New-York tribune., 1885-01-26
German Ex Il 15s0000t 132000i 10000 234s200I
t%,fea sste s9 s4ISS sSoo ss5eSS 10000
fsncoin MAJ ! I369000 SS3s0CI 17S9y0 l6O6OOO l4000
Garfield Nat g96iOU 1535OOl 150j00 eS2600 lIaSSoUU
Fifth Nat. 1167000 l43200l 10000 1l69l00 l3S'VV
Bk Of MetrOp 2S06200 437So0 77S300 4n3o7OOi

The local money market remained unchanged, and
rates for call loans continued to rule at rates hat
pay for the handidg OF the coatera p and per cent
were the extreme rates for the week While these are
the rates at which any amount of money can daily DC
borrowed at the Stock Exchange the hest business paper
is not In active demand at as per cent. q.
Our exports Of merchandise during the last few weeks
have been fully to the values OF several pre-
ceding years, while the smaness of our imports have
fully reflected our reduced capacity to consume. tet
the foreign exchanges have steadily hardened so tnat
rates for sterling were advanced i9 cent during tne
week For this advance there have been alleged several
what appear To us spcciOuS reasons III IL asserted tna
commercial bills are scarce. Scarce, OF course Is
comparative term given supply that with one quant
ty Oi demand would be scarcity with another quantity
would be superabundance. Now, every dollar OF mer
chandise exported furnished an immediate dollar oi ex
caDgc therefore, when the exports from New 0rR lor
last week amounted to Sl7OOOO0 more than Tor the
week of iss5 does al" noS 81 the saving that commercial
bills are scarce" convey an erroneous Impression
it said thai the demand due to Investment in
sterling cxchange-buying 60day bills, to reap Ut
between long and short bills. ono writer says:
IL Is Of course, impossible to trace these transactions
We think it Is possible To buy exchange except
for remittance nothing but speculation. Who knows
that at its maturity sight exchange VIII not nave aen
to the price OF the 60day bill al the time or tue invest
ment"i At best IL is only doube-name bankers paper
instead of dOube-name mercantile paper which mas tne
advantage of being payable at maturity for its face In
New-IOrk. 1t Is than sixty days since we
heard OF this investment demand, and one would sup
as great effect on the market the "demand
for reinyestmenk" One thing Is certain any one VINO
now will purchase exchange on speculation cannot be
that class that expects exchange TO drop to the specie
importing point in the near future. When sight ex-
change doYn to the specie pOina purchaser OF Ooay
bills approx matey measure the rate OF interest ne
viii for his investment but removed from tDat
point purchase for investment is pure speculation
And get Trustworthy evidence that IL has been
done extent worth mentioning, except Dy regular
bankers whose business il buy and sell exchange
good proportion Of our imports ordinarily carry 0r
elgu credit Of from four to six months AsciiDe the
recent active demand for exchange to payments
that have been deferred even beyond the ordinary
periods and which was the calseo the weakness sole
time back and the solution probably is reached without
any specous reasoning.
At The Stock Exchange the markets as rule were
tame and unntere,ting 10 all except the local traders
eurties will Government bonds were ialrly active
carly the week. but they closed dull with bids for the
3s Il higher for the As ls lower. and for the 4i2s
lower than week ago. State bonds neglected. put
issued 10 the railroads and they sold ut lo02O Inc
market for railroad bonds was dun, except ior
special issues that were sharply ae,
pressed. Firstclass bonds arc dealt In
only 10 a moderate extent, and the demand and supply
nearly evenly balanced that their prices snow no
material changes.
Tne duness of the market Is reflected in transac
tions that amounted only to 100000 shares against
/ sos. 900 shares for the preceding week
Three stocks last week contributed SlIOoo shares
or two thirds the total business Nevertheless the ng
ures were well sustained against all the ADVERSE sul
rounding conditions, and In many instances the nal NJ
ures show gains FOR the week All the coal stocks ana
the trunk line shares, except Cehtra
and Hudson (which is unchanged SHOW
declines and among the grangers 81; ai fau
shows loss OF 3, per cent. AT time in the week
everything but tho coal stocks showed more or ICES OF
material advances the last prices OF the preceding
week The principal feature of the dealings, however
table gives prices and number OF shares OF
each and compares the final prices with thOse ot "eoA
ago Of forty niue active or represented stocks:
WEEKLY RANGE.