The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1880-08-19
OILY GARFIELD.
How Detroiters Were victimized by
the Oily SpecuIator.

the Oily SpeculatOr.
[From the jackson CMich.) Patriotl
An enterprising reporter of the Eue,a-
ing Ne,os, in his explorations about the
city of Detroit in search of information
for the readers of that journal, succeed
ed in gathering up quite an interesting
historical sketch of the operations of
James A. Garfield in that city fifteen
years ago, whereby it appears that a
number of Detroit capitalists "got left"
pretty badly, and the Republican Presi-
Dental candidate realized handsome
profit. It seems that in 1865 the
"People's Oil Company was projected
in Detroit, with John Burt as President,
and list of stockholders composing
many of the solid business men of the
town. The company purchased ten acres
of land on Pithole creek, Pennsylvania.
and began boring wells. Work had
scarcely commenced when overtures were
made by outsiders who wanted to enter
the corporation. Among them was Gen.
Garfield, who wrote the new company
and suggested that it purchase several
hundred acres of farming and mining
land in Kentucky and West Virginia.
Finally Garfield was invited to Detroit
for consultation in regard to his propo-
sition. A meeting of the company was
held, before which Mr. G. appeared in
behalf of the lands which he represent
ed, and which he described with such
glowing phrases that the "People's Oil
Company decided to purchase the fol.
owing lands in fee simple for $40, 600
100 acres in Wayne county, West Vir-
ginia; 221 acres in Floyd and johnson
counties, Kentucky; $50 acres in Nc.
Coffin county, Kentucky; 1872 acres ir
Floyd county, Kentucky and to take {
twenty years lease of 500 acres in Floyd
county from Feb. 20, 1866. The lands
had been inspected by Mr.. Burt an6
| others, were reported to be substantially
as represented, and there was only one
| more question to be answered. Was the
title to these lands in good shape
What followed is thus described by the
NetDs reporter
Garfield accordingly gave his person
al guarantee that the company should
have a good title, and even offered tx
sign personal bond to that effect. Tht
company were satisfied with these rep
reservations, and it was agreed by Mr.
Garfield that he and the other thre,
owners of the land should take SIC, ,00(
of the purchase money in stock. So tn
necessary papers were made out. Th
transfer of the land was looked after b,
one Burrows, from Wheeling, W. Va, VIII,
acted as "agent" for Garfield and th'
other two alleged owners, and had tn
property in his own name "for conven
ience." But it was Garfield who prom
ised to have a satisfactory deed mad
out and forwarded; and Garfield tool
the first installment of $5, 900 home il
his own personal gripsack. The man Bur
rows was mere shadow dummy fo
convenience sake" Garfield was tn
head and front of the whole business
and the company supposed all the tim
that it was dealing in good faith wit
him.
Garfeld's written bond pledged hi1
personally to secure for the company a
abstract Of title which should be salts
factory" The deeds were sent on an
accepted, and the money paid as abov
stated.
After Garfield and his three friend
had been admitted as stockholders, th
name of the corporation was changed
"The Peoples Union Oil, Mining an
Manufacturing Company" incorporate
under the laws of the State of Michigan
in March, 1866, with the following O