The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-08-12
JIM KEENE's GREAT COUP.
Tie Story of His Battle with the bonanza
Men Told by One who Was There.
Ncw York Times.


y The story Of the bogus map. which created
a great deal of excitement among mining
stock spectators in California some fifteen
years ago, has never, L think, been told in
detail. man who asserted himself to be
one of the principal actors in the transaction
gave me the particulars one windy night last
winter, as we sat in little mining cabin on
one OF the bleak slopes OF the Sierra NevadaS
watching with hungry eyes our supper OF
bacon and fapjacks cooking on the stove.
bly, friend, whom | will call Hill, was fiat on
his back at the time dead broke, but he
talked a airily and Familiarity of untold mil
lions "a though the. miserable shanty was a
palace on Mob Hill and the haplack he was
tossing was block of stock just ready to be
hurled upon the market TO make or break
the fortunes of the day.
At the time | refer to, "Jim' Keene was
just coming prominently into view among
the little coterie of dashing spectators
which, in those days, ruled California street
with rod of iron. He was a large holder in
the Consolidated Virginia and California
mines on the COmstock; so heavy holder,
in fact, that he was allowed the privilege OF
having an expert in the mine to look after
lis interests The bonanza crowd Flood.
o. Brien, eft al. also held large blocks of stock
which they were trying to unload upon
keene, ana in pursuance of this design were
circulating rose-colored reports OF extraor-
binary indications and rich strikes, especi-
accordingly turned all his attention to that
part of the mine. Now. once in the labyrinth
OF drifts and leads which constitute the big
Comstock mines. il is. of course impossible
to obtain any idea OF their topography with
out the aid of instruments. and these he was
not allowed TO have. The expert, not to be
outdOne, had a small compass inserted in his
watch locket, and also provided himself with
pedometer. BY the aid of these he could
easily obtain data which would enable him
to construct a tolerably correct map of the
level, and so get at the true condition of af
fairs.
But on the second day he was detected and
Mr.. keene was informed tnat his man could
not enter the mine again. The expert went
down to the ebay and had a long talk with
keene. He told him that, as far as he could
judge, the mine was worthless, but, of course,
could not support his assertions with proofs.
The bonanza people, seeing that it was neces-
sary to disarm any suspicious Keenc might
have, invited him to make personal in
spection of the mine. The drifts and leads
to the big silver mines are generally boarded
up at all sides by loosely-fitting planking.
Through the chinks il is easy to see whether
the drift is running through pay drift or
through country OF barren rock. The bonanza
crowd sailed three or four OF the drifts by
putting ore behind the boards and Keene
was then shown through. There were mil
lions in sight everywhere and they kept
leading him backwards and forwards through
the sailed leads until he should suppose he
had seen the entire level.
Keene went back to San Eranciscs not
knowing what to think. Naturally he sus-
pected the bonanza people and there was
the evidence or his expert. On the the other
hand he knew what he had seen with his
own eyes. In this emergency the expert tele-
graphed in cipher to Hill, who was then in
Virginia City, saving that the bonanza peo-
rnia nh to n ON
asking him if he could do anything 10 pre-
vent it. Hill went at once to the foreman of
the mine and tried to bride him 10 tell him
the real condition OF the mine. Failing in
this. he remembered that he knew shift
boss on that particular level He knew him
to be an intelligent young fellow, and that
he had taken very full notes about the real
condition of the mine at that point. He adj
dressed himself to him and finally succeeded
in obtaining his notebook. With that as a
guide, Hill drew map of the 1500-foot level
showing all the drifts, ore deposits, etc.-in
fact, describing with minute particularly
the mine as it really was. The two men went
to San Francisco and had an interview with
Keene. After carefully examining the map
keene expressed himself as satisfied that
the mine was worthless. In return for the
service that they had done him, Keene gave
Hill and his partner 100000 margin at his
brokers'
The stock was to be cut up into smaller
shares in a few days, and Hill determined TO
buy first. believing that the stock would adj
vance point or two on the division.
Then his plan was to sell everything short
on the merits OF the mine. They told he me
what they proposed 10 do. He buntly adj
vised them TO sell short at once and when
they persisted told them that he intended in
that ease to sell hundred thousand himself
to cover his own interests. They disregarded
his advice and bought. The next day, to
their horror the map, neatly Autographed,
was hung out on California street. Amidst
the most intense excitement the stock COM
menced to fall. The newspapers came out
with broadsides on the criminality of libels
for speculative purposes, and the bonanza
people offered heavy sum for the appre-
hensiOn of the author of the "bogus map
as il was called But it was OF no use.
The facts were there. and the stock fell. In
a few hours il went down 10, 20. then 30
points. Fortunes were made and other
fortunes swept away in twinkling, while
millions of dollars changed hands. Hill and
his partner lost. of course, with the rest of
the unfOrtunates who were on the wrong
side of the market. Keene, who had disposed
first of his own stock. sold everything short,
clearing by the coup several millions, while
the bonanza crowd lost between them a ten
score of moderate fortunes. 'Of course
said Hill, a. he applied himself to the fruits
of his culinary efforts, ''we didn't really lose
ANYTHING for the 100000 we had belonged
TO Keene, and we only had the use of it as
margin. Sometimes, though, | wish hadn't
thought knew more about stocks than Jim
Kcene, anu had taken his advice. If | had
we would have cleared something handsome.
But YOU see | never dreamed he would have
the nerve to hang that map out on the street
and bring everything down with rush.