St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-28
FOREIGN FINANCES.
Condition of the Money Market
Across the AtIaDtie.

LONDON, Sept. 27.-Discount was quiet dur
ing the past week at "a tor three months and
ia for short Money is still plentiful, but
discount houses hold out for full rates in
view of fall in American exchange and a
further withdrawal of gold for New York A
tightening OF rates is certain, though the
process will be gradual, the Bank of Eng
land having an unusually large reserve. A
part OF the government dividends falling
due will also ease off the market The
period of ease depends on the rapidity of
the drain of bullion. Bankers are pre-
prepared to see within fortnight accelerated
shipments TO America. with an increased de-
mand from Germany and South America A
rise of the Bank of England rate can be
reckoned upon to per cent before the end
OF October and TO per cent some time in
November. Dlscounters are ayerSe to deal
ing in the long bills The stock exchange
experienced decided reaction under the
influence of the Gould operations Early in
the week the boom proceeded merrily. with
no !ndIcauon OF check to its prosperity
until Thursdays news that the Missouri
Pacific dividend would be deferred shook
the market. The reaction was due more
to dread of contingent DEVELOPMENTS
than TO English interest in the stocks. Deaf
ers on the exchange for d time braced them
selves, prepared to face succession OF bad
news from Wall street, while weak operators
actively realized, thus assisting the general
setback. But the confidence of the public
and investors appeared mistaken, and al
though current buying abated, holders GEN
orally showed no disposition to unload De-
preston ceased yesterday on the resumption
OF New \ ork buying, and the issue through
Dre1el, Morgan d Co. of s., SOC, 900 of the tin-
placed balance of the Uniou Pacific col
lateral loan combined to restore confidence
The latest business here was chiefly
buying, and would have been greater
in volume but for the day being Saturday
and the fact that tomorrow is settlement
day. Prices ranges from 2 to ga The
weeks variations of prices in American rail
ways were: Increased: Northern Pacific
preferred 2l2. Lake Shore /, Norfolk q
Western preferred aud Union Pacific shares
"a each, Denver & Rio Grande common
Ohio Mississippi ordinary and Central Pa
citic " each. st. Paul common a. Erie sec
onds "a. Decreases: Wabash debentures IA
New York, Ontario Il Western 1Is. New York
pennsylvania d Ohio first mortgage /. Atch-
1son, Louisville and Wabash preferred u
each, Canadian Pacific was neglected; Grand
Trunk OF Canada Sd preferences gained 2 on
the week. The securities of the Mexican
railway were in better demand
Firsts advanced PA on the week: ordinary.
SIS. and DDS, 1: foreigners were steady. but
there was little inclination to deal in them
pending the arrangement of the Russian
loan. Paris fnanoiers apparently do not
like to float the issue unaided, and evidently
begun to find the hope of German assistance
dubious. Argentines declined on the week.
Brazils IL ana Portuguese bonds So. Among
miscellaneous securities Anglo American
telegraph shares fell u; Eastmans So, and
Gilmore copper H. :
PARIS, Sept. 27.-On the bourse during the
week business was quiet. but prices were
hrm; 3 per cent rentes advanced soc, and
Bank OIL France 10 francs, while Credit Fon-