The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1920-05-22
stockholders OF
BANDERET OIL COM
PANY HEAR REPORT.
Temporary Officers and Organizers
of Local Company Make First
=, REPORT to Stockholders.
REPORT IS A FINE ONE AND EN-
COURAGING TO ALL.
Geologist Makes Report to Effect
That Pool of Oil 500 Yards
Wide Exists on Land.

At a called meeting of the stock
holders of the Banderet Oil Company
| held at the courthouse Wednesday
night, the organizers and temporary
officers of the company presented
comprehensive report of their labors
and results, which follow, an1 which
was received with unanimity by the
many stockholders present.
The statement is an open one, and
will be read with considerable inter-
est. 1t is bound to inspire further
confidence.
The report in full:
Your undersigned temporary Off
GERS and organizers of the Banderet
| Oil Company wish to file this their
report of the emotion OF the COM
pany the sale of stock and the hand
| ling of the business of the company as
follows:
Mr.. Banderet demonstrated to
our complete satisfaction that he had
1900 acres of land in Wharton coun-
ty, Texas, that would produce oil.
Having great confidence in his abili-
ty in the oil business we readily
grasped an opportunity of forming a
company to develop the land. A
great number Of our people have from
time to time invested in oil cOmpan-
les while the people handling the fl
nances and doing the drilling they
knew nothing Of We all felt that in
some future time we may invest in
oilscurities we saw our chance that
with a man like Mr. Banderet man
aging the works in the field and peo-
pie we know hcndling the business
or office end we would all feel safe
and have great prospects of develop
ing the 1900 acres and producing
oil securities; we saw our chance that
had faith and invested in stocks.
We Immediately applied to the sec
retary of State for a permit to sell
stock which was granted on the pay
ment of the fee required by the
State. We prepared and published a
charter, which was approved by the
secretary Of State, the attorney gen
eral and granted by the governor,
which is filed with this report, YC.s
| will notice from a reading of the
charter granted, that the Banderet
Oil Company has all the powers re
ired to do all things necessary ir
developing oil, gas and other mine
rails.
Mr.. Banderet and Mr.. Genin have
advanced all money necessary for
the promotion of the company, as you
will find from their accounts, ex-
cepting some items paid for US after
stock was sold.
Mr.. Banderet and Mr.. Genin are
not asking for a refund of these
amounts in cash, but desire same
to be issued to them in stock.
We have agreed to accept the 1900
acres owned by Mr.. Banderet in
Wharton county, Texas, pay him
therefor at the rate of $4.OO an
acre, not in cash, but in capital stock
Of the company. We are aware that
in procuring this land it cost Mr..
Banderet a great amount in cash
and much of his valuable time, and
to cast his destiny on the success of
the company by accepting all of the
purchase price in stock, shows the
faith he has in the ultimate success
of the company. We ask your ap-
proval and commentator of his act.
We found no better name for the
|
chosen and realize this by the gener
Gus, magnificent faith demonstrated
bv the subscriptions to stock you
have taken in the past so days show
ing you heartily approve of our ac-
tionS.
We have to date received sub
script;on to our capital stock, amount
ing to S17,2OO.O0. We have in cash
in bank, as per receipts herewith,
: total of $6,425.0O.
This we now turn over to you and
the permanent officers you will elect.
We have the power and authority
to pay the commission of Is per cent
TO sell our capital stock, but we have
found it necessary to pay or agree
to pay only 10 per cent, very little
of this commission has been paid out
to date AS a large portion of the
commissions were reinvested in stock
of the company, the permanent Off
GERS must attend to this.
1t may, however, be necessary il
the future to pay a commission of Is
per cent to sell the remaining portion
that all of the stock we sold, not one
| cent was pdlu iOI duNSIClS1l4S pun
poses. This may be necessary in the
future.
we have procured from q reputa
BILE geologist of high standing, re-
porting an oil pool 500 yards wide on
our land, copies of which represented
for your information. We also deliver
our books, seal and stationery as well
as all correspondence.
The organization of a company in
its various stages encounters many
obstacles, the principal one being the
same attack made on all companies in
their infancies by pessimistic rum
- and suspicious. We have over
come those with flying colors and
now present to you a growing con-
Germ, large capital and cash in
banks over and above our greatest
expectation.
We pride ourselves in the organiza-
tion of company without one cent
of the company's money paid or used
for promotion purposes or salaries