The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-31
FINANCIAL AND COMMERCIAL.


The stock market has exhibited no new feature to-day,
ana the dunes the past fortnight continues without
any immediate prospect of relief But for the efforts OF
the Erie bull party utter lsagnaon would have probably
prevailed; and now Erie is becoming torpid. AT
the open board at ten o'clock the volume Of business
was very light Erie closed the call at s6%,
Reading lO4a Michigan Southern g. Cleveland
and Pittsburg 7o7s, Northwestern 27K, Prairie du
Chen 46K. At the first regular board Erie
closed lower than at the second board yesterday New
York Central e, Reading, Is, Michigan Southern was
u higher Cumberland ", Prairie du Chen ~ Gov
eminent securities dull, but steady. Coupon i've
twenties, of the issue, advanced u a Z The old
issue was unchanged Ten-fortes sold at 971, There
was sale OF Gaa,n National Bank stock at H. aud of
Metropolitan Bank stock at III.
Az the open board at o'clock the market was
nrm At the second regular board there was a very
small amount OF business transacted. Reading closed q
higher than at the FIRST board Michigan Southern n,
Prairie du Chen *. New York Central and Ohio and
Mississippi certificates unchanged Government
securities neglected.
At the open board at hafpas three the market was
steady Only three hundred shares OF Erie changed
hands, the price being s6% Hudson River closed lo9sS,
Michigan Central 107, Michigan Southern 64S, Illinois
Central l24, Cleveland and Ptsburg 7lK, Rock Island
1851, Northwestern 27jS, preferred 024, fraire du
Chen 4S, Cumberland 4354, Quicksilver 531s.
at the first board Pit Hole Creek 3oc. higher than
at the same time yesterday morning, United States
l5c Excelsior was unchanged Heydnck Brothers was
Csc lower At the second board it was steady. Pit
Hole creek closed at IS 49, Webster 81 TO- Bradley 50 49,
Buchanan Farm 64c. Excelsior 81 AS Manhattan 32c,
Rynd Farm T5c.
correspondent suggests in reference to our former
remarks respecting frauds on the part OF superintendent
at the oil wells with without the COLLISION OF direc-
tors that the companies OF this city, for instance mun-
ally agree to exact from their superintendent the close
pf every month report OF the exac, quantity OF oil
mined during that month"; and that they publish the
h tabular form in the local papers nearest their respect
I've wells on or before the 18th of the ensuing month
reward of say thousand dollars might be offered ri the
tame time for the detection aud conviction Of any su
entcndent agent other person guilty OF reporting,
for fraudulent purposes, smaller yield OF oil than that
really obtained; aud the money necessary for the
paymen, Of the said reward could be raised by
an assessment of small per ccutage on
the capital stock of the companies forming this
protective association II supposed that the amount
of the reward mentioned would be sufficiently large to
make hundreds of persons the wells keen searchers
after frauds of this character and cause them 10 COM
pare and crtcse closely the estimated actual yield with
that officially declared and published The fact OF the
returns being made monthly would limit the scope for
fraud and afford better guide to investors than any at
present accessible TO them. Indeed, petroleum compa
MES, as managed, entirely under control of
the directors and superntendents and the stock
holders are virtually without controlling voice.
Meanwhile there good for spposng that the
superinendens and directors Of companies are, in not
few instances systematically defraudng their sockhod
by approprang oil at the wells for their enrich
men and If legal proof of this be found the sooner
The scoundrels concerned receive the punishment they
,ul
tude who hold petroleum stocks as well as commercial
morality
The gold market was steady The opening price
Is4% from which there decline to 4315, followed
by recovery to Ia and recession before the close to
14M The steamer Ednburs took out S165 s73 in specie
Foreign exchange continues dull ard rates barely
steady. Bankers bills at sixty days quoted at
109A u, and ITO at short sight.
Tho money market shows deviation from the mono,-
onols of the last few days Loans call stock
coaterals made freely at four FIVE per cent ard
the supply Of funds 10 in excess OF the dcnland The
discount ue is quiet and the best grade Of commercial
aper passes six per cent, and the second at
Jght ten per cent
The London advccs of the Goth inst, by the Africa,
tport an improvement of u In Gve.twenes and
lie shares upon the previous quotations received while
e advance consos 10 ss3. q for money indicates
i corresponding Improvement in the tone Of the money
market This was induced by favorable turn In the
weather which at one threatened to prove injurious
20 the crops. An immediate decline in breadstufs fol-
lowed this change.
Tho proclamation OF the President removing all dis
tnctons between articles conraband Of trade and other
merchandise the last link in the chain Of
restrictions which commercially divided the South
from the North during aud since the time
OF the rebellion. On and after the ist of September
trade will DO free between North aud South aud the
South and foreign ports aneccdent TO the war;
civil regulations alone excepted.
The Pacific Mail Steamship Company opened their scrip
dividend to-day to shareholders Twenty five per cent is
endorsed these shares paid up, and the option is
reserved OF calling for sevenyGve per cent of any
time should new capital be required.
Morris Kochum and Ketchum, Son & Co. have made
IN assignment under the nsolyent laws of Connecticut
to Mossrs. r. c. Calhoun and Edward Bemon N A.
Cowdry for the trustees, lodged the with
the Probate Court for the district of wcstpor Conn.
Mr. Peter r. Mumford, tho gold broker, whose arrest
and examination are familiar the public, ordered
TO be discharged from custody to-day by Justice Dow
ling there being no evidence sustain the charge OF
fraud preferred against him. The paying teller OF tho
Mechanics Bank deposed that the bank 10 the habit
OF certifying Mum'ords checks when the balance to his
credit sufficient 70 the cheeks and that all
tn checks drawn by him prior to the 18th OF August
provided for II was also shown that Mumford
deposited s23 400 in the bank the day Of his failure,
and that $3.50 Of this paid in after be gave
the check in Of Greenleaf & Co., which dis
honored, and upon which the present charge was
founded
The Philadelphia Press publishes the following 10 rela
lion 10 oil wells:-
The actual product Of oil 10 Pennsylvania set down
NJ 500 600 barrels Of crude oil for the year 1885, worth
f24O0O 600 at the mouth Of the wells The process OF
..n1t. IN
A. much as the wheat crop. The consumption OF this
newly discovered lum naor M lubrcaor y increasing
yery rapidly both a. home and abroad In 1892 Europe
consumed TO- 600 600 OF gallons; in ls64 the importation
had increased 900 per cent, 20 OF gallons being
consumed there, and Ia 1865 II 10 estimated that
sV, 900 900 viii be required.
The hes, authorities the subject consider eighteen
months tho life of oil we'll Some last longer than
<lis b Il the great majority give out before they
wear old But experience shows that oil may be struck