Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-04-10
THE COPPER MARKET.
Large Sales at London at Low Figures
The French Losses.

Large Sales at London at Low Figures
The French Losses.
The weekly circular of Jas. r. Mathews &
Co. of Denver of April 8 has the following:
Copper has continued to occupy the atten-
tion OF all parties interested in metals, as
well as that OF all metal journals and the
daily press. The inconceivable feature Of
it all is how such men as the Rothschilds
and the director OF the Compton, all pre-
sumably able and careful merchants, could
have entered into such colossal speculation
with all the figures and statistics forbidding
success and with every month proving
the situation to be more and more des.
perate.
1t is rumorsd that the Compton has been
losing money for several years, and that
this was final last chance. BE this as, it
may, the crisis in France has not been a
local bubble caused by one mans blowing.
It has extended on to a Thousand financial
ramifcations, and has thrown hundreds of
thousands OF men out OF employment be-
sides creating greater distrust than has ex-
listed there for years. The Societe had
SIC, 100000 capital and reserve of an
other $1,OO0,00 The Compton had
nearly $sO, coo, 600, and private bankers
besides "has gone to pot" Compton shares
sold at 200 francs last year and fell to 90
francs last week. Societe shares last year
were over 1000 francs, sold for 25 francs
and Rio Tintos fell from 500 francs to 227
francs:
Absolutely nothing but the action OF the
Bank of France saved a calamitous panic,
and they have on hand some $4,000, 900
of assets and securities more or less doubt
full. No wonder that the kings OF finance
have been closely closeted last week in
cable advices lead to the conviction already
intimated by us that the inter
verse to admit of harmonious
co-operatiosn. It must be the strong pro-
tecting the weak, at the expense OF the
strong. Self interest will soon dictate to
the strong to let the weak 60 to the wall,
and this result is well nigh q foregone con-
clusion. Calumet & Hecla and the Ana
conda have been the lions to protect the
lambs, only on the principle Of the lamb
taking an inside seat, and the lambs may
just as we'll prepare now for that eventual
resting place.
1t is barely possible that some combina-
ton may be formed to hold prices UP, but
it will be violated before the ink is dry.
During the week sales at London have been
very large, between f40 and S42, but it has
been the general rushing in to make sure OF
the low price, and demand has now slack
sned very materially, with the price at and
around $40, and closing at the lowest figure
of the week, 1895. A. the New York ex.
change absolute dullness has prevailed,
with only one sale Of merchantable at
1926. and Lake firmly held at 16 cents.
The mining companies have very gener-
ously liberated the consumers from
their 1850 contracts, aud it is evident
that sales must soon be made at very much
lower basis, for good merchantable can be
imported under the four per cent. duty at
close to twelve cents. The exports have
fallen to q minimum and the total for the
week ending March 25 was less than 1OO,-
900 pounds fine copper. Re-exportation
from the continent to New York is the
next most likely feature, but surprises OF
many kinds will certainly be in store for
u9.