The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-21
AFFAIRS IN NEW YORK.
From New York letter of Wednesday last
we take the following

From New York letter of Wednesday last
we take the following
MOVING THE STOCK EXCHANGE.
Some OF the heavy capitalists OF Wall street.
determined no longer TO submit to the enormous
ofice rents OF Wall street, are comolnlng III
grand movement to make the vicinity OF the ParK
the future financial focus. The hrst step prooaOly
will be the removal OF the stock exchange from
It's present location. The stock and government
branches OF the exchange have now very lnuiuer-
ent accommodations, for which they nave 10 pay
to the building association $4,000 year. besides
about $50 GOO for rent OF safes In the basement,
paid by individual firms. committee mas Deen
appointed to take the proposition into considera-
tlon, and report as soon as pEae'caDIe C mIsb, bs rs
induced to part with his marble dry goods
palace In Broadway, between Chambers anu
Reade streets; or falling In that, the Astor House
could be procured. Either OF these locations
would be admirably suited to business with the
new postonlce, and the project on that, as on
ether accounts meets with nuch lavor Win tne
brokers. or course. II the stock exchange moves
away from Wall and Broad street. these Will grad
ually move after it, In which case rents down
there win probably fall back to something ike
reasonable figure.
HEAVY FAILURES.
The suspension Of the old and well-known hard
ware firm OF Richard Patrick & Co. Is announc-
ed. The recent heavy decline IN gold anu c0hse-
quent shrinkage Of values is understood to nave
led to the suspension. The suspension OF W. Is.
Witbank, ESQ.,, was also announced at the STOCK
exchange this afternoon. But the most notable
OF the recent failures is that OF l.. Edgerton Co..
probably the largest importers Of foreign carpets
In this country, always excepting Mr. A. I. Stew
art This nrm suspended on Monday. Besides
these failures the following are announced: isaac
Prayer, dry goods; liabilities large. George
Wight, proprietor of the Park Hotel. James Beck,
skirts. Bosworth, White 4 Belcher; millinery.
Caules & Case, cotton and yarn. Legrain, dry
goods. Roenheim, millinery goods Baker
Montague, feed, and George NJ Jacobs, wooden
ware.
A PETROLEUM CONVENTION.
The petroleum dealers were In convention this
morning at the Merchants Newsrooms The
points under discussion were the settlement OF
The question as to the gravity of crude Oil, the
selling Of crude oil by weight instead OF measure,
and the regulation OF the sales OF adulterated OIL
The following resolution, offered oy Mr.. Herr, was
unanimously adopted:
RESOLVED, That the standard gravity OF crude
petroleum in the natural state shall be &c degrees,
and on and after January l, 1870, all contracts
shall be male ut and between Al and 4S degrees
gravity. That any such oil bearing a gravity
Shove forty-eight is not merchantable, and
will not be received by the purchaser,
except in case Vi specified agreements,
as to the reduction beyond that Which is
provided Tor oil up to As degrees. II the seller
wishes to deliver crude oil of gravity lighter
than 40 degrees, and not over 4S degrees, lie shall
make deduction OF 3n per cent on the price
paid per barrel gallon for each degree or part OF
a degree above 46 degrees; and in the same man.
ner irthe seller shall deliver pure Oil not adulte-
rated below 46 degrees, and not below Al degrees
gravity, then the buyer Shall allow the seller the
same amount (3E per cent? upon each anu every
degree.
Another resolution adopted appoints commit
tee OF three TO have accurate Instruments made
for testing the specific gravity or crude oil, ami
that these be considered and accepted Us s.dnd.
ard Instruments.