St. Paul daily globe., 1892-10-17
FOREIGN MARKETS.
Condition of Business at the
European Money CenterS.

LONDON, Oct. 16.-Discount rates continue
to harden. being now ~ for three months
and w for short. The change is due chiefly
to the decline of New York exchange and to
continental Withdrawals. Continental ex-
changes generally are moving against Lon
don, fact that must result i'll rise, which
has hitherto been prevented by the abund-
ance of money. Austria continues to draw
bullion on every available occasion, her re-
quirements being no longer met by Ameri-
can exports. Russia also is demanding
gold, and the pending Chilian loan
will entail further bullion remit
tances. An advance of the bank rate
is. therefore. already discussed. If the
foreign demands increase, Ell advance to 2I2
or even before the end of the month is
considered probable. The stock exchange
during the week was very busy, the settle
ment being the largest seen in long time,
while business on new account was brisk
and exciting. The chief feature was sharp
advance in Argentine securities. said to be due
to operations by powerful group recently
formed to raise prices. Loan of 1856 ad-
vanced 4s4, and funding loan 5. The move
ment IN Argentine railways has taken the
market by surprise. Buenos Ayres and Ro-
sario rose SI2. and Central Argentines 4la.
1t is generally felt, however. that the heavy
increases are not justified. British funds
were trifie easier. Indian ana CO.
lonal issues were much better notably
SO were the securities of Cape Colony, Cana
da, New Zealand aud New South Wales. ow-
ing to continued absorption by small invest
ors. The determination of the New South
Wales government to place new loan at
Sydney assisted the market Rupee paper
advanced 2ls in sympathy with silver the ad
vance in which seems likely 10 continue il
view of the revival of business iu the East
and the fact that 81 good demand comes from
more than one quarter. In addition, the
stock of silver has been diminished. The
week witnessed little movement III foreign
government bonds, outside of South and Cen
tral Americans. A large speculative business
in the latter led to a general advance in that
class of securities of from . to 5
points. Costa Ricans even advancing
712. Chlians advanced point British
railway securities were depressed Brghtons
were largely sold. ard declined 2ls. Amer
lean railway securities were dull at the be-
ginning of the week They became firm
Thursday but New York's advance did not
meet with an adequate response here. The
strained relations of competing companies
and the unsettled state of the currency queS-
ton influenced the market; therefore, al
though prices generally rose. the advance
was somewhat labored. Variations for the
week i'll prices of American railway securi-
ties include the following:
Increases-Ohio Il Mississippi ordinary. 3; j;
Denver d. Rio Grande preferences 1L2:
Northern Pacific and Louisville IL Nashville.
2 each: Norfolk d Western ordinary, lS4;
Wabash general mortgage bonds. lI2; Union
Pacific shares and Lake Shore, u each: New
York. Pennsylvania IL Ohio first mortgage, / /;
Atchison shares. Denver d Rio Grande COM
mon. Missouri Kansas Il Texas and Wabash
ordinary 81 each; Atchison mortgage and
Central Pacific shares, l2 each. Nitrate
curites advanced in connection with the
new Chillan loan and the proposed currency
reform.
PARIS. Oct. 16.-Business OH the bourse
during the past week was restricted, but n
tendency to frmness was manifest The
principal features were a rise of 25 francs i'll
Argentine loan or 1856, and fractional i'm
proyement in other International stocks.
no ROr ~ Ern.1 tod hx-D
erful group on the ground that its regular
discount business showed little profit, and as
result its shares dropped - francs. Suez
Canal dropped 40 francs lower, owing TO con-
tinued returns of diminished traffic. The
wel-credited report that kussia had refused
an offer of IL loan from q French syndicate is
denied. and ii is now asserted that arrange
ments for loan of & O,O0e, 900 have been con-
the Rothchllds, and which will be assisted by
the Deutsche bank ana the Disconto Gezeli-
schaft. the issue price TO he 81, and the rate
OF interest to be per cent.
BERLIN, Oct. l6.-During the week past
there was but little change in prices on the
boerse. and the market was weak. Reports
of disagreement among the negOtlators of
the RuSSO-Germau commercial treaty, which
GRATED nneasiness were officially denied; ;
but the declaration of the Russian minister
that his chief care will be to foster Russian
industries is regarded as bad augury. Mex
lean Us continued TO advance through the
week and closed steady at Sl.sO; ether clos
ing quotations of Saturday were: Hungarian
gold rentes, %; Austrian credit 16j 40;
Deutsche bank. 16l; BCchumers, l25; Harp
eners l35; abort exchange on London,
20 .35l2; long exchange on London. 2J.20.
FRANKFORT. Oct. 16.-Ou the boerse bust
ness was duller during the past week than
during the preceding one. Saturdays clos
ing quotations include: Hungarian gold
rentes, $3.50: Mexican 6s, S).10: Austrian
credit, 1885, short discount OH London, 20.3J ;
private discount 2i8