The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1889-09-21
BROADBRIM'S N. Y. LETTER.

One often hears OF man being IN the |
inside of the ring on Wall Street, and he
Is supposed to have some talismauic secret
by which he has positive knowledge of the
hour when stocks will go up or down.
Never was there greater fallacy or blind
er error, as the wrecks that line the street
will show, and these thoughts are suggest
ed by the announcement that James II.
Keene is now figuring in the Sugar Trust
-one of the most gigantic speculations
yet conceived and at present, to all ap-
pearances, carried to completion, when the
profits accruing from this thrifty guild will
not be lsss than twenty-five millions Of
dollars year.
1t is now about twenty years ago since a
slim, boyish, bright-looking fellow ap-
peared on the Stock Board of San Francis
CO. He had not been there long before he
began to be feared, for as a mad plunger
the Golden City by the sea had never seen
his equal. At that time the San Francisco
Stock Board contained as desperate a set
of gamblers as ever were congregated in
any body IN the world; but among that
reckless crew the boldest held their breath
when Jim Keene came into the pit. Cool
as an iceberg, impassve as the SphyDx,
losses made no more impression on him
than winnings, and in very short time
Jim Keene was regarded as millionaire.
Some one, some day, will write the history
of the Big Bonanza, when millions were
played with as boys play marbles in the
street. 1t was wild time, that mining
craze, when Consolidated Virginia sold
for twenty-five dollars share and paid
two dollars month dividend on that.
What could it mean7 The Floods, the
O'Briens, the Mackays and Fairs grew
rich; but thousands upon thousands were
ruined. Yet in the midst of these disas-
ters one man stood unshaken as rock,
and that man was James r. Keene. How
much was he worthp Nobody knew. He
was "a high roller, but no one had the
guage of his bank account. One thing,
however, 5was certain, that his check
seemed good for any amount for which he
saw fit to draw it. The field of speculation
got too narrow for Mr.. Keene after the
crash came; so Mr.. Keene came to New
York. He had heard there was a person
named Gould living somewhere around
here, who occasionally did little specu-
lating, so he thought he would come on
and down him, and 1t was given out by his
San Francisco admirers thai there was not
room enough ON Wall Street for two such
magnates as jay Gould and lanes r.
Keene, and that one Of them would have
to go to the wall, and that one would not
be Jim Keene. 1t is not now necessary to
go into history of this California plunger.
He was soon recognized power on the
street, and as If the excitement of gambling
in millions of stocks was not enough to
work off his extra steam, he had to get a
racing stable on which he laYshed count.
less thousands; nor was he satisfied till
Foxhall, ridden by the English jockey
Archer, crowned him with the honors Of
the Grand Prix, when he presented the
winning jockey the entire stake of twenty.
five thousand dollars. With that days
triumph his luck changed, and he has never
seen lucky day since. Four years ago he
engineered mighty wheat trust, and he
was going to corner all the wheat there
was in the market and raise the price OF
the poor mans loaf. 1t required hun
dred millions of dollars to back up the
scheme, but a lot of nefarious rascals were
found ready to speculate on the people:
life-blood or anything else, so that they
could hoard up their ill-gotten gold. TIL,
syndicate engineered by Keene bough
right and left offutures, and they though
they had the market sure, but the Almight,
defeated them. One OF the most bountifu
harvests that the country had seen fol
years came to the aid of the people, anC
Keene, with his band Of piratical confeder
ates, went to the wall. No one know.
how much he sank, but he went out o.
sight like stone in the sea. Severa
times since We haYe heard reports thai
Jim Keene was getting on his legs. bu
up to the time of the Sugar trust Jane.
Keene was very lame man. 1t is no
certain that he is in any way connected
with II now; it may be only Wall Stree
flyer.
This week Musgraye & Co., highhyers il
the stock board went under. Years age
they were power on the street, and 1t il
putting it very mild to say that their checl
was good for million. To-day they ar,
utterly and hopelessly bankrupt and ruinet
Yet, for twenty years they were supposed
TO be on the inside of everything. 1t Il
not mary years since that Henry Clews
as smart as a steel trap, went under fo
more than million, and he is one of tn,
very few men who, getting badly trippeC
up on Wall street, ever get on their leg
again. OF course, combinations are formeC
to Bull or Bear certain stocks on whicl
the parties forming the pool have corner
but there is no such thing as a genera
knowledge Of the entire market, and Their
are times when Jay Gould, Vanderbilt
Russell Sage or Addison Cammack are jus
as likely TO get caught as greenhorn from
the country.
We are now approaching another specu
lative season and it is good time to rails
the danger signal, There is great dea
of capital In the country seeking employ
ment; the rates Of interest are very low
and holders of capital get desperate, an,
feel like taking little hYer on almos
anything. This is best seen on the race
courses, Of which there are several. A
Sheepshead Bay the Futurity Stakes wer
run for last week, and the purse was sixt
thousand dollars; but this sum, large as
seems, is all paid for by the people. Ther
were twenty thousand people to see tn
race, and the admission fees with gran
stand and paddock privileges were owe
thirty thousand dollars. A hundred book
makers paid hundred dollars each for Ii