New-York tribune., 1885-03-06
GETTING READY FOR CONSOLIDATION.

THE NYw-YoRK PETROLEUM EXCHANGE VOTES
FAyoRABLY on TIE LAST INQUIRED MEASURE
A iubilee was held by the members of the New
York Petroleum Exchange and stock Board yester-
day over the success of the constitutional amend
lnents necessary to carry into effect the plan OF CON
solidatIon agreed upon between committees from
that board and the New York Mining Stock and
National Petroleum Exchange. They came up
before meeting of the Exchange after business
hours and were carried by an overwhelming vote
Dy voice. The only speech-makng was done by tne
portly and genial president OF the Exchange, u II.
Smith, hO presented IN outline the plan OF union
The number of private speeches made a1tefwaTd,
however was fabulous, and H. \. Patterson. who
by unanimous consent has been christened Father
OF Consolidation" distinguished himself. M
The amendments made yesterday to the constitu-
tion ana bylaws of the Petroleum Exchange are
declared TO fulfil all the legal requirements OF the
consolidation scheme. They permit any member 10
Withdraw his divisional interests in the funds OF the
organization and unite with the consolidated ex-
change. The Mining Board has already taken the
required action for merging the two memberships.
Briefly stated, the plan of union permits the men-
bers OF the Petroleum Board TO equalze their indi-
yiduai representation in the combined gratnlty
funds of the two boards by paying SIS instead OF ~
assessments in of every death untll the number
of twenty-five deaths has been reached, when The
death assessment on every member VIII be pa. In
equalizrng the general funds OF the two Exchanges,
the members of the lower board will receive SID
each from the moneys in the treasury and Will have
to advance $50 per head in cash. The cash in the
united Exchange, supposing that all the me members %
will IT, VIM III tae gonId Of Directors Of The Conc
solidated Exchange after next June VIII De twenty
two members for the 100 seats in the lower board
and twenty-eight members for the 1,4OO seats IN
the Mining Board 1t is believed that the united
exchange will undertake the construction OF new
building all the details Of the consolida
tiOn are carried out.
II has been more than two years since the union
of the Mining and the Petroleum Exchanges was
first projected After the failure of negotiations for
a consolidation m tho early part OF 1883. the
National Petroleum Exchange was merged with
the New-Y0rk Mining Stock Exchange. About q
year later negotiations between the Oil
and mining board and the New-York Petroleum
Exchange were reopened, only to end In disagree-
ment The latter board subsequently decided TO call
railroad stocks and bonds aong.wit oil certifcates,
and the upper board followed the example few
weeks ago. Now that the two organizations are
practically combined, the Stock Exchange is con-
3rontod with the first serious rival 1t has had since
tts own consolidation.
BROADWAY RAILROAD HEARING ENDED.
Tho hearing before tho Broadway Surface Rail-
road Commission was closed yesterday, Osborn Y.
BRIGHT making the final argument for Mr.. SharPs
railroad company. He said that there was no real
dispute that railroad would improve business aud
the value Of property In Broadway. Opposition,
like that Of the truckmen, cabmen and expressmen,
was prompted by selfish considerations. All VINO
tcstihed from motives of interest In the public well
fare had favored 1t. He rdiculed the suggestion
to broadway ignoring the superior rights OF human
freight over merchandise No other company could
have connection above F0urteenth-st. The COM
OepsatIon to be paid to the city asamplc amount.
ing 10 $50 900 a year II the estimated number OF
passengers were carried.
PIANO THAT PRONOUNCES WORDS
talking piano was exhibited by 1. SCOOTER, the
n, fv;d~rS Hotai vasfsv6a av n n nuuhar ~ ne wa-