The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-22

Company. out of which the GLOBE Finance
Company later was developed, made q drst
profit Of 100000.
Even 30. 1t was with great difficulty that
succeeded in Inducing tho chairman Of
the latter company to take the stock when
1t was quoted at only g or n a share. ]
sold a controlling interest in this explora-
ton company to the Globe Company for
Just what 1t cost me. but told them plain.
ly would be glad to keep II II they did not
want It II had kept 1t would have
made at least $4,000. 900 out oft, and prob
ably an equal amount In operations on the
Stock Exchange. But such 10 the result Of
being honest. When they learned that
wanted to keep the property they bought 1t
, at once.
1T was this mine. however. that wrecked
the Globe Company eventually. BY the
summer Of 1883 tho mine was turning out
as high as $4,000 a month. and ali this
might have been mine II had chosen to
keep 1t for myself
The company was paying dividends at
the rate Of S. 100000 a year on a 100000
capital and was advised by my engineers
that could count on the output continuing
indefinitely. or. at least, for a long time to
come
"On this information decided that con-
trolling interest In the company would be
magnificent acquisition for the Globe
Company. as the earnings Of this mine alone
Globes shareholders. even II 1t had no 9TH
er asset. So I bought the control for the
Globe Company. but the reports to me
turned out to be incorrect Instead of pay
Ing 100000 in the month following this pur-
chase. the mine paid only 100000 and the
shares fell from $50 to S50.''
That was in December. 1899, and as q
result I had the disagreeablo experience Of
having to pay the bears Of the Stock Ex-
, change between i've and six million dol
lars.
TREACHERY AT THE MINES
'It was now well known that In this mat
ter I was the victim Of treachery at the
mine, traitors there having entered into q
conspiracy with certain operators In Lon
don to go heavy bears In the merket.
Owing to the Globe Company meeting its
obligations, these bears reaped a golden
harvest.
after several months examination ana
further development. NC were again In
formed that the mine was looking well and
that there was every indication that It
would return to its former prosperity. and
that we would be absolutely safe in buy.
ing its shares at any price between 80
and SIS.
unfortunately. at this time. other condi-
tons were not favorable to US. There was
the Boer War and the tightness In the
money market toward the end Of 1900. and
there were Indications regarding the mine
itself that everything was not as It should
be. All this made II necessary for the
Globe to have cooperation. 80 we formed a
syndicate Of 100000. one-half Of which
was paid up. to enable the Globe Company
to finance itself in the market.
Some members of this syndicate were
gentlemen, while others were unmitigated
knaves. Tbs latter. with fun knowledge
Of the facts, not only sold their own shares
In the syndicate. but became heavy bears
besides. although the syndicate was to be
continued until the drst of March.
Members of the New York Stock Ex-
change can appreciate what / say when
tell them that at the very first accounting
the shares which we had purchased after
the formation Of the syndicate. when de-
rvered to US, proved to be the very ones
we had deposited with the syndicate az
security for the money, which was not to
have been returned for three months.
FORCED TO SUSPEND.
consequently. the formation Of the syn
dictate was worse than useless to the Giobe.
and, In fact the result was that on ret.
ting day, the company had to suspend.
There Is a moral to all this, 1t seems to
me. That is II you want to run a sue
cessful deal on the stock market take no
one into your confidence but yourself Every
successful operation Of my life has been
carried through while kept my own coun-
sci. whenever have taken others INTO
my confidence. have generally come out
the wrong end Of the horn.
these are a few Of the undertakings In
which have been interested. I acquired
control Of the worlds nickel market at one
time. and Shese holdings have been acquired
By IN Americas company associated with