The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-19

moro 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 or to almost nothing. Moreover, brokers hav
ing orders for large amounts have found 1t extremely
didicult, and In some eases impossible to I'LL them
at 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
very considerable advance upon the market. II
u apparent from this that the recent decline In
prices has been brought about mainly through the
weakness and timtdty of the small ex-dealers up,
acqdainted With the strong under current that OK.
listed In the market and frightened at the decline in
gold, Under these circumstances to those VINO I'm.
derstood all this and the undimlnished confidence
gpich investors, grea. and small alike. had in a
sp0qlx 9pM turu, 1t really less matter Of
-~lprtse that the offerings to the government were
80 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 street. It probable that ifthere had any
suspicion on the part OF the large dealers chat the
proposals to sell would have fallen much short Of
the amount to be purchased some Of them might
have 0ffered bonds at figures above the market, on
the chance OF their bids being accepted; but OF
course, no such knowledge was attainable and each
acting from their own understanding Of the real
nrmness Of these securities the larger dealers know
Ing 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 promi nent deal
eS on the street did not offer any bonds TO the gov
6rnment upon the last two occasions Of
these purchases, and that on Thursday last
the entire amount of slooo,ooo was OBJ
tanned from one house below the then mar
ket figure, which ofer has not been repeated.
1t ts not impossible to-day that the offerings may
greatly exceed the amount to be purchased
upon the speculative Idea above suggested, but
1t would not be safe, therefore, to assume that
this was the result OF another combination. The
market for governments was buoyant and active
after noon, when the proposals were opened
and prices advanced generally from to ~ per
cent.
The first sales of gold this morning were made in
che street at 1925 132s, 1879 and 1913. The price
opened in the at 1885, whence 1t again fell or to
lS2X few minutes after eleven, reactng In the az
ternoon shortly before the adjournment Of the
board to 1887. At the formal closing Of the room
the price was 1894 subsequently sales were made
At 1884, and again at 1334the price later advanc
Ing and touching 1891 at five O'Clock, at which
ngure 1t closed The rise of the premium in the az
ternoon Is attributed to heavy purchases by impor-
ters for the payment Of customs duties and the COW
and the rate for carrying ranged from to per
cent with exceptional transactions at 4 and per
! cent The disbursements Of coin interest to-day
amounted to $1ls 1922 The transfers Of gold between
New York and San Francisco thus far amounts to
about 100000.
The operations of the Gold Exchange Bank to-day
were:-Gross clearings, $685. 221 6oo gold balances,
= gu, 413 500; currency balances, ss,24s,754.
The money market worked without new features,
and borrowers on call were easily supplied at six
and seven per cent government and stock col.
iaterals 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 there give notice OF probable active
demand for funds at early day. Commercial
paper is dull, and prime ranges from So to IL per
cent.
In the stock market the principal feature to-day
was Wabash, which was active and strong.
Il Is now stated that o preliminary ar
rangement has been agreed upon between
representatives OF the Lake Shore and To-
ledo, wabash and Northwestern Railroad
companies for the perpetual lease Of the latter road
TO the Lake Shore. The terms provide that the
wabash stock shall three per cent seminar.
uuay FOR the first year, three and half per cent
for the second year. and four per cent for the third
year. after which the dividends shall be the same
declared upon the Lake Shore stock. The directors
Of the Lake Shore Company have not yet acted upon
this proposal.
Pacific Mail was weak Notwithstanding the de-
claration to-day Of three per cent quarterly div
dend, payable September l. The transfer book
closed August 20 and re-opened September q The
rest OF the market was barely steady through the
day, but firm at the close. The following were the
prices at the second call Of the Stock Exchange
canton, IS o 90; Cumberland, SAX q SO; Western
Union, ssk 8s,S; Quicksilver, 10 q 10; Mariposa
o 8; do. preferred, 10 o 10k; Pacific Mail, SAX o
SAX; Boston Water Power, 10 q lax; Adams Elk.
press, 6Sk q 6sk; Wells-Fargo Express, 1ek bid;
American Express, 3sK 3sX; United States Elk.
press, e5 cox; Merchants Union Express 1oh bid;
New York Central, 2ook; Hudson River. lssX; Har-
lem, 1888; Reading, oox q 9e4; Michigan Central. 13l;
Lake Shore. 1907 Illinois Central, 1871 q lao; Cleve-
land and Plttsburg, 1904 o lo5X; Chicago and
Northwestern, IS ssK; do. preferred ooH Elk |;
Cleveland. Columbus and Cincinnati, IS soA; Rock
Island, 115x Q 1lbX; Milwaukee and st. Paul, SIX
. SIX; do. preferred, so,s SOY; Toledo and Wa
bash, Tx IS; do. preferred 49, Fort wayne
I61H 161K; Alton and Terrs Haute, "a IS: DO
preferred, 6sK o so; Ohio and Mississippi slK bid
Delaware and Lackawanna, ITO 1l2N; New Jersey
Central, 1861 106; Chicago and Alton, l57K 1853:
d. preferred ls7 bid; Morris ana Essex SIX bid;
Hannibal and st. joseph, 1875 l27k; do. preferred.
l2a 1876, Columbus. Chicago and Indiana Central,
SsT "a.
The following were the bids for city bank stocks
acknowledgements, 1877 Mechanics, 1lo America,
l4s City, 2O0 Phenix. 109 National, 110 Merchants'
Exchange, 1lo; Seventh Ward, l12; Commerce. 1885,
Ocean, 100; American Exchange, 1l6; Bank Of the
Republic, 12ox; Hanover, lOs; Irving, no. Metro.
poIitan, 1877; Market, 1872; Nassau, 100; shoe and
Leather, 141; Corn Exchange 1870; Continental lOl /;
Importers and Traders, 1881; Park, 100; Central
National, ,111h; Fourth National, 1885, Ninth Ma.
tional liz; Tenth National, lo7; Oriental 1850;
Gold Exchange, 1873; Banksrs' and Brokers' Assooia.
zion, los.