Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-26
FOREIGN FINANCIAL.
THE PANAMA SCANDAL DEPRESSES
ALL EUROPEAN MARKETS,


ALL EUROPEAN MARKETS,
But the Week Closes With an Improving
Tendency Quite Noticeable-The Out
look Thought to Be Favorable to
Rise in American Rails.
LONDON, Dec. 25.-As regards discount
If any change for the past week is to be
noted, the situation becomes worse. Bills
we're exceedingly scarce and competition
was as keen as ever. The state of the New
York money market which, it is thought
here, threatens continuance of gold ex-
ports to Europe, is watched with the great
est interest The American supplies OF
gold, by meeting the continents demands,
continue to figure a. the leading factor IN
inducing the stagnation Of the money
market here. Some gold is still bought
here on Austrian Government account, but
not in sufficient amounts to cause exporters
to apply to the Bank of England.
With the approach of the Christmas holl-
days business on the Stock Exchange be-
came very inactive. AS the week went BY
the condition of affairs in America caused
uneasiness, to which feeling the Panama
scandal also contributed. Nevertheless, In
many quarters moderate improvement was
shown, British funds and corporation
securities benefited BY the ease of money.
Indian stocks generally were firm. Rupee
paper relapsed " in sympathy with silver,
which showed no real strength even at ood.
Business was entirely for prompt dellv-
cry. 1t is exceedingly probable that the
coming week will show further relapse. A
Remarkable feature is the fact that Indian
consol bills were bought Oh Wednesday at
a price equivalent to buying silver at Seza,
or 3'l-l6 over the actual price. rms ,lot Ihot
Gates the disorganized state of the market,
which is due to Iears that the Indian minus
may possibly be closed to the coinage Oh Sill
yer without due notice.
A Rally in American Rails Probable.
The effect of tho Panama scandals is felt
mainly in the foreign market Rentes de-
clined one point on the week. Spanish ana
Italian securities fell q; Greek, ~, and
Turkish, q. The changes in English rail-
way securities were small and mostly down.
ward. Brighton railway was in much DIS
favor and fell ~ owing to unfavoraDie
traffic returns. Great Eastern and North
eastern railways closed one point lower, the
t6st ee much G @ new capital would be offered.
The American railroad department ex-
perienced a feverish week. The gold
Shipments to Europe were the domi:
nant factor in the market. II
New York banks do, as it is reported they
probably will, pay gold for mass OF govern
ment bonds q rally in American railroads
is certain, as apart from the currency ques-
ton, the outlook is distincly in favor or q
recovery. Despite f1uctuations the changes
for the week are small, including the iol-
Atcbison mortgage, Denver common
and Lake Shore. each. Decreases
Atchison and Missouri, Kansas and Texas,
4 each. Grand Trunk securities benefited
t,.od dio
ond preference advanced and guaranteed
q. Mexican Railway closed about one point
lower, falling in sympathy with silver.
Buenos Ayres Southern and Buenos Ayres
and Rosario Railways closed one point
lower. Bank shares were lower, owing TO
bad Dividend prospects. London and West
minister bank fell two.
Very Unsettled in Paris.
PARIS. Dec. 25.-The bourse during the
past week has been very unsettled. Every
day has seen unusual fluctuations. The en-
erget1c action of the Government, however
somewhat ch ecked the depressing influence
OF the Panama Canal disclosures, and espe-
cially the gloom due to NJ. Rouviers weak
defense Considering the exciting events in
the Chamber of Deputies, renteS have
shown surprising firmness. The large
amount of investment purchases made when
rentes declined shows consplcuously That
the country's confidence in the sound
state of the public finances is un-
shaken. But for the number and import
ance OF these orders the fall would have oeen
much heavier The large speculative sales
of foreign bears were largely responsible Tor
the decline. Local banks were Sharply
attacked, but, with the exception OF Creolt
Foncier, regained nearly the whole of the
lost ground. Credit Foncier closed 26Af
lower.
somewhat Influenced by the prevailing de-
preston. Spanish bonds were the chief suf-
ferers, closing one point lower. Suez Canal
shows a decline of l0f for the week ana Rlo
Tintos a decline of 81. Ottomax Bank closed
ten points lower. Railways show general
decline OF from five to ten points.
On the German Bourse.
BERLIN, Dec 25.-The bourse was affected
by the depressing influence of the Paris
bourse, but recovered at the end of the week
on the improved tone in Paris. Changes in
international funds were fractional. Coal
shares advanced on the strength OF re-
assertion that the Rhenish-Westphalian
syndicate had been reconstructed. The
weeks final quotations included: Prussian
fours LOG. 90; Hungarian gold rentes, 96; AUS
7 trian credit, 1850; Bochumers, l2O; Harpen'
ers, 1875; private discount, 2H; short exchange
on London, 20 341z; long do, 20.25H.
Greater attention has lately Ieen devoted
to America and its economic condition
Former sanguine hopes that eventually
| there would be heavy increase in German
exports thither now appear to have Deen
abandoned, but on the other hand, large
| development in dealings in American funds
is helieyed probable. Such transactions
and the number of American securities
| dealt in have been growing for long time
past, and If this state of affairs continues the
German-Amerlcan Trust Company VIII un'
| doubtedly largely extend its operations
| The public and the market are apparently
| dissatisfied with the domestic and other con-
tinental loans and much more 1aVoraDly
disnosed toward American loans.
FRANKFoRT, Dec. 25.-Shortly before the
| bourse closed for the week prices recovered
had lasted from Monday. International
funds, especially, closed firmer, but at best
the changes for the week were small The
| final quotations include: Spanish tours