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THECONSTITUTION 
 
 -MD FMES 
 
 OF THE 
 
 Ptmb 01 Eit 
 
 y\DOPTEDy\PRIL 9TH, 1885. 
 
 PETROLIA, ONT. 
 The Topic Publishixsg Company. 
 
 1885. 
 
> / 
 
 v< 
 
 /^, 
 
OFFICEF(S 
 
 OF THE 
 
 Petrolm Oil Exchenge, 
 
 ies4b-e5. 
 
 I 
 
 /*, 
 
 PliESIDEN: , 
 John H. Fairbank, Esq. 
 
 SECRETARY, 
 James Kerr, Esq. 
 
 TREASURER, 
 Robert Morris, Esq. 
 
 HOARD OF MANAGEMENT, 
 
 James Kerr, Esq. 
 A. C. Edward, Esq. 
 W. K. Gibson, Esq. 
 
 Edwin D. Kerby, Esq., Chairman, 
 
 M. J. Woodward, Esq. 
 
 W. H. Hammond, Esq. 
 
 J. L. Englehart, Esq. 
 
 R. I. Bradley, Esq. 
 
 James McCort, Esq. 
 
 R. Morris, Esq. 
 Chas. Jenkins, Esq. 
 John D. Noble, Esq. 
 
 I 
 
} 
 
\' 
 
 COJ^STITUTIOI^ 
 
 OF 
 
 THE PETROLIA OIL EXCHANGE. 
 
 - - ^^.-^ 6:3^^ Sv-> — 
 
 1. — The nan\o of th(3 Association Rlmll be The 
 Pktiiolia Oil Exchangk. 
 
 2. — Theobject of tlie Exchangn shall be to facilitate 
 the purchase and sale of Petroleum Oils and other com- 
 modities between the members thereof, and provide bet- 
 ter means of mutual information, and generally to ad- 
 vance the interests of the Petroleum trade of Canada ; 
 and shall be composed of the following persons : — John 
 H.Fairbank, Jacob L.Englehart, Ilobert Morris, William 
 K. Gibson, James Kerr, William H. Hammond, George 
 Sanson, Robert D. Noble, John Walker, Kichard I. 
 Bradley, Martin J. Woodward, John D. Noble, Daniel 
 M. Kennedy, Benjamin S. VanTuyl, Edwin D. Kerby, 
 John Brake, James S. Loughead, James McMillan, 
 James McCort, Alexander Clark Ed ward,Charles Jenkins 
 
6 
 
 Adam Isbister, William McKay, Harrison Corey,Romey n 
 Lawyer, Joseph A. Grant, Oliver W.Cham berlin, Alfred 
 T. Gurd, John McLister, John Forestal, George 
 Palmer, Frederick Wolfe, James Duffield, Frederick A. 
 Fitzgerald, and such other persons as shall be duly 
 elected as members and pay such fees as the rules there- 
 of shall from time to time prescribe, and shall sign the 
 constitution thereof and conform to such by-laws and 
 rules as may be enacted for the management of the 
 Exchange. 
 
 3. — The officers shall consist of a Prc«>!'lent, a Sec- 
 retary, a Treasurer and a Board of Management com- 
 posed of thirteen members, one of whom shall be the 
 President of the Exchange, and a majority of said Board 
 shall constitute a quorum. 
 
 i. — The President shall preside at all meetings of 
 t]>o rxuhange and preserve order and decide questions 
 ol" procedure, subject to appeal to the Board of Manago- 
 'ii'Tmt, whose decision may only be reversed by a two- 
 thirds vote of the members of the Exchange called for 
 that pur[)ose. 
 
 5. — The Secretary shall keep a true record of all 
 proceedings of meetings, and perform such duties as 
 may be required of him from time to time, and shall be 
 
i 
 
 paid a salaiy which shall be arranged by the Board of 
 Management. 
 
