The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1880-07-22
glRF|ElD's SCHEME !
How He Operated in Oil Stocks
Much to the Discontinue of
Chicago Capitalists
His Experience in the Business En-
ables Him to Start a Little Credit
Mobilier on His Own Account.
Special Dispatch to the Enquirer.

Special Dispatch to the Enquirer
, CHICAGO, July 16.-The publication
in the Chicago Times this morning of
the fact of General Garfield's perform
anees in connection with a big oil
scheme in 1865 has created quite a t1ut-
ter among the Republicans of this city,
and all day to- day Investigations have
been on foot to trace out the details of
the disastrous speculation, in which
large number of Chicago people en-
4barked on the strength of representa-
tons made by the then member of
Congress and the now Republican
candidate for the Presidency.
The facts rs ascertained are that in
September, 1865, General Garfield came
to Chicago with big oil scheme on
foot, and did succeed in inducing a
large number of people to put their
money in it. A company was organ
|ized, with a capital stock of $3.50, 900,
divided into $500 shares at $40 each,
which were put in to subscribers at 81
each. General Garfield represented
himself as the owner in part and the
managing part entire of an immense
oil property, consisting of l ,460 acres
Of land in Venango county, Penn,
and in West Virginia, besides a one
twelfth interest in big producing
well. =. il-'lrs-t7,75 s 40 43 -
A committee was appointed to pro-
ceed to the spot and examine the prop
erty, and on their return a favorable
report was made, and the company
organized under the title of the We
mango and Virginia Oil Company.
President; Charles Randolph, present
Secretary of the Chicago Board of
Trade, Vice-P President :; Charles M.
Smith, a prominent banker, Treasurer,
and Ct. s. Hubbard, jun., Secretary.
Among the list of shareholders were
many of Chicago's leading capitalists,
the greater number of truly loyal Re-
publicans, and not q few church MEM
bers who had great faith in the piety
and integrity of General Garfield.
I The latter's name is down for thirty
five hundred shares, though it does not
appear that he ever paid in a dollar in
form of his ownership III, the lands
purchased. The entire stock was SUBJ
scribed, and about ,$50,O 600 in money
paid in. The scheme was a melan-
choly failure. and not a cent ever found
its way back to the pockets of the
shareholders. 1t is not known how
much General Garfield lost in the op-
Grafton, because nobody knows wheth-
er he invested any of his own money
in tho oil property i'm question, or
whether he simply handled it rs the
agent Of the owners. At all events, it
was collapse by the side of which
Gen. HancOck's Oil experience sinks
into Oinsignificanee; snd the prevailing
opinion among Republicans here is
that the singing of dead cats in this
campaign was most unwise one.
Among those of the unlucky share
holders in Garfield's big scheme of
fifteen years ago few are willing to adj
NIT that they were rOped in or deceived
by the Oily.tongued' orator from Ohio,
but all wish they hadn't, snapped up
the tempting bait, and would be glad
to get hack one cent on the dollar of
their Investment in the wretched bu-
siness. 40 cd. l1iii
One man, however, the Rev. J. G.
StOughtOn, a Methodist minister now
located at Aurora, Illinois, is not dis
posed to acquit Garfield of blame in
the matter. Mr.. StOughton regrets as
keenly as ever the confidence he re-
posed in the pious Congressman, and
has charged his 500 subscription up
to-the 7tUpuD11can standard-bearer.
Altogether the oil business has proved
q bad boomerang for Garfield, and in
spite of the efforts of the Republican
press to put the best possible phase
upon the matter and acquit Garfield of
any culpable conduct in the affair, the
feeling is quite general that the man
who first dug up Hancock g record has
been the innocent cause of giving the
Republican party great deal of trOub-
le and uneasiness. ' $50