Oil Exchange
The Pittsburgh Post, February 3, 1863
At an adjourned meeting of the Oil Exchange, held yesterday morning at the Board of Trade rooms, the President stated that the object of the meeting was to hear the report of the Committee on Location.
This report of the Committee was then read. It stated that the Board of Trade had offered the use of their rooms to the Oil Exchange, free of rent, until the first day of July next. Their offer was accepted and the Committee discharged.
The Secretary then read a minority report from Mr. Russell, objecting to the Board of Trade rooms as a location for the Oil Exchange, and stating that he had obtained subscriptions upon his statement that it would be located near the banks of the Allegheny River. And if the location was elsewhere, he would feel bound to refund the money
A communication form William M. Shinn, Esq., was read, suggesting Philo Hall as a proper place for the meetings of the Exchange. The acceptance of the Board of Trade rooms, however, put a stop to any further debate on the subject.
The report of the Committee, appointed to draft by-laws and a constitution for the government of the Exchange, was then taken up. After having been read in detail, they were taken up seriatim, and passed, amended or rejected.
On motion, a Committee of five were appointed to confer with the Directors of the Pennsylvania Railroad to ascertain whether they would not offer increased facilities for the transportation of oil over their road.
On motion, the organization of the Pittsburgh Oil Exchange dates from February 2nd, 1863.
On motion, adjourned.