The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1910-05-14

~ n the doChiH6 '"'NS -
have served 10 shed interesting ligh
upon one OF the extraordinary mean
ornployed nowadays by promincn
men in tho street TO protect them
selves from the Interpretations O
unprIncipIed men with whom they d.
business from time TO time.
In the investigation OF the circum
stances leading to the formation OF tn
Hooking Valley pool and Its conduc
by its constituent members tho ques
ton of vcracity between tho principa
gentlemen involved has been rathc
sharply drawn. This Is the invarinbl'
rule when the sudden withdrawal o
tho props from under n house OF CARDS
reared to filch unearncd profts from
the market prccipltates q crash
When this occurs the public usually
is treated TO the inspiring spectacle o.
having its distinguished citizens regal
cpithets as Hes liar. ! never tolc
him any such thing"
1t is obvious that one OF the fnan-
ciers is all that he is called. since both
men cannot be telling the truth
Wall street IS divided into two hos
tile camps. composed of those who arc
nrc on the inside. Opinions OF tho
street as well as its sympathIcs when
n question OF this kind develops arc
largely Influenced by the personal re-
latlons of each indiyidual to tho
parties Mt issue and can rarely be said
10 be free from bias of one kind or
another
James r Kccnc. who for 4 quarter
zf ,.-It In
turbcd cQuipoisc the sobriquct OF "thc
old gray fox" of the street resent5 the
imputation of several of those bankers
and brokers who went down in the
Hooking Valley crash that he had
doubled on his trail and deserted them
at a time when he was supposed TO be
supporting the pool in the market
TWO big houses with assets OF SOW
eral millions ench unable to withstand
tho strain upon their resources whom
n mysterious rnid was made on Hook
ing Valley in the open market. had to
lay down their cards and capitulatc
TO their creditors with a confession
that tho game thcv wcro playing had
been too stiff for them
Every failure TO execute It's con-
tracts In the street is usually oscribed
two fundamental causes
First-That some ally IN a specinl
pool designed to boost or lower prices
had sold them out by throwing upon
the market at critical moment
blocks OF stock in which they were
trading In sufficient amount to pre-
cipitato a panic for the purpose OF
wlping out tho marginal accounts OF
t.I1 Iatr L.,
brokers with buying orders
in such quantity as TO initiate prices
when the pool is organized to bear tho
market
SccoDd-A partner in whom thoro was
absolute trust has been found to have
pledged tho firms credit in disastrous
privnte speculation, pulling down the
pillars OF the house built up perhaps
with great care and tho expenditure
OF much effort upon the heads OF him
self and his Guilelcss copartners.
The second explanation. while highly |
according TO tho ethics
OF Wall street Is not so reprchcnsiblc |
an offcnso as the first.
Two different pools were formed In
Hooking Valley. Tho first. by agree
mont was closed out with handsome
profit 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 nc carried accounts for a |
number OF his Office clerks and some
poor acQualntances
Respecting tho second pool. he is
emphatic In his Reputation OF any in
tcrest in IT. Whether he was OF was
not interested Is neither here nor there |
for the purpose of this story Suffice |
Il for me to enumcr9te certain features |
of the Hooking Valley fasco that tend |
10 reveal wide divergence OF opinion |
upon a subject involving the vcracity |
IF certain eminent flnanclers. upon I!
which subject there can be no middle |
ground
II there is any opprobrlous cplthet |
about which the banker who has tho |
spirit OF a professional horsemnn is /
II is the suggestion that |
ne ls a wclcher For thirty years the |
<cenc racing colors have stood for the |
highest standard OF American sports
on every track in this ooun-
try and IN England; hence the feeling |
lf ill concealed anger shown by the |
old fox Of tho street over the effort |
II certain members of the suspended |
1rms 20 lay at his hearthstone Como |
II the troubles that came to them |
through their inability TO steer clear |
Df the shonls upon which they were |
ultimately wrecked.
Indications are plenty that the Issue
of vcracity between those who are |
mixed up in this financial melanGe viii I
rroN,ida ccurt etcDoprnphcr4 ,pLth fat I
fees for many months to come.
Both Sides 10 tho disputotion claim /
to hnvc a strong case. Not 20 anticI- |
pntc any testimony that may be
brought out there IS one feature Of I
the case. to which reference may he /
made without prejudice at this time |
that reveals the scrupulous care and |
circUmspeotion with which men en-
gnged in so called high finance nova
dnys have recourse In conducting even |
their ordinary business conversations
One OF the parties 10 this case. un-
known to his pool associates and cli-
onts. had little device on his desk
known in evory day commerce as a
dIctoeraph This delicetcly adjusted
little Instrument. which hns the virtue
OF magnifying sound eight. ton, twelve
octayeR. was connected by an unseen
wire 10 an adjoining Office, In this
oflce was a stenographer. Tho foint-
est pressure OF button on the side OF
tho fnancicr's desk brought her to in
slant attention. Pencil in hnnd note
book in front of her and a receiver nd-
1usted to her ear. she took down overy
word that passed between employer
md visitor All callers were treated