 6. — The Treasurer shall receive all moneys paid 
 into the Exchange, and keep full and true accounts of 
 the same, and pay out such moneys on the order of the 
 President, countersigned by the Secretary (when duly 
 authorized by the Committee to issue such orders), and 
 carefully keep and preserve all books, documents, moneys 
 and properties which may come into his possession by 
 virtue of his office, and forthwith on the termination of 
 his term of office deliver the same to his successor or 
 such person as may be authorized to receive the same, 
 and shall give such security as may be required by the 
 Board of Management. 
 
 7. — The Board of Management shall exercise a 
 general supervision over the proceedings of the Ex- 
 change, and make rules from time to time as to the mode 
 of effecting and recording transactions between members, 
 and shall appoint a Boaid of Arbitration for settling 
 disputes regarding such transactions, and be a Court of 
 Appeal from the decision of the Board of Arbitrators. 
 
 8. — Candidates for membeiship shall make ai)pli- 
 cation in writing in such form as may be prescribed, 
 which application shall be endorsed by two members in 
 
<• 
 
 8 
 
 good standing, and handed to the Secretary, wlio shall 
 read the same at any meeting of the Exchange, and it 
 shall then be referred to the Board of Management, 
 who shall enquire into the same, and if found satisfac- 
 tory make report thereon at a regular meeting (or meet- 
 ing called for the purpose) of the Exchange, on which a 
 ballot shall be taken, and if three-fourths of the votes 
 cast are favorable, the candidate shall be declared elected. 
 
 9. — The President and th(5 Board of Management 
 shall be elected annually at the regular annual meeting, 
 by ballot, a majoiity of votes cast being necessary to a 
 choice in each case, provided that a vacancy may be 
 filled at a special meeting called for that purpose. All 
 other officers shall be appointed by the Board of Man- 
 agement, and shall hold office during the pleasure of 
 the Board. 
 
 10. — The annual due for membership shall be 
 Twenty-Five Dollars, ])ayable on joining. The first 
 year shall end on the first Friday in December, 1885. 
 Thereafter an annual due of Twenty-Five Dollars 
 shall be payable on or before the first Friday in 
 December in each year, before election of officers is nro- 
 ceeded with. No member in airear for such due shall 
 be allowed to take part in the proceedings of the Ex- 
 
 \jlV 
 
 
 '^pf 
 

 change, and any member in arrears for six months shall 
 be liable to expulsion. 
 
 11. — Regular meetings of the members of the Ex- 
 change shall take place annually on the first Friday of 
 the'month of December in each year for the election of 
 officers and such other business as may properly be done 
 at such moeting, at the hour of eight o'clock p. m. 
 
 12. — The President may summon a special meeting 
 at any time, and it shall be his duty to summon a 
 special meeting whenever requested in writing by seven 
 members so to do ; all business to be acted upon at such 
 meetings to be designated in the call and published on 
 the bulletin boards of the Exchange at least forty -eight 
 hours before the time of such special meeting. 
 
 13. — Daily meetings of the Exchange shall be held 
 in some convenient place in the Town of Petrolia for 
 the transaction of business between members, at which 
 the President, or in his absence one of the members ap- 
 pointed by a majority of the members present, shall 
 preside, and the Secretary, or a deputy appointed in 
 the same way for that purpose, shall record the pro- 
 ceedings. 
 
 14. — If any dispute arises in regard to any trans- 
 action between members on the Exchange, complaint 
 
10 
 
 may be made by the aggrieved party to the President 
 in writings who shall forthwith refer the same to the 
 Board of Arbitration, who shall enquire into the matter 
 of complaint, and shall adjudicate upon the same and 
 make report thereupon to the President, and either 
 I)arty to the disj'ute shall have the right of appeal, 
 within three da}s, to the Board of Management, and 
 tlie decision of the Board of Management if ap[)oaled to 
 them, shall be final. But if the appeal be not made 
 within the specified time, the decision of the Board of 
 Arbitration shall be final and conclusive between the 
 parties, and the order made in connection therewith 
 shall be forthwith obeyed on pain of immediate suspen- 
 sion by tlie Board of Management, or ex})ulsion by the 
 Exchange, in the same manner as is provided for the 
 expulsion of a member for violating any of the rules of 
 the Exchange, in the next succeeding ])aragra|)h men- 
 tioned. 
 
