The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-26
FINANCIAL AND COMMERCIAL.


were well maintained. New York Central closed u
higher than at the second board yesterday, Erie az
Reading a. Northwestern a. Fort Wayne y, Ohio and
Mississippi certificates ~ Michigan Southern e, Prairie
du Chen 2jl. There sale Of Chatham Bank stock
at l3o Central National Bank 100, Gallatin National
Bank 10. Government securities were strong. Coupon
sxes Of 1881 were higher ve-twentes y, ten orties
a. Ono year certificates Of the issue sold at 9Sh
AT the open board at o'clock the market firm
a the New York list strong the Western shares
Cleveland ana Pilisburg to 7l9, and Prairie du
Chen 20 4l9i. AT the second regular board the market
continued firm New York Central closed 4 higher than
al The first board Erie q, Reading 81 gan Southern
~, Cleveland and Pttsburg g, Rock Island IS, Fort
Wayne =. Northwestern unchanged Government
securities quiet Coupon fye-twentes declined q,
skies of 1881 unchanged ssyenthry notes OF the
third seri sold at 993s.
AT the open board at hafpast three the market was
heavy, with the exception of Erie which was steady at
AZ Reading closed 1855, Michigan Central lo7,
Michigan Southern o2A Fort Wayne 9016, Cleveland and
Pittsburg 70l< Northwestern 27l Prairie du Chen 45i4
Cumberland 4I1s Quicksilver 55H The subject OF
morning session OF the open board was introduced and
referred 10 the Exec alive Committee.
Tie petroleum stock market slightly lower at the
first board With the exception Of Pithoie creek, which
rose to 90 60 Pee Simple sold at &c., Inexhaustibe
$780, Webster 81 IS, Buchanan Farm &c, Bradley b2O)
So TO- Oil Crock So so, Tack 800, United States s2s
A corespondent who is interested in petroleum directs
our attention the apparently large decrease in the yield
of wells since the organization of the companies owning
and working them and he wishes to discover whether
their nominal decrease is due to msstaemens OF the
yield In the FIRST instance to diminished berali!y on
the part Of nature, to understaemens Of the present
yield by at the wells with without
tho connivance OF the directors Of the companies con-
cernod He enlertans suspicion that fraudulent sales
OF oil arc the wells, return of which ever
reaches stockholders The abundance OF oil in the
open markets. which keeps the price down to about 33c
per gallon supposed be hardly consistent with the
reports small yields considering that the demand is
not only fully as large was but Is undergoing
slight increase.
At would be almost impossible for correspondent to
obtain any satisfactory Information upon the points in
question without close personal observation at the
wells and careful comparison Of the returns
there with those rendered to the stockholders, and
then the effort to arrive at the truth would be bset
with difficulties which in some cases would be likely 10
prove nsurmounabe But as it is not impossible that
the directors and superntendens of certain companies
may be in league defraud their stockholders in the
manner suggested aud also that superintendent
may unknown TO directors, be carrying out daily
system of fraud for their personal benefit, IL is de-
srabe that in suspected careful nvcstiSat ons
should DO instituted, and these might result In some i'm
portant discoveries
The gold market has been urn, NOTWITHSTANDING the
receipt of $685. 42 BY the Ocean Queen from Aspnwal
Tho opening price was 1853, from which there was
decline OF Il, followed by an advance TO 1887
IL is generally known that the Cold Exchange
adopted resolution forbidding any OF It's members
attend or give orders to be executed at tho Evening
Exchange long since the 18th Of February last but
which, from the failure Of the stock boards to pass
similar resolution, remained in suspense TO the present
time, when additional resolution adopted, in the
following TERMS
Resolved That whereas on the nth Of February last
resolutions passed by the New York Cola Ex-
change recommending It's meinbcIs 10 abstain from az
tending the Exchange, which 5as since receive the
OF the regular and open boards OF stock
brokers' 1t is reso ed that any IL mber OF The New
York Gold Exchange who shaii present, directly
directly the Evening Exchange shall cease w be q
member OF this board.
The original resolutions entered in the
minutes Of Tho board as follows
Whereas 1t has become for all brokers 20
attend personally be represented, at the Evening
Exchange for the purpose OF executing orders for their
Whereas experience has shown that such proiracted
nd continuous attenon TO the market is dcmoralzing
n its tendency, breas down the health and robs Manner
gus persons o: the time and society 10 which their fami
aes are primarily ana mperatvey entitled; and
Whereas there advantages gained that justify
-he exhaustion and sacrifices required; therefore
Resolved That no members Of this Board shall attend
personally or employ any other broker person at
tend the Evening Excange or any oihcr place
o'clock NJ for the purpose Oh buying OF selling god
Resolved, That any member OF thus Exchanye WHO a
period OF sixty days.
Resolved iha. ;his resolution shall take effect from
and after Monday, zOth February inst.
General satisfaction expressed with the OF the
HERALD in advocating the abolition Of this night haunt
OF Spectators and the result of its directing public at
tenton to the nuisance is regarded as righteous
triumph The proprietor Of the establishment announces
that it will still be KEEP; open % usual oit we apprehend
that II IL Is the nightly assemblsge which will gather
within it, halls viii be neither select Tue
,JaIfhn It's
abolition may entail loss upon its proprietor private n
tercsts should not permitted for TO stand in
the way the public good. The Stock Exchange and
the country well rdded Of what should never have
had existence.
Foreign exchange was duh and shade weaker Danl.
ers bills Mt sixty days were sold 0g}S l0oH Mos
of the leading drawers, however, asked 1898.
The supply Of mogsy Is abunden. tat a. per cent with
exc optional transactops at five and seven This afford
ovoy facility for the bull clique 10 sustain the stock
market the absence Of outside support Their object
in running up prices Is OF course get the public Ia
come In and buy and relieve them OF the load they
carrying but the public will be consulting It's own inter
est TO carefully avoid falling into the trap.
The government is about dispose OF its military rail-
road rolling stock VIII includes in all about three hun.
bred locomotives and nearly eight thousand
Some OF tie rolling stock Is now, and will doubtless
bring good price. But most Of the railway companies
TO buying old rolling stock as the cost oil
repairs in years equals the pnce OF stock.
circular has boen sont the creditors Of Ketchum
Son Co. calling for preliminary meeting OF creditors
on Friday next The liabilities are said to b
about foar millions and the assets two and half to three
millions The amount Of securities distracted by Ed
ward Ketchrm IL reported TO be 81, 100000
The Fourth National Bank has declared dividend Of
four per for he last half year, payable on scptom
bcr1
c. Isx.r> NJ Aucre q va
marks:-
Tho loan msrsct Ia easy, with free Offering of'capa
for loan purposes Tho prevailing rate In bank Is still
~ per per month"; but short business paper will
frrt ri can Ia nj