New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-02
OIL BONDS DRAWN CLOSER
CONFERENCE OF THE EXCHANGES.
- vrs,sH CALCULATIONS or FALSE REPoRTs-
...-zs... s.rrnnxx CI0sING.

UNIFORM SATURDAY CLOSING
Railway stock brokers were nearly al us
aount Yesterday in Wall Street Inc prihc'iS'.
comic of discussion was the proposed hstihs Oh
petroleum certificates on the Stock EXCHANGE anu
the meeting Of the Conference OF the OIL exchanges
Of Ncw-York and the West. The handsome anu
.h,e delegation Of Western oil men here to attend
The meeting were talked about to the exclusion
almost Of the Reading strike or the chances oil
Ill s,oc,, market II is not often that wan
ctrce, has i'm the very midst Of 1t so many oil the
,.oa;,o CONSERVATIVES Of the land OF gushers
and dusters.n especially, too, at time when SO
nuch prblc attention is being directed 'owaro
the petroleum industry
1po conference of oil exchanges is intended to
examine and prepare general rules to govern INC
in,er-commercial relations and business tratsac
t;ons between members Of the conference eN-
changes It's recommendations for securing any
uniform methods Of interchanging business arc
.,hicct "a ratification by the separate exchanges
but they are usually equivalent to adoption Inc
ru,es governing the admission Of exchanges are
those. All exchanges whose clearances for the
thrcc months next preceding the date OF anpIca-
tjon for admission shall average % ooc;"ou IN
rels per month are In INC nfst Gss' hose clcor
ttled 10 three representatives: those WHOSE r'"
snccs amount 70 so 600. 600 barrels per month are
In the second class and entitled to two reprsff,,
tives: all others are in the third class ana ill.,
one REPRESENTATIVE The following exchanges are
now members Of the Conference: The on NV NV
Petroleum PSGh%nSe ,h nhe paSsphs Petroleum
oms' N;nirr Tvchangc and the Consolidated Stock
and petroleum Exchange. The lastxn i,.nS Or
ranization has only recently nc'n ao"''
MEN WHO PRESENT
v.o,ou,a,.s mee,inc was held in the card room
y, Tho Exchange Club in New-st There were
prcscnt from the western exchanges Z. H. Wheeicr'
nrcsiden, OF the Bradford Exchange, and ). H.
Haskell: President H. L. Foster and n. r. iiIi.on'
Nj Lowentreit and w. J. Young, from on oi'y'
and President n. w Stevenson ana t,d NAP pitts.
S SrrG 6 q Rrown represented the Philadelphia
Eychongc The Newly Ork Consolidated Stock anu
Petroleum Exsha WsO w' IL Smith and George
= Gibson w H. Gibson acted as secretary
pro tenn L. Wheeler is president of of t tr sGR
tSan,ed for his past services. The Titusvlle
Exchange had telegraphed an authority Tor FRANK
Tack to act IN s TO be active tive members of
Fycbangc they represented he could be present
on H y"" a1nofciallys r. B. Simpson, of Oil CITY,
10 We" formal action on, the .o.,ts Fe e,,nt
agitation Stock to bxcbap paoe was tSen becS@e the
governors Of that body vet TO act on the peti
ton of members But the topic was discussed ana
with sentiment favorable TO any ialr WIuet I'LL
of Tie oil msrket The general opinion was ula'
tbe Sto,k Exchange would be welcome to the con-
ference Of course, prov ded that the conference
.uios ,yors occc, trd The DELEGATES from the
member Int they asked for protective measures
against outsiders The following rule was uhalli,
monslv recommended for adoption by the severn"
exchanges ,. -, ,ho Con,or.ncs
shall furnish 10 any other exchange that not mem
her Of the Conference the official quotstons o. UP
nnrcbases and sales OF petroleum pipe Inc
ss made bv IT'S members, and any exchange being
menher of the Conference shall upon denann, lur
nisb NV wire TO any other member Of the Conference
~ ire expense the Official quotations of ths pure bases
and sales of petroleum pipe line certihcatos ID "auo
70 its members.
RECOMMENDING THE SATURDAY HALF HOLIDAY
II was also voted TO recommend that the Con
ference exchanges close at noon on SATURDAYS In
orier To bring the Western boards in line with the
Consolidated Exchange. which is forced TO observe
me half holiday law and also that there be gen.
ersl closing on holidays occurring in either New
York or Pennsyl yana Another important rule
unanimously recommended was the IoiioWlhs ue-
signed to punish the circulation OF false lnlorma-
ton:
The publishing, circulating or sending OF any Ialse
report or unfounded rumor, or Withholding importanS
with the design to affect the market price OF pe'ro
leum IT'S products, or the procuring, AIDING or
lively forbidden, and shall render any member or
members SO offending liable to fne, suspension OF
expulsion upon CONVICTION Thereon uhder te pio'Sio'
of Conference rulc No 30
The results OF uhe meeting OF the Conference
were subjects Of GENERALIZATION among members
of the oil trade afterward. Ii stated that the
bonds Of unity of the different exchanges would
be greatly strengthened if the proposed rules were
ado ted and rigid enforcement or penalueS
against circulating false news, IT is belleVed, VIII
contribute TO the general henent oil the OIL udue'
The Western men express their satisfaction with
the informal conference on Tuesday with the COM
m,ttee of Stock ENch nge members who are
working to get oil listed Mt the exchange hry
found them fair in their views and greatly inter-
ested in tho commodity. and If the Stock EXchahge
seeks a membership in the Conference IT Will meet
with no hostility.