New-York tribune., 1883-03-12

greater amount OF commercial bills and TO tnao OK
tent affects the rates for exchange, but IL does ho'
affect the demand from merchants, VINO can
use nothing but bankers bills. The country
imports for the same i've months show an increase
of about So, 900 900 over tho same five months Oh
the preceding year. so that irrespective OF the sup
ply or of rates, there should have been greater
mercantile demand for bankers bills Tbs season
than there was last Bankers say that that demand
for two months or more has been very hhilteu
Hence it is the condition of the interior trade rather
than that of the foreign balances which Is exerns
amomentary effect upon the exchange markets. Inis
is SHOWN by the fact that with very small dehiahu
for bills, rates Immediately advanced above luo
gold point. The foreign exchanges closed strong
and yesterday unusually active tor oatur-
day.
Its unquestonably true that the adjournment of
Congress brought a feeling of relief to the CONNER
cal and mercantile communities, and that that feel
ing was reflected last week in somewhat more
extended operations; but otherwise the gen.
eral situation was unchanged, and conServ-
atism was the general feature IN all
branches. continuance of failures through
out the country and the stringency of money with
merchants serve TO check any development OF
buoyancy. There was a disposition to press the
Secretary TO ordor the prepayment OF the called
bonds maturing on May If he should do so, 1t
probably would bring out immediately some
So 600 900 from the Treasury. but Judging from
past experience, it is questionable If 1t would do
more than relieve the situation at the Stock Ex-
change. The mercantile community heretofore has
been benefited little by payments for bonds; such
disbursements geek other channels.
At the Stock Exchange the markets were dull all
the week through. The business done in Govern
ment bonds was insignificant in amount and the
fluctuations were small. The current opinions
of the effect OF the new tariff and revenue laws upon
the Treasury's ability TO call bonds conflicting
hence at Que time the optional strong and
at another time the fxeddate issues are the frnest
The final changes in the bids are declines OF le for
the 4I9s and of 4 for the 3I2s. State bonds were
muet The United States Supreme Court
has rendered decisions, in three important
suits relative to S,ate Issues. In two Of these
tbr doctrine IL affirmed. with new force, that the
COur. Will i'm no way uphold slit directly OK lndl-
rccly against State by citizen OF ts own or Oi
another state 50 long rs tho eleventh amendnent
OF the Constitution of Tie Uulted STATES remains
part of the law of tie land the Court will tolerate
no evasions. In the other suit, which involved the
standing of virginia coupons receivable for taxes,
the decision of the Court was unexpected, ana is
only sustained on the assumption that the 0ond-
hodersrights ar8 not essentially impaired. AlnohS
railroad bonds there was considerable activity III
few OF the speculative Issues, and ~ advanced hg-
ures but generally the business IN bonds was limit
TO retail lots and at prices that were about steady
The share speculation was affected solely by local
influences except it cLc oura ged by the
shipments OF gold from Europe. The buying aud
selling were almost exclusively confined ~ the
ia y traders, either large small or both; and the
total transactions amounted only to 1,7JG2lJ
shares OF that quantity these stocks contributed
nearly onehaif of he whole; Delaware, Lacka-
wanna ard Western 4l2.3O0, ST. Paul 232, 200 and
Union Pacific l07, 100 sharcs-t0tal Tor the three
stocks. s42 600 shares. Delaware, Lackawanna
and Western shows a gain for the week Of l. and
Union Pacific OF 3i9 per cent, aud kt. Paul
shows a loss of l. per cent. The feature Of the
speculation Vas n victory for the buils;' they
captured tho market and drove all the leading
bears 10 cover, 20 that YESTERDAY, despite very
bad bank Il tcment prices were moved mp almost
by simply looking at them. The fact. however. that
the " short interest has been reduced To a mini
mum. m the entire absence Of au outside support,
is not favorable feature for the permanency
of the advance In prices which Was
made The Indi cations OF yesterdays mar
ket were that tho speculative attention Of
the next few DAYS will be directed to the trunkmc
sharcs and moro particularly 70 Central and hud-
son aud Lake Shore stocks OF the usually active
st0cks only four addition To 81. Paul. show lual
Iosses-irom Is 10 7s-for the week, and the
maIndcr show gains ranging from Il 20 ga per cent,
and after some depression early ln the week
WEEKLY RANGE or P1ICEs.