Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1889-02-01
FLOATING MINES IN LONDON.
An Example Of the Manner In Which
1t il Done.

An Example OF the Manner In WhiCl
1t is Done.
N. Y. Engineering and Mining Jonrnall
| The report of the directors of L,
Trinidad, Limited, presented and &C
cepted at a meeting of that company
held in London on Dece mher 2lst
1883, Is worthy Of careful considera.
ton. In order that the situation OF
the company may be fully understood
it is. necessary to review briefly the
history of the enterprise before the
present management took it in hand.
When NJ. Alusis first entertained
the idea of selling the La Trinidad
estate he was heavily in debt, owing
somewhere in the neighoorhood of
81, 100000, and it was necessary for
him to either sell the property at a
figure that would give him a margin
over and above the indie btedness or
forfeit it to his creditors. The first
offer OF the property was made to j.
w. Gashweiler, of San Francisco.
under nine months contract, for
Sl,2OO,OOO. Gashweiler, however, was
unable to complete the contract, and
Mr.. Wombold, who had acted a. his
agent in the matter, stepped in as
principal and obtained privilege up
on the property upon advanced terms,
and went to London to negotiate for
the purchase. There he came in con.
tact with Mr.. j. r. Browne, to whom
he was introduced by the irrepressihle
Mr. Kemp Van Ee, an ex.Bodie
boarding house keeper, at present in.
dustriously engaged in mining oper-
atoms savoring OF the wildcat"
These three lights, Browne, Kemp
Van Ee, and Wombold, obtained a
contract from the Alusia estate (Alu.
sla had died during negotiations) by
which they were to pay for the prop
crty the advanced sum of $4,000, 900
in installments over period. They
HE'D themselves to London, and with
the assistance of the notorious Abbott
Page u Co. tioated the most literally
capitalized La Trinidad, Limited,
likewise the Silver Queen United,
Limited, to work the Los Bronces.
A more liberal management Of CON-
pany's affairs than that OF Mr.. Browne
and his associates could hardly be
imagined. Surface works in the
shape of roads were built, and the
contracts showed no false economy.
Machinery was purchased and par.
TALLY erected. Almost everything
was done except to develop the mines.
The end naturally came. Out of the
100000 contracted to be paid for
the property some s330,OOO bad been
paid on account, and the company,
with 81, 100000 to pay, a portion OF
which was in arrears, had no money
to carry ou' the vendors (Browne's)
contract with the Alusia state, and
the property reverted under Judgment
OF the court to Mrs Ausia. The
shareholders had practically lost their
investment, the only ones reaping a
benefit being the vendor and his ~
'oclates. This was the situation when
the present board undertook to dis
entangle and put on sound footing
he affairs of the company. The
directors say in their report that
new contract with Mrs. Alusia has
been entered into, by which the total
amount OF $1,141,615 still owing up.
IN the property is to be liquidated as
'ollows: "The first payment, 18th
October, the amount 10000; the
,ext payment, $4,000. on the 18th
November; the next, $4,000 on the
9th December; the next, $4,000,
IN the 18th January, 1889, and the
,ext, $4,000, on the 18th February,
$50, and the further sum of $4,000
IN the 18th of each succeeding month
until the balance of the purchase
money shall have been liquidated, to.
,ether with interest, ETC." 1.-THE
penalty clauses in default of pay.
nent remain as in the original CON
ract." This means, it may fairly be
ssumed, that in default of payment
# any or either of these installments