The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-19

field under Secretary Boutwell's order. Proposals
were wanted for the sale Of $1,000 900 hve-twentes,
as on the l1th and 4th instant Upon these dates the
offerings had been Of s7,25OOOO and S4,4OO,OOO re-
spectivey, while at later date, when proposals
were invited for the sale Of s1OOO,OO0, the offerings
offered was short of the number advertised for,
aggregang only s,l36,2OO and these were mostly at
figures above the current market Under the cir
cumstances, Of course, the whole amount offered
was accepted, and the Assistant Treasurer subse-
quently announced his intention of advertising for
the balance of ss63 500 for purchase to-morrow.
The circumstances Of so few offerings of course
Immediately suggested combination on the part of
leading dealers, who did not appear as sellers with
view to influence the open market. 1t is not as
serted here that such has not been the case coal-
tiOn Of that kind being 10y no means a thing likely
to be unthought OF by many operators dealing pretty
largely in Government bonds, but there is a possi-
bity that the incident which suggests 1t may have
occurred without any concerted action. 1t has been
more than once mentioned here that the offerings Of
bonds on the market were very light, and especially
Of late, since the recent depreciation became so
marked, and that the receipts from the country had
fallen Off to almost nothing Moreover brokers hav-
ing orders forlarge amounts found il extremely
difficult, and in some cases impossible, to fill them
the current figures OF the market, the quotations
OF which were mostly made upon dealings in very
small lots, the large holders declining to sell unless
at a very considerable advance upon the market. 1t
is apparent from this that the recent decline in
prices has been brought about mainly through the
weakness and timdIty OF the small eX-deaers un-
acquainted with the strong under current that eX-
listed in the market, and frightened at the decline in
gold. Under these circumstances, to those who I'M
derstOod all tins and the undiminshed confidence
which investors, great AMI small alike, had in a
speedy upward turn, 1t was really less q matter OF
surprise that the offerings to the Government were
so light to-day than would have been the offer of any
very considerable amounts at the price at which
they were then quoted on the streets. 1t is probable
that If there had been any suspicion the part OF
the large dealers that the proposals to sell would
nave fallen so much short Of the amount to be pur
chased, some of them might have offered bonds at
figures above the MARKET on the chance of their bids
being accepted; but, OF COARSE no such knowledge
was attalnable, and each acting from their
own understanding OF the real firmness of
these securities, the larger dealers knowing
this best, might naturally enough and without
any combination, have fOreborne TO submit any pro-
posals. 1t may be further remembered, in support
OF this theory that Of the most prominent deal
ers on the street did not offer any bonds to the
government upon the last two occasions of
the entire amount of Sl,000,000 was obtained
from one house below the then market
figure, which offer has not been repeated.
1t is not impossible to-day that the offerings may
greatly exceed the amount to be purchased
upon the speculative idea above suggested, but it
would not be sate therefore, to assume that this
the result OF another combination. The market for
Governments was bnOyant and active after noon,
when the proposals were opened, and prices ad-
vanced generally from TO y per cent.
"The money market worked without new features,
and borrowers on call were easily supplied at six
and seven per cent on Government and stock col
lateras respectively, At New Orleans exchange on
New York is firm and shipments OF specie here are
reported. The demand for currency from the West
is insufficient yet to affect this market, but the
banks here give notice OF probable active demand
for funds at an early day. Commercial paper is
dull and prime ranges from So to IL per cent"