, 1879-06-03
FINANCE AND TRADE.
The Four.per-Cents Down Again
"''Fore'gn Exchange
Dull,
Chicago Discount Market
IN Stocks Weak.
Tho Produce Markets steadier-.-Pro-
visions Easier, with Large
Deliveries Of Lard.
Breadstuffs Ftrn0---Whcat Quiet
---StoCks OF l7roduoc.


FINANCIAL.
bonds opened wcak. Tho Ercntcst decline
Yns in / PR cents, which Weru quoted In this
market At 1031S bid, against 1Ga,< htl Oil Hatur-
tsRy. III thu afternoon tho market went eff
ag,tln In sympathy with anutNcr decline at New
York, aud ]. wcro quotel In EhIrago ut tlf!.1H6
bid ind 10o1s as1sed. Chlcauo dealers report
that they arc buying moro hontls than they are
selling. Their experience Is tlls same as that
Of tic New York Syndicate, the Individual mem.
bcrs Of which asato tint tar'r purchases during
the break last week were larger thntl their sn1cs
KcfundlnE certificates nuctuatcd with tho bonds.
Brnkara here at the opening OF business paid
1o2A, keeping Il below tile New York rate.
which was 10!79s, With tie market rcpurted
firm. The weakness ol bonds forced the
buying prize Of certificates down to
10aAlo21S. nntl finally to 10i3+@10lI. Brokers
wcre selling III the afternoon nt t01Gl1024. The
cinnges 10 the senior Gontls we're not AZ urcat as
in tic IL. Tlle Gs OF 1851 wsre 10Th BID, the bs
1e3}d, tho ~ 10o36. The dcclins in per cents
IL attributed In some quarters to manipulation
by tile members Of tho Syndicate for tho pur-
pu.o OF getting hold Of t'c largs amounts Of
rofundipg certificates held by l11c outside brakers
md doalGrs. The defect Ut suc, explanations
Of tho state OF tho market Is That they cannut
bn verified. The fact seems to be that tho Syn
ticate have naturally lost thelr control Of tho
market, as they llaye passed thefr boutls over
into other Al,4ls. I'rtccs Will HOW be tlxed by
the ordinary PRICES uf thu market, influenced BY
the advertising a,ld turrahtng OF tho Syndicate.
The co.1tsnon idcu that fargo amounts
Of the ds arc being carried by spccu-
latlyo operators Is declared incorrect by the
Financial Chroaict, Which states tint 1t has
inquired during tic week OF sDule Of OR lead
ing bank officers, who always loan largely on
United States SECURITIES, AMI tho evidence they
all Elrc h, that they are having very limited
offerings Of per cents ua security for
1oans. The banks are carrying tho $40 ccrt[tl.
catcs ID largo ahounts, a1,d mlst continue to
do 50 until July, when tile ealls mature a,ld
tho certificates are convertible; but thu bonds
they arc not carrying, anu there are but few on
tho slrcot. In word. It Is remarkable cir
cumstauce Of this very remarkable ncgotla-
tlou TINT tho per cc1ts, as issucd have
gona directly Into tho hands at Investors.
In forecast!ug Tie future price Of / usr CENTS
Significant faet tllut llss newspapers arc utmost
ali "bu|li " on bombs. The Financial Ehroaicie,
the Pubic, the Boston Commercial B'titliA, the
financial writers Of The New York daIllcs l,cicyt
IN higher prices for per cents. As journalistic
urediet!ons Of this sort are almost invariably
wrong, IL nay bu sater to expert = Jecitnu iit
Governments tLau rise.
Thtso nas onlyt moderate supply OF foreign r1-
change bills, In ChtguGo sterllug gsain.blts wcre
1854 for B0-dsy bills snd 467ta< for sight, md
French nerc 518G l5t9 q for fqLday bill and 6lGlI
fur sight, Thu actllal Uhicugo rites Tor sterling
were i87Ql 1911 und 9aiGe4GB. In Hen Yorl, The
nct,,ul rates vera 4S7l40pis711 u,,d 4Y9li. TIN
posted rates for stcrliug wcse 4sSlf5614oU.
French bonkers' bills wera 515Ge512h.
Chicago i,tlIk clcarings were $U,5DO,00 co.-
yttlefably icss tlan on tic ilrst day Ut lust
Iunth. There were uu especially hcayy dclty.
rrcs, unl ihc denaud for accommodations for
]}uard Of rrulu settlctucnts VAS unt prrssTnr.