Omaha daily bee., 1903-01-26
Foreign Financial.

LONDON, Jan. %. While the general
tone of the stock market throughout last
week was hrm, business was marked by
did not respond to Colonial Secretary
Chamberlain's announcement at johannes
burg on January II Of the details for the
financing of the new South African colonies.
This announcement had been already dis
counted and the delay In the settlement of
the labor problem in South Africa is Great
ing uncertainty. American securities were
without any striking feature, the move
ments were irregular, probably owing to
which II is considered show a possibility OF
fresh entanglements. The sole Feature OF
the week ,was>the movement In vest Aus.
depression, became active because of the
completion of arrangements for large con-
solidations., Home railways were affected
by the disappointment felt at the dividend
announcements which did lot fulhh eX-
pectations, though the amounts carried for
ward 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 Thursday. Consols rose sharply
purchases, but the advance was not main
tanned.
last week was duieter than during the
previous period. Operators regarded the
San Carlos incident as likely to retard the
settlement of the Venezuelan difficulty and
therefore unWise and unnecessary. The in
huence exercised on the stock market by
the bombardment was accordingly IN the
0lIeGIlOn OF kItdAtl lNEdA VIC III ElAN1hAAA AhNi
American securities experienced an un'
eventful week. Canadians showed mucl
lighter trading than previously, w~eakenlnl
In sympathy with Wall street. Domestic
loans improved upon the cheaEsning OF
money. Most of the foreign government
securities closed strong. Bank stocks
especially Disconto Ge~sselchaft. advanced
because the banks are expecting increased
earnings from the forthcoming conversions
ands loan operations. TIL industrial mar
ket showed a selling tendency. Iron share'
! were lower Notwithstanding an advance II
the price of pig iron I'm Lorraine, the lates'
| American market report having an unfayor
able effect on them. Coal shares dropped
in consequence Of the break In the cole
weather and the statement that the Goa
| syndicate is trying to induce the companies
TO voluntarily restrict the output. The gall
in Hamburg-American Steamship shares re
ported previously was partially lost 1n'
| the North German Lloyd securities lost
points upon the passing OF the dividend
Money has grown cheaper and more abund
ant. The German banks have been doinI
a heavy ~discounting business in Londoi
during the last week, making Germany
large debtor TO that market, Hence eN
change on London has been rising Sharply
and the New York exchange has also ad
vanced. 1t Is now believed that the ReiChs
bank will postpone any reduction In II
rates. owing to the fear OF gold exports
and because OF the near approach OF ney
German and Prussian loans. Germany
pig iron production in 1902 amounted {
S.402. ESQ tons, against 7.7S5,SS7 in 1901. tn
provisional e-timates Of GeTmany's foretg
trade put the imports at l,42s, OO0,OOO marks
an increase of $4,000 marks. The export
are calculated at 1,25l 100000 marks, an IN
crease of l23, 500, 600 marks.