Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1865-03-02
The Holmes Go. oil and Mineral
GOmDany.


and the tests and indications in oil regions
applied to our county, tends very forcibly to
confirm the impression above referred to.
Following these impressions n company has
been formed in pursuance Of law, and incor-
porated by the name Of the Holmes County
Oil and Mineral Company The object of
this Company is to practically test and, if
possible, develop the resources of the coun-
ty in oil. To this end the Company have
taken number of leases of lands in the
Kllbuck Backcreek and Wolfcreek val
leys in this county, whore there are oil indi
cations. The following persons are named
in the certificate Of incorporation: Jacob
Cherryholmes, Fay Doty, r. b. Raifr. j.
X. Raiif Henry lIerzcr, Adam Petry
Philip Petry, Charles S. Norwerk Jacob
Norwerk, DIR. j. b. Woods, Geo. Schnorr,
L. r. Critch6eld and j. II. Newton The
following of the above persons were selected
as directors: j. Cherryholmes, Fay Doty
! l. B. Raft, H. Herzer DR.. Woods, j. II.
Newton and l.. Il. Critchiield. The By
laws of the board of directors, which will be
/ found elsewhere in our columns, commend
themselves to the consideration of those who
wish to take stock
The board of directors have selected the
following officers President, l.. Il. Crtch.
field Secretary, J. H. Newton; Treasurer,
I. B. Raif The Treasurer has given bond
in the sum Of twenty thousand dollars, with
surety approved by the board All the safe
guards are thrown around the financial af-
fairs Of the company, which are knewn in
the te-keeping and disbursement money.
The directors are controlled and directed by
laws with a view to the safe and faithful ad-
mlnlstration Of the affairs of the company.
All the provisions Of the bylaws will be
strictly adhered to.
The company have no other purpose than
to develop oil ON the lands leased, and they
intend to make a thorough effort. ANY
favorable results will go to the benefit of all
stockholders A failure falls upon all
stockholders But whether the results be
favorable or unfavorahlc, the business must
be so conducted that there shall be no debts.
no fraud and no complaint The amount of
capital stock is $4,000. This amount can
be increased at any time The shares are
$40 each. Every person who buys share
olstOck becomes a member Of the companv
as fully as any one who formed the company;
Tor each one Of them has to pay, and pay as
much for stock, rs any one. Each member
has as many votes in the deliberations ofthe
company as he has shares. The leases taken
by individuals who formed the companv
have been assigned to the conpanv. and
nothing is reserved; but all goes in for all
stockholders. If the company fail in gct-
ting oil, the stock win be worth but little
it they succeed it will be valuable. 1t must
be understood YAH that those who purchase
stock, risk their money upon the issue Of oil
or no oil. The company expect loss until
OIL IS found, then they expect profit, and
all shareholders participate in the profits
alike. II the company after i thorough
test, iall, the money aud property, whatever
remains, belonging to The company, will be |
divided back among the stockholders in pro-
portion TO their interests The money paid Il
n will be expended on the work, and in pay
nS the expenses Of the company incident !.
hereto, The company have started out on
small capital for the reason that it wants
10 more money than will be sufficient to
test the lands. The sale of stock
Will probably be limited, aud if oil is OBJ
tanned before the whole amount of stock is
sold, what is left will he disposed Of among
all the stockholders who shall then be in the
company, in proportion to their interests.
The books Of the company were opened on
Saturday evening the 18th Of February, and /
up to the present time there has been taken
81, 900 of stock. BY resolution of the
no stock can be sold to n non.
resident of the county, nor to any person,
by agent or otherwise, who has taken a
lease on their own account since the organi-
lntlon Of the company, unless they assign
heir lease or leases to the company, nor TO
my other company whatever, by agent or
otherwise. And the Secretary is prohibited
rom witnessing any transfer in such cases.
\ unanimous vote Of the directors may
mango tins rule in proper cases. No trans.
er' of stock can be made except the Sec.
etnry witness it. 1t has become matter
II regret to many land owners that they
eased their lands to strangers, or to persons
iere who had no intention to work ON the
ands, but who procured leases to traffic in
hem, and speculate upon the owner of the
and. Some OF the persons who have taken
eases have represented themselves as mem
crS OF tins company, and obtained them by
uch means, and even some have been fur I
lShcd wlth.blanks to procure leases for the Il
ompany, and have procured leases and
roposc to retain them for their own use J.
he company notifies such persons that it n
AS legal claims in such cases, and that il 4
'''i enforce its rights, All leases obtained d
this way are fraudulent in the hands of
be agent until handed over To the comma.
~, and If not 50 handed overNoid, and the |
wncr Of the land can lease to the company
$ originally designed, The company ex- !
'ect to be ready to operate upon the lands /
y the LIST of April next or sooner if possible. '
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