, 1879-06-15
Less Demand from the Country for
Currency---stocks Inactive
but Firm.
The Produce Markets 1rregular-Oats
Excited and Weak---Proyislons
Dull and Steady.
Wheat Quiet and Easier-0orn Active
Movement Of Produce for
the Week.
FINANCIAL

Government bonds were steady and un-
changed in price. Dealers. in Chicago reported
q fair demand for them Transactions on Sat
uraay we're larger than the average for the pre-
cediur days OF the week. The market In New
York was reported strong, but there was no
improvement in prices. -Four per cents we're
1o2k bid In Chicago; the 6s Of 1881 were lO7A,
the IS 1031<, the 41zs 106. Refunding certificates
were scarce, and an. order, that was given
for ~, large quantity at rs1oa26-, could not
be died. The explanation in the latest
Syndicate. circular. of :. the decline In
Government bonds is fatty contradicted
bv the Treasury Department This is not the
first time Syndicate utterances have. been met
with counter statements by the Treasury. The
Syndicate circular said that the decline in the
price OF the per cents was due to the contrae-
ton in the currency caused by the use OF large
amounts for the purpose CT retundlng cc1uh-
Gates The Treasury replies that its dlsourse-
mcnts OF currency in the month Of May alone
we're s4so00, ,o00, ,-ss, ,o0o, 900 il excess OF the
total amount Of refunding certificates to oe
sold. The certificates are now held IN large
blocks. and there are few small lots floating
about. The New York Public thinks there re-
main at the very utmost less than S1o,0o0Nou OIL
the certificates for the National banks which
have vet to obtain bonds. In that case, over
go On1- 600 of 4 Der cent bonds have still to DC
nnnchased by the other banks, unless they see
tit.to abandon their circulation. 1t says:
The root OF the whole matter is that, when
$500 600 O. nd eenIs erea to
fsce4 ner cents and at the holders OF the Ssoo
0Oo, 30 beng dispos.cssed there arose demano
600. COO Of them could be sold The situation II
no changed in the least by daily sales at hEher
lower prices as onE as 'hese oaea H. ols honds
and about to be displaced, which has found no
restine place 20 long there is prooaoiy tnai ti,
bankers and others who wait Tor lower prices Will
have TO pay for their delay
Sterling exchange rates are half cent below
the shipping point, and the shipments OF gold
from New York reported Yesterday are to be
attributed to some special advantage had By the
shtppers, such as the margin gained by not In
sur1ne, No-eeneral export of specie Is expected
by bankers and dealers in exchange. Business
WAS dull. In Chicago sterling grain-bills were
4s5X for si1ty-day bills and 4s711 for sight; and
French were 5195S@51sM for sixty-daJ bills, and
5171k{a5l6A for sight. The actual Chicago rates
for sterling we're 4s74@48711 and 4S9A@4s9]94.
In New York the actual rates were 4S11 and
4s9x. The posted rates for sterling were 1850
49o. French bankers bills we're 515@517]z.
Cousols opened and closed at 81 3-16 Silver
ct London is still going mp, and was quoted at
5oAd per ounce. The London Times explain
this as due principally to the resolve OF Ger
uany.uot sell any more silver a. present. On
the 31st ult-, the 1isnes said:
The silver market is daily gaining additional
strength: the demand for bars is more aGtise!s
maintained than ever, and they are generally re.
ported scarce There certainly may not De 1nnco
silver in the market but 1t various accounls re-
ceiyrd are to be relied OF as 10 amounts which are
held back for higher rates. the cry SNORT
supplies jB q very deIusye one. To-day the pr1ce
mas reached still higher point and sellers were
able to get SLID and occasionally 81 sd; but the
amounts sold at either rate were exceedlnsly small.
we fear much OF the present rise Is due to specu-
]atiTe influences which have yet 10 nna 1uhtlnca-
ton in the state OF trade.
The Vienna correspondent of the London
Economist mentions the rumors in circulation
that the reconciliation of silver by Germany
is under consideration.
Smaller amounts Of currency are now going
daily to the country from Chicago. The ship
ments in this direction from Ne1 York have
ceased. The demand for loans Is moderate, but
borrowers are disposed to take advantage OF the
situation to exact low rates. Call loans arc SCI
Der cent, with per cent on Government and
collateral: time loans are 7@S per cent, with
some small transactions at a110 per cent
The clearings OF the Chicago banks are re-
ported as follows By Manager D. r Hale, of the
Chicago Clearinghouse: