The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-02
MR.. KEENE'S FAILURE.
The Enormous Sums He Has LOst-PreviOuS
Operations in New York and Chicago.
New York Special.

New York Special.
A we'll known Western man, who held close
relations with Keene when he first appeared as
Wall street Spectator, said this evening at the
Windsor Hotel:
''dr. Keene came to Wall street in Novem-
ber 1876, bringing with him So, 900, 900 which he
made in California first in the great rise of min
ing stocks and afterward in their heavy drop.
His first important adventure was with Gould in
the Atlantic g. Pacific Telegraph combination
against Western Union. In the summer of 1871
the two men quarreled, and Keene was hailed by
Wall street as rising power distinctly in OPP
position to Gould. At the time of the railroad
riots in 1877 Keene was almost the only man
who dared to buy stocks He bought
them by the ream in the face of the severest de-
cline, and if it had not been for him the conse-
quences to the market probably would have been
terrible. Although he traded on both sides of
the market, most of his money was made in the
rise of 1880. believe that at one time his
wealth was fully 100000 0O The great grain
corner with which his name is so popularity con
nected caused Mr. Keene loss of about $780,,
000 Since 1881 he has been steadily losing
money"
Keenes American stable is at Sheepshead bay,
and probably the best animal in it is Dutch
Roller, who is not likely to win any great races
All his horses on both sides of the ocean would
not probably now fetch at auction more than
$50000 though Foxhal might bring $40. 900 of
that. Keene made some attempts at breeding,
buying the celebrated Derby winner, Blue Gown,
for big sum, although the horse was far ad
vanced in years The horse died on the voyage
to America.
In the days of his prosperity Keene bought
Matthew'S villa at Newport and spent his sum
mers there This was destroyed by fire and
never rebuilt. Keene owned little real estate
beside this Newport property, and this was
heavily mortgaged He at one time owned
some costly paintings. Jay Gould took the best
of them, a Rosa Bonheur, off his hands at a
price much less than Keene paid for it. and it
now adorns Goulds parlor in his Fifth avenue
residence, where it has often reminded Wall
street visitors with fancful turn of mind of
the Indian custom of exhibiting the scalp of a
vanquished foe in the most conspicuous place in
the wigwam
Mr.. Keene has been much less important
operator in Wall street for two or three years
past than formerly, and it has long been the
common belief that he has lost largo part Of
of England, but during the earlier years
of his business life resident
of San Francisco. He vas there of
that group of spectators in mining stocks who
attracted the attention of the world for short
period. He amassed an immense fortune in the
bonanza stocks selling out at about the highest
prices to Flood. OBren and others, and then
going short of the market. After'th failure of
the Comstock mines, the collapse of the mining
stock market of San Francisco, and the adoption
Of the new Constitution of the State, thought to
be prejudicial to the interests of capitalists,
there was migration of rich men from Califor
mia to the East, and Keene determined to try his
luck on the Atlantic slope. 1t was given out
whether by keene's friends or his enemies does
not appear-that he was going into Wall street
''to lay out Gould" He was successful in many
of his earlier operations there, one of the
first being venture in Western Union,
by which he is supposed to have made $780,,
900. He was party to profitable deals in
Erie, New Jersey Central and st. Paul, in 1879
and 1880, but generally has not been identified
with any particular stock or class of stocks. He
was for time a member of the executive com
mittee of the Erie Railway, but on the whole his
connection with corporate properties has been
very limited for man of so great wealth and
power. He was speculator-little else He has
never shown any of the remarkable executive and
organizing faculty that has given Jay Gould
such an advantage over others. Indeed, Keenes
chief weakness appears to have been that he
operated alone and did not use the hands and
brains of other people to fill his pockets. many
great spectators have. He is an exceedingly
acute man, and has always succeeded in mystify-
ing observers as to his movements, but he worked
singlehanded. The Chicago grain interest has
vivid recollections of Mr.. Keene, and not altogether
pleasant ones In the fall of 1879 he began opera
lions for corner in wheat, and the deal lasted
about eight months. Prices were enormously
advanced, and the us ual collapse followed. 1t
was very disastrous affair for Mr.. Keene, and
is thought to have done the export business
great injury by making the price of the com
modify so high that foreigners would not take it,
and turning their attention to other countries as
sources of supply. Mr.. Keene has lived in very
sumptuous style, owning handsome establish
ment at Newport some famous works of art,
and more famous stable of horses. The fact
that some of his possessions have been sold and
others mortgaged in the last year or two, is
among the evidences that he has been losing
money for a considerable period. Mr. Keene's
failure-if it shall prove such-is notable as the
first failure of great operator that has occurred
since the present decline in stocks began. 1t has
been frequently noted as remarkable fact that
there were so few failures among the stock spec
ulators, considering the enormous shrinkage in
values