St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-26
FINANCES.
Condition of Business on the
Other Side of the Atlantic.

LONDON. Sept ga better supply OF bills,
mainly connected with American shipments
of cotton and other produce, slightly ad-
vanced discounts last week, but this advance
was not maintained, owing TO the competi-
ton of French bankers for both commercial
and treasury bills. The difficulty of using
surplus funds is shown by the resolution of
the Scottish banks of London to discontinue
the usual 1 per cent interest OIL credit bal
ance OF current accounts. The statement
that the issue in the Austrian currency
loans would probably be deferred till
1893 contributed to weaken the market. 1t
is not considered probable that the Bank Of
England rate will advance this autumn. On
the stock exchange the past week signs that
the holiday season was entering was mani
fest. The attendance was augmented, and
there was a sensible increase of business. at
the same time a more confident feeling pre-
vailed. owing to the subsistence of alarm in
regard to the stability OF various building So
cieties and more favorable reports of the
situation as regard cholera. British funds
were weaker. but indian and colonial securi-
ties were higher. At first foreign govern
ment securities advanced owing to Paris
buying, but afterwards weakened owing to
the falling off of the French demand, which
appears to be the handspring of the foreign
market. in which British investors have little
interest. Turkish were especially strong and
advanced ga. Mexicans rose 1la on the
official denial of the report that a fresh loan
is impending. South American issues were
well supported. Brazilian and Argentine
securities closed a point higher on the i'm
proved commercial situation in the two re-
publics. In English railway securities there
was a general advance, though little business
was transacted except in the shares of
heavy lines. in which. owing to salts
factory traffic returns a good business was
done. Tuesdays weakness IN the American
railroad department. was quite collapsed by
the subsequent firmness. The chief excep-
ton to an almost. general advance was in
Northern Pacific. whose weakness was due
to bad dividend prospects. The chief ad-
vance was in Reading: which was in strong
favor. The weeks valuations in prices in
c1ude the following:
misunderstanding second incomes, 3ls;
| Heading third incomes, &; Wabash mortgage
and Reading firsts, 2 each; Atchison mort
gage and Lake Shore, lie each; Atchison
ordinary, IL; Wabash preferred, "a; Central
Pacific, I2.
Decreases-Northern Pacific, 2l9; Louis
vile d Nashville, IL; Grand Trunk OF Can
ada advanced on the announcement that
rates would be restored on Oct. 10, but there
was q subsequent relapse, leaving little ad-
vance on the week.
Fol Brazilian railway lines there was a
good market in view of the improving ex-
change. In Argentines, Buenos Ayres,
Southern closed 3 points higher. TIL securi-
ties of the Mexican railway gained a point,
owing TO improved traffic prospects.
PARIS, Sept. 25.-Business was brisk on
the bourse the past week, the general public
absorbing q deal of stock. international
stocks improved slightly. Bank shares were
well favored. BANK OIL france advanced O1
confines, and Bank of Paris 5 francs. There
was a reaction in favor of Suez canal shares,
which advanced the shares TIA francs. A
| good investment business was lone in rail-
way securities. which profted by a general
advance of from 5 TO IS francs. Panama
canal shares continued to fall, and closed
Saturday IL francs lower for the week.
Berlin. Sept. ~25.-Durlng the past week on
| the boerse German funds were weaker. owing
TO prospects of new issues. 1t is apparent
that many believe that previous loans are
not yet fully absorbed by investors. Conse-
quently new loans are likely to meet with a
bad reception. Coal and iron shares were
depressed. Rumors of an increase in the
tax on boerse transactions are causing dis
content among bankers and brokers, who
declare that their business is hardly
paying now, and that an increased
tax will reduce their profits to the
vanishing point. Saturdays closing quota
tons included Prussian Is. 1890: Hungarian
gold rente. $50; Austrian credit, 1876; b.
chumers, 1877: Harpeners, 142; long exchange
on London, 20. 3Op2; private discount. 2.
FRANKFORT, Sept. 25.-On the boerse the
past week was featureless. Yesterdays clos
ing quotations included Hungarian gold
rente, $40; Mexican 6s, 70, O point better;
Austrian credit. POD.