Swansea and Glamorgan Herald, and South Wales Free Press. — 1889-03-13 (Swansea, West Glamorgan, Wales)

THE FRENCH COPPER SYNDICATE  SUICIDE OF A LEADING MEMBER.  IMPENDING FALL OF THE SYNDICATE  A FINANCIAL PANIC IN PARIS EXPECTED. „ _  The "Daily 71';17e-g-;;J:"". correspondent telegraphed on Wednesday : Che ugly truth is that M. Deufert Rochefort, manager of the Discount Bank, had been speculating heavily in shares of the Societe des Metaux, of which society he was one of the guarantors. The fall of the shares affected him deeply, and he blew his brains out.  _ There can now be no doubt that the Parisian banker, M. Denfert-Rochereau, has committed suicide in connection with the Paris Copper Syndicate. The Standard's Paris correspondent says :—" The truth seems to be that M. Denfert-Rochereau blew out his brains with a pistol, which he bought with the intention of killing himeelf, in his apartment at 5, Rue do Censervatoire. When the Police Commissary heard of the sudden death of M. Rochereau it was five o'clock in the evening. He immediately went to the deceased gentleman's house, and had considerable difficulty ingaininsr admittance. He was told that M. Rochereau had not committed suicide, but had died of apoplexy. The Police Commissary having declared that, even under those circumstances, it was necessary for him to intervene, was at length admitted, and learned the truth. On Wednesday morning M. Derfert-Roehereau had had a violent discusaion with AI. eleutach,' President of the Council of Administration of the Comptoir d'Escompte, ' after which he entered a cab, drove Ito the shop of M. isefancheux, gun.% smith, 37, Rue Vivienne, and bought a pidol. Then, returning heme, he wrote a note to his friend and medical adviser, Dr. Robin, announcing his resolution to kill himself. He sent off the note by a messenger, and then, standing in front of a large mirror, be pointed the pistol to his right temple, and fired. Almost immediately afterwards, Dr Robin arrived, hoping t oprevt nt the accomplishment of the fatal deed, but was too late, for M. DenfertRochereau expired in a few mom ,ntis. There is no doubt as to the causes which induced the unfortunate man to put an end to his ex.stence. They were the heavy fall which ' had occurred in the prises of the shares of the , Comptoir d'Escompte and of the Societe dee Metaux, in consequence of the situation of the Copper Market. is every one knows, tho two companies have close relations. M. DenfettRochereaux had given M. Seeretan his very material support. On 15th December the shares of the Comptoire d'Escompte stood at ene thousand and eighty francs, and on Wedneeday, after a persistent fall, they were quoted at eight hundred and fifty francs. The sesame of the Societe dee Metaux had followed the same downward course; quoted on 15th December at nine hundred francs, they stood at the close of Wednesday'a Bourse at one hundred and nirety francs. According to the Temps, which speaks under reserve, and subject to the corrections which the Directors of the Comptoir d'escompte may make, the situation may be surmised as follows :—The Cemptoir d'Esccmpte is fetid to have firat interested itself in the affair by advance's to the Societe dee Meteux on warrants for a capital of thirty million franca. Thet advance wad, it is reported, subsequently doubled, so that the establishment is believed to be interested in the copper monopoly to the extent of sixty mihon francs. Lo guarantee this sum, the Comptoir d'Escompte has, besides the value of the metal, the guarantee of the Societe des Metal's, with a capital of seventyfive million francs, and that ol the Cempagnie Auxiliare des Meuse, with a capital of forty million francs, from which must, however, be deducted twenty million f sancs subscribed by the Societe des &helium. The total capital is, therefore, ninety-five millions, to which must be added the pareonal signatures of M.eecretan, the value of which it may be ditfieult to estimate ; the Temps says it pate it down for twenty.five million francs, thus bringieg the total guarantee to one huudred and twents million francs, besides the value of tha metal. The average price paid for the metal by the monopoly syndicate is pat down at seventy ponncle a ton. The depreciation in the shares of the Comptoir d'Escompte, and the run upon that establishment, coming so close upon the discomfiture .if the Panama Carel Company, have not only caused widespread ruin, but they are injurious in shaking public confi tents in the financial souls:Mese of the existing regime. We may, therefore, hear of a financial panic in Paris at any time, In ; In &icy case, there can be no question of the Comptoir d'Esoompe failing to meet its engagements, especially as its reserve fund amounts to some thirty million francs. Nevertheless there was a run on that bank. All friends and well-wishers of France moot regret the painfully close resemblaece between I the Centenary of the 'Scent Revolution and the I memorable year it is intended to commemorate.; The political outlook was already suffficently discouraging to cast a gloom over the public mind, and now the further complication of a financial crisis is superaddcd. The Times Paris correspondent telegraphs : M. Girol, the former manager, has been pro. visionally reappointed in M. Denfert-Roehereau'a place. It was stated, also, that an arrangement was on the eve of conclusion with the American mines, and the market for copper skates was better supported, but the difficudies do not appear to bent an end yet. There is not only the present stock of copper to finance, but the engagements run on, and fresh copper comes in every day, and has to be paid for. Lenders on copper seem to be well nigh exhausted, and a call of the Credit Lyonnais on Monday for the repayment of 17,000,000fe5. of copper warrants seems to have been the first cause of this great disturbance. An attempt will probably be made to let the price of mapper down to is level which which will attract consumers. It is to be hoped that this will be sucaesef at. The consumers alone can save from ruin this ill-planned speculation, which, curiously enough, seems to have utterly blinded the richest and most prudent part of our financial community. The public at lures has little share in it, and the copper ring Is justly called "the Panama of the rich."