Knoxville journal. [volume] (Knoxville, Iowa) 1874-1986, 1875-01-28

on me- We advertised in every paper
and we had Go, 500 subscribed by the pub
lie, which Kopp assured me was quite
enough to begin upon.
During six months / attended Board
meetings, which took place once a week !;
the city men now and then came, the
General was regular attendar, and we
waited for business. The Scotch Peer
rarely made his appearance, for he lived
a long way off. How His Lordship might
have been induced to enter the concern
was not quite clear to me, and | could
only fancy that some special inducement
had been held out 70 him for the sake of
his title, which looked well in our di-
rectorial list. Two loans were made to
people whose references seemed to US
satisfactory, and who undertook to pay
us 20 per cent; but we soon found that
the demands upon us for rent for offices
and Incidental expenses left US but a
very slight balance at our bankers. As
time advanced and no business came
in, Kopp seemed to cool in his
friendship to me, and more than
once he limited that he was much disap-
pointed at my not having found more
customers; but as among my friends
there were none in business, or in diff
culties, to whom loan could be more
than a temporary staving-of of the evil
day, / could not recommend that money
should be lent them even on the chance
of their paying 20 per cent.
AT our first general meeting we made
out what we believed was very tolera-
BILE statement of accounts, and showed
that, although up to the present time we
had not actually made any profit, vet we
hoped shortly to be able to give more
favorable and satisfactory account of
our trust as directors. Unfortunately
one of our shareholders was himself a
money-lender, and he was unmerciful on
US. He spoke WELL and he carried other
shareholders with him. He declared we
never ought to have commenced bust
ness on so small capital, that we had
actually done nothing, that the loans we
had made had been rashly granted, and
he voted for the winding-up of the com
pany. Having several of our friends
present, we managed to out-talk him at
the meeting; but shortly afterward he
obtained an order for the winding-up,
and our books, etc. were handed to him,
as he was appointed official liquidator OF
Kopp's Company Limited). My $500
worth of shares had not been handed
over to me; but as Kopp had promised
that this business should be all right
was not distressed or alarmed about it;
knew was qualified as a director, and
SO there was no cause for anxiety.
About month after the affairs of the
company were taken out of my hands
received a lawyers letter stating that
the sum of $500 was due from me for
shares in Kopp's Company (Limited), and
requesting that would at once pay the
money into the hands of the official
liquidator of the company. took this
| document to Kopp, who laughed at 1T,
and said it was mere form and that he
would see it was all right, and that moth.
ing could be done, as he had reserved
the shares for me and / was duly quail
| fed. Although anxious | was to GER
tain extent satisfied by this statement
and took no notice of the letter In
| about three weeks, however, on return
ing home one afternoon was told man
was waiting in my dining-room who de
sired to see me on important business
| entered my room and found a dirty.
| looking man, who bowed to me, asked
my name, and then, handing me paper
said that he thought it better to see mt
himself privately; that 1t was no doub
all right, but that it was his duty K
| serve me with writ for $500 due u
Kopp's Company (Limited). / must ad
NIT that this proceeding almost took my
breath away. | jumped into hanson
and drove down to Kopp's office. Ht
| had gone to the north on important bust
ness and would not be back for week
or ten days. | then rushed of to the
solicitor of the company, who said thai
the opposition hadn't leg to stand or
and that of course ] must defend the
action. On my way home l met the Ad-
miral, one of the co-directors, who
bluffiy informed me had led him into q
pretty mess.
Led you into mess?" / inquired
In what way?"
"Why, do you think I'd have Joined
this company" he exclaimed, unless
Kopp had assured me there was not a
more careful man in London than you,
! that Won had examined all details, had
| found it must succeed, and had agreed
to be director? With your experience
of accounts never thought for one mo-
ment YOU could make a mistake, and SO
| 7 Joined because you had done so. It's
ali your fault; and Pm let in for t5oo
and my name is dragged in the dirt
which Is worse"
I returned home with thoroughly
puzzled feeling; that had done moth
ing really wrong hoped, but was I'M
certain about everything, for things
seemed suddenly to change their aspect
and to present an utterly different ap
pearance from that which had expect
ed. waited patiently for news, either
from Kopp or the solicitor, but nothing
transpired for some weeks.
| One morning, about six weeks a1tei
nv being presented with my writ, l re-
ceived note from the solicitor, inform
inc me that my case would come on the
next day in the ice-Chancellor's Court
and that he had no doubt should gain
NV cause. 1t was my first law case and
aid not sleep wink the night before
I attended the court and hoped | might
soon be freed from my liabilities, but re,
ceiyed fresh surprise. l was disposed
Of in about ten minutes 1t was shown
that I had never paid farthlng Tor my
shares. that / had acted as director,
and was from the formation OF the
comnany on the Board. A somewhat Sc
we're censure was passed on me, and an
oninion expressed that men holding sucii
positions as had done ought not to &C,
n. q I'll