3. The Blalock Mexico Colony Stock Corporation

Formalizing the Plan

Interested investors had met regularly for months, and on Saturday, November 1, 1902, company officers were elected and a transportation committee selected. The colonists hoped to depart for Chamal on January 1, 1903. There were by this time, "...seventy-five heads of families in the organization and it is expected that it will be increased to one hundred before December 1.”[1]

Since Mr. Blalock's marketing plan had been successful the number of heads of families had quickly increased. Enough shareholders had been solicited to guarantee the necessary operating capitol for the purchase of property and associated expenses. Never did the need arise to allow individuals the option to purchase more than twenty shares, the limit that had been set during the formation of the corporation.

It is clear that the leaders of this business venture were not just in it for speculation. They were willing to make a long-term personal commitment and risk much. They, along with all other shareholders, had been limited in the amount of stock they could own, a device to balance ownership within the colony. Additionally, it was a requirement that all colonists move onto the land within one year of the purchase, and members were expected to live on the land permanently.

Certifying Articles of Incorporation

One component of formalizing the plan was to create a corporation. To this end, Mr. J. L. Sweet, Mr. G. T. Ingram, Mr. S. C. Talley, and Mr. C. C. Rogers met on October 25, 1902, in the Mangum office of Mr. E. E. McCollister, notary public, to officially certifying the Articles of Incorporation. The Articles began with, “Know all men by these presents: That, we whose names are hereunto subscribed do hereby associate ourselves together for the purpose of forming a corporation under the provisions of the laws of the Territory of Oklahoma."[2]

This document identified the name of the corporation as "The Blalock Mexico Colony." The stated reasons for its creation were: