The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-03-19


of values that ensued Keene realized So
10000 from his shost interest in the
Belcher, Crown Point and Ophir mines.
Ihis coup made him famous all over the
country as the first man who had success
fully fought the Pacific coast triumvirate
before named.
Although Keene had been on the bear
side OF the market, he was not then, nor
atterward a destroyer of values In this
case. he simply took advantage of a con-
dillon of affairs that was certain to bring
about the same result. After the crash,
when values were on saner level, he did
his utmost to restore prosperity. The Bank
OF California had been dragged down in
the ruin, and Keene set to work to reha-
b-iitate it, and put up 81 100000, along with
d. .. Mills and Lucky Baldwin, for the
purpose. 1t was due to the combined ef-
forts Of these men that the slump did not
extend further
Keene continued his. speculative career
in California, until, in 1877, his fortune had
grown TO 100000. Then he started for
Europe to recuperate his health again. BY
that time the unvaryiug Success of his OPP
eraiions had made his name known to
fnanciers and SPECTATORS, though he had
confined his attention entirely to the Pa
citic coast.
First Appearance in wall Street.
1t was in 1877, in the course of his jour-
ney, that Keene first appeared in Wall
street. He came to see. but he remained
to conquer. The attraction of the larger
market, the opportunity for great under
takings were irresistible. Keene transfer
red his interests to New York and a once
became one of the prominent figures in
Wall street
One fact that the California millionaire
soon learned was that he could not run
the Wall street market to suit himself as
he had done in San Francisco. When he
threw out thousands of shares in an effort
to send the market down it sagged only
a point or two, instead of taking a big
drop, as had been the case in his earlier
field. But he soon adjusted himself to his
new surroundings. One OF the first big
deals that he went into was the Western
Union pool which Jay Gould was engineer
ing. In this they netted million between
them.
Six years had elapsed since the panic of
'73. Prices were at their lowest cob
Keene, carefully studying the market and
the conditions of the country, as he has
always done, was convinced that rock
bottom had been reached and that a great
advance was coming. He bought heavily
stalking the bulk of his fortune on his
judgment in the matter. The rise in values
came and continued beyond the expecta-
ton of those who had predicted it. Keene
added between eight and nine millions to
his fortune.
Ten Millions in Three Years.
People looked at Keene in wonder Here
was a man who had made a fortune of
fourteen millions in speculation, who had
cleared nearly ten millions in Wall street
in three years. His fortune was without
parallel for the rapidly of its accumula-
ton. He came to be looked upon as a
sort of financial wizard. 1t was said that
he could not lose. Perhaps Keene came
to have a little of the same feeling.
After his great success Keene branch
ed out in every direction. He lived in
the princely fashion agreeable to his ma
ture. He gave away thousands and gave
advice to his friends on which they made
thousands. He was fond of racing, so he
bought a stable and became a leading fig
ure in turf affairs At the same time he
speculated In OIL wheat, stocks, anything
Fighting Jay Gould.
1t was in 1885 that Keene, in vulgar par
lance, bit off more than he could chew.
He tried to corner the wheat market, an
attempt that has been fatal stumbling
block 90 other able financiers. In this
same year his horse Foxhan won the
Grand Prix in Paris. It was an honor
that Keene priced dearly, and when 1t
came he was engaged in a struggle that in
volved practically his whole fortune. I'm
der the stimulus of rising prices the West
ern farmers rushed their wheat to market
faster than Keene with his millions could
absorb 1t. Jay Gould had been watching
Keene's course with interest and saw the
vulnerable spot. With Addison Cammack
he set out to bear the market on the in
terests that Keene was concerned in. AT
the same time the newspapers began de-
nouncing the corner and its hackers. Some
of Keenes partners in the combine became
timid and sold out. The load was too
heavy for the Californian to carry alone
and he went down under it. Over seven
millions of his accumulations were swept
away He tried desperately to recoup him
self on what remained, but could not do
it, Men whom he had aided before were
willing to profit by his DOWNFALL and in
the language of the street, he was sold
out" He had the modification of seeing
the shares that he was unable 10 hold on
TO advance over so per cent. within few
months under the skillful manipulation Of
Gould and his associates.
After His Great Failure.
Keene was not overwhelmed by his mis-
fortune He set to work quietly TO regain
what he hdQ tOSt. or llIHe no was
heard of but little. He was In Wall street,
and was making progress, but he did not
attempt any Napoleonic maneuvers. Still
he made money at rate that could not
be accounted otherwise than rapid. He
paid off all the Obligations remaining from
his disastrous venture and gradually re-
turned to something like his old position
in the affairs of the street.
When the present period of commercial
prosperity came Enthusiastically into view
last fall at the conclusion of the war.
Keene recalled his experience of twenty
years ago, and resolved TO profit by 1t. He
was not guided by precedent, however, but
bv his appreciation of existing conditions.
Heavy crops in the West had brought
large earnings to the Western railroads.
Improved financial conditions were certain
to make investments plentiful and to send
prices up. Heavy earnings were certain
TO make this advance strongly felt in the
group of railroad shares known as the
granger stocks. Accordingly Keene
bought grangers and advised others to do
the same. How much his operations will
weld him is unknown, for the end is not
vet. but his fortune is once more restored
to the ten-miliion" mark and Is not likely