The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-26
FOREIGN MARKETS
QUIET BUT FIRM
General Business Marked by
Absence of Speculative
Activity.

LONDON, Jan. 25.--While the GEN
eral tone of the stock market through
out last week was firm, business was
marked by an absence of speculative
activity Kaff1rs did not respond to
Colonial Secretary Chamberlain's an
nouncement at johannesburg, on Jan.
~, or the detail for the financing of the
New South African colonies. This an
nouncement had been already dis
counted and the delay in the settle
ment of the labor problem in South
Africa is creating uncertainty.
American securities were without
any striking feature; the movements
were irregular. probably owing to the
developments in the Venezuelan af-
fair, which, it is considered, show a
possibility Of fresh entanglements.
The sole feature of the week was
the movement in West Australian
mines, which, following on a period Of
depression, became active because of
the completion Of arrangements for
large consultations. Home railways
were affected by the disappointment
which did not fulfill expectations,
though the amounts carried forward
exceeded those of last year.
The week closed with money rates
easier and with a good prospect of a
reduction in the bank rate next Thurs
day. Consols rose sharply in the mid
die OF the week on government pur-
tanned. a
India Outlook Encouraging.
MANCHESTER, Jan. 25.-Business
On the cloth market last week was
qu1eter, but closed firm. Transactions
continued steadily through the week,
though the sales were considerably
smaller. Most Of the sellers were diff
cult to deal with owing to their en-
gagements. There was a fair general
inquiry and some exporters report
large and continuous operations.
The outlook from India is encourage
Ing, and the belief prevails that there
VIII be more business doing in this
market later on. China apparently has
satisfied her most pressing REQUIRE
ments, but fair number of orders
from nearer markets have been book
ed. The demand from South America
was Indifferent.
Yarns were firm, the producers hold
ing out for full rates. American del
scrlptions were in fair request. The
business done was moderate and more
satisfactory than for some time.
Coal Shares Drop.
BERLIN. Jan. Robustness on the
bourse last week was Quieter than dur
ing the previous period. Operators re-
garded the San Carlos incident as like
ly to retard the settlement of the Ven
ezuelan difficulty and therefore unwise
and unnecessary. The influence exer-
ctSed on the stock market by the bonn
bardment was accordingly in the d.
rection Of the greater reserve in spec
ulation.
American securities experienced an
uneventful week. Canadians showed
much lighter trading than previously,
weakening In sympathy with Wall
street, Domestic loans improved upon
the cheapening Of money. Most Of the
foreign government securities contin-
ued strong. Bank stock, especially
Disconto Gasellschaft. advanced be-,
cause the banks are expecting increas-l
ed earnings from the forthcoming con-
versions and loan operations.
The Industrial market showed a SELL
ing tendency. Iron shares We're lower,
an advance in the
price of pig iron in Lorraine the latest
American market report having an I'M
favorable effect upon them. Coal
shares dropped in consequence of the
break in the cold weather. and theI
statement that the coal syndicate isl
trying to induce the companies to VOL
unfairly restrict the output.
The gain in Hamburg Americana
shares, reported previously,
was partially lost, and the North Ger
man Lloyd securities lost points upon
the passing of the dividend. This sec-l