St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-11-09
FOREIGN FINANCES.
sold for the Bank Of England
business Unsatisfactory.

LONDON. NOV. N.-jlStOuiI was quiet Qur-
ing the past week. 81 for three months and
ga for short The export demand Tor gold
has almost ceased, and money Is plentiful
the influx of brazilian gold into the Bank Of
England amounting to e1.O0e.0J0. The re-
flow of cash from the provinces promises TO
so add To the banks reserve as TO avert all
early necessity Of increase of the rate of dis
count. The banking troubles in Berlin
and the difficulties of French finau-
ciers may lead TO Il withdrawal of
bullion. otherwise the monetary posi-
ton here is strong enough to meet ordinary
currency demands for the rest of the year
In the stock exchange during the week the
situation was decidedly unsatisfactory, bust
ness in every department being duh and dis,
piTited. Business will be retarded tomorrow
by the lord mayors fete.
The settlement commences Tuesday when
heavy differences require to be fixed The
Berlin embarrassments the Brazilian trou-
bles and the reports of French houses re-
curing government Intervention to prevent
Il collapse likely To lead to a panic, ii COM
bine TO create great uneasiness. Ru morS
yesterday assailed the position of certain
financial houses here, always mentioned I'M
favorably during time of uncertainty, but
again without truth.
The depression was greatest IN the foreign
market. Orders 10 sell from Paris and other
continental bOurses yesterday brought down
French renteS "a. making l2 for the week,
and Russians 81. being Gig for the week
Brazilian is fell on the week. ana other
Brazilian issues from 6l2 to :, while POrtu-
gueSe bonds declined Z5s, Mexican and Argen-
tine lS4. The feeling was worst after the
official close. owing TO the receipt OF news of
Baron Alphonse BOthschild having an inter
view with NJ. ROuyler, the French minister
of finance, relating to the position of French
houses burdened with the Russian loan
Foreign securities offered then ION the
street. were not taken. Operators were i'm
pressed with the gloomy outlook for the com
ing week.
American 1aiIVvav SacnritiaS rr-aro imam,
lar during most of the week, but the move
ment was generally adverse. resulting in an
all-rOund decline. Best class bonds contin-
ued to be bought, however The news of the
failure of the Maverick Dan& had only tenn
porary influence. But the bear element
Fere as well as in Wall street Eeeps values
down and the apathy of the public. which is
waiting for the revival of genuine good
time. assists the bears. The coming settle
ment will be Watched with interest. as stocks
here are believed to be greatly 0versold. If
This proves to be the case, sharp reaction
upwards is imminent.
The week 5 variations in American securi-
ties include the following decreases: North
ern Pacific preferred. 3l2; Atchison, 3; Nor
folk Il Western preferred ana Arie ordinary,
2s4 each; Denver & Rio Grande preferred.
zig; New York, Pennsylvania 1; Ohio first
mortgage, Ohio u Mississippi ordinary. Union
Pacific shares ana Wabash preferred, > each;
Louisville y Nashville and Wabash debcn-
tues, ia each: Lake Shore and New York.
Ontario d Western liz each: Central Pacific
shares, |; Illinois Central. >; 81 Paul COM
mon, ~; New York Central, ls4; Reading,
ia
Canadian railway securities were weak de-
spite the announcement Of good business.
Grand Trunk seconds preferred lost 8 on the
week: ditto first preferred, ,; ditto thirds. T.
and ditto ordinary. ). The Mexican railway
company securities were considerably sold,
and seconds declined ia on tle week; iirsts
1Ls and ordinary l. Among the miscelIane-
isn
week, while Bells Asbestos shares declined
30. and Rio TiutOs "A Silver King however
maintained premium OF ;.
PARIS. Nov. although the past week.
settlement disclosed no failures among
bourse agents or coulisslerS, their operating
clients in several Instances defauted and
the final difference paid on settlement ne
ccssitated large bank advances. the Bank of
France also lending 2000l 900 francs on Sc
curities. Prices throughout the week were
heavy. and at The close yesterday were es-
pecially depressed under tho large sales of
russian securities, chiefly the new loan.
Spanish, Portuguese, and all other for
cign securities likewise suffered. The
weeks falls include The following:
Three per cent reates. &c; Russian
fourS, 3l2 per cent; Spanish 34 per
cent; Portuguese, } per cent; Credit Foncier.
50 francs; Bank OF France. 90 francs: Rio
Tinto, % francs. Baron R0thschilds inter
view with Foreign Minister Ribot and
Finance Minister ROuyier were, II is semi
officially stated, merely for the purpose Of
DENYING destinations that the banking nTm
was working against the Russian loan. she
reports of financial disaster in Berlin added
10 the Dependency felt here at yesterday 5
close.
BERLIN. Nov. S-Business on the boersa
forced sales, beginning early in the day
and increasing toward the close
OH the collapse Of the SOmmerfeId
bank and rumors that other failures
INN Nd that
had been hit in connection with Sommer-
fields extensive speculations in Russian Sc
curities. The Boersen Courier states that
the Liabilities of SJmmerfeld amount TO sew
eral million marks. and that the assets are
small. All branches aud exchange bureaus
of the bank are closed. A general manic
ami run on deposit banks appears lnevi-
table. Last evening number Of managers
of Berlin banks agreed TO concerted meas
ures to meet and check panic. They dis
PATCHED letters and kilograms TO customers
throughout Germany stating their readiness
to pay deposits al any time and that their
banks would be open to-day to meet with
drawals.
The bank thus acting in common opened
to-day. aud had clerks attending to applica-
tons for cash. some accounts were closed
by scared depositors. Tomorrow develop
mentS are less anSiOusty awaited. At Frank
fort the bOerse was kept open to-day
Il course calculated 10 furnish some test of
the situation, but generally the tendency
shown was only towards a fractional decline
on yesterday prices. Hence Il - reasoned
that to-mOrrOw's EJsiuess here will no: at
tain panic proportions. Yesterdays closing
quotations include the following: PrusSian
fouTs, ID. 10; Deutsehe bank 1850; Rou.les.
2)5.ij; RochumarS, II, Harp 1ners, III; short
exchange on Loud1n. 2\53I4 long exchange
on London. 2)2l4: private discount. :.
FRANKFORT. Nov. S.--On the bOerse the last
week business was depressed and there was
a general fall in foreign securities and local
SfaA.Fliat;N stocks AQS!pr1nV-S rfpSino
tations include: hungarian gold rente,
$50; Italian iiycs, SGD; Russian fours,
81 10: Spanish fours. 6G25; Austrian credit
234 To-days closing prices (unOfficial) in
Glide: Hungarian gold rente. SIS -; Russian
fours 9l.40; spanish fours. &c Is; Austrian
credit 231