Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1902-04-30
CAMELBACK OIL co.
Reorganization Of the Rand Oil Co. on
Popular Lines

The opportunity O: quickly deteTm-
infng whether or not there is oil in the
CamelbacK district is now fairly before
the people Of this valley if they choose
to grasp it. The public has previously
been aprised Of the proposed recrgani-
zation of the Rand Oil company on
popular basis so that all could feel an
interest in it's operations, which would
be open and above board and subject
to the inspection of any citizen.
Last night a reorganization was cf-
fected by the amending and adoption Of
the bylaws, the changing Of the name
to Cameiback Oil company and the re-
ducing OF the capital from $1,00O.000 20
$5O,0 zoe. Z new board of directors was
elected as follows: Walter Talbot, j.
W. Doris, W. d. Fulwiler, W. b.
Lount, L. II. Chalmers. 7. w. Cham
! berlain and E. GAM. Mr.. Talbot was
made president. J. w. Doris vice pres
/ ident w. c. Foster secretary and L. 3.
Christy treasurer.
/ The capital stock is divided into 100,-
/ coo shares Of the par value of 80 cents
each. The object OF this company is to
| find oil rather than the working of a
stock scheme. For that reason not a
share of stock viii be issued until oil
is found. The reason for this is to pre-
vent any dickering in the stock of the
company, which is in d large measure
cooperative.
In order to test the enterprise $500
must be raised. Every citizen is invit-
ed to contribute to this sum any
amount he can afford to. He Will be
given Il receipt for every dollar paid
in, properly and legally signed, and if
oil is found he will be given stock for
the receipt. The company as now or
ganized has an option on over 1900
acres of supposed oil land at SO an acre
to be paid for in stock only when oil is
found. If oil is found this land will be
worth easily $500 per acre. If it is not
found the company naturally has 70
. use Tor the land nor the owners for
the stock.
All stock, OF rather all cash subscrip-
tioEs, are subject to the provision that
the entire 1890 is raised. All money
VIII be placed in the bank, and in the
event the entire amount is not raised
the bank is authorized to return 10 the
subscribers the amount paid in. That
makes it lair for all. No money will be
spent and then operations held up for
want of funds, leaving the first sub
scrihers out and injured. All will have
an equal show, clear Up to the last
man 10 Subscribe.
About 5000 shares of the Rand com
pany's stock was sold and all buyers
viii be protected. On surrender of their
stock they viii be given a receipt for
its cash value. to be exchanged for
= l.
discover ed, in TIE same manner that
new subscribers are treated. Stock
subscription lists will be placed in the
Banks ri once and each director viii al
. so be 4 legally constituted solicitor.
Lists Will also be Dlaced in the stores
Of J. W. Doris and Talbot and Hub
bard. The exploration work viii be
done by J. e. Breidtwfser under whose
direction the drill II the depot was con-
structed. His contract with the Rand
oil company has been cancelled ana il
lieu thereof he is to enter the employ of
the Caaelback co. for s. day in cash
and S15 per day in stock. If he finds oil
his efforts Will be well worth the stock
given in addition u the cash. If he
dces net he will not want the stock and
s. per day is cheap for an expert. The
company manufacturing the drill an
ncunce that something must be done al
once or the machinery returned and
the present fiatterng opportunity fo1
making the test will be gone. With
prompt action the drill should be al
work very shortly. Already over s.. .Gc(
has been subscribed ana the lists have
not yet been circulated. For those
going into the enterprise there cannot
ne total failure even il no ell is found
They Will still! have good drill paid
for that may be sold or money made
with it drilling wells.
1t is now tp to the public to say
whether they Will help the enterprise
along or not, Every thinking mar
, knows what the discovery of oil would
mean to Phoenix. Ii viii cost but a lit
tie from each business man TO make
the experiment and with equal fairness
to every man interested. and if it wins
IL will be a great investment Another
thing that should be mentioned is thai
not single man connected with the
company will draw a cent of salary
until oil is found. The only salaries
paid Will be for actual labor OF those
employed and the expert.