 15. — In case of any member violating any of the 
 rules of the Exchange the matter shall be at once re- 
 ferred to the Board of Management, who shall enquire 
 into the offence, and if such charge be sustained may 
 impose a fine of not more than Twenty-five Dollars, may 
 suspend such member for not more than Tliirtv Davs, 
 
 ■fiaf 
 
 it^ 
 
11 
 
 T&f 
 
 or may suspend and recommend tlie expulsion of such 
 member from the Exchange, and tlie Exchange may 
 thereupon at a meeting called for the purpose by a two- 
 third vote by ballot, expel such member accordinelv. 
 
 16.— In the absence of the President the Chairman 
 of the Board of Management shall act in his place, ex- 
 cept as provided in Clause Thirteen hereof. 
 
 17. — The foregoing Constitution may be amended 
 at any regular meeting (or special meeting called for the 
 purpose) of the Exchange, provided that no such amend- 
 ments shall be made unless notice thereof be given at a 
 meeting one week prior, and the change has been re- 
 ported favorably by the Board of Management and then 
 passed by a two-thirds vote of the members present 
 when the vote is taken. 
 
 iW^ 
 
Hi 
 
 12 
 
 RULES 
 
 FOR 
 
 Governing Sales and Purchases of Petroleum Oils 
 at Meetings of The Petrolia Oil Exchange^ 
 Adopted the Second day of April, A. D., 
 1885. 
 
 1. — Fictitious transactions and absurd offers to buy 
 or sell are positively prohibited. 
 
 2. — No divided or misleading offers sball be made. 
 When such offers are made and accepted they shall be 
 construed as made in good faith and be binding, with a 
 reasonable construction placed thereon. 
 
 3. — When an indefinite offer to buy or sell is made 
 it shall be considered to mean one hundred barrels as to 
 quantity, and " regular " as to delivery, crude oil in 
 tank^ adjoining the railways at Petrolia, and subject to 
 a contract binding the warehouseman or holder to de- 
 liver the said Oil in tank cars ([)rovided by the owner of 
 the oil) or at refineries, subject to a delivery charge of not 
 
y) 
 
 13 
 
 more than throe cents pei barrel, and f,'enerally subject to 
 terms similar to the terms of the Petrolia Crude Oil <fe 
 Tanking Company's "Oil Exchange Warehouse Receipt," 
 and shall be considered complete as to delivery on de- 
 liv^ering a Warehouse Receipt properly assigned to the 
 purchaser, as tliough the actual oil werereallydelivered. 
 
 4. — When the kind of Oil is not stated it shall 
 mean the "Oil Exchange Warehouse Receipt-" of the Pe- 
 trolia Crude Oil & Tanking Company, or the " Oil Ex- 
 change Warehouse Receipt " of the Producers' Tanking 
 Company, or both, and may be known as No. 1. 
 
 5. — The present Green Warehouse Receipt of the 
 P. C. O. (k T. Co. may be known as No. 2. 
 
 6. — The present Warehouse Receipt of the Pro- 
 ducers' Tanking Company may be known as No. 3. 
 
 7. — The present Transportation Receipt general is- 
 sue of the P. C. O. tir T. Co. mav be known as No. 4. 
 
 8. — The })resent Transportation Receipt of the P. 
 C. O. & T. Co., issued for Oil Springs Oil, may be known 
 as No. 5 or Oil Springs Oil. 
 
 9. — When it is intended that delivery is to be by 
 any other kind of Warehouse Receipt or delivery, such 
 receij)t or delivery shall be named in such manner as to 
 be clearly understood, and when there is no agieement 
 
14 
 
 to the contrary tlie foregoing ruloa sliall apply where 
 ai)plical)le, but may be varied by special agreement. 
 
 10. — In offering to sell or purchase Receipts Nos 
 2, 3, 4, 5, or E,ectii)ts drawn up in similar form, the 
 cross (late of such Receipts may be mentioned. 
 
