The New York herald., 1865-02-02
Petroleum.

OPENING OF NEW STOCK ExCHANGE-ADDREssEs
BY r. H. GALLAHER, HON. u. N. DAVIS, OF
OTHERS.
At one O'Clock yesterday afternoon the new Public
Petroleum Stock Exchange was formally opened, and
will be dedicated hereafter to tho oil interest large
and highly respectable audience present. majority
Of whom well known merchants and capitalists who
deeply Interested in the petroleum business The
Exchange located at the Of Broadway and Rector
street. and the hall large and commodous having in
the centre raised PLATFORM somewhat similar TO that
used by the Board Of Brokers' from which the business
will be transacted
Mr.. r. NJ GALLAHER OF the Fifth Avenue Gold Ex-
change, opened the proccodngsn few brief remarks
Ho called the attention Of the meeting TO the rapid devc
opment Of this apparently nexhaustibe source
Of wealth TO the country and the necessity of furnishing
such facilities as were contemplated by the new instu
ton which they had met to inaugurate He then read
the following prospectus under which the new Exchange
will be conducted:-
The petroleum interest at this point is o great and
growing one and the public thus far have not had pro-
per facilities afforded them to deal In tie various
This institution Is designed to be the fountain head all
reliable information In regard TO petroleum companies,
AMI will supply want that is being very gene
rally felt in the community The annual subscription
for membership placed at the low price of twenty
dtlas and for single admiss only twenty-five cents
will be charged The selected for the Board meet
gs large well lighted and peculiarly adapted the pur
pse II Is intended to call all the New York companies
and also tho prominent PHILADELPHIA companies twice
ach day. and have the rooms for dean ngs betwe
bards There will be tax imposed any Of the
pnes, and none whatever upon the members beyond
ts annual subscription price admss fee. 1t Is in
tnded that distinction will be made between men,
ers, and every Will stand the footing. All
rokeages will be arranged between buyers and sellers
Ind the members win select their own arbitration com
nttee, and make the necessary rules and regulations
must bc apparent TO you that this institution will bo
he means OF awakening the public interest in the sub
ct OF petroleum, and tend 10 direct large amount OF
apita towards the production OF article that Is
dding so materially to the national wealth.
AT the conclusion Of the reading of tho above paper
Among inancers that but for petroleum gold would have
cached at different times during the past high
s $50
Hon. Z. N. DAVIS, Of Pennsylvania, addressed the
meeting. He said IL seemed that Providence provided
| he country with everything Of which it stood in
iced No sooner had the resources OF the country
'een impaired by the exigcncics arising out OF
tate Of war than petroleum was discovered
lmost simultaneously in various States and supplied
staple article OF Ia the place OF the cotton Of
South He would venture to say that before year
apsed the projectors Of thn enterprise would regret
hat they had leased the entire building for the busi
OF the Exchange He expressed regret at tho alb
rest In the movement being President OF company In
his oty The speaker closed his remarks by referring
the importance OF petroleum tho public credit OF
he country and expressed his entire confidence OF the
ncccss of the auspcously ina iguratcd.
After addresses by Mr. BRica-, Hon. HIRAM wlLaRIpos
nd others the following letter from Governor Curtin was
| had-
New YoRK, Jan. 81, 1885.
lessrs. MaRcrAsr, MEYLERr aud PIcKRE L:--
GESTrkaEN-I regret that shall be unable 10 avail
iyself Of your polite invitation 20 visit the Public
htrocum Exchange tomorrow, as ! am obi ged 70
iturn W Harrisburg this evening, my oniciaI' duties
rkipg my presence there tomorrow necessary.
Lit were otherwise would gladly avail mysif OF the
opportunity TO participate with YOU IN, Inauguration OF
enterprise which, trust viii be crowned with sue
| cs With great respect your obedient servant
4 O. CURTIN.
rhe meeting then adjourned.
The enterprise being fairly inaagunicd business
vi be comm need to-day, and more Important Tea
tie permanently added TO the oommsscsi grcansss Of
| u Empire City.
he following are tho names cf me sahoes AZ Ne Er.
ehnge.-
prcsiden.-willIan Marchaut
gice Prosident-A N MsylerL
freasurer-John v rlckrelL
ecretary--W. l. Jackson.