Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-02-10

a FORI
CURED no philosopher ia understand
from Mr.. Johnson's remarks that
those were the days that tried the
hearts. OF men, But now all was
changed with the excellent financial
condition which is attained by few
companies.
A. F. Blum, president of the COM
pany, than whom o has given 30
freely OF his time, money. and dill
gent efforts to make the Des Laos
Western Oil company proposition q
success, gave an interesting talk rela-
tive to the stock which he holds, the
early struggles to overcome the finan-
cial obstacles and the developments
already accomplished at the we'll.
holder in the company 1t was ex-
planned that he would receive no
royalties whatever for any oil found
on his half section Of land upon
which h discovery was made. Mr..
Blum further explained the provision
made for the protection of the stock
holders whereby the members Of the
company had pooled and placed in
the hands of a trustee their stock,
"ouIu PACVOAS oAly SlhtoS 0A
members from d%isposing Of their
stock and thus throw the controlling
interest to any other company, per-
son or persons.
The suggestion Of a closed company
having been made, the matter was
taken up and discussed by the follow
ing persons: H. S. johnson, Of Mi
not; E. S. Waterman, Des Laos; j. H.
Plath. Fargo: Chairman Halvorson.
MS~~%, n i NR@, ID,fR. UY
Bager, Minot;' ]. H. Lewis, Minot;
o. L. Aasgaard. Fargo; VIM. M. Bow
en-. Minot, n Of the earliest and
longest in the service of the company
as road salesman, and M. H. Ander-
on, one of the directors and the man
who discovered the oil IN the Blum
ranch. From the expressions heard
it was evident that the consensus of
opinion was that this is not the OPP
perfume time for a closed company,
and a motion by Edward Eisele of
Western Oil company, shall remain
an open corporation for the present,
leaving it to the discretion of the di-
rectors relative to a closed company
in the future.
Attorney Ed. r. Sinkler made a
motion which was carried, that a vote
OF thanks be rendered A. F. Blum.
H. S. johnson, Jacob Davick, NJ. d.
Johnson and M. H. Anderson for
their united efforts and good work
in pulling the proposition through to
made of Mr.. Davick leaving his work
and entering the game, and it a
shown that Mr.. Johnson. a banker.
had been of great assistance financi-
ally at times when it was most need
ed.
Election of the Directorate.
Before proceeding to the election
of directors the fact was disclosed
that a large proportion of the stock
had been purchased in the Red Riv-
er Valley and that, in all fairness to
were entitled to representation on the
directorate of the company and it
was decided that such action should
prevail in the election. Attorney Ed.
r. Sinkler then placed in nomination
the following names for directors who
were unanimously elected: A. F.
Blum. of Lone Tree, H. S. johnson.
Minot, and Jacob. Davick, Hartland,
all of whom were reelected, and OF
to Ellison, Minot, and J. H. Plath,
Fargo, being the new members. With
Plath to the directorate it may be
said that the company has erected a
tower of strength. Both the new
members are widely known in finan-
cial circles by their business acumen,
integrity and ability, and will be con-
tributing factors to the good Of the
company in both ends Of the state,
where they are we'll known and en-
joy the confidence Of the people. In
each instance these men have made
a success in their own big business
affairs and their large experience and
advice will act as great support in
the various intricate affairs of the oil
game.
Special Train to the Oil Fields.
That those who wished might go
out to the oil we'll and witness the
amount Of development that has been
made and see how their money is be-
ing spent, the company provided a
special train on the Great Northern
and IS acknowledgements of whom
had never seen the well-made the
trip. Many others would have gone
except for the sever cold which pre-
vailed. Pictures Of the special and
the stockholders were snapped by an
artist.
Election Of Officers.
Upon the return of the special from
the we'll, the new directors met in
the offices Of The company in Mino,
and made the following choice of off.
GERS: President, A. F. Blum. Lone
Tree; vice president. j. H. Plath
Fargo; secretary and general manag-
er, H. S. Johnson, Minot; assistant
secretary and treasurer, w. c.. Rus.
tad, Minot. To. Mr.. Rustad, a com
petent accountant, former bank cash.
Ter, of highest integrity and a good
business head, who has had charge
Of the books and the Offices almos,
from the incipiency Of the Des Laos
Western Oil company. may be &C.
credited the accuracy Of the reports
to both the state banking board. tn
directors and stockholders. :
The executive board chosen at the
meeting Of the directors consists o
A. F. Blum, H. S. Johnson and Otto
Ellison, all of Minot. Mr.. Ellison
the new member, is associated will
one of the leading mercantile house.
of Minot n of this section as FOL
that matter, and is recognized as
man of big achievements and large
affairs in financial circles.
Satisfied Bunch of Stockholders.
1t may be stated that the stock,
holders. after learning the fnancia
conditions disclosed by the secre
tary's report, which is herewith ap
pended, the amount Of equipment OF
hand and the large development
made at the well were, in each in
stance, convinced that, the Des Lac
Western Oil DOMINANT vaa n III,