Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1899-04-26


came to America Mt the age of II. For
n few years he lived in the South, and
studied law there. AS soon rs he was
admitted to the bar, in the late SOS, he
Joined the throng of young men drawn
westward by the California gold dis
coveries, and began his practice in San
Francisco. The young lawyers prac-
tice related chiefly to mining claims.
He became familiar with mining stocks
and properties, and soon was more n
mining Spectator than lawyer. He
made money in his ventures, but his
health was poor, and physician adj
vised him to take long trip. So he
closed up his business affairs, packed
his effects and started for the Atlantic
coast, to be absent year. That was
an important trip for Keene. 1t made
him a rich man. Some time before he
had become possessed Of some shares
In mining stock that was selling at al
most nothing. 1t was believed to be
practically worthless, but soon after
Keene's departure it PANIED out Won
derfully rich. The stock went up like
a rocket from one figure to three. Keene
was away; news Travelled slowly in
those days. He knew nothing of his
good fortune for a long time, but when
he returned to San Francisco he found
that his few hundreds had grown to
100000. Keene saw that the imitation
could not last. When he believed that
the turn was close at hand he went
short of the Comstock securities, which
had received more attention and had
been forced higher than any others. In
taking this course he had Mackay,
Flood, Fair and the powerful Bank of
California against him. For n time
there was lively contest between
these rival influences, then the market
began to sag under the influence of
Keene's persistent sales and soon it
was going down with rush. In the
smashup of values that ensued Keene
realized 100000 from his short inter-
est in the Belcher, Crown Point and
Ophir mines. This coup made him fa-
nous all over the country as the first
man who had successfully fought the
Pacific coast triumvirate before named.
In 1877, having made fortune of $4,-
100000, he entered Wall street. Six
years had elapsed since the panic of '73.
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 n
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 $S,OOO,OOO and S9.OOO.-
600 to his fortune.
People looked Mt Keene in wonder.
Here was a man who had made for
tune of $14,0O0,OOO by speculation; who
had cleared nearly S10,000,OOO In Wall
street in three years. His fortune was
without parallel for. the rapidlty of its
accumulation.
1t was in 1885 that Keene, in vulgar
parlance. 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. Under the stimulus Of ris-
ing prices the Western farmers rushed
their wheat to market faster than
Keene with his millions could absorb 1t.
AT the same time the newspapers be-
gan 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 Califor-
MAN to carry alone and he went down
under it. Over 100000 of his ac-
cumulations was swept away. He
tried desperately to recoup himself on
what remained, but could not do it.
NJ. whom he had aided before were
willing to profit by his downfall, and,
in the language of the street, he was
"sold out"
Ileene was not overwhelmed by his
misfortune. He set to work quietly to
regain what he had lost. He paid off
all the obligations remaining from his
disastrous venture and gracefully re-
turned to something like his old posi-
tion in the affairs Of the street. Last
fall, at the conclusion of the war, Keene
recalled his experience of twenty years
ago, and resolved to profit by 1t, and
his fortune is once more restored to the
$1O,OO0,0OO mark.
Mr.. Mixup Ito his son Mt concert
during the performance of dueD-
Dye see, Tom. now it's getting late
they're singing two at time, so as to
get done sooner.-London Tit-Bits.
"In London they call II store shop
don't they?' YES" "And an elevators