Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-10-07
Stockholders In Star Petro-
leum Companies Get Circu-
lar Letter From Brice
ANNOUNCES SALE OF ASSETS
These Various Oil Companies Were Or
sanized by w. e. Rrice of Mason City,
During the Famous Oil Boom at
Beaumont, Tex.-People Of All Class
es Interested in the Venture.
Special to Times Republican.

Special to Times Republican,
Mason City, Oct. There is consid-
cradle grief among the stockholders OF
the various oil companies which w. F.
Brice. of this city. organized during the
famous oil boom at Beaumont, Tex.
There have been rumors of the Star
Petroleum Oil companies having prac-
ticaliy collapsed. but the officers here
u circular letter from Mr.. Brice reached
here yesterday. which practically con-
firms the rumor. Writing under date
of Beaumont, Mr.. Brice gives the, fol-
IL wing Information to the stockholders
Thru the dispatches you are doubt
less aware of the sale or the greater
part OF the assets of the Star Petroleum
Company to Mr.. H. A. Phillips. of
Pittsburg. Pa. The board of directors
aid not exercise the power and author
ity given them by the bylaws of this
company TO make the sale until aftep
they had bsen made fully acquainted
with the condition of the companys af-
fairs its future prospects and the me-
cessity OF this action, and had fully
consi dered the matter As soon as may
be complete statement Will be sent
to each stakeholder. but deem ii my
duty to forestall this statement with a
brief explanation of the causes heading
up to the present condition. AS YOU
known, this company took over the
properties of the different corporations.
all of which were organized during the
'gusher' days on Spindle Top, and
whose properties were planned in a
large measure on the expectation OF
the continuance OF the gushers. When
they failed it was necessary to rear
range the business and he expenditure
of an immense sum of money was made
necessary. New 'gushers' were found
at Sour Lake and we expected and had
reason to believe that the company
would benefit largely by reason of its
large holdings of proven oil lands. and
the original expectations would be
realized. Unfortunately for the COM
pany, the wells at Sour Lake suddenly
ceased gushing and TIE management
was suddenly embarrassed for funds
with which to complies the work in
progress, and the step just taken was
the only avenue left oren that would
enable the creditors to be paid In full
and leave on hand funds with which TO
produce and sell oil. You have put In
and no efforts have been spared 70
make the company a success. That !
have not succeeded Is a bitter disap-
pontment to me- because of the loss so
many of my friends and acquaintance
will sustain.
With the funds remaining a meas
tire of success may yet be worked out
and my efforts in that direction shall
be untiring. Keen disappointment may
occasion unllind remarks, but / have
made an honest effort and l ask you to
reserve adverse criticism until you are
acquainted with the facts
The Star Petroleum was the merger
of ten companies Of which Mr.. Brice
was president and general manager
and was capitalized at $10.000.000. In
the "gusher' days it looked as if there