The Pascagoula democrat-star., 1911-11-03

ENTIRE TREASURY STOCK
THROWN UPON THt MARKET


The meeting VI the stockholders VI
the Pascasoula Developments Com.
psny at the court house last Tuesday
alsht resulted IN perfect harmony
and corporation among the members
of The company, Officers and directors,
ana determination 10 further pros.
pect the field for oil IL vas shown
that de Lamofton well No. has
developed into a great hot salt water
gushef with gas and oil showing, the
sas being burned to a height OF from
i've to seven feet.
The present we'll has been safe
guarded and will be allowed 20 flow
for an indefinite period In an eodeavor
TO have the salt water strata exhaust
Itself, after which IL Is confidently
believed the well will begin to make
crude oil. AT present, IL was shown,
the company possesses u good gasser,
OF yet unknown capacity. The report
OF Chief Driller Il. Daboval recon-
mended aud suggested that the
stratas encountered al 245 feet and
64S feet be thoroughly tested out, and
In order to do this the decision was
reached that second we'll is TO be
drilled Immediately beside the pres
ent well and these two stratas thor
oughy tested The log OF former
Driller johnson indicated that the
shallower of these two stratas would
probably develop into small pumper.
WILL SELL STOCK.
The excellent showings at the field,
With the present well flowing an In
creasing volume OF hot salt water and
with gas pressure OF 65 pounds to the
square inch and oil showing In the
ditches, have determined the stock
holders to leave no stone unturned TO
fully prospect the entire holdings OF
the company. A motion prevailed to
throw the entire unsold treasury stock
on the open market, the proceeds to
be used 10 further and additional
prospecting development vn the hold
ings OF the company 10 the vicinity ~
Laine. 1t Is understood that there
remains unsold sl1 ,995 OF the capital
stock OF $4,000. 1t Is stated that
several OF the present shareholders
have expressed a desire and willing.
ness TO put additional money into
new stock, and no doubt is expressed
but that considerable new money VIII
gladly come into the company since
an asset nf . big gasser is an actuality.
McvEA YOUNG PRESIDENT.
The board OF directors met on Wed
nesday morning for the purpose of
following up the suggestions OF the
stockholders aud 10 flil IN vacancies
that might exist. 1t had been stated
at the meeting that President r. A
Farnsworth had filed his resignation
with the directors some time ago, and
the 1rst important work OF the drec
tors Wednesday morning was to elect
q president. 1t developed that
desire for Mr. Farnsworth to recon.
slider bis determination existed. buL
he could not be found while the direc.
tors we're meeting and effortsto locate
him oy telephone are said to have
failed.
The first work Of the directors WAS
to elect q president. Four candidates
are stated to have been nominated In
the meeting, the second ballot result
ing 10 the election OF Mcvea Young
as president, this election later being
made unanimous. Mr.. Young WAS
already a member OF the board OF d.
rectors, and he Immediately assumed
the duties OF bis new office. When
the Information was spread around
town OF his election, general approval
was given the selection BY the dIrec-
tors.
The directors then authorized that
the drilling crew be brought back as
quickly rs possible and the second
well started aud rushed to compile.
tion. At the same time The necessary
clerical steps were taken to issue the
additional treasury stock that remains
unsold and 70 place It upon the open
market. A feeIiog and evidence Of
enthusiasm, harmony and renewed
eneray pervaded the meeting az well
as made itself manifest where the
shareholders and general public gath.
cred f0r disCussiUn and Comment
Throughout The city. E'