, 1879-04-13
Governments Steady...Sma1i OF
ferings OF Foreign Ex.
change.
Heavy Western Kemlttances 10
New YOrk---The Stock
Market.
The Produce Markets Fairly Active,
and Most Of Them Firuer.
Wheat Strengthened by Kansas News
Movements Of Produce During
the Week.


Business In Governments Was conHneu a!uos1
entirely to the 4 per cents. Purchasers are
mostly small investors. Prices we're STEADY,
and the per cents we're quoted tlrm at wy.
The Is OF 1851 declined 11S, to 1855, the lo-4os
advanced 35, to 1007s, and the new 5s OF 1891
Il, to 10425. The call Secretary Sherman has
issued for 100000 10-40s was in pursuance
OF his plan making future sales OF per cents
less favorable than those that hare been already
made. The call is against per cents to be sold.
The Secretary is understood to have decided 10
shorten the credit that has been allowed TO SUD-
scribcrs for the per cents. This is now ninety
days, and it will be shortened to sixty or thirty
days. Double interest will be saved TO me
Government by the amount OF the shortening
of time. II the Secretary should not Sell
enough 1 per cents, or $40 certificates, to re-
deem the 10 40s now called in, he will De aoio
to nay for them out OF his abundant resources
in the Treasury. The New York journal o.
Commerce makes this suggestion, the "eaK
point OF which is that the holders OF lo-40s can
not be compelled to take per cents IN e1-
change for their 5 per cents, and the treasury
cannot afford to pay of the 1o40s, or any
large proportion Of them in cash:
It is suggested as q course which Mr. Sherman
can pursue in refunding l0-40s so as not TO pay
double interest, that he issue circular notlIylng
holders OF 10-40 bonds that he Will exchange tnem
for Is and allow ninety. days interest," on lhe
surrendered bonds. In this way speculative SUD,
acfDtions for the Is would be stoppeq an. anu
there would Ie an even exchn se Of bond Tor oond.
The Treasury would save tile commission Aeleto'
fore paid on subscriptions to the Is. and refund
ing would 20 on in such why as not 70 interiors
with the business interests OF the country.
In addition to shortening the credit to sixty
or thirty days, Secretary Sherman will probably
reduce the commission allowed to e OF per
cent, the same as that on the $40 certificates.
The certificates are now selling at the rate OF
81 ,O00. .0G0 week. The Public wants to know
what Secretary Sherman will do if the sales OF
the $40 certificates keep ND after all the 1910
bonds have been redeemed. There will then be
no more bonds to be redeemed until 1851. II
leeal-tenders continue to run into the certifl-
Gates, can they be reissued2 II bank circu1a-
ton has been meanwhile taken out to fill the
gap. there will be dangerous imitation If the
leeal-tenders are put out again. Can the Secre-
tary stop the sale Of the certifcates2
There is moderate supply OF sterling bills
here, and the shipping movement to the conti-
nent is very small. In Chicago sterling grain
bills we're ISL, and French bills were 52114. The
actual Chicago rates for sterling we're 4s694Ss-
In New York the actual rates were 4S6 and
4S7M. The postal rates for sterling were 1864
aud 4SSk French bankers bills were 5l719
and SIS.
Consols advanced to the unprecedented price
OF IS l-16, but afterwards reacted to 81 15-16
At the Chicago banks the most marked feat
ure Of business is the heavy current OF Remit
tances to New York. The orders Tor New York
exchange are considerably III excess Of the local
supply, and currency is being shipped to meet
~ <},a hopt rnpnrt tnrppr rnnnfrV
orders for currency, but this is NOT general
Annlicatious for discount are moderate. Rates
are 5@7 per cent on call; 7@s per centis the
current rate for time loans, with some small
transactions at S110 per cent.
The clearngs of the Chicago banks are re-
ported os follows by Manager D. R. Hale, Of the