Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1880-08-25
LOCAL HISTORY.
ABOUT GEN ERAL JAMES A. GAR.
FIELD AND HIS BUSINESS
METHODS.
DETROIT CAPITALISTS WHO LOST THOU
SANDS AND WIDOWS WHO LOST THEIR
ALI, THROUGH THE REPUBLICAN
CANDIDATE.
LOCAL HISTORY.
Detroit Free Press, Auguit ad.l

NANulbAlhs
Detroit Free Press, August 3d.l
1t is now about fifteen years since
General James A. Garfield, the Repub'
lican nominee for President of the
United States, paid business visit to
Detroit which resulted in the loss OF
thousands to capitalists of this city,
and swept away the little all of not q
few women who were widowed by the
late war. 1t was in the "hush" times
of 1865, when fortunes were being
made in oil and coal, and this "distin-
guished General came with the first
warm winds of Spring and sang the
syren song of wealth beneath the
ground. The particulars Of this par.
ticular bit of "shrewdness" on the part
of General Garfield, us near as could
be gathered by reporter of the Free
Press, who has been mining for them
the past week, are as follows:
In the Spring of 1865 company
known as "The Peoples Oil Company"
was organized in this city, with John
Burt as President and a number Of
capitalists as stockholders. The com.
pany purchased lands in Venango
county, Pennsylvania, and made prep
arations to drive wells. Just about
this time Garfield appears on the scene
by letter, writing to the new company
and suggesting the purchase of several
hundred acres Of land in West Yir-
ginia and Kentucky. Mr.. John Burt,
it is said, went South and inspected
the lands, and on his return the com.
pany decided to ask General Garfield
to Detroit and allow him to describe
these valuable lands which it was un-
derstood he discovered while in the
army.
Accordingly General Garfield came
to this city and before a meeting of
the new company expatiated on the
fortunes that lay under the Kentucky
and West Virginia lands. There were
rich coal mines IN the lands and pos.
sibly oil in great quantities; at any
rate the lands were cheap and some
portions OF them under cultivation.
The company finally decided to pur.
chase 22l acres in Floyd and Johnson
counties, 1872 acres in Floyd county,
and $50 acres in McGofiin county,
Kentucky, and 1870 acres in Wayne
county, West Virginia, and take up a
twenty years lease of 500 acres in
Floyd county.
James A. Garfield and his three
friends, Messrs. Plumb, Munger and
Burrows, owners of the land, were to
take $4,000 Of the purchase money in
stock, which they did, and a new com
pany was organized under the laws of
Michigan and entitled "The Peoples
Union Mining Il Manufacturing Com.
pany," with the following officers:
President-John Burt.
Vice President-James A. Garfield.
Secretary-Wm. c. Colburn.
Treasurer-Albert Ives.
Directors-Jno. Burt, J j. Leonard,
W. W. Wheaton, Joseph Hubbard,
Austin Burt, Israel Mowry, A. G..
Noyes, VIM. c. Colburu and Morse
Stewart.
The capital stock amounted to 90
600 shares, at s25 n share, repre-.
scnting 100000. Tho company was
assured by General James n Garfield
that the title to the lands in Kentucky
and West Virginia should be com
pletc and perfect and with this assur-
ance the shares went off like "hot
cakes"
Among other gentlemen interviewed
by the reporter of the Free Press was
Albert Ives, the first Treasurer of the
company, and from his assessment
book the following list of stockholders
was obtained;
Here follows long list of the names
Of the stockholdcrs.-EDIToR REPUB-
LIoAN.1
"How comes il that the names of 30
many women appear in the list of
stockholders p asked the reporter OF
Mr.. Ives.
Well, the Investment was considered
a good one" responded that gentle.
men, General Garfield conveyed the
idea to us that he marked out these
lands while skirmishing around. down
South with the army and it was always
understood that the General had given
his written guarantee that we should
have q perfect title to the property.
Sometime afterward we learned that
heirs to the property were disputing
the company's title and we wrote to
Garfield to have the matter defended.
He replied that Mr.. Burrows would
attend to it and shortly VIC heard that
the courts had decided against us.
off | remember rightly gave Gen.
eral Garfield when he was here 81, 900
of tho purchase money. | know
either gave it TO him or sent it to him
very shortly aiterward."
Mr. Ives further said to the reporter
that at the same time he paid 81, $50
into the company he supposed that
the deed Of the land was to come
through Garfield, but the General Of.
terwards shifted that responsible posi-.
tion on Burrows shoulders. Mr.. Ives
took 375 shares at 1886 per share. He
thinks there was about $4,000 put
into the company.
"Thc fault we find, said Mr.. Ives
in concluding, "is that Garfield made
some money and we lost il"
Wm. c. Colburn, Secretary of the
company, was next interviewed, but