St. Paul daily globe., 1891-01-12
ON THE BOURSES.
The Markets of EtlrOpe-s Money
CenterS.


PARIS. Jan. 11.--To-day'S newspapers,
of all shades of politics, concur in eX-
pressing congratulations on the success
of the new loan. as proving the wealth
and power of France. Over 100000. 900
francs of the loan was subscribed in
London. The government schemed
admirably to insure the prestige of
the loan. Everything was done to
secure the applications of small invest
orS. NJ. Rouver, the minister of finance,
caused it to be known in bourse circles
that preference would be given to real
investors, the smaller applicants get
ting their allotment in full. Apart from
the inducement that While the current
price of 2 per cent renteS is $3.50, that
of the new issue is 92.55, investors had
further advantage in the meth
od of the payments. Accord
ing to the plan adopted tif
teen francs per share was payable on
application, fifteen more on allotment,
while the remainder is to be paid in fOnr
successive inStallmentS, the latter COM
ing due in July, 1892. The treasury
also holds the power to accept immedi
ate payment in full. The peasants
throughout the country, and small artl-
sans and traders have so largely gone
for the bourse and banking subscrip-
tions will be the smallest percent
are ever known in the case of ma
tional loan. The bGurse gamblers will
therefore be almost pOwerless to subject
the issue to speculative fluctuations.
The premium, which was quoted oil
Thursday at 2. has relapsed to IA. The
attention of the bOurse was centered on
the loan during the week. All kinds of
securities were firm. The increases for
the week include: Three per cent
rentes, francs; Credit Fonciers. 80;
Rio TIntos lost 10 francs. Panama canal
shares were quoted at an advance of so
francs, but their value is fictitious. The
public is not touching these shares.
BERLIN, Jan. Though business
on the bourSe was not active during the
week past, prices were firm. The pub
lcatiOn yesterday of the Reichsbank
statement, with its favorable showing,
strengthened the market. The closing
quotations of yesterday include PruS-
sian consols, 1O6.2O; Mexican Is. 93.7O;
DeutSche bank, 1920; roubles, 2SS.
Bochnmers, 149; short exchange on
London, 20.35; long do. 20.2314: private
discount. 3. The government is
about to issue q loan of
15O,00O,OOO marks for railway pur-
poses. The BlelchrOeders, the
Disconto GeSellschaft and the Frank
fort Rothehlds have formeda syndicate
to take a coming Russian conversion
loan.
The figures given in trade reports for
the final quarter of 1890 shows that at
the leading commercial centers of
Germany the market of exports to
America has improved, despite the
operations of the Mckinley tariff. AS
compared with the previous quarter
Hamburg sAmercan trade has increased
S441.00O, Berlin's S250.000, Stettin's
$4,000 and BrunsWick's S63, 600. In
fact, the figures for every consular dis
trct which has yet reported show an
increase in American trade.
LONDON, Jan. 1l.-During the week
there was fair demand for discount,
which was quoted at 23l for three
months and 21 for short. Money was
abundant. This was partly owing TO
the distribution of the quarterly divi-
dends on cOnsols and India stocks. The
influx of gold into the Bank of England
duIing the week amounted to 9779,-
600. There are no signs of q
movement of gold to France through
the new loan Silver was espe-
cially firm yesterday. The belief grows
that tree coinage in the United States
will ultimately prevail. Rupee paper
gained ~. The dividends declared by
leading banks show in no instance a
decrease, and in most cases they have
increased. Among the dividends de-
clared are the following: London and
Westminster, 12 per cent; Union of
London, 1213; London Joint Stock,
1919; City, II; Consolidated, 1;
Alliance, s; Imperial, z; Capital,
and Counties, 1S; Manchester and Liver
pool, 90. These signs Of all-around
financial soundness and prosperity had
a good effect upon the stock exchange,
and although speculative business is at
a low ebb, daily increase of invest
ment dealings is reported. In every
department the tone is becoming firm
under the growing current Of healthy
public business. The rise in con
soils for the week was Is, while the
best colonial securities advanced
81. Foreign government securities
were steady with the exception of
Chillan bonds, which dropped 81 per
cent owing to reports of revolution in
that country, the contradictions of the
rumOrs being too vague to restore con-
fidence. ATrgentines were generally
stronger. Entire Rios dropped ~.
l.
were irregular. North British de-
clined 24, owing to the com
pany's loss of traffic through the
strike. American railway secur-
tiles were strong all around. They were
benefited by recovery from recent
depreSsionS, closing yesterday at the
best prices of the week. Investors are
buving largely and there is every sign
of prolonged steady boom in this de-
partment of the market. Variations
for the week IN prices of American rail
way securities include the following:
Increases: Northern Pacific, 615;
Union Pacific shares, 81; Den
yer & Rio Grande, common, 5;
Louisville 81 Nashville, Az; Erie pre-
ferred, 4; Lake Shore and Mexican Cen
tral lists, 80 each: Mexican Central or
dinary and Denver 81 Rio Grande first
consolidated mortgage.215 each; Central
Pacific shares and Norfolk q Western
preferred, 2 each; New York, Ontario
IL Western, Wabash preferred, Louis
vile & Nashville mortgage, Norfolk
IL Western improvement and United
jersey. each; Illinois Central, u: st.
Paul common, 25s; New York Central,
"a; Reading, g. Decreases: Norfolk
d Western common, 2; Cana
dian railway securities were firm.
Grand Trunk debentures 5s have
risen 5. and its first and and sec
ond preferences each. Breweries have
improved; Guinness advanced ~. and
Allsopp's 215. In mines, Rio Tinto or
binary dropped n. The securities OF
the Mexican railway were largely
bought, partly owing to reports that the
new United States tariff law was divert
ing Mexican commerce to Europe
through Vera Cruz. The preferred
stock of this road gained 81. while the
ordinary advanced AZ. In miscellaneous
shares. Bells Asbestos was active, ad-
vancing IA; Brush Electric rose IL,
and Primitiya Nitrates went I'D "a.