The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1880-07-22
GARFIELD In OIL.
HOW HE LED HIS FRIENDS INTO MIS-
FORTUNE.
Victims Who Flirted With the Famous "CO-
quette" at PlthOle.

The Republican press Of the country has been
devoting much space recently to Hancock's op'
Grafton II oil speculatons after The close of the
war. So far they have failed 10 make single
point, or develop single fact which can be tor.
tured into anything like crookedness on his part,
or going to show that he profted In the least by
the speculation. On the contrary, 1t appears that
he was misled, but quickly finding 1t out he no.
tilted all his friends and they dropped 1t. Not so
with Garfield. He got his friends into 1t and he |
has not been heard from on the subject since.
THE ONLY SCHEME.
The scheme with millions In 1t, was brought to
the attention OF the public in Chicago, and the
Times OF that city has recently hunted the par
ties up who were taken in by the clever Gar.
field aud his hackers, the Phillips brothers Of
New Castle. Charles Randolph, Secretary Of the
Board Of Trade of Chicago was Vice President
of the defunct Venango and Virginia Oil Com.
pany OF Chicago" In an interview with Times
reporter he says:
"In the summer or fall of 1861 was introduced
to Gen, James A. Garfield and Thomas W. Phil"
lips, Of New Castle, Pa. The former then, as now,
enjoyed national reputation, and Mr., Phillips
was known as daring and successful oil opera
tor Of high character, who had accumulated mil
lions In his business l don't remember how or
by whom these gentlemen were introduced, but
following this INTRODUCTION meeting of our cap
ltalsts to hear Mr.. Phillips explain project to
form an oil company was suggested. A dozen or
so Of our people met and listened to Mr.. Phillips
who represented that he had an eighth interest
| in the famous Coquette we'll at Pithole, Venango
| county, Pa anc tract OF land, aggregating
about eighteen hundred acres, which he wanted
| to sell to company and take stock In part pay
ment committee Of reputable gentlemen
went on. spent three weeks examining the prop
erty, and came back with an Endorsement Of the
scheme. They did not think very highly Of the
| West Virginia lands, but they were much pleas
ed with the Coquette well, and claimed that 1t
alone might be worth the amount Phillips asked
| for his whole property. This we'll was flowing
| from twelve to fifteen hundred barrels daily at
that time, and was yielding dividends Of from
| two to four per cent on the entire capital. Here
| was something tangible and we took hold. A
good many Of us took stock and paid for 1t.
| put in about $4,000 myself Our working capital
became exhausted after putting down q few
| holes that produced nothing and one day our
flowing well stopped flowing. Then we quit.
We had enough. The land Is there yet but
suppose 1t must have been sold for taxes. l nev
er took interest enough to inquire. l knew my
| $4,000 was gone, and did not care to know too
many particulars"
Mr.. Randolph, in conclusion stated that he
believed Gen. Garfield had acted in good faith in
the part he had taken, and that he had profed
nothing from the operation
| HOW MUCH WAS INIT.
Colonel G.. s. Hubbard, real estate agent at No.
125 Dearborne street, was the Secretary of the
company and was one Of the many who dropped
few dollars in the dry wells of Pithole. He was
interviewed as follows:
"Can you tell me then how much OF that
| amount was subscribed by Chicago capitalists ~
Not accurately, but / can state that out Of the
25O,OOO shares, Phillips, Wallace, Burk, and the
other owners took 10000 shares The remain.
der was mostly taken here"
Ibid not our people take more than $4,000
shares7
mot then"
"Did they subsequently,
II believe there was some trading done after
ward, though to what extent am not advised"
S"What became Of the money realized from the
sale of stock 2"
at went to pay for the land"
II was mistaken, then, when l understood you
to say that they turned In their property at $780,
900, and took stock in payment7'
"You were. All the money received, excepting
about $4,000 or $4,000 used In putting down
those eight or nine non.productiVe wells, was
paid over to the original owners"
You are not able to state, then, how much
Chicago really went into that speculation ~
"NO, l am not, Gar6eld's subscription was
S10000-nO, can't state"
The Colonel gave great gulp when he let out
the remark about Garfield, and he tried to slur
1t over, but 1t was too late.
"Was 1t 810,OOOor 10000 shares" queried the re-
porter.
rate subscribers paid for them at that time"
Have you any record that Garfield ever paid
S1OO 900 for his 8 500 shares2"
mo, sir. He was one of the original owners
with Phillips and Wallace, think. At any rate
Of GaFHpl0'g Dapgpn thTOuuh
hands"
Another victim says:
Garfield came here In 1865 to organize an oil
company. He was member of Congress at that
time, and he spent his vacation In that way. He
was accompanied by Thomas w. Phillips Of New
Castle, Pa. Phillips was disciple In the Chris
tian church, and Garfield was a minister. That
was how they came to be 80 thick. Garfield did
not know any one here excepting Gen. Edridge
, but the General very EOon introduced him to 0
large number Of business men, Garfield and bis
companions stayed here month or mora, work
ing the city, during which time committees were
. running TO and fro between Chicago and Penn
2 sylVania Phillips entertained his Chicago
friends at his home on one Of theiI visits, treat
ing them in princely style and conducting them
3 to front pews In his own church, built with his
own money and loaned to the Lord for few
minutes. Garfield preached, and though there is
no record Of 1t It, is whispered that he preached
- | from bQule VI tue mOhL Do IOuuO
3 In the Scriptures, he might have drawn mora
from solomons injunction, "ill thine horn with
i, oil and CO." or infamed the minds Of his audi
tors with Jobs romance Of his former state
j when l washed my feet with butter, and the
. rock poured me out rivers OF OIL" He could
have warmed up to his theme and dscOurseC
from the words, "Thy ralment was Of fine liner
J, and silk and braided work. Thou didst eat fine
= -four and honey and oil, and thou was exceed,
iDgly beautiful" It would have cost him moth
= ing to have adopted the language OF Micah
wherein reference is made to present of ter
thousand rivers Of oil to the Lord, and II W0ulC
!. have been no strain for him to have dseourset
beautifully about the fate Of the five foolish vir
gins who neglected themselves with oil to pro
b vide prior to going out to meet the bridegroom
= and of the prosperity Of tho five thrifty sister
{ who saw to 1t that their lamps were TeplenisheC
a and were thus enabled to profit by the absence
OF the foolish five on q nocturnal search for 81
. Illuminating agent Then when 1t was all owe
his hearers could have recalled the inspired pas
sage found In Psalms: THE words Of his moutl
were smoother than butter, but war was In hi
. heart; and his words were softer than oil, ye
they were drawn swords"
? sCRAMBLINa FOR STOCK.
II was with reluctance that the committee lei
the lovely region Of fabulous wealth. but whel
J they did return 1t was to excite the cupidity o
their fellows with the Arabian nighR' tales Of tn
wOndrous regions where there was oil, oil, moth