St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-01
on THE ROURSES.
Condition of the Money Markets
ON the Continent.

LONDON, May 31.-There was fair
demand tor discount during the past
week at 3$I for three months aud for
short. The Bank of England's reserve
yesterday was e17,5OO,O00, and there is
further e1 100000 on the way. With
E19,000,000 thus reserved, money ought
to be cheap, but the policy of the bank,
which is now supported by the leading
joint stock banks, aims to sustain rates
until the results are seen of the newt
able drain of bullion abroad. Russia
has arranged to withraw million
about the middle of June, and
later on 100000. The heavy reflux of
GOLD to America in the autumn must
also be provided for. Another reason
for maintaining the reserve is the con-
seriousness that the financial crisis is
only suppressed, and not entirely re-
lieved. The com bination of banks to
keep up the open market rates has only
partially succeeded. Bankers outside
of the combination offered easier rates
and foreign bankers also underbid them,
readily doing business at 81, against
the combuerS 4. The management of
the London and Westminster bank has
convoked meeting for Tuesday next
to try to draw into the combination all
the London and provincial banks. On
the stock exchange the past week
dealings we're restricted. The ruling
tendency was doWnwardS. Among the
foreign securities Portuguese bonds
rose IL per cent on the week, and Span
lsh bonds 81. Argentine securities were
heavy, Cedulas showing a drop of %
Tor the week, while CHILEAN bonds fell
II. English railway securities were
firm, with the exception of Brighton A,
which tluctuated sharply, finally clos
ing yesterday at decline of ~ for the
week. American railway securities
were almost buoyant early in the week,
but dropped after Wednesday and were
especially fiat yesterday. Sales were
then pressed here. in the absence of any
resistance from Wall street, and this
pressure made the closing prices the
worst of the week. Variations for the
week in prices of American railway Sc
curities include the following: De-
creases, Louisville q Nashville,
3; Union Pacific shares, ~;
Denver 81 Rio ,Grande preferred and
Lake Shore l 4 each; Norfolk Il North
western preferred l; Central Pacific
shares, Denver & Rio Grande common,
Mexican Central, New York, Ontario II
Western, Northern Pacific and Ohio u
Mississippi ordinary. % each; Erie or
binary, %; New York Central, 1. In
creases-Wabashp preferred, q. Cana
dian railway securities were dull.
Grand Trunk first and second preferred
and guaranteed stock each lost 81 on the
week. The securities of the Mexican
railway were considerably sold, seconds
falling 215, firsts ~ and ordinary 1%.
A feature of the week was the mint's
demand for metal. Rio Tinto shares
gained rs, owing to the
strength of the copper market
where some excited buying has been
proceeding. Cash warrants were quoted
as high as $50 IS, making rise of 43
for the week. The movement was partly
speculative, and had its origin in Paris.
1t was partly due to the fact that con-
sumers have let their stocks run low,
now causing a genuine trade demand.
PARIS, May 3l.-There was steady
improvement on the bourse during the
week, and prices closed buoyant yeSter-
day owing TO enormous bear repur-
chases. The days rise in per cent
rentes was 80 centimes, making rise
of II francs for the week, The adj
vances Of the week include the follow
ing: Portuguese, IMf; Rio Unto, 36f;
Credit Foncier, 64f; Suez Canal, PSF.
BERLIN, May 31.-Home funds and
the leading foreign securities were well
supported on the boerSe during the past
week, while bank and industrial securi-
ties were weak. The final quotations
include the following: Prussian tours,
105.4O; Deutsche bank, Isl; Mexican
skies. $3.50; Roubles, 1925; Bochumers.
12S; short exchange on London, 20.44;
long do, 20.294; private discount, 20.
FRANKFORT, May 3l.-On the boerse
during the past week business was
quiet. The final quotations include the
following: Portuguese, G6.40; Spanish,
exchange on London, 2o.45; private dis
count, 2I.