The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1866-01-23
COuderspOrt Oil We'll.


aany held January 3, 1866, 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 the old articles imperative,
but reported willingness on the part of per-
sons holding leases and owning lands to put
lem into q Company that 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. A motion to this effect was
made by the Hon A. G. OLMsTED, and adopted.
The following agreement was then drawn up
and approved by the meeting:
'The undersigned and those that hereafter
subscribe TO this agreement, hereby agree to
organize themselves into 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 W.
3. Gordnier, who is Instructed to procure
possible, and to hold the same in trust for the
subscribers hereto; that the capital stock of
said Company shall be $50, 900, divided into
shares of $40 each-subscribers TO be entitled
TO an amount of stock corresponding with the
amount OF their subscription that when the
stock is all subscribed or $40, COO thereof.
the stockholders are to elect a President,
Treasurer, Secretary, Mining Superintendent,
and an Executive Committee Of six, which
Committee, together with the President, to
constitute 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 hisssservices to be adjusted here
after by the Company; that the said Gordnier
is hereby Authorized to receive subscript' ons
to the Capital Stock and receive payment
therefor, keep an account of expenses, receipt
and render the same hereafter to the Com
pany and that the subscribers hereto shall
not be liable for the payment.of anything be-
Gond their immediate subscriptions"
Another determined and energetic attempt
is abont to be made to have we'll put down
at this place to test the question whether or
not there is oil below the surface ofcurcoun-
ty. Biologists and experienced oil men have
said that there were more chances in favor of
oil than against it-and if such is their opin-
ion surely our people will see that it is to
their interest to have the matter settled ct
once. Now it is not the province of one or
of dozen men to do this for the bene:t of a
community-all would, in case of success, reap
of the benefits, and therefore they should see
and feel the jnstice of partaking in the risks.
The present propottion puts Ut within the
means of almost any one to help some. The
shares are only $40. They can take enc, or
as many as they please, but that they should
assist is undeniable, that it will be their iu-
terest cannot be gainsayed. Let all read care
fully the agreement, and decide that they
will assist in the work.
Those who subscribed to the papers of the
tCondersport0i WellCompany, and would
have shares in the present Company will
please forward their names either to ". B.
Cordnier Esq, or to VI. ". McAhrues, az
Secretary Of the Company.