Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-09-19

luncheon, with good wine, was pro-
yided on each occasion, it can hardly
he wondered at that the director took
Kindly toward the work. Nor, as re-
CARDS myself, had l any reason to CON-
plain. My salary Of three hundred
pounds sterling year was paid to
me monthly with the utmost regu.
larity. On the board days |
lunched with the directors, and
on the other days similar mss
was provided for me and the one d.
rector who was expected to be in daily
attendance at the Office. This extra
duty of course involved extra pay,
although the director ON duty had no
thing to do but to write his own pri-
yats letters, see his friends, and other
wise transact his own private business.
In addition to these advantages there
was another by which we managed to
benefit ourselves. There was in this,
as in ali similar companies, a continual
rise and fall in the value of the
shares, not necessarily great, but
quite enough to enable those who
we're behind the scenes to make good
thing Of the speculation. For instance
the shares, owing probably to a general
want OF money in the market and not to
any thing connected with the mine it.
self, would fall considerably in value.
On such occasions we bought these Sc
curities largely but quietly, and few
days later bad some report of Won
deriul find of gold in Trixie, which, as
a matter of course, sent the shares up
again, and when they had reached what
we believed to be the highest price,
we sold again and realized the differ
ence. More than once | was fortunate
enough to buy in this way couple of
hundred shares at fifteen shillings, and
to sell them q week or two later at
thirty. | made it rule never to put
out my hand further than | could draw
it back, and yet in the course Of six
months | managed, by thus working
the oracle, to net a sum Of not less than
1000 pounds sterling.
So far, then, all went we'll; but there
were dark days in store for us.
The first shot we received was, as IS
generally the case, from an anonymous
correspondent Of a London paper, who
stated that he had returned recently
from South America; that he had
visited the Trixie estate, and from all
be saw and heard he was convinced
that the value Of the produce there had
been greatly exaggerated. IL was true
that gold had been found there, but in
such small quantities as not to be worth
the expense of working it, far less Of
keeping up a staff of engineers and
others to look after the concern. The
writer did not seem to be acting with
intention to injure the property or to
decry its value, but wrote what he evil
IDENTIFY believed to be the truth, with
the view of preventing people from
risking their money in what seemed to
him a valueless speculation.
The result was what might nave been
expected-the shares the Trixie Nine
Company fell to mere nominal value.
and indignant and alarmed shareholders
wrote to the Directors asking whaf
here was in the letter which had ap-
pesred in the paper. a meeting OF the
Board was called, and |, as secretary,
vas directed to write and find out who
was the individual who had thus
done his best to ruin the company.
The reply from the editor Of the
paper in which the letter had appeared
was the reverse of satisfactory to US.
It stated that the writer was man OF
inderendent means, who had nothing
whatever to do directly or indirectly
with ioint stock companies or shares OF
any kind. The editor had COMMUNE
Gated With him on the subject Of my
letter, and his reply was that he was
willing and ready to prove what he had
written, and to abide by it in any court
Of law ifthe Board thought tit to bring
an action for libel.
Itneed hardly be said that this state
uent did not mend matters, and in the
course of few days some half dozen
petitions for winding up the company
were presented in one Of the law courts.
There was no difficulty made as to
whether these petitions should be
granted; the only discussion was as to
on which Of the several petitions that
had been fled the winding-up order
should be made out. After time this
was settled, and then it may be- truly
said the end came. The shares fell to
less than nothing, for no one would take
them as gift.
Seeing that there is always money to
be made by these liquidations, it wa
only natural that the birds OF prey
should flock to feed on the carcass OF
the expiring company. There were
many candidates for the Offices OF
liquidator and solicitor. As is gone
rally the case in this world, it was
those who could least afford to lose that
had to pay the piper. Shareholders
who had invested in the hope of get
ting 10 per cent. for their money
and had stuck to their shares had
now to pay up 10 shlllings on each
share they held, which to the majority
Of them meant utter ruin. AS a mat
ter of course not few OF them dc
clared themselves bankrupt, and over
these the vultures Of the Law fought II
order to get something in the way Of
fees but noticed, as did others, thai
Of the directors there were only one or
two who lost money, and they did ST
only to a comparatively small amount.
for, like wise men, they had trimmed
their sails in time, and had disposed o
nearly all their shares.
For myself, | cannot be said to have
lost by the affair. Ny original deposit
had been repaid me, had enjoyed ny
salary, and | had made, as | have
shown above, fair amount by buying
and selling. The experience | game
ought also to be put on the credit sid'
of the account, for it would now taxi
something like a miracle to induce m
to have anything to do again with eithe
gold mines or any other kind OF joint
stock company
In time it came to light that the IA
vorable reports Of the Trixie esta,