, 1879-08-24
" Government Bonds and
Foreign Exchange
Dull.
Chicago Financial Matters---The Pro-
posed Mining Exchange~~-Rail-
road Stocks.
Tho Produce Markets Atti7e, and eeneFallJ Lower
Corn and Oats Weak--Wheat
Closed Firm.
Provisions Iregnlar-Meats in Good De-
mand--Movement Of Produce Dur
ing the Week.
FINANCIAL.

The Government bond market was very dull
Inquiry was limited, aud purchasers were main
ly investors OF small amounts The price Of
was lowered in Chicago to 10oX bid and 1011
asked. In New York bonds were offered q
10lH. The Is Of 1881 were down to 104 bid. /
ts stated In New York that the extension o
time for the payment Of the sum due bv tn
Syndicate to the Government was not asked TO
by the subscribing banks as body, but BY tn
First National, which. on subscription Q
23,000,lO0, still owes the Government
E46, ,003, GOO. The New York Tmes gives tn,
following table, 1hich shows the condition o
the subscribing banks in their relation to tht
Government in this matter:
Balance due the TreasRry
Bss o Ssnk' eo 600 aes - o5
5sa& q SsS s1 1es:.::: GO: CO., 600 90 1Ss5Hs
Bank Of tae State OF
nsnover BANK ....:.... 5000. oo9 nothine.
Chase National Bank. 1-0o3, 600 nothing.
Continental B.nk. -..- 1913 GOO. o0o 46, 900. 0o1
Ali the New York banks but the Bank ol
Commerce and the First Nationa; Bank, and all
the Boston banks, have paid what thev owe.
The Times Is Informed bY banker that the e1-
tension applies only to the First National Bank;
but whether it Was granted as special favor on
the part OF Secretary Sherman, or because the
bank found itself unable to meet its engage
mcuts With the Goversment, is secret known
only to the contracting parties. All the sub
scr1bng banks in Boston have paid their sub
scriot;ons in full. The Treasury Department
eeerns disposed to require that the holders of
called bonds shall present them more rapidly
than they are DOW doing. The cause Of
the reluctance on the part OF the hold
eys OF called bonds to present them
just at this time is the general feeling
tllAt the price Of per cent bonds has been
torced no to point beyond their actual value.
and holders ut rclore defer. presenting their
called bonds until the 4 per cents shall decline
TO the price which prevailed prior to the recent
negotiations of the Syndicate. A few DAYS ago
the ter cents had declined to Il per cent pre-
MUM, but as soon as tue extension of time vas
granted the per cents we're forced up from 31
to 1255aper cent nrernium- According to semi
official statement from Washington, there IRE
at present in the Treasury betweeu SIS. .000, 900
and $50 0o0, 600 Of 4 per cent bonds which the
Syndicate has subscribed for, but not yet actu-
ally taken out, and upon which interest has
been collected. The average daiy amount Of
called bouds presented for redemption thus far
this month has been about 81, ,000, 600. If set
Elements on account OF called bonds presented
for redemption are made as rapidly between the
present time and Oct / as they have been dur.
ing the mast three weeks OF this month, the
Syndicate will have no difficulty in fulfilling its
contract Otherwise there will be serious trou-
BILE.
Foreign exchange was dull, With light de-
mand for bills, and small supply. Posted
rates for sterling we're 4S214@4S4118. Actual
transactions in Chicago were at 4S1 sni ASK,
and in New York we're at 4s1@4sl1$, and 4S3]f.
Sterling grain bills were 475114f@475N and 4s1.
French grain bills were 52s115. and French bank
ers' bills we're 523}5 and sos. An additional
S300,0 was Withdrawn from the Bank oi
England on Friday for shipment to this
country. France has shipped S40o.000
In specie in the Last four weeks, and
high French authority estimates the further
retnittances to be made by that country ut ST.
$4,000. The London Economist OF Aug. 9,
points out that all the leading banks OF Europe,
Is We'll as in America, are overstockcd with bull
ION, as the following figures sufficiently testify;
and a movement of the precious metals just
now until 1t shall have attained unusual propor-
tions would produce far less effect than under
other circumstances would be the case:
co1a GOLD AND BULLION IN EUROPEAN STATE
BANKs.
Aug, 1873. Aug, 1878
pauE of ENGLAND. 81. :}6S ()(O 4%31 1En n3n