The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-01-09
Eight Million Said to be "Roll"
Dropped by Keene in Wall Street

G York. Jan. 9.--Since the death
OF James r. Keene many ~conjectures
OF the mount which Mr.. Kcene's
ba bankruptcy involved have beer made.
Frequently the estimate is heard that
he owed between $4,000, 900 and $4,-
100000. The common opinion fixed
the amount at about $4,000, 900.
On high authority MIR. keene's own
testimony of the amount OF his losses
AT nat time car now be reported.
Among his customers when he was
Engaged in the business of selling puts
and calls was Il young nan who Was
Dgeinning his career in Wall street.
He was advised to buy Of MIR. Keene
so. and paid $50 for the privilege. Had
MIR. keenc remained solvent the
young man would have gained IA profit
OF nearly $1,000 upon the transaction.
a few days after Mr.. Keene an
nounccd his inability to pay his obl;-
cations the young man called upon
him. MIR. Kecnc told him that the
only personal interest which he had
IN that transaction. as in most Of these
put and call transactions. vas the
commissions which he received. His
intimation was that he was using the
money of another upon secret agree
ment i'll this business.
However. he offered the young man
two emand notes, each one for $500,
saying that he could do no better. and
that he hoped tho time would come
when he would he able to pay those
notes In full, with interest.
Obligations Arc Paid.
About three years later Mr.. keene
had recovered some portion of his
lost fortune. It was known that he
was utilizing the first profits which
he gained by paying off dollar for dol
lar the obligations which had caused
him to suspend.
The young man called upon him to
remind him that these notes were out
standing. but was careful to say that
nc would ch%eerfully await Mr.. Keene's
convenience before asking for pay
ment. %Thereupon Mr.. Keene said:
II will give you a check for these
notes. with interest from the time they
were dated. They are about the last
OF the obligations which carried me
under a few Years ago. My total
losses We're a million two hundred and
fifty. thousand dollars. l have now
tlgation and to start in the world again
free and clear"
Mr.. Keene was believed to have
brought to New York Il capital of
come s7,oo0.0oO. He was to venture
from the smaller markets Of San
Francisco to the greater markets of
New York. He had good understands
ing of what his capacities were. He
knew that he had no especial gift fov
constructive work. While he was in
terested in the manner in which the
great captains of industry at that time
were developing railroad and other
properties, the interest was impaired
by his sense of his own inability to
share in the work of that kind. II
he cntl11 have hn6 his V.nv In mould
have chosen intellectual powers which
would have made it possible for him
to Join that splendid body of con-
.structive %intellects that were doing S,
much for the development of the re-
sources and material prosperity OF the
United States.
Speculation Ills Forte.
Mr.. kcene was fond of mathematics
and the abstrusc problems of higher
mathematics especially Interested him.
But 1t was the working out of prob
lens that were of a speculative char
lacter which especially fascinated him.
He recognized in this hat his gifts
were those OF a man whO can swift;
marshal resources or mobolize on the
instant something like guerrilla meth
DDS, whereby the money markets and
the securities markets could be made
to act responsive to his will.
II Mr.. keenc lost $1.250.000 through
MS unfortunate venture into the put
and-call business. about the year 1884,
then he must have lost in all after his
arrival in New York. some eight years
earlier. between $4,000 O and &c.
600, 900. And it is probably an Hccur-
ate report which asserts that not at
any time in his entire carcer did Mr..
keene possess a greater fortune thar
the one which daring and individual
Judgment made 1t possible for him t1
amass through speculation in San
Francisco.