The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-01-10
Death of James r. Keene
Recalls His Fight With Whitney

New York. Jan. 10.-About the
time James r. keene departed from
San Francisco for the greater field Of
speculative operations which New
ney began his public areer as cor
poration counsel for New York City.
AT that time MIR. Keene was reputed
to have accumulated Il fortune of ST..
600. 900.
William c. Whitney was then. ac-
Icording to the estimates of men Of
Icapital. a poor man. He had been
fairly successful rs IL lawyer. but his
chief success was his discovery while
practicing law that his greater gift lay
lin the direction OF organization, cor.
operation control and utilization of
great credit in such as to
make it possible through corporation
organization swiftly to amass q large
fortune. Twenty years later MIR.
Whitney and Mr.. kecne calne into vio-
lent collision. 1t was a collision which
brought about what has passed into
history, Il S the Whitney panic.
In these 20 Il MIR. keene had
lost two fortunes. had accumulated
two others. had suspended payments
upon obligations and had voluntarily
paid every penny of these obligations.
He had been caught in an attempt
to corner the wheat market and he
had been employed successfully by
some of the largest spectators or OPP
orators OF ina Tune as the broker IN
cnle1. VINO. through a corps of SUP
orolnaSes, no one OF wnom Knew Una!
ANY otner was in mis- employment. mad
ueeh ao!e 10 the market 70
the profit and to the corporation adj
vantage of some of those who were es-
taoilshins me nrst OF the real trusts
none OF Wnlcn any longer exists.
neGcnies corporation
Hir: "nitne! career nad oeen SIM
sulafiS deVoia or excitement OF that
klna unt!l after the second admins
.rat,on or Grover cieNsland: Some ~
OF ~ years after Mr. Whitneys ad-
!!hlsslon TO the a ne oecame through
we anlluence OF SanaHei d. lllaen: cor
Du,'ns nus somewhat oriet protss-
s.onal career ne dlscovereu ina ms
sIsater anli'tles Jay IN the direction OF
ana w. tt;i $1,000 'e1I IN saa go~aaoi pr
tered Erovar Cisvsiana.s nah;mst ~
secra,arv NJ ,b. ne.eu 1917 n,a as
noan,aiiS fnr,,,,,. 10 - piar
h s,rae, raiIwax ~ N,n,
York CIV " """'feS u NC"
Whsn ha ra,;rod Will, Oh. c,avo,,nd
adminis,rat;on in 800 tbasa nIans
urara fnrnonIo.. a. tuyse ptals
gan his frs, u,orr W.. m.,tnes VI -
Ytina nnisr ~ 10 me'n as an u.saniIes anu
nnr,an. ~ oms s.sat company Oh in1-
Ru, NJ W.hi,na'. ~. So.
r.nc;a, ann.es "Meu us lIst u,
|fortni1ons nirn'n, ~ a." =. ~ ~
,,.hen i!.e. ne Mas no..
Tia, his saIar'. M..s so - sa So wealthy
count 70 him was VI III eepee'"' az
0na marn;.. :. .
Mr. Whitnsv annaa raa - eat Z sle. 80
The hoard of SSh.sa,eu IN .ne Loona ~
was a msrhsr is " ~m,cm ne
excitement, He vas conmnni,s q
som swha1 nbiaer nhs eon"..,onls .
man nsver dt]sniau;n. easy. e mere
After hrs;nsss ~ t haen .ee.ns:
n, aatins no nn5sa we ullec!ors
from - v.ai,., y IT. US "ai.ies .ooh
ho1dinr =. hat,a.a "t papsl alu'
he saiS th,. - iio anu ny
rortmna had oos,o ~ ~ p.see VI so9u
Told ,b. star,. as ~, ~ mn, .nae Gay: ne
c0 u ."a "spps iof'"ne'
..isen snaFcs o. STOCK.
ne SAID that Mrs. Whitney had been
informed by her brother. who was one
o. Oh tne great forces OF the Standard
IN tnat II n would go to
neI room AFTER she would
.lno sotnething on ner bureau that
Misht please her. 1t was her birth
Jay anu .ne TO Whicn
liel orotner reie[red proved to be a
ess''l m.a LOT 1V.ooV snares OF stand
nv III STOCK AT market quotation.
nus stock was OF non value OF ap-
~F1xin1ateiy a mlllion and a half.
win the borrowing capacity OF al
east a mliiion. Wnich this certificate
turn1sneo' mr.. whitney was able to
uesln the great organizing. construc.
i've and corporate combination tactics
WIN ~hlcn mucn the greater part 81
cd these operations In great measure
curing his service as secretary of the
navy.
mat nlgn iederal once served as q
paose OF apiiity and or
Mnich was OF much value to Nj.
Wnithey e he, after his departure
from washington began his strategic
Tor the consolidation OF n
street. railway corporations OF New
forK city. IN this work he display
eo e1tts as well as qu~alihcatlons Tor
Wnat Is sometimes appropriately call
ed hlgh nnance.
but II was upon he basis of n
unexpected birthday gift that MI.
Wnltney began his career.
Mr.. keene had no fortuntous aid In
MS career. Nobody put 1t in his way
10 ] even the beginnings of a for
tune. But n he was doing In Wall
street In the speculative markets MIR.
whitney was in another way doing In
corporation management.
The English. born American, Keene.