Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1880-07-14
How Hundreds We're Swindled by
u Petroleum and Mining Com
pany of which Gen. Hancock
was President.

From the Boston Journal.
The democrats, from the outset have insist
ed that their watch-cry during the canvass is
to be aggression" aggression" agrees
sion," and they are devoting the energies of
all their party organs to maligning repubi-
can candidates. The republicans will not
follow the initiative which the democrats have
clean campaign, but there are some things
that Gen. Hancock, with his followers, will
have to answer. Inquiries have already been
made Us to what became of the large amount
of money that was collected by the so-called
United Service Petroleum and Mining Com
pany. of which Gen. Winfield Scott Hancock
was the President, which heeced from the
soldiers. just as they were paid off at the
close of the war, so many thousands of dol
lars. This company with the high-sounding
title, proved to be one of those wildcat spec
ulating ventures which sometimes are desig-
mated by much severer term. The pro-
spectus which was issued contained the names
of some persons who did not even know of
the organization of the company. but who
were used to help the willy managers make
their gains. This circular was sent broad
the Potomac. where it was evidently hoped
that the influence of Gen. Hancock's name
would be effective among the soldiers: and it
was. Some of the old soldiers who lost
their money, now that Gen. Hancock has
come to the front again, may ask some
troublesome questions.
This flaming prospectus set forth that the
United Service Petroleum and Mining Com
pany was incorporated under the laws of New
York had capital of $500. 900 in 100. 900
shares. par value So working capital Sl55.-
900. $4,000 stock and $4,000 cash; no
further assessments. and no personal liability.
Officers: President. Major-Gen. W. S. Han
cock: General Manager. W. ID. Mann
Treasurer. W. c. Church: Secretary Geo
ID. Kellogg: counsel. W. s. Hillyer: bank
ers, Bank of the Republic. The Trustees
were the same. with the addition ~ II. A.
Chadwick. then connected with Wizards
Hotel. Washington. more recently in Chica-
go and on the Pacific coast; s. A. II. Marks.
Washington; Brig. Gen. NJ. Hoffman, United
States Army b. B. Hotchkiss, manufacturer
of Hotchkiss shells: d. Stratton, New York
Of this vast scheme there remained only 2S.-
900 shares, subscription price SO. which the
soldiers were to he permitted to purchase.
The company's property was represented to
be very valuable. with perpetual lease, stu
ated mainly in Venango County, Penn, on
Cherry Run. near the famous Joy farm
which had then made a wonderful strike of
oil, and near great deal of property that
had been largely developed. The company,
it was stated had been organized on differ
ent plan from most companies. Forty-flve
gentlemen, selected after careful examination.
purchased the property, and had developed
il. In 60 DAYS the wells would be completed.
and would be highly productive. The stock
was all full paid. not to be liable to any as
sessments. and no stakeholder assumed any
personal liability. Italics were used to en-
phasize the fact that gains were certain and
that there was no possibility of loss, and that
the reputation of all concerned secured
this.