A MILLIONAIRE'S DOWNFALL.

Wairarapa Daily Times, Volume 6, Issue 1716, 21 June 1884, Page 4

A MILLIONAIRE'S DOWNFALL.

When Mr James K, Keene left California for New York ho was woith between 5,000,009 ami 0,000,000 dollars. On the Holiday before lie left ho said to a frieml, who was expressing regret at his departure, and predicting evil from it: "There is ray ballanco sheet; it shows that lam worth 5,009,000 dollars. That is, 5,000,000 dols in round numbers against d 0,005,000 dols of the Bonanza firm. The larger will always attract the smaller, and it is only a question of time as to my losing my fortune if I remain hero. I will travel. lam sick ami weary and have enough, and will keep out of speculations." lie told a truth, but unfortunately did not act upon it, He went into a whirlpool of speculation, wlie.ro the larger has undoubtedly attracted and also absorbed the smaller, He bucked his 5,000,000 dols against the 200,000,000 dols of Jay Gould, and .upon his oivn theory ho Ims been worsted, If there was nothing else to the credit side of Mr Kccno's California balance sheet than his bravo conduct at the time of the collapse of poor lialston and the suspension of the Bank of California, that alono would sntlice ts cause him to bo held in lasting remembrance here, In tho darkest and most trying hour the State has, perhaps, ever known ho proved liimself, in a very exceptional case, the man for tho hour, Tho bank had closed doors, there was widespread dismay, confidence was shaken to its cc:itro. lialston sit with bowed head in tho bank parlor where ho had long reigned supreme. Mr Kceno entered, and accorting his old friend in his own cheery, buoyaut way, said, "Never mind, Balaton, you shall never want for a bank to manage as long as I liavo a dollar." Kceno was as good as his word, though poor lialston did not live to test him, The stockbrokers and directors were liable to tho full extent of their fortunes for the debts of the bank. They were paralysed, not knowing for the moment to what extent they were involved', Keono, himself free from entauglements in the losses of the concern, and with a large cash capital for emergency, was everywhere active.' tie inspired all around hin with renewed courage. Ho said " the bank mini pay its debts and bo resurrected." His faith and courage were tho controlling elements ot the hour, and whilst it is true that others deservo credit for what was dono, it yet remains a fact that Mr Kceno was, more than any other man, tho inspiring spirit that caused men to raiso their drooping heads and led to the lovivil of commercial confidence and the rehabilitation of the bank on a more onduring basis than ever. As he aided to resurrect tho Bank of California, so may ho be assisted to lesurrect himself,— " News Letter."