New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-30

= Y Nat Ex. ;S75,6o0I 22i'o90 $4,000 100000
Ky Comfy s sSSaS lSadoV sG5SSS
Ger American. 2.595.0OOI 4O6 100 10000 2,s49oOo
ftG Avenue s2ssgSo ssssSSss0S 1850 1850 ss2isSo
United states 1'SSS,SoS l2SSSSS 1890 1896 472SS0o
Mat Nun MAJ Jsoo99o0 1880 ls9$09
saS Na 1858 zSsSo
>, The bank exchanges at he New-York Clearing
House and The stocks sold at the New-York Stock
follows
:ssns 1850 Ag 80 ss AgEa
No shares sold. I2lSGil i.SS5.i6S 2.2O5.S26
The money market last week developed no new
features. Money in abundant supply for all le-
gtlmate purposes and on good marketable co later
ais at 2a2 l2 per cent for call loans and at BAL IL
per cent for time loans according to the date Of
maturity and the character OF the collateral
offered. An increasing disposition to purchase
commercial paper occasoned easier rates that
the market ruled ut 12a5 per cent for 2a4 months
time Money was reported in full supply at all
the interior monetary centres The Government
purchases OF bonds including those accepted yes
terday have amounted to s3,S76,l00, which
called for the disbursement Of about 81 500, 600,
nearly all Of which has been paid out by the
New-York Sub-Treasury. Apparently not one
dollar of the bonds sold to the Government
withdrawn from deposits with the Department.
Some OF our newly fedged financial experts have
commented upon the condition of the bank loans
and expressed wonder that with the increased
speculation at the Stock Exchange" the loans do
not expand 1t would be about as reasonable to
express surprise and draw gloomy pictures upon
the fact that with the thermometer ranging above
so degrees on April 30 there is not in this broad
country reaping machine at work This Is the
season Of the year when merchants all over the
country remit money to the wholesalers and job
bers in liquidation Of the purchases of preceding
seasons naturally the wholesalers and jobbers
at the same time are engaged in reducing their
I liabilities. IL has been SO ever since banking
was known to this city, and probably will CON
tnue until the seasons OF planting and har-
vesting are reversed. We find that In the week
OF sSl, right in the midst OF the greatest specu
lative boom recently known, the bank loans were
decreased s1,2s2,40O, while the cash increased
So, S51, 700.
The foreign exchanges last week were exceed
ingly quiet, and after the first days Of the week
the market developed weakening tendency
particularly for short bills so that at the close
business was done on the basis of 81 SO 3-S and
81 81 7-S respectively for long and short ster-
ling.
RAILROAD EARNINGS PHENOMENAL.
The railroad companies are reporting saTGings
unexpectedly UNI sss y large gains upon The favor
able earnings Of the week of 1887. The
Tribune has reported the earnings of forty-seyen
| companieS-only nine Of which show any loss
from last year-giving aggregate earnings OF
| s3,373IS2 against So, 042,s 42 in the week OF
| lS87-a gain of s330,340, or O.o per cent IL
cannot be pretended now that these earnings are
| the result of anything but legitimate and ordi-
nary transactions. IL will not be claimed that
| the carriage Of material for the construction OF
new lines and branches OF railroads is equal 10
what it was at this date last year; therefore the
| earnings are fair criterion or the general con-
| dtion OF business and show that the railway
wars that exist and predicted are lnstlgated
| bv some other motive than a desire to secure a
proper portion Of the traffic and TO secure TO the
stockholders their just returns upon their invest.
| ments There is reason TO believe, however, tnaG
| the folly or the wickedness that has prevailed
| during the last twelve months is practically at
| an end. And not the least or these Indications
is the fact that certain SPECULATIVE railway oil OIL
Gals who, when Burlington and Quincy was sci =
ing at 80, lined their pictures WIN DrghtIcoii-
ored pencils nQw are publicly oearisn III tmeIr
utterances. The companies winch nave d m,aHe
their reports of net earnings Tor March c1nsI SUI
ering the exceptional weather OF that month ana
the extraordinary expenses tneteoy Gfbsion'O
| have made wonderfully laVoraplc cAnIU. %,
CONTINUED GROWTH OF CONFIDENCE.
At the Stock Exchange the week steadily de-
| velopcd wider market and gradual growth Oh
| confidence 1t is not true that there was boom
| or speculative craze at any time durui9 s tIc
| week Here and there for special reasons IL"
| stocks were more than ordinarily active, ana re-
corded gains which if they had been erqualled Dy
prices in the general market, would nave llsul
| fed the headlines announcing a. wan StrTcD
| Boom, Ont of the entire list, only eight sIociS
| record a final advance for the week OF over pr
cent. They were: Omaha Ia, CmcGgo, 3D.
Pacific preferred 3 IS, St. Paul preferred Ia
st. Paul and Duluth "a, Burlington and quincy
Z "a New York and New-Engand 6, Mlss0nrl
Pacific 3-s, and Manhattan Ia Manhattan p haiti re-
quire no further explanation than tnat my m%T
been so unduy depressed unless the 5oisc
furnished by the companies are aoso'utcS lid
that greater advance in them at any tlme W Tr
| NOT have been anv occasion for comment. 1hey
both, notwithstanding tho advances OF ,I'1 ,l,nt
are absolutely outside OF inc Heneihta a,io heen
az at anv time The advance in New-England was
sharp toward the close of the week. p"in't tho
cause Of the anxiety Of shorts 70 coFuI, tho de-
anxiety of that interest arose entlreB run ~
yeopment Of the fact that a mons :. Ii
terest which steadily has been aDSoroins t moro
for three weeks was still in the markey 10 70
The short interest also contributed VIC rns
the advance in Burlington ana Quincytt tbsro was
ton il any one really believed that ' hi ra
danger of the dividend on that s'ocH "'n neal
duced below PER cent per @n nct ranging from
TO 8 per cent; majority Of the a Gro sti
to 2 1-2 per cent. But inrt interest
remain several stocks In whlen 'H in sudden ad-
may prove an important factor III 'u
| vance
In the general market the short int'reT r nn
about the same as it was week aeU, oCo last
OF st. Paul stock, borrowed Que rofinrned 70 the
March which has not yet been retu . Tari5otod
lenders The short interest has not 10y ~ ~,
and last week it was much moro III ,,s in the
efforts TO produce decline u1, nv the general
disposition OF all professionals 10 o eamH yoan,innS
talk of reaction There were snan .. 40
every day in the week. ana Sonee,i.b H. rooIi7
three Of them They partly IRON ' from r9 me
ing sales OF professionals and party each sliSht
depression " was q quickly followed By 1T further d
advance, showing power OF ansorP ir nninions
pretended by traders who permit SrJ,r mnn,hs'
| to be formed by the experience Oh d V"'i''
declining market
1t undoubtedly also is a grave mistake 70 DC,
lieve that the present market j. .iC W Uro
man or clique Of men 1t seems lan ~ "a 49,
the market simply by the revival OF eonhaehGe,
which, by twelve months of exaggerated ana IaISe
statements incessantly and perslsteneV repca,eu
and by worled-up scare concerning eno ho
market, which proved to be no less rear pecaust
lis foundation was fictitious, had lam dormant
for over six months. The power OF aGpress s.i
exhausted itself in its grand ehort III Ihe cary
days N this month People finally realize thal
there has been q heavy decline in stocks during