, 1879-07-04
FINANCE AND TRADE.
Governments Dull---For-
.eign Exchange Steady.
Chicago Money Markot-.-Break in
Northwest and st. Paul.
The Prsdate Markets lrrgular.".Nheat Excited,
and fakes a Decided Adyante-..Corn
Slrsagef.,
Pxoviaions Tame.-Hoga pnll---Crop
Noter, Foreign MID bo,neztio.


Vs9sf E o@eAAA ssAsA |~AAokt1Vs
F1NANc1AE:
Business in uovcrnmcn.s was qtsos. Tho quo
tatton on which most of tho tratAactinns wcsc
made WAS 10111 BID for per cents. IN tic after
noon tho usual decline Of Il took r\ce, and tho
4 pcr cent. were quoted at 1o1% bid p Chicago.
1scfundng ccrt.fcates wers 10296 htd.\ The act
Ire octnnnd for per cents Tint was tfetcd 10
fellow tho haayy disbursements Of JstY has
not yet made Its appearance. For ono thing tic
amount payable In New York tn July forYnter-
est md dirtdcuda has been oyesebtnatct1. \Tho
general figure of 81, ,00o, Goo Is an sxaggerahon.
a more correct calculation puts II ~ foltoAs
1nterest on Government stocks, s1b,oo0, oh;
bank dividends, s1,50o, 900; railroad diyidenlS
S10,000,0 900; interest on rnllroad bonds, e5,
eao; total, $31, ,5o0,0oD.
Ths*e was fair business done in foreign OK
change. Startling was steady md French
shsde'wcakns. In Chicago sterling grnin.b!lfl
were sS31S for sixty-lay bills, and 1854 fol
sight ;Tand French were SEX for sixtr-lay BILLS
and 51 for sight The actual Chicago rates fol
atet1ng were 4S51 nnu 4B7L.; In Now York
tho actual ratcs wern .tS5N and xsT1<. The
rostcd rntcs for sterling wcro 4sg1S@4S81f.
French bankcrs' BILLS wers 5111<<Ge5l5.
The most important itom In tho foreign tlnarl-
dal adv!ccs Hus the rise OF silver to SEX pence
ucr ounce IN London. It Is evident that tho siI-
ver market Is pAssing from under tho control OF
tho abnormalty depressing Influences TINT haro
been at work On 1t. There ia one pcculiarity
zbont the silver market tint makes It especially
responsive to new dcmanils-tle t}caicrs cas1y
virtually ITO stork on hand. The Bank OF
England gained S715, 900 In bullion during tho
past week, mud tho proportion Of It's reserve to
liabilities is now 55li4 .por cent. Consols opened
at OF 1916 and ndyauccd to 05 1-1G.
Chicago bank clearlngs were $a,0o0, goo.
( Apart from tho double business which prccetes
. holiday, everything was auict In financial
circles. Tile country is takng anav a 1Ette
I more currency than It aends In. and !s or1arlng
largo amounts Of exchange to New York. Dis.
counts were moderate. Rites wore !, t. aud
per cent an call, and 7G58 per cent on time.
Win tho advent, JULY l, Of tho new Interest
law, the old III per cont ratio disappeared.
IT Cook County per cents were sold nt 102lI
and interest, and Cook Is at 1l31I and interest.
Brokers are paying 4i for tho nov scrip.
Something more 6crfous than gu ordinary re-
nction wns at the bottom Of tho breakin st. Paul
and Northwest common elucAs. It mas sou,c-
thing ercn worse than grasshoppcrs, alarming
reports about which ]lavo been In circulation.
The late heavy rains In Minnesota a1al Iowa
have started rust In the wheat, nl,l considerable
damage Is threatened. Sofne wotl.infor,ned
operators on the Chicago Doas.l nj Trade, who
Rpond considerable money and trouble IN keep
fzs themselves posted, oucncd tho break by sell
Ing st. Paul In largr lots. Tic effect was to
run The price down from 531d 10 b016. There
was toward the end slight recovery, n,,l tic
closing price was 5!N. The preferred ran down
from soH to 0o}6, and sold finally ut 0lYx.
NorthHcss common toat IN to- Gf, cloBl.g nj
WA. lhe prelcrfcii opc!Icd nj .a56G, xt,td down
TO- soH9, aud closcQ ut Oil, a net guin of N.
,ifle DEVELOPMENTS with rrgard 10 rust nsa unt
unexpected. As eontlrnutor5 ot l4a aslyces OF,
which those acted who sold st. Pau! and No,;ll-,
Wost, W. find Tint, as long ago rs ,Turt 27,
Tie very accurate Chicago correspondent Ut slle
Now York Daiiy HnNtt;n informed II, read
eFs that "The fact Ia now beyond question
that Minnesota 10 getting mnre rain than It
needs. During tho past t|lrcc weeks rains llayo
fallen almost constantly, I'LL! will q ilcgrce ui
heal which, In aome localities, has developed
rust. Should this stnte OF thnea continue, It ts
not ut oil unlikely that the wheat will lodge
badly. Ono wiscacrc u st. Paul, who lms
the population Of Lis State inore ut stalks
!. t1an Ills own, tclq,raphB to one Of
cur city papers that Estimates arc be-
Ing mado now Of the protabia Weld of
wheat under favorable circumstances, as llo
puts It, at ,0oo bushels.'. hut l,e u<ils
that repetition OF list years. disasters might
cut this down ona.hlEf.' This Is an admission
that tho somebody y considerably Worried lust
no" 9cst something serious is going to beful
this crop In th[s statc Our fear ubout this
season 10 that thoseason has boen 30 backward
that the great tHoublc would bo that Tic crop
would rfpcn utcVenlY and 1ll poorly, We
think that the growing wheat will haYs more
serious difficulties to encounter In the month Of
July than hereIofore," The rest Of tl1a nnrket
was dull, mi offered no special fcatuzes.
Michigan Cc1Isal made Is, to TAN; Wabash y,
to 81; ohfc d Mtsstsslppl u, to AZ; St.
doe 75, to 70; tile nruierrcd ", To AK;
Delaware Hudson i, to ~; Lackaranna X.
to 81; Ksssas City Is Northern u, to 171k; tie
prclcrred II, TO 4G;{; Kansas Pacific i. to
6o14; Minneapolis Y, to 81 The Losses, besides
those tp tho GranEcr stoeks, were Lake Shore
q, to IN; Burlington de Quincy II, to 1tG:
Ests j, to TN; Jersey Central ", TO SIX; Kan
sns Texas n, to 1h11; San Francisco u, to
o&' the preferred n. to 1119; mud Erio pre-.
fened A9, 10 5l;h.
Eric second o., gold. opened at INK, and
tiosed at 701s. Tho hlghcst point uas 1pH.
Noethwost Eold honda we're III ;st, pnni sina.
ins funds we're not quoted: Burlington. Ccdar
Rapids T. Northern 7814; and Alton ru1d o.
1001<.
1sailroad bonds, Ia New York on Tuesday,
~cso active aud baoyant for tho Eric and Kun. |
tas & Texas issues The transactions tn ErIu
consolidated seconds amounted 10 $500, ,04D Htd |
fn do funded II to sl69,Ou Tic former AL /
vauced to n, and the latter to 7U6, closing Ut
the highest points reached. Erie coneuli-
dated 7h 'rute frusn 1l21f to.1191s; Ka1has ~ !
Texas consolidated assented advanced 10 INK,
aud DO seconds to 81A,-Slol.0oo aud taR,OdO