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Show MILFORD HAS OIL COMPANY-NOW READY TO GO Elsewhere in this issue of the News will be found the announcement Oi the Hunter Oil and Mineral Lands company, giving the present object of the company, its capitalization, and names of officers and directors, and setting forth a code of business principles by which the company i to be governed. A brief account of what has transpired tran-spired relating to the Milford Valley prospective oil field, together with a frank statement of present conditions and future prospects, the News believes be-lieves to be quite "A propos." Educated and experienced oil geologists, geo-logists, experienced drillers and men-of men-of oil experience and extended observation obser-vation in producing oil . fields . have one and a,ll declared the Milford Valley Val-ley to possess the conditions necessary neces-sary to warrant the drilling of one or more test wells. Histroy shows that oil fields are veloped in one of three ways, first, u ; large corporation takes over a good sized block of acreage and proceeds to drill wells without any financial aid from local people.; second, local community interests get together organize and drill their own test wells; third, these two elements or interests combine, each contributing their proportion of the cost and each assuming their share of the inevitable inevita-ble risk. Oil pioneering, like all other line-of line-of industry and enterprise, should he governed by justice, fairness and equity. To Illustrate, let us1 suppose a large oil company with ample means to drill any number of wells should decide de-cide to prospect the Milford Valley, furnishing al the derricks, machinery casing, etc, paying all transportation, assuming all the risks of drilling one or more dry holes, in fact paying all the expense and assuming all the risk , of loss and expending a large sum of money. Again, we will suppose this corn pany should bring in a thousand barrel bar-rel well, thereby establishing the fact that we have an extensive oil field. In that event, what would happen to Milford? What would happen to the mur chants, the banker., the home-owner, the lot owner, the hotel owner, to the wage earner what would happen to the community as a. whole The merchant would rent an additional ad-ditional building and employ an extra ex-tra corps of clerks to handle Ihe enormous en-ormous increase in business; tao bank deposits would climb to a million, mil-lion, the hotel proprietor would find a crowd In front of his desk clamur-ing clamur-ing for a room at "any price"; the home-owner would wake up some morning to find his $2,500 cottage to be worth seven or eight thousand, the lot owner would be pleasantly surprised sur-prised to find his $300 to $500 lot worth, say, $1500, or $2000; the wage earner would be "in clover" at from $5 to $15 per day. The whole community would take on a new financial and industrial life. If the merchant, banker and real estate owner, hotel proprietor, wage Titer, and in fact every member of 'he community would stand in a waste was-te reap all these' advantages, why should these citizens not assume their due proportion of the financial burden bur-den nnd f(.1t9 A. community has no license t0 ex-nect ex-nect any large oil Interest to assume financial risks and burdens they are nt willing to share themselves. The big oil interests are experienced, experienc-ed, shrewd, careful, cold, calculating and at all times looking out for No. One. They are at all times drilling, "ot for you and me, but for themselves them-selves which is altogether right and Prow. If you benefit by their efforts and Expenditures you should also assist. 0' Corporation History The history of oil corporations ha in many Instances, been the history f disappointment, of misplaced confidence, con-fidence, of nils-appropriation of funds of misrepresentation, and downright fraud. These experiences on the part of jthe public continued until Oil Stock (became a "proverbial joke." These nefarious practices have i-e-i suited in the enactment by the Statu iof Utah and many other states, of 'stringent corporation laws, making such practices a felony, punishable by fine and imprisonment. We refer to this to impress upon the public the fact that these impositions imposi-tions upon the people cannot be repeated re-peated without those responsible learning by sad experience that, 'The way of the transgressor is hard.' What Becomes of the Public's Dollar When Brown, Smith or Jones pays a dollar for a share of stock in the Hunter Oil & Mineral Lands Company, Com-pany, the Utah corporation law, (bluu sky law) in the form of the State Securities Se-curities commission steps up and tells I the corporation exactly what they! must do with the dollar. They are informed in-formed first that they must deposit eighty cents of that dollar in the National Na-tional Copper Bank of Salt Lake City and further that this eighty per cent of receipts must remain on deposit until such time as in the judgment of the State of Utah, sufficient funds have been secured from the sale oi stock to warraat the commencement r9 .nii. P.....U .1.:.-. ul a n cil, luimci luai 1.1110 cigiLiJ per cent must be used for the diligent prosecution of the drilling of a wel.-in wel.-in the particular designated locality and for no other purpose. The remaining twenty cents, if required, re-quired, may be used to defray the expenses ex-penses of the corporation such as pay ing commissions on sale of stock, sten ography, bookkeeping, stationery, office of-fice rent etc. These regulations are laid down by the Utah State Securities commission commis-sion and cannot be violated by anyone any-one without laying himself or themselves them-selves liable to criminal prosecution. It is altogether right and proper that this should be so. It removes the temptation for officers or directors of a corporation to become too libera, with corporation funds and agalii these legal restrictions silence enemy criticisms and insinuations as to where company assets might be going. go-ing. Tt is not the multi-millionaires but the every-day working men of the country who usually pioneer, who do-and do-and dare. President Coolidge. while vice-pree ident. in a speech, Nov. 24, 1922. said: "In the last resort, it is the people peo-ple who must respond. They are thv military power, they are the moral power, they are the FINANCIAL POWER, there is and can be no other. oth-er. THINK IT OVER. |