The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-03-26

lOE Europe 10 T0CupoTdVe ucdilh
again. BY that time the unvarying sue
cess of his operation had made his name
known to financiers and spectators.
though he had confined his attention en-
tirely to the Pacific coast 1t was in 1877,
In the course Of his Journey that Keene
first appeared in Wall street. He came
to see, but he remained to conquer. The
portunity for great undertakings were
irresistible Keene transferred his in
terests to New York, and at 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, 1t sagged
only point or two. instead Of taking
a big drop, as had been the case In his
earlier field. But he soon adjusted him
self to his new surroundings. One of the
first big deals that he went into was
the Western Union pool which Jay Gould
was engineering. In this they Melted a
million between them.
Six years had elapsed since the panic
of 10. Prices were at their lowest ebb.
Keene. carefully studying the market and
the conditions of the country. as he had
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
in the matter. The rise in values came
and continued beyond the expectation of
those who had predicted it. Keene added
between IS, 100000 and SO, OOO 900 to his for
tune.
PEOPLE LOOKED AT KEENE
in wonder. Here was a man who had
do Of e hxrc anr1la :
ton; who had cleared nearly S10,OOO,OO0, in
Wall street in three years. His fortune
was without parallel for the rapidity of
It's accumulation. 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 branched
out in every direction. He lived in the
princely fashion agreeable to his nature.
He gave away thousands and gave advice
to his friends on which they made thou
sands. He was fond of racing, so he
bought stable and became a leading
figure in turf affairs. At the same time
he specialized in oil, wheat, stocks, any
thing.
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 a fatal stumbling
block to other able financiers. In this
same year his horse FoXhau won the
Grand PriX in Paris: 1t was an honor
that keene priced dearly, and when it
came he was engaged in a struggle that
involved practically his whole fortune
Under the stimulus of rising prices the
Western farmers rushed their wheat to
market faster than Keene with his mil
lions could absorb it. Jay Gould had been
watching Keene'S course with interest
ana saw the vulnerable spot With Addi-
son Cammack he set out to bear the mar
ket on the interests that Keene was con-
cerned in. At the same time the news
papers began denouncing the corner and
its hackers. Some of Keene's partners
In the combine became timid and sold
out The load was too heavy for the Cal
norman to carry alone, and he went
down under 1t. Over $1,000, 900 of his ac-
cumulat1ons were swept away. He tried
desperately to recoup himself 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 to hold on to adj
vance over SO per cent within a few
months under the skillful manipulation
or Gould and his associates. Keene was
not overwhelmed by
HIS MISFORTUNE.
He set to work quietly to regain what
he had lost. For a time he was heard
OF but little. He was in Wall street
and was making progress, but he did not
attempt any Napoleonic maneuvers. Still
ne made money at rate that could not
be accounted otherwise than rapid He
paid off all the obligations remaining
from his disastrous venture and grace
fully returned 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 it.
He was not guided by precedent, how
ever. but by his apprecia ton of existing
conditions. Heavy crops in the West had
brought large earnings to the Western
railroads. Improved financial conditions
were certain to make investments plenti-
full and to send prices up. Heavy earn
ings were certain to make this advance
strongly felt in the group of railroad
shares known as the granger stocks. Ac-
cordingly Keene bought grangers and adj
viSed with others to do the same. How
much his operations will yield him is I'M
known. for the end is not yet but his
fortune is once more restored to the s10
900, 900 mark, and is not likely to fall be-
low that again.
KEENE IS AN OPTIMIST,
but not an iIusionary. His judgment has
been ripened and matured by experience.
In the interview, in which he gave the
public the benefit of his opinions, he con-
Guided:
ga higher level of prices for our Sc
curities is inevitable. There are certainly
many stocks selling much below their
intrinsic and prospective value. There Is
abundant money. Foreign and domestic
business conditions are the best in the
history of the country, and these can
only mean material increa ses in the value
of railroad and industrial securities.
Keene holds the same opinion today
that he did on Dec. s. When asked in re-
gard to the matter he said:
There may be a few stocks that are
selling too high now, but the great ma
jority are we'll within their worth. Prices
have gone to higher level because they
belong there. and they will not fall until
business conditions offer a decided
change. The nation has gained in wealth
billion and half on foreign exchanges
in the past three years, and is feeling
the good effect of this increase now.
Values will go still higher according to
my Judgment E. w. Mayo.