The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-29

company and to myself that should place
some facts before you, so that you can
consider and think them over before noon
Tuesday August 3d. when We will convene
at 1130 Brown-Marx building.
The Providence Oil and Gas company
was organized under the laws of the state
of Delaware, and the minutes of the meet
Ing of the 30th of July, 1903, show than
an agreement was made between w. s.
Allen and w. o. N. Scott to sell to the
company certain property in Tuscaloosa
county, for which the said Allen and the
said Scott received 500, 900 thousand shares
of the capital stock of the company.
The minutes of May %, 1909, show that
Mr.. W. R. Brown resigned as president
and director of the company, and that Mr..
W. o. N Scott was elected as director
and president. The minutes show also
that the company paid me $4,000 shares of
the capital stock for lease on 800 acres
of land in Fayette county. with the un-
derstanding, however, that l bought and
paid for 10000 shares of stock at 10 cents
per share. Now, prior to this time, Allen
and Scott had paid me $4,000 shares OF
stock for the oil and gas rights on a
IF certain piece of land in Tuscaloosa coun-
ty, and since that time the company mas
paid me 100000 shares of the capital stock
I for the oil and gas rights on another
tract of land in Tuscaloosa county. The
4 company has also paid me 125000 shares OF
the capital stock to pay me for money due
me to the extent of $440O from the ProVl-
z dence Oil and Gas company and $500 due
me from the Eureka Oil and Gas COM
pany which moneys | had expended III
carving. on the work for these com
panies, or in paying debts for them
If my memory serves me right, MI.
J. p. Lee, one of the directors at .ha'
time is the director who made the "o-
ton and at the same meeting ne plo-
posed that the Providence OIL ana Gas
connany make overtures to the stocKhold-
IS ers of the Eureka Oil and Gas~company
to buy them out individually, ana l was
authorized to conduct the negotiations
and to offer to each stockhoider OF the
Eureka OIL and Gas company 1oVo SHARES
z of the capital stock of the providence vi
and Gas company for each share of STOCK
an the Eureka Oil and Gas company Uhe
mar value of the Eureka Oil and Gas COM
pany being 800 each). | SUCCEEDED III
buying out for the Providence Oh ana
Gas company all the STOCK OIL TIE IuioA"
r. Oil and Gas company.
Referring to the contract made by the
Consumers Natural Gas company, nave
this to say: That at the time TINS con-
tract was made the Providence OIL and
Gas company was without money to pay
s. their bills, they had no money with when
tf>oay their labor, and when proposition
was submitted to me by Mr.. 8. z. Miller 10
Z furnish the company with $500 in cash
"a and $500 at a later date, there was no
s. other possible way by which TO OBTAIN
money to continue the work, ana 1or Ina,
reason l accepted his proposition. l liaue
the contract with him to sell MIN thls
COS at cents per thousand cubic rect
for term. of 20 years for the entire out
nut and at the time l did so saNeo
the Providence Oil and Gas company 1roii
going into bankruptcy. Had they gone
into bankruptcy, under the Terms VI
their contract with me, from whom tnes
Iaasad the lands upon which the drilling
N onerations and the producing wells are
the providence Oil and Gas company
would have forfeited this lease from me-
prior to the beginning of the drilling oper-
{ atoms of the Eureka Oil and Gas CON.
many last November, I went through the
COS fields of Kansas, Oklahoma and IN
dian Territory, and have sent my eN-
merits this year itno the gas helos VI
West Virginia and PennsyNahie w
other places, and my Investigations con-
vince me that Scents per thousanu 49, ~,
feet at the wells is a fair CONTRACT 10
make. and with which l felt that 'he
stockholders would be satisfied.
Now I made this contract and 1t was
annroyed by the board of directors anu
DC TO the stockholders resembling th's
contract at the stockhlooers nnee'.'S
on the Goth day of August. l DO hor'1
believe that same will be possible.
was required by Mr. Miller before
could get his money to go a step lur-
Their with the Consumers Natural Gas
company and have agreed with them
!, that If the Providence OIL and Gas com
many should go into bankruptcy, and II
thew should forfeit their contract with
me for this property which is producing
res. then / would personally see that
the Consumers Natural Gas company is
protected in their contract by any other
company which may take the place OF
the Providence Oil and Gas company
If such should become possible ana tne
Consumers Natural Gas company would
not accept this contract from me. as
above explained, until had underwrit-
ten the same. l state this to let the
stockholders know my position In the
matter.
have heretofore stated as briefly as
possible the manner in which &C
n ouired certain blocks of stock in the
Providence Oil and Gas company, which
4 l understand some of the stockholders
& will attempt to force me to return.
Now, there are two sides to every
question. Since the gath of last Decem-
Der it has been my ambition and de-
sire to protect and keep alive the
Providence Oil and Gas company. IL
have actually spent my own money in
prosecuting and carrying on this work.
/ have laid aside my personal inter-
ests, and have carried on all of the Of
fee work of both president and vice
president, as well as secretary and
treasurer without its having cost, the
company cent. They have had free
use of my offices, of my time and of
my experience, and would like to ask
right here of those who have been Will
flying me behind my back how much
money they have spent in the prosecu-
ton of this work and in keeping alive
the company. How much money have
i they spent in paying the debts of the
ond xu1p a n
L acquire the stock which they hold Nm
the company? 1 would like to ask the
question pointblank Il they have given
anything for thi. stock which they
hold? 1 would like also to ask the
original promoters of the company If,
instead of cooperating with and help
ing me to advance the interests of the
company, If they have not done all thsy
could to hamper me in this great de-
yelopment work?
Referring specifically to Mr.. Hobson's
letter in Sundays issue of The Age
Herald, I would like to say that have
always been very fond of Mr.. HobsorL
and have at all times been his friend,
and have done everything in my power
II to further his interests, and / will say
n further that when this stock was turn
ed back into the treasury, and 1t was
left to me to allot the dinerent
amounts to the different promoters,
that I allowed them to keep 1900 shares
! of the capital stock which had been'l
4 issued to them, and that 1 personally
1 GAVE Mr. Hobson 1900 shares of M