The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1919-11-22
OIL LAND. OWNERS IN
WHITE RIVER DISTRICT
TO ORGANIZE COMPANY.

NEVADA CORPORATION TO BE
CALLED WHITE RIVER OIL
COMPANY
The owners of oil placer claims in
| the White River district met last
night in the Elks' club rooms to re-
ceive the report of committee ap-
pointed at the last preceding meet
ing to prepare definite plan fof
the proving up Of the district.
The plan swas submitted and ap-
proved. 1t was proposed that there
shall be organized Nevada corpora.
! tion to be called the White River
Oil company, with a capitalization
of $150,000, divided into 100000
shares of a par. value of so cents
each; that the directory Of the COM
pany consist of seven members, with
an executive committee Of three,
appointed from the membership OF
the directorate by the directors;
that the shares of the corporation
be fully paid by donation or pur
chase OF certain placer claims; that
the shares be made Aon-assessable;
and that all of the shares be after
ward donated to the treasury.
Owners of claims in the district
will be asked to donate certain por-
tions of their holdings to the cor
poration These will be assigned
by quit claim to a trustee, who will
hold the title in trust with power y
| convey to the corporation. Such
conveyances will be subject to the
successful financing Of the corpora
ton and $4,000 was fixed as the
initial amount to be subscribed. w.
is. Phillips was named as trustee.
There will be no promotion shares
of stock in the corporation. The
first 100000 shares. when organ
ICED, shall be sold at the price OF so
cents per share, first to the d0nators
OF the claims and next to the pub
lie. The payment of subscriptions
will be conditioned upon the total
subscription amounting to at least
! $4,000 and when that sum is SUBJ
scribed payment on the shares shall
be SO per cent cash on the compile
ton of the company and the so
per cent balance in 80 and go days.
Failure to take up and pay for such
subscription within the. time fixed
shall operate as forfeiture.
The directors shall, when sub
scriptions to tho amount of $4,000
have been paid at once proceed to
negotiate for the drilling of test
holes. Prior to fixing contract for
drilling, specific information shall
be obtained from the land depart
ment of the government as to the
rights and privileges of the corpora
ton. This is in view of the act re-
Gently passed by congress and now
awaiting the signature of the presi-
dent The method of determining
where test holes shall be drilled
shall be left to the Judgment of the
board of directors.
Whenever the exact location OF
the initial well to be sunk is de7
termined, that is to say, the par
ticular 40-acre tract or subdivision
of certain section, then such claim
owners as find their tracts adjoin-
ing the said 40-acre tract, shall des-
ignate the particular 40 acres in the
section. subdivision next adjoining
the chosen tract is to be by them
conveyed to the corporation.
Out of all other sections which
have been located and donated, the
owners shall donate 20 acres If pos
sible in the manner described.
| The above was made the basis up
on which subscriptions for stock in
the corporation will be asked.
Roger Downsr, Thomas Keane and
Tim Connolly were chosen as incor-
porators of the company proposed.
A committee of six was appointed
to solicit subscriptions to the stock
OF the company and secure the
lands to be donated. This COM
mittee was afterward enlarged to
IL and includes the following: Tim
Connolly, r. J. Burgess, l. N. Law
renee, e. s. Giles, Floyd Cable, A..
e. Barnes. j. w. Crane, Sol Camp,
Hugh McCloskey. DR.. ]. L. McCar-
thy. j. B. Humphrey and A. 1.
Darcy. Burgess and Lawrence are
residents OF Tonopah.
Claim owners were well repre-
sented at the meeting and there was