong. The absence OF unfayorable news
from the Continent siarmed the bears and
money continues abundant. During the
week the North Of England Debeuture Com
panv asked for GjO0O0O, which was sub
scribed six times over. The Foreign and
Colonial Debenures Company asked for
81 LOCO, GOO, which was subscribed twice.
Another trust company with IN enormous
capital will shortly be- launched under the
auspices OF the Rothschids and other leading
tnanclers.
Copper at Auctton.
nv Angl0~Amerlcnu cable 70 tho Dispatch.l