The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-01-29
COMMOTION ON 'CHANGE.
Twenty Millions In Gold Tran.rerre frvm
san Francisco TO New York.

San Francisco to New York.
For several weeks back thoro have been
mysterious whspcrings in Wall street Of an in
fusion OF new capital into tho great stoc TX gam
Dilng quarter. Discussion has boen busy with
tho probable effect of this introduction OF fresh
blood into the financial arteries. The bulls
have been encouraged in their position by tho
report that the new capital would he used in
purchases of stocks and bonds while the bears
have been talking confidently Of the ruin likely
to occur should the funds DO used upon the
short side of tho market.
In fact. the main business OF many brokers
for some time back has been to discover where
the fresh capital s. and its probable dspo-
sition. The recent erratlc movements Of SOW
eral stocks havo boon traced to the presence OF
new and heavy operators in the street
1t is now known that "A very large amount OF
money has been transferred from San Fran
cisco 10 New York by several gentlomon well
known in connection with the bonanza mines
and with the railroad development of tho Pacific
coast
This money has been transferred. partly on
account of tho establishment OF the Mining
Board In New York. which needs financial sup
port to give 1t prominence and stability. and
partly for speculative purposes in connection
with railroad stocks and bonds OF tho sort
Now York Stock Exchange.
While the brokers OF Wall street are greedily
sloating over their new prey. and endeavoring
10 measure the time that must elapsebcfore this
m oney passes from the pockets of he present
owners to their own. let us who the men are
VINO have concluded To come into the street with
fortunes greater than those who go there poor
can ever hope TO take away.
Foremost oi the new spectators and the ono
Whose pr,senne here savors most Of perma-
= Il IN ttsl4g fgF
has been famous on the Pacific Coast for egan-
tc speculations which in most instances. have
San Francisco rs Knighty Jim Keene." on
account oi his commanding presence and ex-
Ia2rd mary nerve when hS prssrnts himself at
ne appears in New York. he Is tall. thin. of re-
tirlns demeanor. and reticent In this last quail
San Francisco he is noted for his many acts of
generosity. particularly to widows and orphans
without means OF support HIS money was
nale IN great part by tho rise III bonanza
When these had attained about their maxi
mum OF price he sold out upon the Flood and
OBren pool and rs soon as his profits were
securely realized in gold put out line of shorts
work vigorously 10 tear down the fabric of in
Hated speculation. HIS opponents fought des-
H'fut'ly. but kecne met them at overy turn
HIS bets alone upon tie future lower prices Of
the bonanza stocks are sud to have aggregated
hundreds Of thousands Of dollars Kccnc left
no stone uuturned 10 weaken public confidence
IN mining stocks, and at last when prices gave
way. he doubled his already large fortune. or
course he incurred the vnii!;y oi the Flood and
O'l'ricn pool, III his course had enabled out
side holders - take advantage Of tho market
whlch IN" pool wanted Tor Its members
some time ago Keen" decided upon changing
his residence from san Francisco Ia New YORK.
he climate oi IN" fa'iic coust not agreeing with
HIM. lie accordingly came here. and II neeu-
| uatlng Tor the purchase Of magnificent resi-
den,s upon the Hudson. H. lives nt present at
| the Windsor Hotel. where his movements are
watched with great interest by tho large number
oi stofk brokers and speculatQrs who eongro-
ssverai millions OF dollars in gold coin were ore
| transferred by special ear from San Francisco
To To- NV York for his account. The transit Of
which afroes the continent noticed IN the
newspapers generally, although the name Of
thI f. "Snsifnse ems was net W kRown. o,,a,no,A,.
OF the Free Lance among stock operators 10y
N" Independence OF his operations. rh were
for the most part made on his own hook. and
outside Of every agreement with members Of
prominent pools. When he thought "a stock
cheap ne boq.ht i when i seemed dear he
advice: hagged profits when they accrued. and
meyer Srumbed about losses.
twenty six thousand shares Of Western Unlon
at at p4l Tar ir1m v1 io WHEN ihe price reached Is,
near that figure, hrrne sold out and saidl.d
the pool with his stock. To the friend who
asked why he sold out, h"r"plied; man who
don take sl5o.oOO profit when hc can get II Is "a
Mr.. Kccnc. also tried his hand nt selling priv
iless on Lake shore, hut changed his Ia. ti''s in
q few days and has left that branch oi stock gam
bling alone ever since. The sum 81 money
IN gold which he has transferred from san
Fran risco 10 New York is estimated by parties
In position 10 be well informed AT about ss.Vp0.-
S SS H. ( sgpp9Gssd 10 gg worth 9DGpi M sl9oc &
Bp'ocks. at Seligmans. and at Wormser-.
There IL great rivalry amoug the brokers to get
his husin' -, and the brokers who have So far
been favored with II are exceedingly careful 10
keep others ont OF b Is way. An almost INSOFAR
Cone"
Beside Kecne. who Is really tho smartost
OF TIE California operators. senator Jones
Of Nevada and cx-Goy. stamford Of Cali
iorha are here. engaged in speculation.
It, Is not 70 be supposed. though. that
All Of the Californians now operating in
Wall street are IN rapport In fat, there Is the
iiVrclierst kihd OF rivalry among them here. rs
necessary for one 10 take n certain position IN
the market Tor some other one 10 strike IL hos
| tile attitude.
II Is estimated that at least so 900 on Of fresh
| capital has been brought into Wall street dur
| ing tho last three months by CalifOrniuns for
| active employment