 11. — All transactions, if not otherwise specified, 
 shall be considered regular Oil, and to be delivered the 
 next business day. 
 
 12. — All storaire charges on Receipts mentioned in 
 Rule 4 shall be V)aid by the seller to the day of de- 
 livery, or allowed to the buyer. 
 
 • 13. — All storage and pi[)ing charges on other Re- 
 ceipts, due or accruing due, shall be paid by tlie seller, 
 (or allowed to the buyei-) so as to leave the Oil 
 free in tank near the r.iilroad at Petrolia, but subject 
 to delivery charges of the said thiee cents per barrel 
 and no more. 
 
 14. — When actual Crude Oil is intended to be de- 
 livered the conditions of such dcilivery may be defined, 
 })artly or wholly by reference to the conditions expressed 
 in any of the said Warehouse Receipts, and such Oil, if 
 not otherwise described, shall mean Merchantable 
 Crude Petroleum, anrl to be deliveied at such place as 
 niav l)e agreed on. 
 
 \\) 
 
15 
 
 U 
 
 U' 
 
 15. — Rofincd Oil shall mean (prima facie) 
 Illuininatiiig Pctioleum Oil in good, sound, iron- 
 bound barrels, of not more than 50 gallons each, 
 tight, i)roi)erly glued and drie', i)ainted, and 
 branded according to law for sale and con- 
 sumption, and deliveied free on board cars at 
 Petrolia on such lailroad as the buyer may select, and 
 to be skillfully treated and deodorized, and if not other- 
 wise defined shall mea \ Merchantable Oil of good quali- 
 ty and color. Eefined Oil in bulk shall mean such Oil 
 delivered in tank cars on such railroad as may be agreed 
 on and of the same quality as for barrels. 
 
 16. — In case of dispute, on request of either party, 
 the Board of Arbitration shall name a referee to decide 
 the grade or quality of any Oil in dispute. 
 
 17. — Spot or cash Oil means Oil that is to be de- 
 livered on the day of the transaction, before the hour 
 of 3 o'clock p. m. 
 
 18. — Regular Oil shall V)e delivered and paid for 
 before 3 o'clock p. m., of the day following the sale. 
 
 19-- Time contracts shall be filled and settled ac- 
 cording to the i)urport theieof, and shall be witnessed 
 by a written memorandum in duplicate, signed by each 
 of the parties thereto and .shall be subject to these rules 
 
16 
 
 when and where not varied by such writing, 
 
 20. — Members shall report, h\ such form as may be 
 required, all transactions on 'Change, whether as buyers 
 or sellers, effected each day, to the Secretary before 3 
 o'clock p. m. An omission to put in such report in the 
 time specified shall subject the offender to a fine of One 
 Dollar in each case ; and a fine of Twontv-five Cents 
 sliall be imposed for each erntr in such report. Such 
 fines shall be charged forthwitli by the Secretary to the 
 account of the delinquent and the ])arty notified thereof, 
 and if objection be not taken thereto within two days 
 the penalty shall stand and V)e collected at the end of 
 the month. 
 
 21. — Either party to a transaction may at any time 
 during banking hours recjuire the other party to de|)usit 
 sufficient sums of either money or oil, as the l)ai'ty called 
 on may select, to secure the transaction to a point ten 
 c(!nts per barrel distant from the then market price if 
 the market is below one dollar per barrel, and if the 
 market is above one dollar then this distance to be ten 
 ])er cent, of the market price when the call is made. 
 The j)arty in whose favor the market may fluctuate 
 fiiiall have the power in like manner to call for addition- 
 al deposits of not less than five cents per barrel to main- 
 tain but not to exceed the margin. The deposit shall 
 
 '» 
 
 \ 
 
17 
 
 ii 
 
 :.\ 
 
 he made witliiii an liour from call. A failure or refusal 
 to make the (h^posit within the specitied time shall he 
 considered a failure to fulHl the contract. 
 
