St. Paul daily globe., 1892-12-26
Condition Of Money :sf the Ceia-
fers OF EsaPNne. -.

tePS OF EssPOpe. -5-....:
LONDON, Dee. 25.-As regards discount if
any change for the past week is 10 be noted
the situation becomes worse. Bills were e1-
ceedingly scarce and competition was as
keen as ever The state of Inc New York
money market, which, it is thought here
threatens Il continuance Of gold exports to
Europe, is watched with the greatest Interest.
The American supplies OF gold, by meeting
the continents demands. continue to figure as
the leading factor in inducing the stagnation
of the money market here. Some gold is
still bought here Oh the Austrian govern
ment account but not in sufficient amounts
TO cause exporters to apply to the Bank OF
England. With the approach Of the Christ
mas holidays business on the stock exchange
became very inactive. AS the week went by.
the condition of affairs III America caused
uneasiness. to which feeling the Panama
scandal also contributed. SeAerbeless, in
MANY quarters moderate improvement Was
shown. British funds and corporation securi-
ties benefited by the ease OF money Indian
stocks generally were firm. Rupee paper re-
lapsed "a in sympathy with silver which
showed no real strength even at }Sd. Business
was for prompt delivery. 1t is exceedingly
probable that The coming week will show
further relapse. A remarkable feature Is The
fact that Indian council bills were bought
Wednesday at p1Ice equivalent TO buying
silver at 3Sl2, or 3-I6 over the actual price.
This indicates the disorganlzed state Of the
market which is due to fears that the Indian
mints may possibly be closed to the coinage
of silver without due nolice. n. f
The effect of the Panama scandals is felt
mainly III the foreign markets. Rentes de-
clined one point on the week. Spanish and
Italian securities fell "a ; Greek ll2 and Turk
ish "a. The changes III English railway secu-
rites were small and mostly downward.
Brighton railway was in much diStaYor and
1eli PA. owing TO uufavorable traffic returns.
Great Eastern and Northeastern railways
closed one point lower the decline OF the
former being due to Il rumor that much new
capital would be offered. The American
railroad department experienced q feYeriSh
wee The gold shipments to Europe were
The dominant factor in the market Ii New
York banks 90 as 1t Is reported they preb-
ably WILL pay gold for mass OF government
bonds, rally III American railroads IS
certain rs apart from the currency question
the outlook Is distinctly i'll favor OF recOV-
ery Despite fluctuations the changes for
the week ure small. including the following:
Increases-Denver preferred, |; .Atchison
mortgage, Denver common and Lake Shore,
~ each
Decrcases-Atchison shares and Missouri,
Kansas IL Texas, u each. Grand Trunk Sc
curities benefited from the better traffic re-
turns; first and second preference advanced
l, and guaranteed S4 Mexican railway
closed about point lower. falling III sympa-
thy with silver. Buenos Ayres Southern and
Bueuos AyreS IL Rosario railways closed |
pdint lower. Bank shares were lower. owing
TO bad dividend prospects London " West
minister bank fell =
PANS, Dec. 25.-The bourse during the
past week has been very unsettled. Every
day has seen unusual fluctuations. The ELI
ergelic action of the government, however,
somewhat checked the depressing Influence
of the Panama canal disclosures and espe-
cially The gloom due to NJ. Rouyier3s defense,
WEich was weak. Considering the exciting
events i'll the chamber of deputies, rentes
have shown surprising tirmnesS
The large amount of investment purchases
made when rentes declined shows conspicu-
ouslv that the country's confidence i'll the
sound stale of the public finances is un-
shaken. But for the number and importance
OF these orders the fall would have been
much heavier The large speculative sales
of foreign bears were largely responsible for
the decline. Local banks were largely at
tackled. but, with the exception OF Credit
Foncier, regained nearly the whole OF The
lost ground Credit Foncer closed 26hf
lower foreigners were fairly steady. though
somewhat influenced by the prevailing de-
preston. Spanish bonds Were the chief
Sufferers closing one point lower. Suez
canal shows Il decline of lOf for the week.
and Rio Tintos a decline of ST. Ottoman
bank closed " points lower. Railways show
a general decline of from TO 10 points.
BERLIN Dec. 25.-The boerse was affected
by the depressing influence of the Paris
bourse, but recovered at the end OF the week
on the improved tone i'll Paris. Changes III
international funds we're fractional Coal
shares advanced on the strength of areas
sertion that the Rhenish Westphalian syndi-
cate had been reconstructed. The weeks
final quotations include: Prussian fours,
lO6O0; Hungarian gold rentes 81; Austrian
credit, 1856; Bochumers, 12U; Harpeners,
ls5; private discount, 275; short exchange on
London, 2O.jll2; long exchange on London,
20 25l2.
Greater attention has lately been devoted
to America and its economic condition. For
mer sanguine hopes that eventually there
would be heavy increase in German ex ports
tnither now appear to have been abandoned;
but on the other hand, large develop
ment in dealings i'll American funds
is believed probable. such transac-
lions and the number of American securities
dealt in have been growing for a long time
past, and If this state of affairs continues the
German-American Trust company will un-
doubtedly largely extend its operations. The
public and the market are apparently dis
satisfied with the domestic and other con-
tinental loans and much more favorably dis
posed towards American loans.
FRANKFORT. Dec. 25.-Shortly before the
boerse closed for the week prices recovered
somewhat, after n period of dullness which
had lasted from Monday. International
funds especially, closed firmer, but at best
the changes for the week were small. The
final quotations included: Spanish fours,
63 80; Austrian credit, 263; short exchange
on 7 on6OO On n: DriVate discount 3