, 1879-05-11
. How Refunding Certificates Are
Converted Into Bonds.
Another Advance in 4 Per Gents
Slight Improvement in Stocks
rha produca Markets Steadier--Hogs
Easier-A Quiet Day IN
Provisions
Breadstuffs Firm-A Good Shipping De'
mand for Flour, Wheat, and 0orn'
FINANCIAL.


.ra;n The rate in New York WAS 102A bid and
7ft,s< asked. In Chicago the dealers pay lolt9
7o21S and sell at 10236@102h. Some sales OF
7aroe lots were made at 102 3-16. The banks
and 1arpe dealers in securities are quietly pick
1np nm the refunding certificates and withdraw
;n,, Them from the market, on the calculation
that there is better profit in carrying them TIL
lnlr for conversion into per cents than III
turning them over to investors. The price bid
for the certificates has gone up to 101A9lol}1.
The aponized efforts Of the Federal Govern
1nent to uip in the bud the small boz specu1a"
tion in certificates have been only partially sue
ressful. There was no change in tile prices OF
the Gs and SIS of 1881, or the AIS or currency u.s.
A correspondent makes the following inquiries
about the conversion Of refuuding certlhcates
into per cent bonds:
tn the Edlor af The Iribunt.-
CHICAGO, Mar 9.-Therc are q good many peop,,e
in this city and elsewhere who are 9e
lowing questions, and don't ind anybody 10 Eetufn
i. How is the interest Of 4per cent refnndinss
certificates to be obtained by tic holders OF sa'u
=. How are the certificates TO be exchanged for
per cent bonds-e 1hs mea1s ope[h ,th eend Them
to Washington for exchange, or may IL oe oone ~
1.-THE Sub Treasury here: .,..no.,h,a IN,
S. Do yon consider the bonds good invest
t1nent: .,,,., c,orc.d
Current premium on 4s, OF Goes the Government
turn over the bonds al par: ,,,a, 49,,
= Can the interest on registered PONG pe co..
:1cc,ed annually, must one run Tue fasR u =
~fina: disposition before he can realize!
think your renders would like to hear from you
on these points, and any other suggestions you may
mike on the same subject foUh FER tEsf-
j. The interest on the zefundinS certificates
is TO be got By sending them to washington TO
be converted into4 per cents.
.. The conversion into per cents is to be
made by sending the certificates, together with
thu name and address Of the owner, to the Sec
retary OF the Treasury at Washington.
8. The exchange can be made only at Wash
:incton. .
4. The owner Of the certificates may have
coupon OF registered bonds for them, as he pre-
:fers.
S. The bonds are good Investment as FAR as
concerns the security OF principal and interest,"
Investors must judge for themselves whether
}tle rate of interest is remuneratiye enough,
fsnd whether the per cents are cheap or dear.
e. The certificates are exchangeable for per
cents at par. The Secretary Of the Treasury
has informed the public that the conversion
will not be made ill July /. The interest due
July l on refunding certificates sent to the
Treasury Department will then be paid by
Treasury check to the owner OF the certificates,
with per cent bonds for the principal OF the
certificates. The per cents exchanged for the
certificates will be new issue, dated July l..
The Interest due on the certificates after July !
will lust balance the interest due on the per
xents-
z. The interest On registered bonds is sent every
three months BY check from Washington BY the
Treasury Department to the address OF the
owner OF the bonds. These checks, like thos<
6enr for the interest on the rcfundlng certificate:
Adue before July /, can be cashcd at the Sub
Treasury. II the recipient lives in town where
;-there is no Sub-Treasurr, they can be cashed al
"a bank, subject to the usual charge for ex
;chauge.
Foreign exchange rates on actual transae
15ions were higher. The supply and demand
were small. In Chicago. sterling grain bill:
were 4644N for 6o-day bills and 4S6A for sight
and French we're strong 1T 5l9a5@52o58 for 60
day bills. The actual Chicago rates for sterling
were 4s7 and 4ssA@4ssH. 1n>New York, thu
actual rates were 4S7 and 48SA@4SS11. Thu
posted rates for sterling were 4S7k and 4S9
French bankers bills we're 516X and SIS, ant
actual rates we're 51s11{ for 6Qdays, and 516A OF
demand.
Consols opened and closed at 9s GIG. Tht
London Economist prints table Of the prices
OF consols since $500. The lowest point wa:
5o4 in 1903, and the highest was In 1914, wher
they rose to 101s6. In 1780, they sold at 474.
Business at the Chicago banks displayed nj
more than the usual Saturday activity. Dis
counts were In light request. Rates remain a
697 per cent on call, aud 7(@6 per cent on time
with some transactions at S410 per cent. TIL
currency and exchange movements we're eacl
light
Chicago Bank c1carlngs for the week are re
ported as follows by Manager D. R. Hale, Q
tho Chicago Clearinghouse:
Date. CIedTiuuS, B4I1ness
Monday. ---.S j, 0S9, 812 S 405, o.
Tuesday ..---.-.......... 3, 333, ISL 800, ~
Wednesday $500. 49,. :,077, ySB PTS, -