Los Angeles herald., 1910-06-17
OIL ATTRACTS THE EAST
SAYS PALMER'S PRESIDENT
Californian Believes the Time Ap-
proacheS When Vast Sums
Will Come to the Coast

After a sojourn of six weeks in the
financial centers of the east, where he
visited New York, Boston, Philadelphia
and other cities in the United States
and Canada, j. C. Kemp Van Ee, vice
president of the Palmer Oil company,
has Just returned to San Francisco. He
is highly elated over what he heard
, about California oil in the east, for
1t has convinced him that there will
soon be vast sums of eastern money
pouring into the Golden states great
oil fields to aid in their development,
says the Chronicle.
England has set the pace for out
side investment in California oil lands
and oil securities said Van Ee ycster-
day, land the big eastern financial cen
ters are going to run our English
rethern a pretty close race in the near
future. The moneyed men in the cas-
are rapidly awakening to the great
monty making possibilities of Californ-
mia oil, and I am confident that some
very large investments will be made
by New York fhanciers in the great
industry within the next few months.
"The east has been slow to display
any great amount of interest in our
splendid industry but as they are be-
coming acquainted with the facts they
are eVincing a great deal of interest.
L
money in California oil lands made the
east sit up and take notice. 1t remains
for Californians to do the rest-cOn-
tinue the good work of educating the
people on the Atlantic as to the great
oil industry we have out here on the
shores of the Pacific.
SHOULD LIST STOCKS
ITO my mind the simplest and best
method of enlightening and interesting
the people of the east concerning the
great oil industry of the Golden State
is to have all of the dividend paying
oil companies of California list their
stocks on the New York curb. This
would attract the immediate attention
Of investors all over the country
broaden the market for oil securities
and popularize oil securities in the In
vestment field. 1t would also be
splendid educator, fer it would place
eastern people in touch with the Cali
fornia oil situation, enabling them to
ascertain the earning powers of oil
companies and show them how much
greater returns they could obtain from
them than from other forms of invest
ent.
Il am convinced, as a result of my
eastern trip, that within six months
we will see the greatest oil boom that
California has ever had in its history,
and it will be brought about by rush
of eastern and foreign money to Cali
forna for investment in oil lands and
oil securities"
While in the east Mr.. Van Ee listed
the stock of the Palmer oil company
on the New York curb and made APP
plication for listing it on the Boston
curb and the Toronto, Ont, exchange.
He also opened an Office in New York
for the transfer of his company's stock
statement was published in one Of
the oil papers a few days ago to the
effect that the Luxor, in its drilling
operations, had encountered stream
of powders and that drilling had to
be suspended for that reason. This is
an error. The bit went into hard shale
al 734 feet, a very favorable indication,
and on the 8th instant had gone down
$50 feet. In one day forty-one feet was
drilled This is almost a record per-
formance. No bowlder formation has
been encountered and the drilling is
proceeding satisfactorily