paid for as such, but that is of no consequence
if the effect is produced, of a rise in the price
of the shares. There are some companies whose
shares are quoted at such enormous premiums,
and which pay such high dividends, that the
investor is sorely tempted to embark in similar
undertakings, apparently, that are brought be-
fore the public. But these prosperous concerns
are in most cases first taken up by a syndicate
-- that is, a certain limited number of persons
behind the scenes -- who finance and float the
company, and when success has been attained,
the public are granted the privilege of purchas-
ing shares -- but at such a price as the syndicate
choses to put upon them, and, not seldom, that
is the highest they ever attain. This is particu-
larly the case with mining companies, the
successful ones having certainly only benefited
the few. This syndicate system has given rise
to a bogus imitation, which, however, appears to
have met with but limited success. Circulars in
lithographed writing, marked "private and con-
fidential," and implying a friendly interest in
those addressed, are sent to persons whose
names are obtained in the manner already indi-
cated. An invitation is given them to join a
syndicate about to be formed to float a certain
company, the profits arising from the operation
being certain and enormous. Again, if it be
such an excellent and certain venture, why offer