The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1866-01-30
COudersport Oil Wei.

At a meeting of the Coudersport Oil Com
pany held January 3, 1856, for the purpose OF
hearing report of Committee and transacting
such other business as might be presented,
the following action was taken;
The Committee reported failure in the
attempt to lease FIVE thousand acres OF land.
thereby rendering tne old articles imperative,
but reported willingness on the part OF per-
sons holding leases and owning lands to-put
them into q Company thai would commence
operations at once, and suggested that the
COMPANY appoint some one to procure the
leases and transact such other business as
would be necessary to put the matter upon an
active footing. y motion to this effect was
made by the Hon \ g. OLMsTED, and adopted.
The following agreement was then drawn up
and approved By the meeting:
s.Tbe undersigned and those that hereafter
subscribe to this agreement, hereby agree 10
organize themselves into q Company for the
purpose of putting down an oil well or wells
in or near the Borough Of CouderSport; that
All leases of land be taken in the name of ".
q. Gorinier, who is instructed to procure
leases Of 5000 acres ora near that amount as
possible. and 10 hold the same in trust for the
Subscribers hereto; that the capital stock Of
said Company shall be $4,000, divided into
shares of $50 each-suhscriberS TO be entitled
10 an amount OF stock corresponding with the
amount OF their subscription that when the
stock is all subscribed or $40, eco thereof,
the stockholders are 10 elect President,
Treasurer. Secretary, Mining Superintendant
and an Executive Committee of six, which
Committee, together with the President, TO
constitute a Board of General Management.
and until the election Of said officers, the said
Gordnier to act as Superintendent for the
parties. and the said Gordnier is hereby au-
thorized TO procure an engine and commence
the work that each share shall entitle the
holder to one vote in the organization OF
said Company and the subsequent manage
ment thereof: that the compensation of said
Gordnier for his-sersices To be adjusted here
after by the Company that the said Gordnier
is hereby al Ithorized to receive subscript' ous
to the Capital Stock and receive payment
therefor. keep an account of expenses, receipt
and render the same hereafter to the Com
panr and that the subscribers hereto shall
not be liable for the payment,of anything be-
1ond their immediate subscriptions"
Another determined and energetic attemp-
is about TO be made to have we'll put down
at this place to test the question whether oil
not there is oil below the surface ofcur coun.
ty. Geologists and experienced oil men have
said that there were more chances in favor 0
oil than against it-and if such is their opin
ion surely our people will see that it is tC
their interest 10 haze the matter settled a
once Now it is not the province of one o.
of a dozen men to do this for the bene t of s
commuuity-all would, in case Of success, ,real
of the benefits, and therefore they should se'
and feel the jnstice of partaking in the RISKS
The present propotition puts 1t within tn
means of almost any one TO help some. Iht
shares are only $50. They can take enc, o.
as many as they please, but that they shoplC
assist is undenable, that it will be their in
( terest cannot be gainsayed. Let all read care
fully the agreement, and decide that they
viii assist in the work.
Those who subscribed to the papers of th'
frstCondersportOil WeIlCompany, aud wouir
have shares in the present Company viii
please forward their names either TO ". B
Gordnier, Esq, or to NJ W. McAlarney, al
Secretary Of the Company.