St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-12
FOREIGN FINANCES.
State of Affairs On the BOurses
of Europe.

LONDON, Dec. ia gradual weakening of
discount rates was apparent last week. The
final quotations were Three months. =;
short, l. At these figures bills were readily
taken. The continental competition, which
lately helped to increase rates. has almost
ceased. as the attention of competitors has
been directed to their own markets. where
rates, in majority of cases, have risen above
steadier after relapse in the middle OF the
week. There is now apparent a
general conviction that the Brussels
conference will close without arriving at
any practical arrangement. The Indian
councils refusal Tuesday to accept low tend
ers for bills. especially when it became
known that only quarter of the amount Of
fered was applied for, greatly contributed to
depress silver, and this depression i'll return
adversely affected al silver securities and
depressed stock exchange business generally.
Highclass investments securities however,
were supported. Owing to the cheapness of
money, British and colonial funds were high
er Rupee paper, after falling 3 points.
partly recovered, and now showsa decline of
IA on the week. The recovery is explained
by the belief in well informed quarters
that, even if the failure Of the monetary
conference should result in the closing
of the Indian minis to the coinage
of silver the latter would mean the main
tenance of and perhaps an improvement in
the value of the rupee, and as rupee paper.
while giving better yield than Indian sterl-
ing issues, has equal security OF the In Dian
government, it is considered that further
decline in silver is greatly discounted. For
eign securities generally show slight ad
vances. The news of the change in the Span
ish ministry was received with favor, and
combined with rumors that negotiations
were pending to tide over the present trou-
bles led to an increase in Spanish fours.
Argentine bonds closed one point higher on
the favorable budget statement and
the settlement OF the cabinet crisis.
Uruguayans closed 1l2 lower. Mexi-
can skies, after falling below n, the lowest
quotation of the year, recovered some what
and closed at rs. Gillian closed one point
higher. In English railways little business
was done; the changes i'll prices were trif1lng.
American railway securities, after advancing
until the middle of the week, relaxed on the
silver collapse, but on the balance the move
ments were light. The weeks variations in
clude the following: Increases: Phlladel-
phia & Reading, firsts 2; Pennsylvania con-
soils, 1l2: Denver & Rio Grande, preferred. l.;
and Northern Pacific. preferred, 1l2. De-
creases: Atchison shares, ia; Atchison
mortgages, "a; Norfolk q Western, ordi
nary, ".
Grand Trunk securities closed slightly
lower
The securities of the Mexican railway
were very fiat, owing to the silver collapse,
first preference declining la. ordinary l and
second preference 1. Buenos Avres and
Rosario railroad fell point Allsopps brew
cry SDar6S are SLlll UeClluluS duu CIOsSu -H2C
lower.
BERLIN, Dec. lion the boerse the prices
of many securities showed weakness during
the past week, but little change was appar-
ent in international funds. except that Span
ish bonds rose and Mexican 6s declined 2.
Bank shares were depressed and lower.
Mining shares were firm, but iron and steel
shares were affected by The largely prevalent
weakness. Yesterdays closing quotations
include: Prussian fours 10jD0; Austrian
credit 1926; Bochumer. III; Hagpener, 120;
private discount, 21s; short exchange on
London, 20. 5312.
PARIS. Dec 1.-THE new ca bin etls gener
ally approved by the moderate section Ut the
public, although many assert that the minis
try must fall before long. a more general
opinion is that NJ. Ribot will retain his posi-
ton until the elections in June. Thus rentes
came out of the crisis higher. Spanish securi-
ties as an effect of the change OF the minis
try in Spain, closed on the bourse yesterday
IA higher. International funds gener-
ally improved slightly yesterday. Credit
Foncier advanced 1 points and railway Sc
curities from 10 3 points for the week.
Panamas declined % centimes. Rio Tintos,
after dropping 25l, owing to fears of cab
met crisis closeu Yesterday at $50 francs
higher.
FRANKFORT. Dec lion the boerse last
week International funds were generally
steady An exception, however. was a fall
in Mexican bonQs OF "a, Spanish bonds be-
ing 1I2 higher. saturdays final quotations
INCLUDE Hungarian gold rentes, 95 70; Aus
TRAN credit. aGi; short exchange on London,
20.3I; private discount, ).