 22. — U[)on tlie consummation of a time contract, 
 on which security is to he put up, it shall he the duty 
 of the seller and buyer to accept or s*,^n a contract there- 
 for, and put u}) the speciHed amount of security within 
 twenty four hours after confirmation. Until such time 
 as the required security is placed the contiact shall he 
 sul'ject to the preceding rule on deposits of security. A 
 failure of either party to a contract to conform to this 
 rule shall be consideied a breach of contract and the 
 party guilty may be so proceeded against. 
 
 23. — Unless otherwise agreed ujion collateral se- 
 up in some bank in aood rstandinirin 
 
 :'lty 
 
 I' 
 
 the Town of Petrolia. 
 
 24. — An offer to buy or sell on the Exchange shall 
 be made publicly and can be accejjted by an}'^ member. 
 If any member asks another who offers to buy or sell, 
 how much he wishes to buy or sell (as the case may be), 
 the member so asking may be required to buy c. sell (as 
 the case may be) any amount not exceeding three hund- 
 red barrels, at the option of the other party. In case 
 of misunderstanding in accepting offers to buy or sell, it 
 
\\ 
 
 18 
 
 must 1)0 (Iccidod iinmediaU'ly by a voto of tlio nirnibors 
 
 JM'OSOllt. 
 
 25. — If any ni(fnil)or fails or rofusos to coim)ly with 
 the r(M|uir('iiuiiitH of a rvaiisaction, the other |»aity shall 
 have the privile^t; of closing the transaction and estah- 
 lishin<^ th«i difference in the following manner : — Ho 
 shall notify the delincjuent in writing of his intention to 
 close the contract under this rule. He shall then give 
 the |)resi<ling otticer a written order to buy or sell, as 
 the case may be, the kind of Oil and delivery the trans- 
 action calls for, which order shall be executed free of 
 charge jtublicly for account of the delinciucnt, and tlici 
 tiansaction shall be recorded in the Board of Arbitration's 
 book of awards. The delin(juent may then forthwith be 
 desalt with for 'oreach of contract. A failure to close out 
 a transaction uiuler this rule shall not relieve eithcu" 
 party from th(5 ies|>onsibiliti(!S of the contiact. The pi-e- 
 sidin</ ^fhcershallalso have power in the same manner to 
 close out and C()nv(»rt collateral security ])ul up by a 
 delinquent. 
 
 26. — It shall be the duty of each member of the 
 Exchange to iccord in the Secretary's oflice, a j)lace of 
 business or ottice within the Town of Petrolia at which 
 notices may be servctd or demand for Oil or money bo 
 
 
 
19 
 
 1 
 
 
 nuul(» (as ilif case may br), under tliosc rules. In de- 
 fault of such |)lac(; being so reconb^d itslall bo sutlieiont 
 notic(», tender or demand (as tlie caso may bp), to lilo 
 such notice, tendei- or demand with the S(;cieta)'y for 
 such member. During business houi'sof the Excliango 
 the Secretary shall call the name of the 'neniber ro(juir<v] 
 to be served, and announce the nature of the notic<', 
 which call shall be considered good service of notice in the 
 pi'emises, on all members who have not a place of busi- 
 ness recorded with tlie Secretary as herein required. 
 
 27. — If not otherwise arranged the brokerage on 
 either a sale or a purchase shall l)e twenty-five cents per 
 liundied barrels. 
 
 28. — The jirice on public otl'ers to buy or sell shall 
 not be divided into smaller fractions than onc^fourth of 
 a cent per barrel. 
 
 29. — The Exchange shall be open for business from 
 12 o'clock, noon, to 12:30 p.m., (Petrolia west end bell 
 time.) On Sundays and legal holidays the Exchange 
 shall be closed. If the day on which any notice, de- 
 mand, tender or delivery is required to be served, made 
 or performed, falls on Sunday or other legal holiday, 
 such notice, demand, tender or delivery snail be served, 
 made or performedonthefirstlegalbusinessday thereafter 
 
 .., -.^^a:-