New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-26
BONDS AND RAILROAD EARNINGS.


The Secretary of the Treasury to-day purchased
So $4,000 of United States bonds: $50, 900 As
at 125, $50, 600 at 1925 rs, $780, 900 at 126, and
S2,400,000 LIS at 1071-2. This makes the
total purchases under the new offer s3,525, 600.
1t goes without saying that, except to those who
were in a position to know the exact situation Of
the bond market, the purchases thus far have
exceeded the expectations of what the offerings at
fair prices would be, while money remained as
easy as it is now. 1t has been suggested that the
offerings came from banks having the bonds de-
posted security for deposits and that therefore
IL Is no help TO the money market 1t is worth
while TO remember that this suggestion emanates
from the same sources which, q month ago, were
trying TO get up scare about the daL r of
the large Government deposits in the banks" No
more absurd idea ever was uttered than that, but
the exigencies Of stock specuitos are not abashed
by absurdities when tools can be found to give
them circulation. As matter Of fact the Gov
ernment deposits in banks are SO much of its
surplus, and if purchased bonds are paid for by
checks on banks the surplus is reduced exactly
the same as If the sum was paid out of cash in
Treasury vaults. Last Monday we showed that
the Accommodations III the treasury vaults from
general circulation since January had amounted
only TO $40, 100000. But there is reason to be-
heve that the bulk OF the offerings to sell bonds
thus far has not come from depositary banks
4 IL
was from large New-iork bond firm, repre-
sentlng bonds accumulated or trust or savings
companies realizing
OF fourteen railroads that have reported their
gross earnings for the third week of April, eleven
which SHOW gains give an aggregate OF 81 Al ,6lS,
against Sl,223,9ol in the week of 1874 gain
OF Sl95S or per cent and three which show
losses give an aggregate of $500, 964, against
S225,2o9 in the week Of 1874 loss of S24, 1926,
OR IL per cent. The whole fourteen show gains
on the week Of two years ago u $3.50 Of % per
cent. Yet, there is no business IN the country,
and what there is is being done at one-quarter
rates. So say the organs Of the bears" and
they tire not in the spinning of yarns"
THE STOCK MARKET ACTIVE
To-days stock market was active but irregular
in its movements. The general tone was strong
all the way out, and the irregularities were oc-
casiOned by bear operations in spots that were
neglected As two days ago the bears were de-
voUlng their attention to ST. Paul at 72a7l IA,
day when it 72 g. ga 70 "a they had their
eagle eye on New-York and New.England, which
after some good buying in the early morning was
coal stocks and the grangers generally were the
special features of the days trading, and marked
gains at the close. Among the trunk lines Erie
was the strongest stock In figures Union Pacific
was a special feature the companys satisfactory
report proving incentive to the buying although
the bears" were busy in pointing out the operated
lines which showed losses to the company, Just
as if those losses not included in the general
result showing net earnings equal 10 % per cent
on the stock II grocer sells hogshead OF
molaSses at l cent gallon profit and ten pounds
Of sugar at IA cent per ponnd loss ne IS on the
high road to bankruptcy is the logic Of some
experts in railway accounts: Inc market
closed quiet and strong at irregular changes from
last evening
WHAT WAS DONE IN BONDS.
Government bonds were fairly active, with the
bids for the As up 5-s per cent and for the LES
down Ia. Annexed are the closing quotations: