The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-07-21

troduced TO General James A. Garfield and
Thomas w. Philips. The former then, as
now. enjoyed q national reputation, and
Mr.. Philips was known as q daring and sue
cessful oil operator of high character, who
had accumulated millions in his business.
don't remember how or by whom these gen
tlemen were introduced, but following this
introduction meeting OF our capitalists to
hear Mr.. Philips explain project to form
an Oil Company was suggested. dozen or
so of our peoplem and listened TO Mr.. p,
who represented thst he had an eighth
interest in the famous Ooquette we'll at Pitt
hole, Vensngo County, Pennsylvania. and O
tract of land sggregating about l 500 across,
which he wanted to sell to Company and
take stock in part payment Committee
of reputable gentlemen went on, spent
three weeks examining the property. and
came back with an Endorsement of the
scheme. They did not think very highly of
the West Virginia lands, but they were much
pleased with the Coquette well, and claimed
that ii alone might be worth the amount
that Philips asked for his whole property.
This well was flowing from l. 200 to 1500
barrels daily at that time and was yielding
dividends Of from 2 to per cent. on the
entire capital. Here was something tangi-
BILE, and we took hold. A good many of US
took stock and paid for it. / put in about
81 600 myself. Our working capital became
that produced nothing, and one day our
flowing well stopped flowing. Then We
quit"
GENERAL ELDRIDGE ,r
was attacked in due time. He was in great
rush, but late in the afternoon found time TO
unburden his soul 10 knot of reporters
who had assembled TO assume the load. de
enioiDed them for Gods sake to either write
his name Mr.. Eldridge or General Eldridge.
NJ Ill n, q .v,Io g.,
eral was exceedingly voluble and much
given to "reminiscences and poetic flights
right in the midst OF interesting passages.
Nothing could head him of. Boiled down
mis- statement is TO this effect:
Sometime after the war, in the summer of
1865 think ii was, when the oil fever was
at its height. who should come into my office
but J. A. Garfield Garfield talked to me
about the uncertainty OF political existence
and spoke about entering into partnership
with me in the practice of law. He dwelt on
his poverty and circumscribed condition
and the trouble he had in getting along, and
from that drifted into discussion of the
chances of making money in oil speculation,
He discoursed on this subject as any Lead.
vile enthusiast would have done about the
gold and silver mines q year ago. had
been imbued with the oil fever before this.
Several of my clients had made large for
tunes in oil. was ready to make some my
SELF Garfield told me of several of bis
friends who had made large for
tunes and were the owners OF
several successful wells who were willing,
and, m fact, anxious, to interest Chicago
capital in their ventures. He then spoke of
T. w. Philips, who was then introduced to
my notice. Among my acquaintance were
such men as @. B. Farwell, l.. Y. Letter, S s
Hayes, and score Of others. | introduced
Garfield to these gentlemen by his desire and
at my suggestion"
The General professed his utter inability
to estimate the amount of Chicago cash sunk
in the Garfield hog-back, but stated that the
late s. 8. Hayes was the heaviestloser, having
put three business blocks into 1t.
As the party passeddown stairs the Times
man drew the General 10 one side and asked
him confdentaily if he didn't think Gar
field and Philips treated him in shabby
manner when they went off with those grip
sacks full of cash without reimbursing him
for the money expended.
You won't give me away, nowY
''0f course"
swell, now. 1 never rel lized until the
morning Of July 10, 1880, what they bad
done. was thinking over it TO day, and
came to the conclusion they acted like"
"How much did they have in those grips"
Il could not guess within $4,000.