, 1879-05-03
Moderate Demand fer Governments
Foreign Exchange Dull.
Lighter Demand for 'Discounts--.-
Stocks Weak and Dull.
The Produce Markets Irregular, but Geuer-
ally stronger-Provisious Quist
Grain Active.
The Trading Influenced by Confined Dr} Weather
---Parious Poiuts Of Interest,"


FINANCIAL.
There Was on1y moderate demand for Gov
ctnu!eut bonds. Prices were no higher, but tht
market hardened to the quotations Of tie day
before. Western National banks that have tt
replace their 1040s as security for their circula
tion have hardly IS yet begun to act Their po
s1iou is we'll Represented by that of an low:
BANKER, who. alter staying III Chicago three days
watching tue market in vain for drop, wen
home with the determination to do nothing til
after July l. A good many persons interested
in the market are figuring on the likelihood OF /:
decline after July /, and some Of the banks art
SO advising their correspondents. The circulars
Of the New York houses now marketing the 4
per cents have stated that tic price Of
per cents went as high as 105 IN 1877. They
omit the fact That this was in currency, and was
lot more than par in gold The per ceuts
aave never till now been higher than par in
gch!. Tie belief that there will be something
Of a reaction in tie bond market BY July will
lead many country banks to defer their pur-
chases till after that time. But If the market
continues to go against them, and they all try
to eorer at once, they will carry the price onc
ortHo cents further against themselves. The
expectation that there will be 4 decline in the
4rer cents is shared by the San Francisco But
lfti,, an excellent financial authority. It thinks
that t.if business should continue to improve
MS noss expected, the demand for money
would be such as, to unfaTorab]y affect the
price Of I per cents. We may be mistaken,
but it looks to us as though these bonds
were likely to fall 10 par within a few weeks
We are not alone iu this impression, some even
predicting discount in the near future" The
foreign demand Will prove factor Of some jn1-
portauce in The future course OF bond quota
ticns. The London Times OF April 10 says the
oniy bonds in which business showed marked
activity were United States per cents. There
was quite keen demand for them, and the
business would, it is said, be still larger Were
there auv supply Of small bonds to be had.
These, however, were Very scarce, and the want
Of them Keeps back the small investor, who has
now to nay premium compared with his richer
neighbor in order to get what he wants. Most
CT the 10 20 series now called iu for redemption
are held in England, and their payment will re-
lease large amount Of money for 3cinvestment
in these per cents.
Business in the Chicago foreign exchange
market was light. Rates were steady. In Chi
cago sterling grain bills were 4S4 for 60-day bills
and 4S513 for sight, and French were strong at
$50 ior G0day bills and SIX for sight. The
actual Chicago rates for sterling were 4S614 and
4S71iz. In New York the actual rates were 4S6A
and 4S111z- Tie posted rates for sterling were
4S' aud ASH. French bankers bills we're 5177
and SIS.
Consols opened at IS 616, and advanced to
9591G. Silver Was tride weu21er at 50 pence
per ounce in London. The very peculiar condi-
ton of the London money market is strongly
ske1ched by the Times Of Aprii II, which says in
its financial column:
Money becomes more unlendable every day. and
it is again difficult to quote rates for bills Three
1nonth, oani paper is still discounted nominally at
and obtsn lover 1er1n8 and looms from day to
cay a.e 1nade ut j per cent Even at that price
considerable sums cannot he employed at all. The
ara1 sis is now. III short thorough it has been
any time during the last i've years. There is con
seVuentlj good deal Of temptation offered to re-
new specnlations In stoesa, but as yet few people
kind. THE only stocks that really heuc6t By the
excessive cheapness Of money arc those which in
pubc esteem are consi dezed sound, such Us
colonial bonds. United Sta les bonds. railway de-
benlures. and, preference Stocks. with one or two
foreign stocks OF the interest bearing class. Con-
f9Is 3 are aso being steadily Esised to extremely
unonuts placed IN them by credit institutions uu-
uolc TO lind outlet for their money A good deal OF
tins Kind OF business 1uuy be- and no doubt is OF q
sound investment cass. but tho pr:ces to which i:
Las forced ND large number Of securities indicate
t1t great distrusl and krAEnafiDn prevail outside
The limited field 1'cy present. Business is thus in
q ulnue: unwholesome where it il apparently
soundcst, and the excessive Ent Of idle capital
threatens to do ha:m in Quarters where no harm
Uasbt III ordinary circumstances to come.
On the 18th ult., in describing the t'uuwhole-
some case OF the money Market" its financial
editor declares that 'tafoney is in Short gather
ing more and more into stagnant mass in the
London MARKET and exists now in such amounts
that were peoples minds at ease gigantic
schemes and specuIatious would be almost Ger
tain 10 spring into bens.''
Chicago BANKERS report that the demand for |
loans has fallen of, as usual alter settlement
day Tic clearings we're very large, 50, 100000.
against IS, f0o, coo on the precedin. day. Rates
OF discount are GOT per cent On cali loans, and
4Ga per cent On time, with some transactions ar
o1Al0 ger cent There is little currency coming
or going The supply of New York exchange is I
smaller, With demand still strong.
Mr. Fred S. Eames, we'll and fayorab}y known |
IN bns:ucss ai'1 banking circles in Chicago as |
tie Assistant Cashier Of tic Commercial M |
tisnal Bank, has resigned that post to accent the
place Of Cashier OF the National Ctr Bank, OF |
Ottawa, III. Mr. Eames will be succeeded by
Mf.'John A. Meyer, Who has been promoted to |
be. Assistant Cashier OF the Coro,nercja1 Ma
tionai.
There is some demand for local securities,
especially long city and county bonds. There
vas small sale Of Cook County per cents at
s1.ol and interest City scrip was sold at 80.
4 quarterly dividend Of S2.00 per share from
net earnings has been declared By the Pullman
Pafacc-Cr Company, uayaolc on and after NAV
Is to stockholders Of record ut the close of
business May l.
Stocks were duller. Speculation was much
css active than it has been. Renewed reports
a1 the liat dividend on Western Union WIS
o be made in few days arrested the decline
t'ld caused an improveneus OF q, to l041]6. At
antic d Pacific, having 10 melon Tor nutrimeut,
'cciiued from 81 to 3S1x. Wabash was firm
Under the reports of its new connections. It I
'oened ut 33 and closed at 81. The latest
Wabash card is its new line TO Detroit, to be
n1t in 80 DAYS, BIZ The side Of LEO lines that |