Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-12-26
EYES ON OUR GOLD
Foreign Financial! and Specu-
Iatlve Circles Uneasy.
PANAMA SCANDAL EFFECTS
English Investors Watching the New
York Money Market-Ffance Has
Faith in the Government.

LONDON, Dec. 25.-As regards dis
count, If any change for the past week
is TO be noted, the situation became
worse Bills were exceedingly scarce
and competition was as keen as ever.
The state of the New York moucy
market. which, it is thought here.
threatens q continuance of gold ex-
ports To Europe, is watched with the
greatest interest.
The American supplies of gold. by
meeting the continents demand. con.
tinue to figure AS the leading factor
in inducing the stagnstion OF the
money market. Some gold is stlil
brought here on Austrian government
account. but not IN sufficient amounts
to cause exporters to apply to tho Bank
of England.
The effect Of the Panama canal ecan-
dals Is felt mainly in the foreign mar
kets. Rentes declined one point on the
week. Spanish and Italian securities
fell three-fourtns, Greek one-haif and
Turkish three -fourths. The American
railroad department experienced a
fever,sh week. The gold shipments to
Europe were the dominant factor In
the market.
May Help Them Out
If New York banks do as it is report
ed they probably will pay gold for a
mass of government bonds, rally IN
American railroads is certain as a part
from the currency question. The out
look is distinctly IN favor of = recov-
cry. Despite fluctuations. the changes
for the week are small. including the
following: ncreases-Denver preferred
/, Atchison mortgage, Denver common
and Lake Shore each. Decrease
Atchlson shares and Missouri, Kansas
Il Texas ! each. Grand Trunk securi-
tres benefited from the better traffic re-
tuins; first and second preference ad-
vanced and guaranteed I. Mexican
railroad closed about ! point lower,
falling in sympathy with silver. Buenos
Ayres Southern and Buenos Ayres 4
Rosario railroads closed i point lower.
Confidence in the Republic.
PARIS, Dec. 25.-The Bourse the past
| week has been very unsettled. Every
day saw unusual fluctuations. The
energetic actions OF the government,
however, somehow checked the de-
pressing influence of the Panama canal
disclosures and especially the gloom
due to NJ. ROuvier's 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
conspicuously that the country con-
| fidence in the sound state of public
finances is unshakep. But for the
number and importance of these
orders the fail would have been much
heavier. The large speculative sales OF
| foreign "bears" were largely respon-
sible for the decline. Local banks
were sharply attacked, but, with the
exception Of Credit FOncier, regained
early the whole Of the lost ground.
Credit FoncIer closed 26i lower.
Studying American Economics
BERLIN, Dec. 25.-Thc 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. Greater atlen-
ton has lately been devoted to America
and Its economic condition. Former
sanguine hopes that eventually there
would be heavy increase liz German
exports thither now appear to have
been abandoued; but, on the other
hand, a large development IN Ameri-
cnn funds is believed probable.
Such transactions in the number of
American securities dealt In have been
growing for q long time past, and II
the state of affairs continues, the Ger
man-American Trust company will un-
doubtedly largely extend it's operations.
The public and the market are appar-
emily dissatisfied with the domestic and
other continental loans and much more
favorably disposed toward American
loans.