, 1879-05-28
Foreign Exchango---L0cal Dis
Fluctuations In
Stocks.
Tho Produce Markets More Active
Provisions, Hogs, and Corn
Fir11er.
Wheat and Oats Irrogu1ar---Tlour in
Good Dpmand---Qrain in
Store.


purchases ~ much ~ sales. There ia spacu. |
lattva clGmcut In the market which Is easily |
aturmed by tic prospect Of lower prtccs. Two |
days decline was too much for this class to |
stand, and they sold. lsofundInE certificates
wore also lower. The hlgtcas prices pAiA by |
t,tokcrs for them was 102. The supply is too |
large. There would he no difficulty in the |
absorption Of a much 1arRer a1nount thnn
tho s45,o0o,000 to be issued altogether |
II It was not for tho withdrawal
Of 1egnl-tendars from circulation. The |
bond market Inns bcca undoubtedly affected |
by the heavy subscriptions to tlo rofundng GER
tlticates. The Treasury has been selling Mt par
what ore virtually bonds at tic rate Of one to |
Two millions of dollars 4 day, while the 6Sndi-
cato has been charging for the sauo security d
premium OF . to 81 per cent II The sales wore |
light, nlitl the distribution Of rcfun1fng cestih-
Gates was conucd to thu snlnll class OF savings
tnyesturs for whom they were intended, this |
competition Of tho Government would not have
amounted to anything serious. But the bllntler
OF the Government In selling 500 worth Mt n
time 1as ratscl tho subscriptions to a point
which seriously affects both tho Government
bond market md the money market. The
Treasury Department has Issued cir.
cular which will be found In our
news columns tlts morning, by which MI nj
LElAuk ID ilHl1 W AEEaE LNG HFCEAlALlosls ~
suspenls the salc Of certificates at Washington,
Boston, New York, Philadelphia. md Baltimore.
The remainder Of the certificates tho Sccrctnry
Of tho Treasury desires to have sold by Post
masters at other places tfan tloto named aboyc.
Tho ovilent purpose Ia to cut out tho spcculat-
ors, nnd leave open only the ayenucs 1ikclv'to
be fsequcntcd hy the people. But tho Post
masters hare abused their trust In this matter
They hayc sold the ccrtttlcates In direct vfuta-
ton ol Instructions III large blocks OF Thousands
each. Packages Of latge amounts are coming
Utmost daily to this market In the original Goy-
c.nmcnt Enclosures. This Is dong'to ob1igo
country bankers, who want to get enough re-
funding corttasatcs to provlds themselves with
4s in place of 1040s for their circulation. Tho
boul market will DO to some extent re-
lieved by the slower sales nj certificates
resulting from Secretary siernlan's new order.
For the mosacns the situation Is pecultar.
T1,c Syndicate advanced their asking price yes
tcrday to 1naG110Its, while In llc open New
York market the price tell from 1131S to 10B,
uud closed at l03}Ge1l03t{. The roault has bren
tu stop tl,u Syndicate sales md scld purchasers
Into the street. There favr becu speculative sort
sales If ho.os fl New furk, just US In Chicago
there siavc brcu salcs to reuzc. 1u tllr ground
that tho pricu was tn high, ull tflat tlle money
MARKET wos bctn, caanngcrcti by The rapid nll-
eorutton ol 1c:al.tenttrEs by the Treasury. Tlts
tatter movement will bc to sosne extent cOun-
tesavtet By S.esssar7 Shcrsnnn'S notice Ut Mon-
day, tl,at payment III principal and Interest uf
cal,ci honda tluu mturc 3usy will bu nnttci-
ratcu nt once b7 tilu Treasury.
Tlcro was fnlr supply Of bills in tho foreign
exchange market. In Chicago sterling gran.
bills wcre ds51a1 Inr go-dv bills md 18Th for
sight, a,ld French were 5l84 for C0.uny bll's.
The act,lsl ChlcAgn rates for sterling wero S7113
and 4S9{SQ4S9%3. III Naw York tho actual rates
were tile satne US III Chicago. THO posted rates
Tor sterling were 4Ss;1Ge4V0. French bankers
bills wcrG 5l5Gf51a15.
Cousols oncned ut % 15,fN and declined 10
9S 1910,
There were laree receipts Of currency from
New York DY tic Chicugu banks On arcount Of
tho lccul tlciua,id for tcgnt.tcnllers. Legal
tendora wcre sold BY thu brokers In 800 lots at
tlle rate Of $l.50 prr $1,OW premium. Dis
counts were moderate. There Ia sotna Board of
Trade e,nnnd for The settlements OF tho first
of tho mouth. liatcs arc OCT per cent nt tho
banks on calf, with some choice loa,1s at s per
cent, nnd 7G9S pcr cent on time, with small
transactions at SG9l0 per cent. Bank clcarings
were $3,40000o.
The 1narlset for local securities Is dull, re-
cause there is no supply. The tleu,nt Is active,
{r1u4 *hoAn Il 1,.1 Il
au a ~ p.eI a - .Ia. aeo1s ao'sa oeo~ n eu
noaS "nn,. W ,", "ana .".e .o" "eo ,o,a| ;
ss.s os Souo'' = pe' s0n'' "'s' so'o NJ io''s a'"
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osN' W, gpeusa e'!. s.so. oas nl "os noa % Ite's
o"n e ~, t1ae sas1 ss1ts Mas ns,''s, s,a aa'ase
Ia ~ 10 'o2b ~. e'ossa sH Ut IT. '1 & A1asc
fae'as =. n snnTa @ q, 10 4l2a, u'nl Union rae'lle
y, 70 ~ In lile oh'y J. o1ner @ ram on open!;
ps,ess - "as % n'aae ny; ~ o. @ rnI' epmso" w''en
m,ta nuyaneeu isona no,s ~ o.A, @ elos.!,s ~ ".
n1 up"a'u nt ',ose.ens - "as " s1a 1ee. ot 'he
."' us'lostaao 1uaEn'n1 asl' u ,a'es n"'nor Of
s.''ta.o.s' 1s aa ane'e a'e Euu mnu' 'ao'.s u
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S. ealeon . t'as 'u , ptssInt pm' ID ~. rpo
u'go' nnu aso ss,aa's ." 'na! e'.'eualoa, .'. tna
ou5 .us neauea !E :" usla3 .ne's estimates .ns IT,.
a''a 'aahe .Ien p''svsA1 napp5 ,, 10 .'.. % so
oaou'u -" 9. NJ '"on "e ~ ~! "
r1s ta4.ea !a ~ az @ Nv ''nss e'oshs "! ''ae
.ss s"1"su @ Nv s e'o'o stuate' .r,'', ~
".'. .-s. 1os'es -" ops"''S 'uosn's' 'n. '"o
aun'ss " 1a'e' ~ .I'. 'ean1o psonts' n'" W
t,'s t.a '!'o'. s.as ~ !"s'eaass % e'ely 10y, anu
e's - an 1,a'oss ua'e'1at eAp'etat!os' '''at