The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-17
The Owners Of Wells to Unite Under a
Charter for Protection.
AGREAT COOPERATIVE SCHEME.
Dividing the Oil Regions Into Districts-An the
Crude Material to Pass Into the Hands Of
and Be Sold by the Organization
Certificates and Drafts on Stock.
THE AGITATION IN NEW YORK.

PHILADELPHIA, March 16. 1872.
a large meeting OF oil producers. brokers and
capitalists was held at the Continental Hall this
afternoon to adopt me ans TO successfully cope with
the Southern Improvement Company, o recently
formed combination In the interest OF O dozen CAPT.
talsts to control the Oil market The following the
basis Of plan TO form OIL producers union.
which, 1t Is thought, will be able to hold It's own
against the combination that now controls the
0usiness:-
PROGRAMME OF THE REFoRMERs.
PRISTINE territory forming the Pennsylvania
petroleum fields shall be divided into sixteen dis
SecOnd-The producers In eacn district shall meet
at some convenient place and choose one or more,
through whose hands they shall pledge themselves
70 sell all their crude OIL.
Third-It shall be the duty OF these committee
nrSt 10 the local refnerS, and second the agents
q the reaners located In distant cities as may be
TO sucn dealers, shippers and exporters as may be
me further duty OF said local committeeman keep
the Executive Committee fully posted as to what
being done in their respective districts with refer
eDce to the sale and removal OF all crude Oil.
FoTut-Tnere shall De an Executive Committee,
composed OF the President and Directors Of the
Petroleum Protective Association, whose duty 1t
shall be TO meet from time to time and take all the
necessary measures to fully carry out tins plan in
Fnh-1nat Tor the purpose OF paying the expenses
OF this committee one cent barrel on all the crude
local committee men to the Executive Committee,
Of which the Executive Committee shall keep an
meeting.
Strth-It SHAH be the especial duey of the Executive
committee 70 take such measures as they may find
necessary to secure uniform mileage rates OF freight
on all oil and merchandise OF every KIND TO and
from the OIL region, and employ all lawful measures
for the abolition Of the railroad system OF rebates
drawbacks.
The following pledge will be required, viz. ="
do hereby agree to sell all my production of oil
through or with the consent Of the agents OF the
Protective AssOclatlOn."
THE PROPOSED PETROLEUM ASSOCIATION.
That an organization shall be Immediately
formed tor the exclusive purpose OF advancing
money to producers upon their depositing the
proper tank or pipe company receipts therefor with
the organization It's agency that the name OF
the organization shall be the Producers Protective
Association; that its capital be $1,000, 00O with
power IN the directors to increase IL TO such amount
Rs In their Judgment shall be necessary to accom-
Plush the objects OF the organizations; that Its head
quarters shall be in the most central town In the
OIL regions and its cooperative agencies shall be
iOcated at all powerful producing points; tina, It's
stock shall he divided into shares Of 500 each, which
stock shall be transferable only upon the books the
company at its headquarters, with the consent Of
the Board OF Directors. That the chairman OF the
general committee shall appoint one person In each
Of the sixteen producing districts, VINO shall open
-
be invited to subscribe TO the capital STOCK OF the
organization.
CAPITAL OF A MILLION DOLLARS.
That when the sum OF s., O00,000 shall have been
subscribed, and i've per centum thereof paid TO
general committee, the said chairman shall give
notice OF election OF officers VINO shall be elected
enutied to vote. That said ofIlcers
shall consist Of a President Vice Presldene
give each district lair representation; that the
Board OF Directors shall appoint some bank or
In the absence OF a bank or bankers such agencies
shall oe established as snail be most convenient FOR
the producer which bank or agency shall, as neces-
SHY requires. by draft or otherwise, obtain It's
funds from the headquarters OF the company, and
be neid strictly accountable therefor.
PRODUCERS CAN DRAW ON OIL CERTIFICATES.
That every producer shall be entitled to go TO his
most convenient agency and deposit his certificate
receipt for oil, which shall be passed his credit
and he shall receive sucn an advance thereon as the
Board OF Directors In their discretion shall deem
prudent TO make; that the association shall from
time to time sell the oil belonging to it or held as
security Tor advances overdue In such quantities
said prices 70 be daily telegraphed from headquar
tiers TO the several agencies; that every producer
depositlng oil In the hands OF the association on
which no advance Is made may, II he 80 elect, have
his oil held until such time as he shall direct Its
sale, and that the appropriation Of oils sold from
day TO day shall be as follOws:-
INTEREST AND COST TO FIRST PARTIES
First, all oils ordered sold by ITS owners and the
balance pro rata on oils on which advances nave
been made and shall then be overdue. Tie asso.
Citation snail charge reasonable rate Of interest on
all advances made such interest TO be used IN de-
fraying the expenses OF the association, and the
SURPLUS IL any, shall be declared as dividends
remaining In the hands OF the association snail be
he property OF the association until taken and paid
al par.
committee from this meeting Will visit New
York Monday and endeavor TO secure the co-opera-
ton OF the New YORK Oil men against the South I'M
pr0vement Company.
THE NEW YORK ASSOCIATION.