St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-11-23
FOREIGN FINANCES.
Condition of Trade the Other
Side the Atlantic

LONDON. Nov. 22.-Discount was in fair de-
mand during the past week at 3 per cent for
three months and 2l2 for short. The gold
movements during the week were unim Dor
tant. The rate of American exchange re-
mains rather above point warrantng gold
remiltances from here. The prospect for
demand for the continent also lessons as the
depression in the foreign bourses abates
Business in the stock exchange was
light, but the tone at the end of
tue week was decidedly better The ankle
ties associated with the recent bad financial
outlook have been allaVed since it became
known that the Russian government had re-
Heved the French syndicate of $4,000 300 of
the Russian lion. The syndicate will now
dissolve after dividing a considerable amount
of profits, having actually Tesoid the unis
sued stock TO the Russian treasury at n price
above their contract rate. though below the
public-issue price. This transaction by re-
lieving the syndicate of a lookup of cash
amounting to &5,0Ol0u0, probably prevented
crash in Paris This change in the situa-
ton rapidly cheered up the mar
kets. Although the position on the contin-
ent is still bad, an immediate catastrophe is
averted. Consequently operators are breath
ing more freely and act with greater conf
dence. In the department of foreign secur-
tiles Russian Is rose il2. Spanish and Portu-
guese bonds I2 Brazilians =, and Chilians IIa
These temporary advances, however. were
chiefly due to speculative influences. Ameri-
can railway securities were inactive till the
close of the week. when business frightened
up in this department. OF the market owing
to the recovery in the foreign de-
markably lively. The news of the
prohibition Of wheat expectation from
Russia gave fresh impetus to buying On
the street business was especially active
for Saturday, and every kind closed at an adj
vance for the day. The weeks variations in
prices of American railway securities include
the following increases: Wabash debentures
and Northern preferred, each Atchison.
Vol .ns III Erin nrAr i
Norfolk & Western. l each; Lake Shore
Louisville & Nashville, New York Pennsvl-
v6nia d Ohio, first mortgage ana Union Pa
cific shares. "a each; Central Pacific
shares Denver d Rio Grande common; New
York, Ontario d Western and Ohio d.
Mississippi ordinary I2 each. Canadian rail-
way securities were dull. Grand Trunk of
Canada first and third preferred dropped
each on the week. Mexican Railway firsts
show gain for the week of la. of the mis-
cellaneous securities, Commercial Cable
shares show another rise of > while ALI
Soups gained ,; Bells asbestos shares de-
clined IL on the week, and Rio Tintos is
Trust and brewery securities were very fiat
PARIS, NOV. Con the bourse there was a
great improvement in tone toward the close
of the week past The large rebuying OF for
eign securities effected during the last two
days had the result of increasing the values
generally. The Russian loan syndicate have
got well out of their trouble through the
cuuously artificial fnanciering to which
rcbuying third of the last loan, and instead
OF being burdened with unmarketable bonds
will divide profitS amounting 10 ) per cent
Russians have risen 81 within week, but
heavy crop liz the near future is inevitable
The weeks advances include the following:
Three per cent rentes, so centimes; Credit
Foncier, 3Sc: Rio TintO. la francs
BERLIN.sNov. 22.-BuSiness on the bourse
during the past week was quiet. The feeling
of depression was relieved at the end of the
week on better Paris advices. The leading
international stocks were well supported
The Russian wheat ukase had no marGed in
fiuence yesterday on Russian securities. ex-
ceptlng on roubles, which slightly receded
The final quotations include the following:
Prussian fours. 1880; Deutsche bank. 40 rs;
Mexican SKIES 81 40; BOchumer. lib; Har-
3A.
Referring to the statement of the st. Peter
burg Official Messenger, The National Gazette
today says: The cars government feels the
need of counteraeting the impression gaining
ground i'll Europe that an economic catas-
trophe is impending in Russia. In the Mes
senger's official statement the same sources
of revenue are twice placed before the reader,
and the very naive deduction is drawn that
no embarrassment will be experiencedin Rus
STA in raising the gold required to pay the in
terest of the debt abroad. The idea of rea-
apprOachment between Russia and Germany
through financial help from our bUurses is
not tenable. Until the Russian policy I'M
dergoes fundamental change, German CAPT
tai cannot assist Russia. The National
GaZette's articles which is understood to be
seml-official, needlessly warns German in
yestors against Russian securities. The
series of small failures throughout Germany
has not affected the general situation. A
considerable transfer of deposits is taking
place from private banks ID the Reichs
bank, where depositors feel safer, but
the Reichs bank does not pay
interest on deposits. nor does
it offer other facilities that private banks
offer. Once confidence is fairly restored
business will resume its former conditions
III the meantime, the fact that the Reiehs
bank continues to discount literally without
raising the discount rate, while the rate in
the open market is y under that OF last week
helps to remove public fears.
FRANKFORT. Nov. 22.-Prices were firm on
the boerse during the week, and closed with
an excellent tone. The final quotations in
clude: Italians, Sc. 20; Russians. 81. 25; Span
ish. 63.3O; Portuguese, 1910; short exchange
on London, &c. 3D. private discount 3l7.