, 1880-12-12
A Decided Upturn in Wheat-0theF Grain
Stronger in Sympathy.


FINANCIAL.
NO important stock except Western Union
Showed weakness. 1t declined from 81 to 81.
closing with recovery Of only Il, at SIN The
stock Ut American Union, the rival company,
began to be active for the first time since the
present deal In telegraph stocks commenced.
1t advanced on few transactions from 89 to
6o74. This Company has force OF lOOo men at
work between Chicago and New York. and when
the dozen wires they are putting up have
reached this city. war will be begun
Ill earnest Those who consider them
selves well-tnforned believe that Wander
o'lt has sold out large pnrt, II not
all, OF his stock, and has taken of his coat for
ngnI perfectly content that some one elso
should owl the shock meanwhile. The theory
OF the street is that Western Union and Ameri-
can Union will meet in price, and that money
Is to be made by 90 Hing the one short and buy
ing the other
Besides Western Union the only stocks that
mudo conspicuous losses were Pacific Mail,
which lost ii. to sos, and Houston g. Texas
Central, which declined I, to g. after selling
at So.
burlington Quincy ductuated between l74
and III, without any TRANSACTIONS. The delay
about declaring the promised scrip dividend was
the cause Of fevcrish feeling. Al tho close the
quotations showed q recovery OF IL, to 172h.
The Directors have referred the decision Of the
dividend question to a meeting Of stockholders
to be held Dec g.
All the other notable fluctuations were in the
direction OF higher prices. Lake Shore made X,
to Eti1: st. Paul preferred ". to IL; Delaware
s. Hudson l, to 89.5; Lackawanna 4, to 104h;
Iron Mountain 2as, to 47H: Chattanooga II. to
79h. after selling at 81; Lake Erie s Western
II, to 3h; Omaha preferred II, to s8M; Rio
Grande 3, to s. All the other changes uere
fractional
Union Pacific was very active, ranging be-
tween 107T and 1064, closing II lower than the
day before.
Money loaned at one time as high as 1-18 DER
cent premium, but this did not disturb the con-
ddencc OF the street, which was more bul1ish In
Its temper than it has been before for weeks.
There has not been time In the last two years
when stocks were held by stronger men, or with
more Indifference to the maneuyres of ordinary
Wall street speculation.
Jay Gould yesterday purchased 1900 shares
OF the international s. Great Northern Railroad
Of Texas at ~. It Is to be made part OF his
Missouri, Kansas l. Texas consolida don.
The real manipulation OF the money market
il New York. according to the Public, has been
in making really close market look easy, and
In kiudll1g anew the flames OF speculation. But
it Is IS well to understand that purchases OF
100000 bushels OF grain and 95, 100 barrels Of
Hour, costing about $l5 Om000; Of Ia $50 bales
OF cotton, costing about $500 per bale. Or
SEC 1900; OF railroad bonds amounting to
$15U0.000; and Of stocks valued last week at
SUI, 433, 900, cannot be made III single week,
besides transactlng all the other business OF
great city, the chief commercial and monetary
centre OF tho continent, With only $86,571.aD0
cash in all the banks Exchanges Of $l,155,0n,-
000 require more than per cent OF cash In sight,
in order to make things move smoothly.
Government bonds werc quiet. In Chicago,
District OF Columbia 3.65s wero 1OOA and
101x; the United States is, l125< and 1l3;
the AS we're lily and lu1; the IS, 1014 and
101h: and the Is, 1o4!s and 1o4h. At the close
the ~ and f91s we're Il higher.
Foreign exchange was weaker during the day,
ashade stronger In the afternoon, on bettcr ad
vices from New York. The market fuctuated
so much that standard quotations are difficult to
give, and Will probably continue equally seusi-
tive to New York influence during the next two
weeks Sterling posted rates were 4s9h and
4sen. Bankers actual rates were 47s for si1tg-
day btlls and 48lA for demand. For stxty-day
commercial bills for prompt delivery 78A6476a.
For delivery last half OF this month, 476lsQl4T7.
Posted rates for Paris we're 5o6 for sixty days
and 58sH for sight Si1ty-day commercial bills
prompt delivery on Havre, 532h h@53lA, and Mar
settles 631E05314- Sixty-day commercial bills
On Antwerp, deliverable prompt, we're a33h0
531X; three weeks the same. Bankers bills on
Germany were a3A for sixty days and e4h for
demand: 6xty-day commercial bills, prompt
92A@a3H; and for three weeks delivery, the
same. Bankers Rutldess on Holland were 294
for sixty days and 20 for demand: hxty-days'
commercial were 391a@39 5-16 Austrian forms,
AZ: Norway, Sweden. and Denmark, ee9A- Sup
ply Of bills tight in Chicago, and market dull
Chicago bankers had strong demand for New
York remittances. The price OF New York e1-
change rose to 50c per 81 900 discount. and sone
large bills were sold at par. The Chicago banks
have ceased to draw currency from New York,
and may ship some back to that city before the
first Of the year. as large remittances have to be
made of funds to be disbursed in dividends.
Country orders tor currency were moderate
Loans were In fairly good request at 617 per
cent on call and 7QS per cont on time, with
some time loans to independent borrowers at
per cent.
The clearings Of the Chicago ban ks ere re-
ported as follows BY Manager D. H. Hale, OF the
Chicago Clearing House:
Data Ciears4os. Balonees.