Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1901-10-04
The Weekly independent.
FRIDAY ........ OFT. A, loci
wan Local Aid.

Richard White. president Of the
Hesperinn Oil Co. OF Chico. CnIitor.
pia. has been in Elko several day.
looking over the oil Fl lids with a vies
OF dnll ~ for OIL III these fields.
The Company he represents have
had come experience in drilling IN
the northern tirl Is Of California, and
and u looking for a more favorable
prospect for future operations than
found there.
Mr.. White has examined the oil
fields here on the south side Of the
river from EIko to Bullion.
and prononpces the surface
indications mora favorable for an oil
prospect than any other field he has
seen. and is willing Ia bring his ma
chinery here and commence opera.
tions SC soon as negoti ttiOus arr
closed and all arrauge nents cou'-
pleted.
He has succeeded in securing for
his company from two companies
which have been locating oil lands ID
this district 1760 acres. selected from
over 30 .0N acres in separate parcels
OF 80. lGo, and 30 acre TRAITS and
situated III all the various portions Of
the lands owne l by these two COM
p,nies. and practically covers the best
proposiuops this large field offers.
Tho Hesperian co. will BRING to
these fields a fully equipped stand
ard rig and about i 90 feet nf casing,
representing an in Investment ~ S6jOu
or $1,000. with an experienced drilling
crew TO operate the plant, aud capa-
BILE OF drilling any depth necessar!
to find oil.
The company expects to bring to
its support some local aid in this en-.
terprise, and offers rs gopd a propo-i
ton as can be asked. II is capiiali
Zed for s50l.0U0 consisting OF $4,000
shares OF the par value Of 81 each.
or this amount over half or about
three fifth Of it, stock will ne retain
ed in its treasury u2ti! it's lands have
been proven 10y finding OIL. when a
portion Of this amount Of stock will
be used for equ'pplup it, we'll with
pumping plant and tanks, and the
balance Cancelled or di ~iributed pro
rata among its stuck holders as they
may desire. Only 100000 shares can
be used for all purposes until dcvel.
opmenis result in a producing well.
In order TO keep the amount Of stock
used for all purposes within this
limit, the original promoters forfeit
as much stock received for the pro
perry they abdudon md return it tO
the company as they will sell for
completing the first well at Elko.
Only 5000 shares will be sold nj %
cents a share for fully paid up stock.
made non nsSessable by the bylaws
OF the company presenting any in
d~ebtedness beng incurred hey ond the
the amount Of cash on hand III it,
treasury. aud by holding in reserve
for u possible emergency 300,0uO
shares Of it's stock.
MIR. White say that his company
has been offered II fine field here, and
will own every acre OF the 1760 which
he has selected aud serured III case
his company comes to Elko. and that
his company ia prepared to install IT.
plant here and partially bore the well
but will need further to
complete it. and thinks that he will
have no difficulty in having ten or
fifteen thousand phares taken here,
and in that event will feel sufi len ly
encouraged to begin operations her,
rs soon rs the machinery and cusGnp
can he shipped from California. H.
feels that u matter Of SO much lorH.
interest should induce the public
spirited OF Elko to contribute a very
email part OF the necessary Expense
on a proposition which will enable
them to realiz. many times their III
vesiment i'll tue enhanced value oI
tho stock il oil Is found. bctile build
ing up M enterprise 81 such i'm
mense value TO this town md county
and will practically oil be expended
among the merchants and laDoreri
here.
M money for stock will be Hskct
for until the machinery is here ant
ready to DO installed and begin ope
rations. mnd no II oncy eau Toe cxpenh
ed under the provisions of the hy.lnw,
OF tho comp my except for the nc
tual expense OF drilling Tor oil. II il
hoped that "ur citizen, will cximIn'
this proposition and encourage II lc
Ultimate effort 70 develop these o,
E-lhs which have benn pronounced Il
be 80 extensive and good 10y 90 man!
experts who have examined then
within the last six months.
Grand Jurors.