New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-07-09
THE SOLDIER SPECULATOR.


REST OF THE CnrRF AGENT.
Army officers and soldiers are making in
quiry at Washington about the United Ser
vice Petroleum and Mining Company, OF
which Major-G eneral Hancock was the
President. The company obtained tho
inscriptions of army men in 1865 tn
the amount Of $4,000. largely through tho
fact that General Hancock was at its head,
ami then suddenly failed, paying the sub
scrbers nothing out OF the $4,000 they had
paid in. Upon inquiry in this city it is
learned that an army Spectator, an
officer of the company, pamed oil on
the company at $4,000 lands In Penn
sylvania and Ohio which had cost only
$1,000. The Spectator was arrested IN this
city when his deception was discovered. The
management of the company called forth
many unfavOrabe comment; it being held
that the officers Lad not taken the usual
business precautions to guard against loss.
Details of the speculation arc given herewith.
The GENERAL AS AN OIL OPERATOR.
INQUIRIES FROM SOLDIERS As TO THE DISPOSITION
OF THE FUNDS OF A FAMOUS OIL COMPANY OF
WHICH HANCOCK WAS PRESIDENT k<a
WASHINGTON, July S.-Slnce General flancocks
ing here to inquire about the disposition of tho
funds of the great petroleum mining speculation,
into which so many of them entered jnst at tho
close of the war, the main inducement then held
out to them being that General W. S. Hancock was
its president
All who were with the Eastern Armies about the
tine of the Confederate surrender, and while the
troops the march home. will remember
that the camps. especially while the final payments
were being made were flooded with flaming clrcu-
lars setting forth the certainty of large gains from
small investments i'll oil company called T" The
United Service Petroleum aud Mining Company Of
New-York," MajOr-General w. s. Hancock. presi-
dent, w. c. Church. treasurer. Twcaty-eight thou
sand shares We're offered for sale at SO share.
large number Of soldiers invested, but how many
those most interested have never yet ascertained.
number of prominent names were attached 10
the circular to float II. Some of these not only said
| they had no such connection was claimed In the
circular. but they actually refused to take any OF
the stock or have any connection with the scheme.
| AT least one Of these, gentleman Of great proml-
nence. was put down as being of the original
purchasers of the oil lands of the company.
Besides tic countless circulars sent broadcast
! into tie armies the advertising columns of The
Army and Nary Journal were used for months to give
| the matter prominence among army men. The
| 2S,OUO sDarcS OHcreu were 10 pIONluc lunus ioI
| striking oil. The gentlemen who projected the en-
terprise divided 172 600 shares of the stock among
themselves but set apart 2S,OO0 shares TO sell to
soldiers in order to obtain what was styled add
tIonal working capital"
| OF this vast scheme there remained only
% 900 shares, subscription price. S3," which tho
soldiers were to be permitted 10 purchase lhe
company property was represented 10 b. very val
uabie, with a perpetual lease. situated manly IN
! Venango County, Penn. on Cherry Run, near the
famous Joy farm, which had then made wonder
ful strikc OF OIL and near great deal of property
| that had been largely developed.
The company, il was stated, had teen organized
| on a different plan from nost companies. Forty
| five gentlemen. selected after careful examination,
| purchased the property and had developed H. ln
! sixty days the wells wonld be completed, ana
! would be- highly productive. The stock was all
full pa y. not 10 DO liable to any assessnents ana
! no stockholders assumed any personal liability.
were certain, and that there was no possibility OF
! loss, and that tho reputation OF Gl concerned Sc
! cured this.
HISTORY OF \ WILD SPECULATION
NQUIRIEs AT wAsHINGToN-GENERAL HANC0cKs
CREDULlTY PLAYED UPON-w Z. MAINS CA
REER-AN INvF sT%ENr WITHOUT INyEsTIG,-
TION-A BRILLIANT PRo:PEClUs OF THE UNITED
SERVICE PETROLEUM AND MINING COMPANY
z vcstigation in this city shows that many Army
officers who were stationed i'll Washington III 1868
remember without pleasure their first acquaintance
with Major General Hancock, for, trusting ia bls
business sagacity they invested their money IN the
oil company referred to III the above dispatch. OF
which he was the head-and lost $4,000. Their
loss of every penny of their investment was made
the more greiyous by the fact that Gercrd Hancock
and his advisers had not taken those precautions IN
investing their money which civilians Of ordinary
business ability would have taken to guard their
friends from unsafe investment. They had pgt INTO
their hands the prospectus of the United Service
Petroleum and Mining Company, written in the
usual magniloquent style. with the following al
Turing heading:
United Serrice Petroleum aud Mining Company Of Se~
Incorporated under the laws OF New YORK Captnl
S5O006O. in 100000 shares Pr value; 30 Workmg
csg slo2T1S S1er sooDS s"'T no psrsSSs
liability. oaoees, No 20 BrSsGw0y sso o.Ss New.
Pesideui oeg ol s. "ncock PRESIDENT
and general superintendent. W u. Mann treasurer. W.
Mllyer; bankers Bank o. the Republic 'rnstee,-
Maor,Gencal y. $ Haacoek, u $ M A.; W. :; Hliysr.
iacturers New York H. A. Chadwick, OF sykes. chad
Marks Washington, D. c. Brisadler General ". Hoa
man, u. >. A, Commissary General OF Pris0nersi h
York City b. stratton Of Cross & Co New-York; ".
{. Church. editor ana proprietor OF ne army ana Ndry
Journal, NewYork Only $4,000 shares ior sale su0
scription price, 49,
HISTORY OF THG COMPANY.
The early history of the company had been an in
teresting one; but this carefully concealed
from the Army officers who asked to take stock
in il under General Hancocks wing Its parent wac
Colonel VIM. d. Mann. of the 9TH Michigan Cavalry.
an Army speculator. The Government had kindly
released him from duty in the Army over a year
before, and he had been engaged IN selling patented
cavalry accoutrements to his late comrades. IL
was stated under oath III Court afterward
that he offered large commissions to officers to
cure him contracts for these cavalry accoutrements
Upon one contract, IN which he had General Will
lam s. Hillyer partner he made profit Of over
So, 900. Early in the Winter Of 1865 lie turned
his attention to new field of speculation There
Of otl,x hfch