The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-02-27
VANDERBILT AND KEENE.
How the Supporters of His Stocks Lost Faith
-Keene's Loss of Influence.

-Keene's Loss of Influence.
Gath's New York Letter
what is the matter with Vanderbilt"
His credit. He suffered a great injury
when he sold out his followers in that West
eru Union deal two or three years ago. You
see, there were a large number of people who
went in and bought what Vanderbilt held,
and in the Western Union matter some OF
these inquired what they should do with
their stock. He said: Il am holding all mine.
l shan't sell a single share They all held,
and the first thing they knew he was out OF
it. That class of customers had been follow
ers of his father. They shook their heads and
said: We don't like this at all; this is anew
thing for Mr.. Vanderbilt to do and from
that moment large percentage of the Van
derbit customers have staid out OF specula-
ton, believing that there is nobody honest in
the street.
"A little later came Mr.. Vanderbilts sys-
tenn of pegging up Lake Shore until it got to
120, when he suddenly slipped out of it, and
let it fall to 80. Fully half of the remainder
OF his following then went out of the market,
disguised, to return no more; consequently,
his stocks are no longer held up to the notch
they were. He is not strong enough himself
to take his whole line of stocks and carry
them at a certain figure, and he always re-
lied on those who believed in him and his
family to carry the other end of the burden.
The absence of that public accounts Jor the
steady depression of his Michigan Central,
the flop of his Lake Shore, and even the rela-
tive weakness of his new York Central. A
high character in men can no more be triied
with than 4 pure character in woman. The
man who represents many, whose response
bility is great, makes slip in rectitude from
which he can recover only by years of well
doing"
Said | to this moralst "What is the sit
uation of James Keene now?'
well, we don't know. This is sure, that
he is no longer an influential quantity in the
stock market He is said to have an interest
in some new pipe line company to bring oil
to the seaboard, and some think he is also
specializing in wheat and produce; butin the
stock market he is a gone goose-one of the
has beens.'"
NY moraistic friend then said: Nothing
is so entirely dead as bursted leader of Wall
street. He is not like a man of any special
talent or information who fails in business
and still possesses his skill and brains The
Wall-street operator is a mere gambler and
when he goes under he is as much on the
pavement as faro gambler, who is out of a
stake and out of friends. keene came here
quiet way, and then began to get interested.
Finally it was thought he had made a great
deal of money. The present idea is that he
has lost great deal of money. In the last
two or three weeks he has probably made
some money but it cannot amount to much
compared to what he was supposed to be
worth two or three years ago"
what has he lost his money IMP"
well, pretty much of everything Here
and there he lost considerable, and the ag
gregate has been enough to weaken him as
an authority; and as he is not celebrated for
anything else but speculation, to fail in that
is to go out"