, 1879-01-01
The last Day Of the Suspension
Of Specie Payments.
Activity of tho Chicago Banks-.-
Tho Stock Market
The Produce Markets 1rregular---Hogs
Standardization Active
and Stronger.
Breadstuhs Easlcr--Wjtt, Little Doing
Except In Wheat.


Gold wAs II PAT all day In Now fork for all
ordinary transactions. In Chicago. Now York
gold exchange was 1ooH. and gold coin At 1ooA.
Thete ID still country demand for coin. Tho last
day Of tho suspension Of apceis payments passed
without sign Of tsonblo in the transition 10 the
specir basis, nnminaly to take pltce Jan. 2, but
really already accomplished. In calculating tho
prospects OF resnmnton. 1t Is 4 mistake to hanfn
tlat tho gold in the Treasury Ia confronted by all
the outstanding gscenbacts. amounting to
334G, 000, 600. Secretary Sherman counta
on at least $40. 600. 600 a. practically
unavailable for presentation. Theru Is first an
sverige Of SO, COO. 00o 1t leral-tcnders In tho
TrcnsurJ from year Ia ytne, covering the follow
Ing items: Special fund for redemption Of frac.
ttonal currency: redemption Of notes Of National
banks failed. in liquidation. aud reducing CErruIn-
tion; Il per cent redemption fnnd; Disturbing off,
GERS balances, and certificates 1T ttposIt Issued
under act Of june q. 1872. This amount vi S70.-
600 900 IL atmost constantly in tho Treasury. and,
Mr. Sherman says, ''canuot be presented for re-
denption," Of course a. long ~ they are In the
Treasury. and he thinks there IL probability Of
their being taken ont. In Tho eccUnd place. there
arc $40. GOO. 0o0 Of lc9al.tende1 hslt by the Ns.
S.onal banks. which the banks have to tase care
OF. and which. says the Secretary, ''they cannot
r'in In uron " without enh]uctia1 themselves 10
the violation Of ths lnw Of thcr creation" The
Secretary rays TINT n the recent conference which
he held with tho New York Clearing House ban-
crs thn Iattcr declared that they would
continue to prefer lcgat.tendcr1 to cotn
~ National bank reserves. Another elc.
ment OF tho eaeo which makes IN Attacl;
On tho Treasury impssc,icahtc is TINT The law for
resumption at New York atone 10 In effect Il tax OF
81 to 50 rcr 81, coo ail the grcrnnacks outs!ha
1T New York f.ity sent In for resumption. The
greenbscks presented for fcsumptEon Secretary
Sherman will use ~ to strengthen his coin reserve,
II necessary. aud ~ to call and redeem per cent
bonds.
There were fres purchases of The 4 per cent
bonds. Tho new AIS advanced Il, 10 1o4A. and
the 1f40s u. 10 1oY. The lssus Of call for 310,.
Geo. 900 Of tha cousos Ut 1907 still further weak-
ened tue 6.eoa Of 1867, which were OF Il, to loa.
Tho u OF 1881 decllt ed seun 1o0A 10 10Dii.
Foreign exchange bussnssa was not active. Tho
mnskst waelull Sterling grain md commorc,si
bills wets 47a4 in currency. and French bills wcru
E2oE In gold. Aetna. transactions in sterling
were At 481 and 4s0,s. Bankers' bills On Paris
wcre bo4ss and 5e1A; commercial. 627H; Ant
w~rp, 525 and 621H; commercial, 52Htt; nctch.
mark. 4044s; commercial, 031i: Rnl11ers %
Holland. 3o's and 4o.s: commercial. 30h.
coDsols opened at o5 1-lG. but closed at 95.
The Bank Of England gained $210 o00 In bullion
The London Time warnA the public not 70 IN
Greats t.e dlcultlcs Of the situation BY ho asdng
money. IT. says:
1t quito possible, In spIto Of the fndux Of gold
from abroad that the bans return will show fur.
THeF feQarkthH IN &he fCxeffe. IL IL Important In
present circumstances. that too much should not
bG made OF tht circumstances. fnr the simple fca.
eun thai It IL due utmost enftsfy To an nnprecc-
dcnsed expansion In the note circulation at tho
most tncoGycnfent EcaauH Df the year. Al rho
present moment the banks tn London moro p4rtic-
ulaflr have very tAEge unemployed balances, and
through thetr dtstncilnutinn 10 a1orl lhs mana!
accommodation the dcnlund IL thrown upon the
lank. simultaneously With this p,essnro secusa.
ties hare becn Frall1bh 10 largo extent, nnd the
proceeds hare been sent into Tho praflnces. It
shnuld 9c Impressed upon those whu dU not absu.
lutsly nes money that they onlY tend to aGgrayato
the Temporary Ftrtngency by hoard!nx unnecessary
auppl!cs. There IL no commercial demand t1r
inonev worth speaking Of. and there can cunsc-
4usutly be No cause WhhipycE for c0ntlnusncs ue
tho existing tfp4ineRs Ut ths market after tho turn
Of tho Jear. provided always that frcah financial
dn1cuIiea d0 NIT nfisu t9 create further dstIuss.
The Chicago hanas had m active day with
Tontnc business. ~ might bo expected on the last
day al the month aud the year. The applications
for discounts wcra maderats only. and rates of
discuunt remained tho aame. Thc receipts OF
currency werc In excess OF the shipments. Country
orders for New York e1chanxc wets not 20 heavy
a. thcr hare becu.
Bank clcaftuzs for tho day wers 81, 100, O0O.
For tho year they were reported ~ follows by
Manager u. II. Hale, Ut Tho Chicago Clearing.
House: