The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-09
FINANCIAL AND COMMERCIAL.


TUESDAY August SO p. NJ.
Tho stock market moderately strong, Out without
,,,,,v nj the first board tins morning The i'm
.ment I'm prices general, and the tendency oil
nac,Iaton favored a rise. Hudson River closed Ia
higher than at the second board yesterday, Reading q,
Michigan southern q, Northwestern Ia, Fort wayne
~ Cumberland Y. Erie improved to S5ss In state
stocks there is not much doing but yesterday and to-
day there has been demand for North Carolina skies,
with the coupons attached Government securities were
firm Notwithstanding the advices by the Darnas-
Gus of the decline OF hve-twenties TO " ~
in London on the 2Sh ut The fact that the price OF
the latter securities here is still about TWO per cent
below that abroad together with the beel that
the successful laying Of the Atlantic cable Will cause the
quotations in London and New York to approximate
more closely imparts confidence TO holders and there
some disposition shown to "bull' the market this
side Coupon skies OF 1881 advanced u. Ten-fortes
and five twenties steady
At the open board at O'Clock the market was steady
at fractional Improvement upon the Western list At the
second regular board extremely dull and fraction
lower with the exception of Cumberland, which ad-
vanced u. New York Central closed u lower than at
the nrs board Reading x, Michigan Southern Il, Ceve-
and Pittsburg X, Fort Wayne u, Ohio and Mssis-
spp certificates u. securities quiet
coupon e-twenties receded ~
At the second open board there q stagnant but
steady market Erie sold on the call at s5x, Reading
1857, Northwestern 2sX, preferred osA, Atlantic
Steamship Company 1866. Afterwards, on the street,
prices were well maintained.
On the Petroleum Stock Exchange the transactions
were very limited and prices lower. The sales at
the first regular board showed decline compared
with the closing prices at yesterdays first board in Web
ster Of Sc per share Buchanan Farm &c. Oil Creek &c.,
Rynd Farm Sc. At the second board the market was
heavy Pit Hole Creek closed at 50 40, Webster 81 S.
Brevoort s11 u.s. Buchanan &c, Excelsior 81 TO- Hey
drick l. Germania 39c Manhattan 3sc, oceanic
81 65, Oil Creek S., Rynd Farm 95c., United States
500 So We have prepared list to show the par value
and market price to-day Of the stocks most
actively dealt in in this market BY this
II will be that every stock dealt in is considerably
below par, with the exception of United States and
Brevoort and in nearly every it may be accepted
as that the stocks worth than they are
selling for if even they worth much. The Blood
Farm stock for instance par value Of which is 500
per share, is quoted at only s12 bid and there
are many stocks the par value of which ranges
from five to fifty dollars which have not a market
value Of one cent per share This is not
owing to any disappointment in the actual yield Of
petroleum by the projectors Of these companies but
the inscriptions in which they organized
The great majority Of petroleum companies in oxst-
ence represent unproducve lands, and these lands
were Dougnt lot the mere purpose Oh pas hg
companies upon, without any particular reference
TO their development productveness The chief
object of those concerned in getting up new
companies was to property in prom
Using locality to induce subscriptions to the stock
Everything Substantial in instances sacrificed
for appearances and little nothing was reserved for
working expenses The consequence was that after the
subscription books closed and the money paid In
nothing further Of Importance done Such stocks,
therefore, soon became worthless, and those who had
subscribed them found them unproductive the
property they represented The sham capitals these
companies absurdy in Of the real value
of their properties, and being built unsubstantial
basis there nothing left for many of them but
dign collapse. The following is the table of prices
(erred to-