St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-24
CONFIDENCE rEsToRED.
The Continen, I.,.overs From Its
Financial Scare,

Financial Scare.
LONDON, Nov. 23.-rhe monetary sit
uation. under the judicious policy of the
Bank of England directors, assisted by
the leading banks, has become unusual
ly strong. A daily material addition to
the bank stock of bullion is made. One
and half million pounds in Russian
gold is due OH Monday, million more
is on the way from Brazil, three quar-
tiers of q million from Australia, and
smaller amounts from European mar
kets. The Bank of EngIand's reserve,
1t is estimated, will soon reach G1S, 500
QUO. Although entire confidence has
been restored in the general fnan-
clal soundneSS. the prospect for
cheaper money remains quite re-
mote. The chief portion of the
gold arrivals is merely borrowed ard
must be repaid before rates are reduced.
The Bank of England directors also in
tend to create strong reserve inde-
pendently OF the assistance of France
and Russia. The discount has, t'.ere-
fore, expecting no decrease in The bank
rate for some time, maintained QUOTA
tions at for three months and 81 for
snort. On the stock exchange there has
been q magnificent recovery since
Wednesdays semi-panic. In fact, the
advance in prices has been rather too
rapid to be steadily kept up, and may
soon be checked by renewed selling.
especially in view of the fact that other
large firms besides the Barings have
masses of unmarketable securities to
dispose of. Regarding the settlement
beginning OH Tuesday. anxiety is
no longer felt. Heavy differences
will have to be met, owing to the vio-
lent fluctuations since the last account,
but stock exchange loans can now be
easily obtained and the rise IN values
will greatly assist the settlement.
Everything yesterday closed huoyant IN
lead. showing an advance for the week
OF 1al. Rupee paper, after being aslow
as 75l3, is now making S011f-making the
weeks advance 4. The violent drop
in South American securities is almost
recovered, leaving the weeks fall in
ArgentlneS only =. and in UruguayS
u. The official announcement yester-
day that money was ready to meet the
Argentine January coupons assisted to
bring about the advance. American
railway securities have been stead
lily tending to better prices.
A notable feature of the week was
the public investing i'll these stocks, at
tracted by the low prices. These Sc
curities closed especially firm, New
York quotations responding to the rise
here. The variations for the week in
prices of American railway securities
include the following: Increases
Union Pacific shares. ~; Northern Pa
cific preferred, AZ; Louisville Il Nash
vile, 1sl; Mexican Central firstS, 6;
Denver IL Rio Grande preferred, ~;
Lake Shore and Ohio 81 Missis-
sippi ordinary, II each; New York,
Ontario t Western. q; Central Pacific
shares. Denver & Rio Grande common
and Wabash preferred, = each; Hi
nOiS Central, 2; Atlantic Il Great West
ern firsts, %; New York Central,
st. Paul common and Erie ordi-
nary, II each. Decreases-Norlolk
II Western preferred and Sault Ste.
Marie. 1 each. Mexican Railway fiuc-
tuated. closing at an advance of IL on
the week for iirSts and decline Of y
for seconds. In breweries Guinness
York :. Canadian Railway securities
were firm. Grand Trunk first prefer
encas advanced u; Grand Trunk Guar
anteed stock =. In mines Rio Tintos
have risen 8. Nitrates are weak; Prim-
itivaS have fallen ~. Among the new
stocks placed on the market are the
Colorado and Pay Rock silver mines.
The English, French and German dele
gates on the Argentine commission will
meet tomorrow. and it is expected. will
appoint commission to inquire into
the condition of the Argentine Re
public's finances. 1t is reported that
Mr.. Goschen, chancellor of the
eXchequer, has asked the Bank of Eng
land directors to consider whether the
time is oppOrtune for the issue for 81
notes payable in silver. A syndicate
has projected the formation of a new
stock exchange, with capital of
Il, 100000. A prominent feature of the
new exchange will be the abolition of
the jobber system. which is only eX-
istent here. The new concern will per-
nit only direct dealings between bro
kerS, without the medium of jobbers.
The Reuter- Telegram company has is
sued circular proposing the addition
of 100000 to its capital for the purpose
of extending its telegraph and tee-
phone news services and establishing
business advertisement agents. The Ar
gentine gold premium YESTERDAY was 2l1.