, 1879-08-15

Something Like a Panic in Gov
ernments and Stocks. :.
Tho Money Market Actiyo In New York
npd Dull In Chicago.
The Produce Markets Moderately Aotivo.--
Provisions and Corn Stronger
--Hogs Firm.
Wheat and Gals Eastsr...Flonr Dnll-..llow to E.
port Grain at lrotit.

Nhtnt and Gals Easer...flunr Rn1l--.aow to E.
port Grain at i'roht.
FINANCIAL.
The decline in the price Of Is prnii,,cel differ.
cnt effects in New York and Chicago. In tho
flrst there was decided rna 10 ar!I, while hero
purchasers Werc stimulated by tic depressed
a,,usuttans. Chicago dealers lid q good busi-
ness. Homo largo orders went trnm here tn
New FORK for bonds nj The Invest prices. In
Chicago the "a were t00s{Dl0O1b bid, and 10l16
0plolA askca, the ~ wcro 105H and JOSH,
the 5s wcre 1Ufjb, and 109t4 md tho 6s 1G}fs
md 1OIA. The weakness til the market Is np-
pnfentlY dne to the bond settlements with the
Government. These l,aro added several millions
since Saturday 10 the largc amoltnt already On
The market. 4 eood unny sales tIayo also brcn
made on speculative account Of thr coupon Is,
and thta has added to the downward movement.
Foreign exchange was slightly Eirmer, with no
ehaDEc tu rates, except for French grnln btlls
Posted rates for sterling. were 4s2>11te4s4,ll.
Actual transactions In Chicago we're al 4s1il
and 4s91,l, and iu New York wcro at 4s,1L5 mud
4ssx. Sterling grain bills ware 470 nnd 4s1.
French grain bills wcro 52SM, and French
bankers BILLS wcrc 523t4 md 59056.
eonsols opened ami closed Mt NJ 7-1A Tic re-
cent DECLINE In thcse securities has been causcd
by the prospect Of moro actiyc money market
Ia England. The shipments Of gold to this
country hnve caused ratcs to hardcn pcEceptibly
In tho London money market. Tho
Bank OF England gained *t90,0o0
in bullion during tho past week
Notwithstanding the American demand for
gold. The banks rcscsyc is now hG lfl-fG pcr
eeat Of Its liability. Silver was agaln 1Sl Per
.,,EA1. ,rSk,,r
pence per ouacc in London.
Loans on New York account were sought md
obtntnel ycssrrtlay of tho Chicago banks. Theac-
tiylty In thu New York money narket, wt,fcl, has
carried tho rate OIL call loans on Governments up
10 per vcnt, has not been accompanied by anY
s!nlilar movement here The Chfcngo money
market Is decidedly dull As un instance Of
this, It may be mentioned that loan Of several
hundred Thousand dollars was made hero yes
tesdaY for fty tlays at the rate Of per cent per
nnnum. Applications like those yesterday
from New York to Chicago for loans nre
something new iu finance, and provo that the
wealth Of tho West Is making Ch!cago Il f'nan-
cal centre, anu bringing II into close relations
With other monetary capitals.
The bank clearngs wero 9,400.G0o. Rates
of discount ut tho banks were 3@8 per cent
on call, a,,d 7GlB prr cent On time, Currency
orders were liberal. but not heavy.
Cook County Is, long, were offered between
dealers at lex.
There WIS unusual excitement In stocks. Il
twist Ia tho money market started tile crowd
to selling stocks US furtously as they have
been buying till within u day or TWO. 4 So
yerc decline III prices was the result and thu
moro prices declined tho greater was
the pressure to sell. There was
not O pnnlc. No such break Or
CURED rs to make 1t necessary to call for rnar-
gins, but n condition of things was produced
that bordercd on tho panc. A regular old
fashioned breakdown was imminent several
times during the daT. 1t was prevented only by
thu reatlluess With which tho largo amounts Of
Bsocks thrown on the market were absorbed. 1t
was evident that somebody stood rcady to buy
oil that wero sud. Some very largo orders
vent from Chicago to buy both St. Paul And
Northwest, when they looked tlelr worst. The
market rallied towards the close, but a. the very
last thero was another bad break In Lake Shore,
and at the cnd the atmosphere of the
market was mursr. Alylccs from
New York wcro bcarish decidedly, and
the operators tlcro wcro evidently bent
on getting buck at the lowest possible prices thu
stoeisa they have been selling at tho top VI the
recant rise. Tho bears have been watching their
chnnces fur some time, and they made the most
Of the monetary BtrngencY which suddenly de-
vc'opcd itself. Thu success OF their Efforts was
visible especially in Lake Shore, which closed .
cents below the highest point Of Tuesday, md
aecnts below Wednesdays closing price. This
sudden change iii thu course OF Lake Shore
jus.fslcs thc prediction TINT 1t WIS 10 hc atdlcl
to tnisIcad ur mnrkct, Just as Michigan Ccntra.
was at the beginning Of The year. Tic tight
ness Of money, about which 60 much WIS
said in Wall street, can hardly bo
moro than Temporary. Tie Government
Ia now closing I'D Its bond business with lho
banks, and this laa operated to stiffen ratcs.
The tlratn Of currency to tilt Vest llus a!so Ind
slight effect OH the reserves OF the New York
bunks. These couscs would hardly l.aye pro.
auced much change III M Ordinary co,lditton Vi
things. but the fact appears to be that tho
money market has been quiet and depressed so
long that 1t Ia unusually sensitive to any breath
Of wind from new quarter. Thc stock market
Is peculiarly liable to sympathizo with tho
nouoy Maskct, because the cxtro,nc. cado Of oh.
taipsug loaus bad led to the employment VI at,
extraordinary amount Of money In stock
speculation. But It Is impossible to sec
unything to make tho money ss1ar.
kct tight, except Temporarily. All nc
counts agree that lasgo amounts Ut foreign gold
must come 10 this country this year for food
The currency tlat will be taken from Nuw York
and Chicago 10 moVo the crops will tmnlediatel,
dow back again. Railroad building, lnaru. .act'
ures, a1su similar Industries arc raylylng, but
not to auy such extent as to make money per'
1naneutty tight. Tint will not come till wo are
on the eyc Of tho ucxt panic. Wc are NOW ou1,
half way on tue road to the next pan!e, Hui
though money bs tight only far Il tav or two, fl
docs not follow that tho decline In stoeks will bt
10 shoFt-liycd. They lluvc brrn es,ng W,
ain nit fn1,nn ff.rn 1st,sr 1ttns. Il