The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1877-04-04
Keene In Wall Street.

L he DaDitues OF Wall street were bus
lily engaged Yesterday discussing tht
merits ana movements of tae recently
imported California millionaire Com
mission merchants were jubilAnt over
the prospects Of Profits from the lively
business which invariably follows I'd,
introduction of fresh capital into the
street
Spectators were concerned as 70 the
ability Of the new element 20 change
the somewhat limited fluctuations of Sc
cutities. Jim Keene. with his long
white ulster reaching nearly to his feet,
was d man noted wherever he went dur
ing the day.
The general opinion seemed TO be
that outside of Jim keene no very re-
markabie events need be looked tor.
Keene, however. has slresdy establish
ed reputation for heavy transactions
which indicate that he may become u
power in the stock market.
Ia the San OF yesterday it was inti-
mated that X enc had taken flyers in
Lake Shore stock, and also tried to bag
large sums of money by the sale OF
privileges.
As an illustration Of his method OF
operating, mention is made of recent
transaction:
Several evenings ago Lake Shore
closed at 55a[d55t. Keeae. a few days
previous, bad sold 'ca.l' on 10000
shares to a large operator in Wall
street, D. P. Morgan
Morgan was great bull on the stock.
and in the evening dropped around at
the Winsor, where he met Keene. lie
chidcd the latter for his imprudence in
selling . call on such number If shares
which be did not possess. Keene said
that when they were called" he had
no doubt but that the shares would be
delivered. Morgan began to expstiate
upon the value Of Lake Shore. and urged
the seller OF the cali to join the pool
in the bull movement.
Why" said Morgan. this stock is
worth 7j, and Is selling at only 55a l
will give SO for 5000 shares. DO you
want to sell them" :"
Keene said that he cared neither to
buy nor sell. He didn't care TO trade;
in fact be had no interest except in the
cali sold to Morgan.
At this the bull in Lake Shore felt
that he was gaining point. If Keene
would not sell 5000 shares at an eighth
above the market, he must be weak on
the bear side So Morgan began to de-
cry the Ashtabula disaster; said it
amounted to nothing; would inflict bat
halfthe loss on the company which had
been imposed by popular rumor. In
fact he VAS willing to bid $56k for
5000 shares Would Mr.. Keene sell
them:
NO" was the reply. II don't care
to trade: the Stock Exchange is the
place to fix values. can tell better in
the morning. II l want to 90 short, |
will sell when the Exchange opens"
Here Morgan thought he had good
thing. and, without further psrley.
hurled at his adversary (without the
slightest idea of having his offer ac-
ceptcd) the still more favorable prepo-
sition:
Il will give you SCI for 5000 shares "
Sold" said Keen-.
Morgan turned scarlet. and trying 10
bluff still higher. as Last resort, said:
do you want to sell any more at
these iigurts!"
No." said kecLs. "but l will sell
yen 10000 shares at 56 if you want"
The game wasover In the morning
Lake Shore opened down. and great
haste wa. made by inside parties to
drop their stock.
These heavy transactions gave lucra-
tive employment to brokers. and aid in
building up the declining business of
Wall street