, 1879-01-30
FINANCE AND TRADE.
Initiation Of the Currency with q
Per Cent Bonds.
Chicago Money n1arkct---Thc
1}car ilnid OIL Stocks.
I'll, Produce Markets 1rregular--pro-
visions Active and Strong.
Hogs HiRher-..axain Eaaier..- .-8tocks
In Store.


appearance III tho l2epnsits IIlauc ~ hattk cts-
toners. They are usc! to some slight extent as
currency. The immense ratcs OF tflcRe bonds
an.l their wislc distribution among the people
will be increased a great deal by the pnssagc OF
the law for aG5 per cent certificates Of de-
posIt. To an appsccinble extent the ! per cents
Will prntfucc an tp1atfon OF tho currency. They
Will pass "A money between buyer and seller IN
purchases Of real estate, accusitics merchandise,
etc. The condition OF our currency Is becoming
peculiar, With the I per cent bonds, National
bank notes, and Rrecnbacks,-thrco kinds Ut
paper money. Tho fact tllat the per cent
bonds arc tnterestbcnrlng will, Of course, de-
prtVe them OF continuous circulation AZ money,
but TINT they will be used largely Is plain from
the fact That ulcy arc already iindlng susli en-
ployment.
Governments f!uctuaicd considerably in price,
The o. Of 1881 were OF 4, to 1uGH; The '-:0s
OF 1867 were unchanged at 10lif; tfIr 5-2os OF
1868 advanced Is, Is, to l09; the 1040s declined u,
to 1044; tho new In ot 1881 advanced u. to
105G; and the new 4111s declined 4, 10 1Osssf.
The purchases Of I per cents arc lsot a. large as
fley have been.
The demand for gold has substded. The
premium ia still u Of per cent.
In the Chicago market tic offerings of grain
anA provision bills wcro light. The market was
btioAkEt} MIA IL 4cbocUcM uEE9HIHl. l3G p0HtEH
rates for sterling opened at 45s1S md 4ss1<, but
advanced to 4so aml $50. The actuat rates
opened at 4s4s< md 4s;1<, hut were marked up
10 4s5 nnl 4ss. Sterling grain AMI commercial
bI!ls were 4as7@, n,.l French Hills i221f.
Conso1s opened Mt 05 1l,1t, hut wont down
1-lG, to NIX. The Bank OF England gained
SIR, ,000 IN bullion. The London Times Of Jan.
1D my. that adequate preparation having been
innac by tile banks generally to cnatle them to
Withstand All unusuhl demand fnr deposits, INV
further small bank failures whcf, may possibly
ncclir In the provinces by continuance Of tue
tsF1!n which has already proved too mucl, for
kot'ln of them may not cnuse any very serious
1ulsehtcf outside the sphere Of their own con.
1icctlons.h =
There was good demand from The board Of
Trade for loans for the settlements Of llc lat Of
tile month. Tile miscellaneous, mercantile. and
country dcInand was only fair, but tic banks
hare hut little 1oanable surplus. Rates atc 7
per cert On cali and 8Q11o per cent on time. The
currency movement Is light, au.l tho orders for
New YORK exchange not numerous. Bank
clcnrings were t3,000, 900.
There "as great deal OF money male on
stocks yesterday, but II was made, rs usual, ly
those who operated against tho crowd. The
little bulls kept buying till the mnrkc: got ton.
leayy, nnd /: fell ovcr on them. The break in
prizes was 10 severe a. at t!mcs to border Oh
panic. Michigan Central fell 3ILf, from 8pA to
80; Lako Shore 316. from TN to Tx; North
west common ~. from G511 to Gt:
the preferred 4, from 6S11 to 841f; 81.
Paul common 6s1, from 4sh to 49x:
the preferred ~, fsom ssh to SIN; Rock Isl. ]
and X, from 1e7 to 1a5s{; Illinois Central i,
from Ssto 81, Burlington tE Quincy |, from III
to 110; Alton ". from 8S To s7tt{; Eric .t,6,
from 361f to AN; Wabash Q. from a1 to 4i:
Ohio 4 Mississippi IL. from 1o}S to OK; C., C.,
G. & I. !, from Ak to 4S5ff; st. loo common T.
from 15}{ to M; the preferred n, from 20 to
tSA. The coal stocks suffered severely. Ucla.
ware i Hudson went down ~, from 451< to
II; Lackawanna 5, from b5115 10 COX; aud
Jersey Central asti, from 43>1 to 392sf; Western
Union lost 36, from 0s tn OK, after
selling as hel, as %; C4uada Southern
lost ~, from 5diH TO t.. It was r.
ported Tint Gould had engineered tho break
III 81: paul, which was followed by a small
panic IN other stocks. There was after this
rally an.l MI Improvement In quotations. but It
was only temporary. Tile raid ya,
renewed and quotations ran down. Tic
wAotc market showed great fcycrishncss,
especially In tic Granger stocks. a
!cw dtsetol[nel anl ab1o operators
Ind The courage to buy at the break, but ,lc
rrawd vas too badly drMoralizcu 10 follow The
1raa. There were said to DO hcavy realization.
hy the clIancs In the Granger stocks, anf tho
obviously correct Information was vouetlsafed
from New Yark that there wese largo snles Of
"ionE " stock. MAny stock operators look far.
ward Will! AI1tcty to tae COURSE Of the market
tt'.'a}. hut uc number of tlrse operators has
l*en seriously diminished by thu ,,rcstltigIta-
tof1al a'sappearanso of their ., I. d ., or per