Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-02-04
MR. EEENE'S FINE WORK.
How He Manipulated Whisky Trust
Stock and Made a Million.
WESTERNERSPLAYED HIM FALSE,
But They Stand to Lose Heavily
on the Deal They Supposed
Would Make Them All Rich.
4 Very Clever Piece Of Finan-
ciering.

ciering.
New YORK, February 3.-The EUsn-
ing sun to-day says the true history OF
the recent dealings in whiskey trust
shares is to-day told for the first time.
1t shows, continues the paper, how some
men attempted to play jim Keene, the
manager OF the pool, false, how Keene
detected them, but professed TO accept
their denials, how he turned around
and made a cool million out OF the
Western men.
The tremendous shrinkage that has
taken place in the shares would indi-
cate that there was not anything to do
except for the members of the pool to
take their losses and join in chorus Of
lamentations that has been singing
in Wall street for two weeks. Now
that the smoke of the battle has cleared
up, however, ii appears that so far as
the pool is concerned, those of its mem
bers who played fair and trusted IN the
ability OF its manager, James r. Keene,
have lost nothing.
On the contrary, although the pool
for most OF the time operated on the
bull side aud the price OF the stock was
cut in two, dividend of 81 share is
awaiting lis members.
The pool in Distilling was bull pool,
and it began its operations when the
sItOck was selling at so. 1t was under
TODD that 15OO0 shares we're 10 be
ought and the stock advanced to a
tpint commensurate with its stated div
bend earning capacity.
~ James Il. Keene was made manager
olrhe pool with full power to operate
afle saw tit. The members of the pool
%e the company's directors and
NJ Der of Wall street men. Very little
Stel was acquired by the bull pool on
the tOck'S rise from so to 81. But the
bubg continued, and by the time the
d,itent pool members had taken up
l35R 10 shares the stock was quoted at
70. he last $4,000 shares were then
scQqing, when Mr.. Keene detected
loOE bout the selling he did not like.
son OF the certificates, it is said,
were raced directly to the western
cllUe He sent for them and told Of his
su 1ie ms. One of the parties protest
ed lis nocepce and offered to put up
| 81, )It0 in government bonds to guar
anJset dividends in the stock for tYo
years. e assured Mr. Keene the con-
ditlon q he company was all it should
be.
The SICK erept up to 72}5, and more
suspiciop certificates appeared. From
that time he pool holdings began TO be
liQuidatep As fast as the market would !
absorb z stock Mr.. Keene sold it. !
Then th6 break began. 1t is said the
Western p pie, who had been steadily !
selling stfl Oh the rise above 72, !
thought tls The decline was due to
their sales,
On the y, ak down IN GO the bear
crowd begal Ntyer. They then be-
gan TO buy inv very stock which was
pouring outP te pool The holdings
Of the pool Fire liQuidated finally at
ABOUT GO. II as lost of the stock had |
been acQuiret} aNoYs that figure, there /
was an ugly IS staing the pool in the |
face.
Then came lir. Keae's chance to re-
coup. The E3stern Minister'S Of the |
pool were loaded with ~ stock, conf
dent that thekool WAS viii working on
the bull side.
In a day r two tn street was
startled by thetremendot sales of Dis
tilling By tha house Of iaMontague,
! Clark 81 Comtny. The dAings in the
stock becamel II enormous oIume, and
the price begA TO weaken
Around So ! ktremendousRht took
/ place. The pestern peoIe rallied
again, and th9stock craps8ck 70 50.
Bur it did not lay there. gbk volume
of business ralely seen inNSN street
the slump cahe and conlinua untl
Wednesday. wien the stocS gbtndedl
al "a. the ioWat price at which told. I
The sole cautal stock of the coANny |
was dealt IN bttween Monday ard lhd- |
nesday. OF tie 393, 400 shares EhNh |
had been sold 1000 shares were ngit |
by Mr.. Keene. 1t was short stocH too, !
and it had been sold around 60.
The purchase price averaged kIhe
profits on the turn were cool q ion
dollars, or enough to wipe out the Hses
incurred by the pool on the bull De.
7 hat is where the four per cent divAnd |
viii come from.
The Westerners now find themsIes |
the owners of the property they orott |
on to sell.