Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-03-09
from the New York Sunday World Feb. "a 1901
Eastern Star
Owners
Strike Oil Richly
Kern River District
Gives Up Its Liquid
Wealth to All
Corners.
MONEY BY THE BARREL,
Californians Have Forgotten Gold
That Glitters for the Oil
Which Bubbles.
CHANCE GIVEN EASTERN MEN.
New Yorker, p. v. schermerhOrn, at
Head of the Company, a Prac-
ticaI Oil Man.
CHANCE GIVEN EASTERN MEN
New Yorker, r. v. SchermerhOrn, at
Head of the Company, a Prac-
ticaI Oil Man.

er. wealth for the investor.
From the Kern river district comes news
Of wonderful oil strikes, and while all that
glitterS may not be gold, all that bubbles
| Is oil. Men who owned the poor acres
in Kern county near Bakersfield could not
sell them little more than year ago for
So an acre Now, dotted with oil wells,
these same lands are selling at from $500
to $1,000 per acre, with wells producing
from 80 to 200 barrels daily.
New Workers have been on the spot and
seen not only oil wells, but oil ponds. The
Standard Oil Company has representatives
on the scene. 1t seems as If nature alb
horred trust, and had opened her heart
to the man on the outside. This man, by
grasping his opportunity, is getting On
the inside fast.
One of the best-located companies in the
Kern river district is the Eastern Star Oil
Company. This concern has as its presf-
dent Mr.. 2. V. Schermerhorn, member
OF the old knickerbocker family of New
York city. Mr.. Schermerhorn Is one Of the
best practical oil men in the country. His
father "struck oiP' in Pennsylvania way
back in the days of Goal Oil Johnny"
The son grew up in the oil district Of
Pennsylvania. He was one Of the first On
the field in California. With his experience,
he at once went to the head. Few men
have his knowledge of selection of oil lands,
the producing and marketing OF crude oils
and their varied products, the inventing
Of devices for rapid work, the erection of
derricks, boring rigs and pumping plants
His experience ranges over Pennsylvania
Ohio, Indiana and California, and hundreds
Of wells in those states are his monu-
ments.
Praised by His Neighbors.
The writer, who has just returned from
two months trip through the wonderful
oil country of California, found that no
better name. than that of P. V. Schermer-
horn stood before the people Of Los An
geles, in which city the Eastern Star Oil
Company has it's home office. Cashier
Mossin of the California Bank Of Los An
geles spoke of him in the highest terms
The east has had but little idea of the
extent of the oil industry in California.
Los Angeles was a beautiful city in its
youth; now it presents the picture of
city In an oil field. Green lawns, once the
pride of residents, have oil derricks plant
ed in them. The city has become an Oil
City In fact, but the residents have nearly
all made their fortunes out of the product
which for a long time lay unknown be-
meath their houses.
But it is In the Kern river district that
the richest strikes have been made. A
few days ago section 33. which adjoins sec
ton %, in which the Eastern Star OIL
Company has some of its wells, sold for
81. ZOO 600
through oil sand to depth of from 500
to 500 feet. meaning, in the light Of expe-
rience in the industry, that the well will
have life of twenty or thirty years.
brightest of All the Stars.
The Eastern Star Company is the third
company to be developed by Mr.. Schermer-
horn. He started the Diamond Star first,
saw it succeed and increase in value
then turned his attention to the Central
Star, with similar success. Now he con-
siders the Eastern Star the best Of the
three, and so sure is he of it's future that
he determined to offer some of its stock to
the people living in the city of his fore
fathers and in the east generally.
The capital stock of this company is
81, OO0, 600, the par value of shares being
81. They are worcestershire. In these
days Of over-captalization the Eastern
Star Oil Company is Il notable exception.
Here is what it owns:
Six hundred and sixty acres of oil lands
in the heart of the famous Kern river dis
trict. where more oil has been produced
and more fortunes have been made than in
all the other oil fields of California com
bined.
Over 300 acres in the Newhall district,
which has been producing oil for over a
quarter of a century. The Pacific Oil
Company, operating in this district, has
paid the stockholders S13, 600 900 in divi-
dends, and has recently sold its property
to the Standard Oil Company for several
million dollars.
Over 600 acres in the rich Kramer dis
trict, where several great strikes In oil
have been made recently.
Producing Dividends Now.
Unlike most enterprises of this kind, the
investors do not have to wait until plant
is erected and a lot Of other things have
been done. Wells are In action and pro-
ducing dividend, which will be paid quar-
terly, beginning May 2.
The first allotment of preferred stock is
offered at 25 cents a share, the second will
be advanced to 80 cents a share and the
third to 81. The management has decided
that 1t will pay dividend Of per cent
per month on the present selling price of
the stock.
The company could pay the present ner
cent monthly dividends for years to come
il it never had another well, and a large
force of men are working day and night
drilling new wells. 1t is expected that div
idends will be increased to much higher
figure soon.
To assure investors against every emer-
gency, even an earthquake, the following
guarantee is given:
eff parties now purchasing stock at o
cents per share shall request the same the
sale will be made on written condition
that the stock will, at the option of the
purchaser, at the end Of one year, be re-
ceived back and purchase money will he
refunded on thirty days notice, with inter-
est thereon at the rate of per-c cent per
annum, less dividends paid on same This
Is meant as guarantee Of the invest
ment."
Company VIII BE a Winner.
The company naturally figures that at
the end Of the year 1t would be making
at least 100 per cent by this action.
Enormous amounts have been made in
oil in California The San Francisco Pc
troleum Company has dividend record Of
$27, OOO. 900. People generally have an idea
that the Standard OIL Company has a
monopoly in oil This is not true since
the Kern river district gave up its boarded
millions Of wealth
The Home Oil Company has made over
5000 per share profits for its stockhold-
ers; the Pacific Oil Company, mentioned
above, has paid $135Oo.0 600 in profits, and
a score of other companies unknown In the
east have made fortunes for Los Angeles
and other California people. The Eastern
Star Oil Company's lands lie in the very
heart of the most productive belt of the
OIL fields.
c. A. Garfield, one of the oldest opera
tors In the district. states that in his opfn-