, 1877-09-28
FINANCE AND TRADE.
Redfscounts Still in Demand by
Country Banks.
Tho Four Per Cents I'm Chicago
---N1ining Stocks.
Tho Produce Markets. Aotive-Hogs Easier
Provisions Strong, Pork Being
Buoyant,
Rheat Excited, viii a "Squet1s' for This
hoaih~-oth.r Dfeaastuis STEADY.


panfh 10 regular customers; on the etfcct+ cholce
callloens csa he negotiated At ger cent aud trst
clnsa time paper discounted at 06b7 per cent.
There we're ltberal offerings Of Now York ex.
change, and the quotation temntns unchanged At
16c0sf. 90 per 81. GOO discount.
The eIrarnss were -, COO 900.
TIE FEW PER CENTS ~ CHICAGO
II sht Editor ~ 1hs Tribune.
CHICAGO, sept. ai.--1n to.d.y's issuc Of TIE
T1nrsE n
81 he eq" T e. u Sesn ~ ,sa
Offices. and the lawc.t / hare ocen c0esed 4s At
w..io!H. Even today. after reading your ell.
inaairy a. Is Tie pscs Of ii, ;ss nnswered hy iii
gsntlsm.n IL ehsfse. lo4!.. Why i i II. 1sai1.
IL son1P Tss2e az e'
people n chieaso andes..a1d. tnst The tnfasas,.
II strange that our brokers arc mot satisfied With
~Sn!d eonfer iasot ty lnfofntnA il. w,,:er where
iosH no co" ' * g = % rsarI !. srx
ANswEn.-Thcrc arc two varieties Of tho per
ecnt-EeRistesctl boada and eonpon bonds. The
latter wego offered yesterday in thfs market at
1O4G10i1. This price included accrued lntcrest.
which on Oct. will amount 10 81 per 500. Tho
Registered bonds arc e1-Intcrest. ata were quoted
yesterday Al l0.1iGs1o3. There can be no COM
bination among brokers to keep up tho price of4
per cent?, a. our correspondent suggests. There
arc several banks at which these bonds can bo
bopghs md nny attempt by any one 10 oycEchared
would simply result in loss OF business The de-
uaand for per cehts has been slow and struggling.
The psIcea given arc In grccnbacks,
FOREIGN EXCHANGE AND THE MOVEMENT or
GOLD.
Ernctt eerl, an authority IN the London balfon
market, has written 10 the London 77mfs In CT.
panatIon Of the market rhics Tor foreign exchange
that control the flow OF gold between Tie markets
Of London, New York. berlin. Paris. and Aus
ttafla. The nchr approach OF specie payments
rnSSra tne fnnF pf r0ft II Rnhtrrt
for tho peopfe Df this country to r.ndy. Tho
pound sterling Ii worth et.e6B5HJ5 in American
guld> and for al1sy-day hills. the interest Tor
two months at The Tank OF England rate IL deduct.
cd, the par II sixty .day exchange would bs nhout
S4.a425 There I. no proat Ia shipping gold when
exchange Is at par. ~ the cost OF
freight, insurance. and interest would
cat 1t up. Mr. scyd shows that 1t requires differ.
Of about u cent or 1--WE ccnts per mic, 10
Induce shipments from New York. That II, II
nf1ty.jsy bills are 81. 1905. and tho Bank rsle IL
per cent gold win flow awky from d 10 England.
But, In rcndtng rotl from Orcat Britain 10 New
Yurk, new element enters tho calculation. Theto
is no market in London for New York exchange,
md hence thu cost o1 sending gold here II greater,
for shr amount must be net by sending blls from
thle ride 1t Tho cost Df furtnight's time and in-
teFeat. The rate Of exchange must ba 4.5 per
cent, or y per mtlle, is e1xty.tay exchange
must not be above ss.so'f75 AT M per cent Dank
VI lLSlAu1 EhtEA 9DMGLsuiVt WHICH kAc fAk1 OF CT.
chauge does not warrant It, gold II ahipped; but
ihai Is due to roms peculiar or temporary condi-
GDn OF the market, which makes casA gold In urg.
cut icn,and.
TIE gTOcK MARKET.
Tba threatening rcmark fs n,hle by The Now York
Ertnlnq {'o.t tAat tho crops alpne have been con.
sdercd by tho bnfl speculators In pushing mp
sncks, and th1t they will be lucky II they succccd
in inducing the moaeycd public to close their eyos
IL everything else which determines the vatuo Of
corporate securities. Tho writer In the jtost ev!-
drnty believes, and Rightly luo, that tho manage.
ment Of corporations IL honcfcombed With coz
ruptton. aud that II tho truth known with re-
gard 10 thr!r real condition tho public would utterly
rrfuse TO invest In them. 1t IL entirely true, a.
ths New York 11Htts recently said Ia discussing
tie supervision Ut railroad accounts that In refer.
to The great railroad interests OF the United
6tntes know absolutely nothing sAyc tint which
tho companies thcmsclycs choosc to furnish for
The enlightenment Ut tho public. AS a rule, the
ihv:ttors tn the stocks and bonda Of tue railroads
arc 1t tho mercy OF The managers. Duylng and
selling Is lttle moro Than lottery. since the in.
formation Voluntarily supplied il usustly n,eagtc,
and moreover lacks tho assurance Of accuracy.
THE WALL sTHEkT BULLS SELLING OUT.
The SeW York pasoss agreo that tho operators
who hayo been engineering tho rtse hare been SELL
Ing oas. A. times, the Hsraid tays, "Ths pres.
to get out of stocks was urgent enough 10 sug
OF bondage, and tho nsauucr VI doing waa 1T.
tic courteous ~ the command Of Lady Macbeth to
stand moi upon tho order Of your going, but 70 At
ouce.' Most Of tho small operators did go lu
tho manner sdsidtd, aud many of tho big ones fol.
lowed, a. VIC Yesterday suggested would ba the
CASE, unt' pretty lively dance was instituted TO
the tuno of lower fRuIes Tbs disbursement Of
New York Central shares was. for thtA stock. un-
usually large, amounting n 1t did 10 over 20, 600
shares. II II we'll known that tAs bulk Of tho hoAt
lug stock Of this Company has been held by three
or fonF houses. That somc one Of them had oppu-
ed ths s,ulce xstes to-day WA very apparent aud
thu belief speedily obtained that such brokers a.
hung on princes fasors taa Shakespeare puts fl
were especially benefited thereby"
Tho World reports that bcarra wcrp eager and
shst thn smaller bull apeculators hare found out
,hst this largo speculative holders OF Western
Unlon have sold out on them. and consequently
suspected similar tactics In all lbs other active
Atoeks-
1ns ovKRtssux or sTocK IN PHILADELPHIA.
Several peculiar questions raised by Tho over.
Issue Of stock by President Morton, Of tho West
Philadelphia Hallway Company. It Il be,lsyed
thst tnu laws af Ftunsylyania do not recognize
such breach OF trust a. m oGsMse, and Il IL
likely that Morton may escape any legal penalty,
uu1tss the laws eorerng conspiracy and ombezaIo.
nent may bo 70 construed as to 1T his case. Where
the loss BY the oysrssue should fall II smother
tsicate and puzxling problem. 1t Ia held on one
side that ~ the stock lssued Ia legal form BY
thclegst oalceFs. the Company tsliahle but on tho
uther hand The lsw limited the stock to $500 600,
and tho uycrtssus alone amounts to g. 600. 600 or
ST. zoo, coo. Onn solution Of tho d.taeulty II 10
acknowledge al the stock. and dvido Tho whole
amount, spurious and genuine. into $500, 600, The
authorized capital. All The hollars would thereby
hecuuu camulou o~nsss, the property senalniug
the tatue. Those who lent money ou tbs stock ~
collateral At 500 would lose larxely by shis IT.
ransrmsnt, and 70 would the original stoclhold-
efs. but The o.s would be ~ equltAby alstfEbutsd
NJ spostih}r. ltisexpccted TINT The holders Of ths
orefttsued tnck collateral will press their claim
for pA,1neut IN full syalnst tho Company through
It's courts Az the market value Of tho eatlre cor.
pofallon was on!y as00. 01o and the ovssl2sus II
nearly It not quite 81. 500, wv, II will easiy bs
seen how rutnous Aoson4 breach Of trust ID 10 his
fellow stock holltfs.
WONDERFUL COLD MINES III NEW zkALAND-
The Eau Francisco tAfontcis Of Sspt II has
mail sds!ccs froip New Zealand giving The moat e1-
MIA ft tt-,A