Morning journal and courier., 1889-05-14
THE COPPER SYNDICATE.

MT. Haggin's Trip so Europe Is Pros
 ducrive ef No Good-A Conference
 Held at Paris-The Frenchmen Seem
 Willing 10 Prevent R Panic-No DeA-
 mite Action Taken.
 NEW YORK, May 13.-At the steamship dock to-day many prominent copper opera tors from this city and Boston were impa- tiently awaiting the arrival of the Cunarder Servia for definite intelligence of the result of the European conference between the American mine representatives and the de- funct French syndicate. Mr. Haggin, who Is the sole owner of the Anaconda mine looked decidedly blue when questioned about the result of his journey abroad. He said with emphasis that his trip had been productive ot no good. "We were unable to come to any agreement and have come back to throw our metal on the market for what it will bring" He positively declined to say anything fur ther Colonel T. l.. Livermore, who accom- panied Mr. Haggin, and the other American mine representatives abroad was inclined t0 be more communicative. He admitted that since the arrival of his party in New York they had received information from Paris which; considerably changed the aspect of affairs. The report, Colonel Liyermore said. that the Americans had found the French men reluctant to meet the mine owners was entirely without foundation. The visitors had been received in friendly way. con. ference was held at the Grand Hotel de Athanee in Paris at which were present Nj. Seretan, represent- ing the Societe des Metaux, M. Michecourt and M. Edmund Moreau of the Compton d'Escompte, Baron Rothschild and Baron Hirsch of the Bank Of France, Mr. Mason of the London Mason and Barry mine, Manager Doetsch of the Rio Tinto mine and Messrs Haggin, Livermore, Gordon, Abbott and A. A. Wheeler of this country. When the French syndicate went under, said Col. Livermore, the copper held by the foreigners amounted to over 175, ,000 tons. Most of this was held in Paris.
 In London there was not over 25, ,OOO tons. The Bank of France and the Rothchilds held 100 900 tons. We were anxious to come to some understanding by which the. metal could be disposed of without loss and to avert the disastrous effects of having it thrown upon the market in lump. The Frenchmen seemed always ready and willing to enter into any agreement to pre- vent a panic. The French banks, which held the copper, even now nave entire con- | fdencs in the metal as security.
 Colonel Livermore then gave an outline of | the terms offered by the Americans. The ! nronosition WAS that the banks should take a certain number of years in which to market | their copper: that the mines should reduce | the production of last year (which 1t was | deemed was far in excess ot the world s wants) a certain per cent. until the banks
 could be disposed of, and that there should
 be f Pfos aooud ase agreed upon for the metal to be sold by the
 banks and mines. This figure was thought
 to be low enough to meet consumption, and | not SO low as to ruin the mines. After our
 terms were gone over in 8 general way and | they seemed to meet the views ot the foreign l CTS they were laid before committee repre- sentine the directors and foreigners interest
 ed. The representative of the Tinto mine
 neglected 10 say he was not exactly satisfied
 with.eur proposition. He demanded that th' American mine owners should agree to re
 strict the export of copper. Of course VI 1refused to enter any such planf The Amerl i can mine owners did not propose to do busi ness that way. We insisted on equal terms
 We did not ask for an immediate reply. w
 were in no hurry and came away withou
 coming to any definite conclusion.