New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-16
THE SQUEEZE IN THE COPPER MARKET
LOSSES OF THE FRENCH RING APPALLING-AN
ENGLISH TRUST MAY BE FoRMEr

ENGLISH TRUST MAY BE FORMED.
London, March 15-The Compton d'Escompte, the
copper ring and the societe des Metanx monopollze
the attention of fnanclers 1t is stin hoped that
all will eventually meet their liabilities. Although
the magnitude Of the losses is appalling, the eject
VIM be circumscrlbed among those actually Interested
Neither widespread panic general financial
disaster viii ensue In some quarters the lquidsr
ton Of the Compton d'Escompte and It's reconsutu-
ton, with the cooperation Of leading bankers ana
under a now management, Is advocated, the present
shareholders to have the privilege of subscribing Tor
the new capital at par. The situation is improving
and the outlook Is better Tho scepticsm of Ameri.
can mine-owners regarding the unanimity OF tho
English owners to accept tho syndicae's offer Is be-
lived to have been greatly overcome, the English and
American companies working harmonlously. Ameri.
can delegates arc expected IN Europe at the
end Of March, whom another combination
or trust win probably be formed under the Mathesons
auspices to fix the price and supply at figures that
will enable the societe des Metaux TO meot its engage
ments The formation Of an English syndicate would
result In the copper trade returning 10 England.
English capital being required 10 hold STOCK Ensnsh
agents would be employed 10 reach consumers
Tho popular hostility against syndicates Is growing
In the House OF Commons, W. Fl. Smith, the Govern
ment leader while refusing TO interfere with the sat
syndicate, declared that such combinations worked
their own cure and tended ultimately TO reduce the
price of articles the rates which they temporarily
raised.
The French Government will introduce IN the
Chambers bill concerning credit societies. the object
OF the measure being to prevent q recurrence oi
scandals similar to that Of the Compton aEscompte
The Paris Bourso closed very dull to-day. Compton
d'Escompte shares, which opened at 300 francs on
Monday and reached 435 francs on wednesday. 70
acted to-day 315 francs on renewed rumor that the
Bank OF France advances not sufhcIent 10 over
come the existing difficulties
fnaniw nHn nWsaN ali
Credit Lyonnais and Bsnque de Paris. Bsntes re
sisted at first, but finally yielded falling 25c.
societe des Metaux which quoted on Wednesday n
Ie7, declined TO 9Io6
servtan affairs, unsatisfactory adviees from Other
bourses and unfavorable reports respecting some
provincial institutions (which, however, are not
believed have increased the dstrust. The crisis has
caused the suspension Of the Corinth Canal WORKS.
The London copper marriott Is nervous. Tho pr'ce
advanced on Tuesday 10 So pounds reacted and closed
to-day at 81 pounds.
The New-York Metal Exchange yesterday prcscntec
no featros OF frscrest whatever far copper wa
concerned One sale Of % 900 pounds, March, 500
ncrehantsoyss metal was recorded at "a cents site
tho second call but no Significance was attached d
this solitary transaction the metal changed hand
merely to cover the balance OF unfled contract
The London dispatches had no effect upon the tom
Of the market One Of tho largest dealers In thu
market said yesterday ave shall DO nothing her
until We sec what becomes Of the Syndcaes stock Il
Europe 1t is useless to buy, as wc have no marke
to absorb metal and in the present state OF affairs d
one Will get far on the short side Of the market
Brown Brothers & Co., who represent the Comp
toir dRScompte In this city. received advices tha
that institution would certainly go into liquidation
but it was said at their Office that American bank
would suffer Throughout the day there were th
usual Wild rlimors floating around but even repor
that the Anaconda Mining Company had los
S1OO 600 by the burning of smelter failed 20 arous
the torpor of the dealers in the Exchange The mar
ket was dull throughout, and copper was not forin
coming at the prices offered by the bears who wen
anxious 10 cover outstanding contracts Prices on!
varied small fractions from Thursdays closing