New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-09
COPPER KINGS PAY UP.
, TWENTY MILLIONS OF DOLLARS TO BRIDGE
THE GAP IN PARIS.

The GAP in PAnlo.
wxALrHY ERENCH HOUSES ADVANoE The oAsn
: ron THE cosrroIR D EscoMpTE-REyIv-
ING coxrIpEEcE IN THIS CITY.
Paris. March s.--The Bank OF France mas advanced
iooOooooo francs 20 the ccmpsoir ahscompte' wSloh
!. s,.sss,t 4, cover the amount Of the deposits With
drawn from the iatter bank.
The Eng,,sh copper companies have accepted the
,noxsl radc by the copper syndicate TO reduce their
antrut during 1850 20 per cent and to postpone de-
hvefies two months.
Tho troubles Of the societe des Metaux arose from
n ption Of the harmony inside the syndicate
a collapse Of the Syndicate Is not believed TO DO
i,tsly mo arms interested are Of such high stand
80 nat tAey would not be willing TO have their
rsras oonpectsd with a financial disaster. The
pathschs Il not directly interested In the syndicate
haye fcstered It by proxy. and they woua DO un1
wIliag to have any concern with which they are con-
ncctsd collapse.
me nourse closed better Compton dEscompte
shsr,s At tho close were quoted at $50 francs Rio
Tfnfo shares at $50 francs and societe des meesux
shares Ut 1S5 francs
n n understood that tho Bank Of FRANCOIS advance
4 completely covered by discounted bills which inc
Compton d'Escomrte holds.
tnst3stys aud Brmness viii avert be injuries Witch
prolongafion OF the crisis must mfict upon business
on tns eye march sThs stock market rallied sharply
this morning on reports Mat tho Bank OF France was
assisting the Compton fEseompte.
The dealings In copper were again the centre OF
attraction yesterday at the NewYork Metal Exchange'
although thore was less excitement manossea
iur the rumors Of q collapse Of the societe Des
Metaux better known as the copper syndicate. AT
tha frst can in the Exchange the market was inclined
toward weakness, the bear element predomnsuhs On
the 6oor but receipt OF cable advices rom
that the Bank OF France had come to the rescue Oh INC
Compton d'Escompte, the bank which maoe nesss
advances to the syndicste the bears did not atenP.
40 rasd prices The report stated tSat the BANK Oh
France Rad advanced 100000 pounds to the comp
tofr dsEscompte, which II was thought wouIu enaoio
taat institution to tide its difficulties This was
generally believed to be true.
The only sales Of copper recorded were So'ooV
eounds April Mt 1850, 40 cents below Inursdays
r,,ce. and Nay $4,000 pounds at 1880, decline oi
As cents from the previous days quotations. Au
~. coyaer taken yestezday bought by President
yaomasou OF the Oxford Copper Company, the seller
being T. J. Pape, prcminant bear operator A"oso
was slight Improvement In the tone OF forcgn cso.e
ffcssares which reported that at Paris Iinto was
Arm ard AZ Hsrn II was quoted at i5 Id, an ad-
vance OF point in sympathy with the LONDON mar
ket. dsxpssch from London puhhshec In wan
Street saa that there was improvement 10 the slt
uation there, and quoted Rio Tntes at IA pounds ~
shiliingx The dispatch then stated that me oper-
sors In the London market practically considered the
xvnd,cate as dead An ofaclal dsrstch from London
TO the Exchange however, was moro encouraging IN
toue and fn conjunction with the news OF the ao-
vance made by the Bank Of France inspired more
settled feeling In the market. 1t read as foiioVs'
Position considered relieved, although prices arc
lower and market Is now stesd5 at decline threo
months montreal sales made for delivery on April
% - DDunas and ior May y NJ 61 poahds ana %
pounds .,..,..,.. .,..r, r,o,., ,0sr,hants
differed widely. One prominent bear operator; wso
II ono dime was connected With the copper -
sad that there was not sufficient caQiiai pehinc & y
10 carry the sfock on hand and thAE stqHpine tnS
EsXa nj slsss "a ~ ''s'ss
ursr 81 the Central Mining Company. we % anclegs
opuian He said that all the coptfHcts Win as vom
many hsd been met and payments hso been feceavea
S. him late as last week ne mem
expressed greater confidence In the sltnaton owing
Ii fhe advance made by the Bank OF France.
AN EFFORT TO AID THE SYNDICATE
boston. March (spcoiap.-The drcctors OF the
.,.ans Haxtm copper companies met to-day and tho
.ereements made by their representatives with the
FRENCH syndicate In New-York, on Tuesday, were
,stf6ed. They provide for reduction OF 20 per
,rnt m tho output Of copper presumably from the
,rrar. amount produced during the year, or since
tks original contracts have been in force while hoy
9. "a make 10 deliveries to the syndicate until
AZ. s,,, financial arrangements aEe completed prob
.s,v sona two months hence. That Is, the company
fI carry their copper instead OF he syndieste ior
h in order to give the iatter oPpyrtunlty 20 ~
fssrtv cStah,ished on the new base Ihe syndcate,s
srents were IN Boston to-day Ooang siior une hnaA
arrangements.