The Petroleum Centre daily record. [volume] (Petroleum Center, Pa.) 1868-1873, 1872-10-25
Tho Petroleum Producers Council, at It's

The Petroleum Producers Council, at Its
sssion yesterday, adopted . plan for the
future guidance Of the producing Interests
OF this region. The plan, II carried out
successfully. will remedy the prevailing
evils at present existing. Below We give
portion of the articles:
I. There shall be established, under the
auspices Of the Council of the Petroleum
Producers Association of Peunsywanis, an
organization under sanction Of The laws Of
Pennsyivsnia. which shall be known ~
1.-THE Petroleum Producers Agency"
II. The capital stock shall be not less
than One Million Dollars, and shall he di-
vided into shares of Que hundred dollars
each, whic shall be subscribed only by
memhsrs OF the Petroleum Producers Asso'
cIstion. or BY such other persons a. may be
approved by the Csnnoi.
This places the shares 90 low that IL will
be within reach Of sll small operators TO
subscribe for the stock, the benefit derived
It is claimed, 10 the enhanced price of oil
more than paying the stock taken 10 less
than q months time.
III. No transfers of the shares of the cap.
ital stock shall be made on the books Of The
Agency, except upon such conditions IS the
Directors may prescribe, subject 10 the ap-
provsl OF the Couacil.
Nv. The business OF the Agency shall be
managed by Board Of thirteen Directors,
who shall be elected annually by the ct. OK
holders.
v. There shall bs an Advisory Board 10
consist OF one member elacted by each local
Association and approved by the Council,
The members Of the Advisory Board shall
be admitted to The meetings of the Board Of
Directors and shall bs entitled 10 all the
privileges Of Directors, except that OF vot.
ing. Any member Of the Advisory Board
may be removed for any abuse OF bis trust
or for Official m isconduct by vote of thsse
fourths of the Council at regular meeting.
vi. The Local Associations mNy sppoin,
committees to solicit and receive subscrip-
lions to the Capital Stock; they may also
appoint responsible trustees to receive pay
msnts on accoust of such subscriptions, to
whom the subscribers shall pay at leis. ten
per cent upon their subscriptions at the
lime Of subscribing. The committees of the
Local Associations shsll advise the Presi
dent Of the Council, from day to day, Of the
amount Of subscriptions received by them,
and whenever the sum OF at least one mil
lion dollars shall have been subscribed in
good faith, and approved by the Council.
and the organization Of the Agency legally
subscribers shall bs notified 10
hold an election OF Directors. Tho Direc-
'ors shall, as soon as practicable after their
'lectioo, proceed q elect President, Sec
'etary and Treasurer. The Trustees, sp.
pointed BY the Local Associations to receive
shall thereupon be required
% pay over to the Agency the amounts rs-
'eived by them on account Of subscripti
o the Capital Stock. The Agency shall
lot be responsible for any subscriptions paid
o the Trustees appointed by the Local As
ociations uotil the same shall have been
'aid over 70 the Agency Or Its authorized
Subscriptions to the Capital Stock may [
20 received, payable in oil at five dollars
'er barrel, delivered on the cars or In the |
anks Of the Agency at any sub-sgsncy on
bio line Of the railwsys, provided, however
bat no certificate Of stock shall be issued In |
'ny case In which payment 10 made 10
'ipe line receipts until the oil shall have
ctually been received upon the order by
be Agency or its Agents. But special
,uaranty Of the order shall be required to
70 retained as security for the delivery o,
be oil on demand, and tho demand shalt bs
made within thirty days after the order for
he oil is received by the Agency.
OIL STRIKE.-Patrick Dawson Of George
own. has obtained o good oil we'll on JOS.
D.. g.. an