Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-06-18

have served 10 shed interesting hsh'
upon one Of the extraordinary hleahs
employed nowadays by prom iheh'
men In tho street TO protect thehl
selves from the INSTRUMENTATION OF
unprincipled men with whom they 90
business from time 10 time
In the Investigation u the crcum-
stances leading to the formation OF the
Hooking Valley pool and It's cohduo'
By It's constituent members the cues.
lion OF yeracity between the principal
gentlemen involved has been rather
sharply drawn This Is the invariable
rule when the sudden withdrawal Of
the props from under "A house Of cards.
reared TO flch unearned profits from
the market. preciptates n crash
when this occurs the public usually
Is treated to the inspiring speeta ele Of
having It's distinguished citizens rcgal-
Ing each other with such commonplace
epithets as Hes liar, I never told
him any such thing"
1t is obvious that one OF tho nnan-
ciers is all that he IS called. since bota
men cannot be telling the truth.
Wall street is divided into two hos
tile camps composed Of those who aro
outside the firing limo and those who
are on the inside Opinions ~ tn
street as well as its sympa thies whef
a question OF this kind, develops are
largely Influenced by the personal re-
lations OF each individual TO the
parties at issue and can rarely he said
10 be free from bias OF one kind or
another
James r Kcene. who for quarter
NJ a century has borne with undis-
turbcd equipoiso the sobriquet OF the
old gray fox" OF the street, resents the
imputation OF several % those bankers
and brokers who went down In the
hooking Valley crash that he had
doubled on his trail and deserted them
MT time when he was supposed TO be
supporting the pool In the market.
Two big houses with assets OF sew
ora millions each. unable 20 Withstand
the strain upon their resources when
n mysterious raid was made on Hook
ing Valley in the open market had 10
lay down their cards and capitulate
20 their creditors with confession
that the game they were playing had
been too stlff FOR them,
Every failure 10 execute it's con-
tracts in the street IL usually escribed
by members OF the involved house to
two fundamental causes
Frst.-That some ally in a special
rool designed t. boost or lower prices
had sold them out by throwing upon
the market at critical moment
blocks OF stock I'm which they were
trading In sufficient amount 20 pre-
cIpitate n panic for the purpose OF
wiping out the marginal accounts OF
hir associates In the pool or by in
undating brokers with buying orders
IN such quantity as to initiate prices
when the pool Is organized 10 bear the
market
Second.--A partner I'm whom there was
absolute trust he's been found 20 have
pledged the FIRMS credit In disastrous
private speculation. pulling down the
pillars OF the house built up perhaps !
with great care and the expenditure /
Of much effort. upon the heads OF him |
self and his fuilcless cOpartners
The second explanation. while highly /
condemnahle according 10 the ethics
OF Wall street. is not so reprehenslble
an offense as the first
Two different pools were formed in
Hooking Valley. The hrst. by agree
ment was closed out with handsome
proht after several months successful
of the market Mr.. /
Keene acknowledges that he was a
party TO this pool, in which, by the
way he says he carried accounts for
number OF his Office clerks and some
poor scquaintances
Respecting the second pool he Is
emphatic in his reputation OF any In
terest In IT, Whether he was or was
not interested is neither here nor there
for the purpose OF this story. Suffice
Il for me TO enumerate certain features
Of the Hooking Valley hasco that tend
10 reveal n wide divergence Of opinion
upon a subject involving the veracity
Of certain eminent financiers. upon
which subject there can be no middle
ground.
n there IS any opprobrious epithet
about which the banker who has the
spirit OF professional horseman is
II Is the suggestion that
he Is a welcher For thirty years the
Keene racing colors have stood for the
highest standard OF American sports
on every track IN this coun-
try and In England; hence tho feeling
of III concealed anger shown by the
"old fox" OF the street over the effort
OF certain members OF the suspended
firms 20 lay at his hcarthstone some
~ the troubles that came tn them
their inability to steer clear
~ the shoals upon which they we're
ultimately wrecked
Indications are plenty that the issue
~ veracity between those who are
mixed up in this financial melansc win
provide court stenographers with TAT
fees for many months to come
Both sides 20 the disputatiou claim
20 have a strong case Not 20 antic'-
pate any testimony that may he
brought out, there Is one feature Of
the case 90 which reference may be
made without prejudice at this time.
that reveals the scrupulous care and
with which men en-
gagged in SO called high finance nova
days have recourse In conducting even
their ordinary business conversations.
One OF the parties 60 this case UNI
known TO his pool associates and ell
ents. had a little device on his desk
known In every day commerce as n F
6ictograph This delicately adiustcd
little instrument. which has the virtue
OF magnifying sound eight ton twelve
was connected bv an unseen /
wire 10 an adjoining Office In this .
ONCE was a stenographe, The faint
est pressure ~ hutton ON tho side Of .
the flnancters desk brought her to in .
slant attention Pencil IN hand. note
book In 'front.' Of her and a receiver ad- .
justcd 90 her ear she took down every
49, ]. that passed between employer
and visitor All callers were treated I
alike when they left, unconscious
that an unseen ear was playing caves
dropper 10 all that transpired vocaliy
in the office an irrefutnbie record Of /
~ for such future needs as occasion /