The National Petroleum Exchange was a resource exchange in New York City founded in 1882.[1] In 1883 the National Petroleum Exchange and the New York Mining Stock Exchange were consolidated,[2] becoming the New-York Mining Stock and National Petroleum Exchange.[3] After several other exchange mergers with competitors, the exchange became the Consolidated Stock and Petroleum Exchange of New York, which in 1885 became the Consolidated Stock Exchange of New York.[4]
| Type | Stock exchange, resource exchange |
|---|---|
| Location | New York City, United States |
| Founded | 1883 |
| Closed | 1885 |
History
On December 18, 1882, the National Petroleum Exchange was opened. Sales that day equated to 150,000 barrels.[1] On March 24, 1883, the New-York Mining and National Petroleum Exchange had a membership of 479.[5] In 1883 the National Petroleum Exchange and the New York Mining Stock Exchange were consolidated, at which point Charles G. Wilson was elected president and held the office until 1900.[2] The new exchange was named the New-York Mining Stock and National Petroleum Exchange.[3]
By December 1883, the New York Times wrote that "much interest" was being shown in a proposed consolidation between the competing New-York Petroleum Exchange and the New-York Mining Stock and National Petroleum Exchange. The matter was voted on by both exchange members on December 22, 1883.[3] At the vote, members of the New-York Mining Stock and National Petroleum Exchange largely favored consolidation. However, the New-York Petroleum Exchange saw 269 in favor and 250 against, out of a total membership of around 688. Afterwards, a joint committee of three members from each Exchange was proposed, for the drafting of a new constitution and by-laws prior to any consolidation.[6] On March 11, 1884, it was reported that the governing board of the New-York Mining Stock and National Petroleum Exchange had voted against consolidation 29 to 2. One of the reasons given was that the National Exchange treasury contained $204,000, while the New-York Petroleum Exchange only had $74,570. However, a resolution was passed that members of the New-York Petroleum Exchange could join the National Exchange.[7]
The New-York Mining and National Petroleum Exchange merged with the competing New-York Petroleum Exchange and Stock Board on February 28, 1885.[5] After several other exchange merges with competitors such as the Miscellaneous Security Board, the exchange became known as the Consolidated Stock and Petroleum Exchange of New York.[4]
See also
References
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