Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1903-04-11

NO. ~.
tween Mr.. Keene and William c. Whit
ney dated from this time-a breach
that involved the two men In bitter
warfare on. the stock exchange and on
the turf here and In England.
"The detection Of any one large hold
er Of tobacco stock in October, 1898,"
Mr.. Keene said, meant serious con-
sequences In such high priced stock.
When the most indubitable evidence
| was furnished to me that one or two Of
the parties In the tobacco. pool had
sold, sold my stock, and did 1t
promptly, at between 145 and 1885,"
The price Of American Tobacco fell to
115 under the selling Of Mr.. Keene, and
the attempt to unload" on him failed
dismally. He had bought his stock at
80.
Just who was responsible for the
Misunderstanding growing out Of this
deal Wall street was never definitely
determined. Recriminations, however,
few thick and fast for time, and Ger
tain persons referred to Mr.. Keene as
the robin Hood Of Finance" -
Whatever the facts may be as to the
origin Of the trouble, it was an open
secret in Wall street after the deal in
American Tobacco that Mr.. Keene and
Mr.. Whitney were no longer friends.
Indeed it came to be regarded as GER
tain that wherever the interests Of one
were at stake those interests were
sure to be attacked by the other.
1t was charged by the Whitney inter-
ests that at time when Mr.. Keene had
been employed to work up the stock
of the Metropolitan Street Railway
company for their mutual advantage
he had incontinently sold out after the
stock had been doomed to a high fig
ure, and had taken his profits, leaving
his associates in the lurch.
Punished by a 100000 Loss.
If this accusation was true opportu-
nifty came for a bitter revenge later.
when Mr.. Keene was caught Tong on
Third avenue railway stock at 116.
The Metropolitan syndicate absorbed
the Third avenue. Mr.. Keene was then
commonly reported to have settled be-
low 60, at net loss to him Of $1,000
900.
In 1899, Mr.. Keene was accused Of
fostering a bear campaign against the
Brooklyn Rapid Transit company and
Of circulating literature damaging to
that corporation. II this venture was
as profitable to him as was currently
reported, his manipulation Of Brooklyn
Rapid Transit netted him about $780,
900 profits.
Charges were made also that Mr..
Keene revealed certain embarrassing
facts concerning loans made by the
State Trust company to persons in
terested in Metropolitan stock, these
loans, as 1t afterwards appeared, hav-
ing been made to an Office boy.
Mr.. Keene denied that he circulated
rumors or caused to be circulated for
the purpose Of depressing Brooklyn
Rapid Transit, but he never denied
that persons intimately associated with
him, in business had uncovered the
State Trust company's scandal. The
fact is, he had very little to say on the
subject. He was a man Of action and
little given to verbal passages at arms.
He made no secret Of the fact that he
regarded Mr.. Whitney as an enemy and
khot 10 Iotao5ad 20 y,oaak bfv,, ~, thot
basis, a threat having been made to
deprive him, If possible, Of his fortune
by speculative processes.
Financial conditions In the last few
years have been such as to minimize,
in measure, these efforts at mutual
destruction. Mr.. Whitney represented
interests which needed 20 be conserved.
The great traction syndicate, which
has now been merged into the Metro
politan Securities company, required
financial as we'll as physical develop
ment. The clashing Of millions was
hardly conducive to healthy develop
ment, and until the recent Amory rev.
elations the Keene- Whitney feud has
not been latterIy to the fore.
AZ . Morgan Ally.
or Mr.. Keene's latest successes Ed
win Lefevre, the writer Of several of
the Captains Of Industry series Of
sketches in the Cosmopolitan, has writ
ten capital summary. Mr.. Lefevre
enjoyed the unusual advantage Of pos
sessfng the confidence Of Mr.. Keene
without being blind worshipper Of
his peculiar type Of genius. Mr.. Le-
fevre said:
His deals, his management Of pools.
his campaigns became thrilling chap
ters Of Wall street history. Among the
financial giants he was unpopular. His
friends were many, his enemies few,
but millionaires. He has openly charg-
ed them with treachery, with attempts
to deceive him, to unload on him on
the sly. They have retorted by say
ing he was not to be trusted; but they
could not hurt him, and he, more than
once, has knocked the plans of flnan-
cial cliques into cooked hat.
after Mr.. McKinleys reelection in
1900 the great powers Of finance were
united in q common cause.-The ad-
vancing Of security prices, and the
marketing Of some hundreds Of mil
lions Of stocks. The great boom start
ed. It halted, because the iron trade
was on the verge Of collapse. Mr.. Nor
gan, in defense, formed the United
States Steel corporatfon The capftal
stock Of the mammoth trust exceeded