St. Paul daily globe., 1891-12-14
SHIP YOUR WHEAT,
BARLEY, RYE, OATS AND HAY
ECKERT, WILLIAMS & Co.
DULUTH, MINI.
SOlioi+od
FOREIGN FINANCES,
Condition ct Money Markets
Across tEEc Atlantic.

LONDON, Dec. 13.-Discount was without
demand during the past week. quoted at 2
for three months, and ll2 for short The re-
duction of the Bank of England rate did not
atTect the money market discount houses
having lowered their rate week before
The abundance of supplies has led to GEN
eral expectation that the bank rate at the
opening OF the new year will be 3 per cent
The reduction OF only half per cent cause
dissatisfaction in the market as q half
hearted measure, not representing the
actual value of money. The bank authori-
tiles urge the necessity of caution as low
rates are likely to encourage demands on the
gold reserves, and the bank must be ready to
meet the certain drain to the United States
to pay for grain shipments not yet met But
for these considerations the official rate
might have been lowered now to gig On
the stock exchange during the week deal
ings were moderate, but the tone generally
was good. The case with which the settle
ment was arranged, the scarcity of favorite
investment stocks and the cheapness in
money strengthened quotations. though
dealers complain of the absence of orders.
Hlgh-class investment stocks were
in good demand. British funds
rose l2 and rupee paper h In for
eign securities. Paris buying orders for inter
national stocks gave an impetus to the mar
ket, Italian rising rs, Hungarian IA and
Russian IS. but the failure Of the Portuguese
loan negotiations caused a drop in Portu-
guese securities of IA. In South Ameri-
AOSN esS3 ~AA6NALlnC -Qk-v4
and Chillian I2.
Dealers in American railroad securities
here are still waiting for an upward impulse
rom New Y ork. The transactions through
out the past week failed to respond to their
hopes Of a rapid rise, although the market
has been somewhat stimulated since
the Bank of England rate was low
cred. The steady current of invest
ment here in this class OF securities shows
that public confidence in them is sustained,
and that revival is inevitable. Variations
for the week in prices of American railway
securities include the following: Increases:
Louisville y Nashville. 2; Erie ordinary, 1l2;
Norfolk d Western preferred. New York
Ontario q Western, New York, Pennsylvania
q Ohio first mortgage and Mexican Centra.
new fours, each; Denver d Rio Grande
common. Union Pacific shares and Wabash
preferred, u each; Ohio d Mississippi orein-
ary, Il; st. Paul common, lis; New York
Central, IL; Pennsylvania. 5s
Decreases s-Wabash debentures, IA; Atchi-
son. "A.
Canadian railway securities were in good
demand Grand Trunk second preferred
rose in the week; Grand Trunk first pre-
ferred, 34; Grand Trunk third preferred
ga, and Grand Trunk ordinary and guaran-
teed stock, ia each. The securities of the
Mexican railway were also bought; Firsts
advanced ga; seconds PIP, and ordinary 1.
Among the miscellaneous securities Com
meTcial Cable shares gained on the week,
and Peruvian corporation 2I3 while Rio
Tintos lost "a, Belrs Asbestos shares ss, and
Eastman's Meat Company shares: 1s. Secur-
tiles OF the Mexican Terminal mines were
placed on the market during the week.
PARIS Dec. 13.-On the bourse during the
past week prices were Irregular, becoming
firm toward the close. Three per cent rentes
rose Acc. and Credit Foncier 514f, while Rio
Tintos dropped If. The Banque de Paris
refused to loan to Portugal unless the gov
ernment agreed to European commission
to receive revenues TO guarantee the cou-
pons. Portuguese securities declined 1I5
BEaLIN, Dec. 13.-On the boerse during the
week business was limited, but prices show ed
a tendency to firmness. The final quotations
include the following: Prussian fours, los. so;
Mexican skies. $3.50; Deutsche bank,
147; Bochumers, III; Rarpeners, 14S;
Roubl0s, 100; short exchange on
London, 90 80; long do, 20.24: private dis
count, pa. A syndicate of banks win nego-
tate Russian per cent railway preferred
loan of s., 000.OOO roubles- The union of Ger
man banks is forming an association to pro
tect foreign bondholders similar to the Lon
don council. The project was initiated by
the D9utsche bank, and is approved by the
government.
FRANKFORT, Dec. 13.-Little business was
done on the bourse during the week. but
good feeling prevailed. The final quotations
include the following: Hungarian gold
rente, 9O10; Italian, $500; Portuguese, AZ so:
Spanish, $3.50: short exchange on London
2O.33; private discount 315.