The Petroleum Centre daily record. [volume] (Petroleum Center, Pa.) 1868-1873, 1872-10-26

Below We give the concluding most i'm
portsut sections Of the Petroleum Produ GERS
Agency:
VII. Members Of the Petroleum Produe-
ere Association shall sell their oil only to
the Agency. The A6pey shs,l purchase
oil the oil offered BY members ,f the Asso-
ciaiion and shall psy therefor st least i've
dollsrs per barrel for oil Of standard grade,
and for the heavy oil Of the Fifth District.
Payment for oil purchased shall be made %
follows: Ifthe market will take the entire
supply a. fast % offered, the full marke..
price shall Be paid 10 cash on delivery; bu
IL the Board Of Directors or the Council
shall determine that the oil daily offered 10
the Agency Is IN excess of tho demand, the
Agency shall pay three dollars 10 cash and
give the SELLER Certificate emitting him to
the net lrUceeds Of the oil when sold, less
the amount advanced thereon.
VII. The Agency shall sell no oil fer
less price than dve dollars 10 cash, on de-
livery, per barrel without the consent Of the
Council Of the Petroleum Producers Asso-
citation.
TX. To the redemption of the Certif-
oates, on end sfter the tenth Of the month
succeeding that 10 which they were Issued,
shall be applied to the proceeds Of all the
oil sold and delivered during that month,
less the amount advanced and the oamount
required 10 tank the surplus oil. Fur the
unpaid balance Of the certificate the holder
shall, upon The surrender Of the same, be
entitled to Tank Receipt, representing
bis Interest 10 the amount OF surplus oil In
store aud tanksse.
x. The Agency shall be entitled 10 re-
ceive for buying and selling the oil such
commissions per barrel as the Conncil may
allow, applicable fret to the payment Of
expenses, second TO the payment OF divi-
dsnds on the Capital Stock, which shall be
six per cent, semi.snnualiy, free Of taxes.
XI. All the net proceeds Of surplus oil
sold, shall bo applied specifically 10 the re-
dsmpsion Of the Tank Receipts at their vsk
ue, the surrender oil which shall be tho op-
tion Of the holder.
XII. The Agency shall establish Sub,
Agencies at such points within the oil pro-
producing district for the receipt, storage
shipment Of oil % may be necessary to fac>
ilitats the convenient and economical trapss
action Of the business of lbe region, subject
to the approval Of the Council.
XIII. The Agency shall provide oil
storage necessary to hold the oil on sale and
the surplus oil 10 store.
XIV. The price on the cars Of oil of The
Standard grade shall be uniform ct oil the
sub agencies on the line of the railways
within the oil producing district, provided
It be practicable TO 90 arrange With the
railroads.
XIV. A barrel shall be uniformly forty
two gallons.
XVI. Whenever the production Of Pc
sroleum shall bs permanently In excess 4
the demand tho Council of the Petroleum
Producers Association shall determine ..
wba. time the production shall be restrain
ed and shall take such measures 90 may be
practicable, necessary and lawful to prevent
the drilling OF oil wells; but It shall couane
i's orders, 9, fer as practicable, to prevent
ing the starting Of new wells allowing those
alseady 10 process Of drilling to be COM
pleted.
XVII. Whenever 10 the opinion Of the
Board OF Directors II may be advisabls they
may subject 10 tho approval Of the Council,
provide such refining capacity % may bs
required 10 maintain The higher price for
oruds petroleum consistent with the CON-.
sunptive demand. n
PoLIcE.-Yss'srdsy afternoon, . bit Of .
row occnrpad m Waahins ston at,aas 4.