The great diamond hoax : $b and other stirring incidents in the life of Asbury HarpendingHarpending, Asbury
History
The great diamond hoax : $b and other stirring incidents in the life of Asbury Harpending
Harpending, Asbury
Brannan, Sam, 1819-1889; California -- History; Latter Day Saint churches -- California; Mines and mineral resources -- California
The London Times was then, as now, the great newspaper authority of
England. Its financial editor, whose suggestive name was Samson, was
currently said to have more power than the Queen. Five lines favorable
from Samson’s pen in the financial columns of the Times assured the
success of an enterprise. Five lines unfavorable were equivalent to a
death warrant. It was customary with promoters to submit their plans
to Mr. Samson before submitting them to the public. The directors of
the New Mexico Land and Silver Mining Company followed this custom and
received a somewhat cryptic answer which, however, they construed to
be favorable.
The issue was brought out with the skill of trained hands. Everything
pointed to a successful outcome. But the very next day, Samson came out
with a double-barreled blast. Before the Times reached the country,
a small avalanche of subscriptions poured in. But in the city, after
a large first day’s business, the promotion fell flat. Nevertheless,
the directors stood manfully by their guns. They received space in the
Times to answer. They put up a bulldog sort of fight. The old admiral
in particular was as belligerent as when he paced a man-of-war. There
was somewhat of a reversal of public opinion in our favor. More than
half the capital stock was subscribed for and we might have pulled the
issue through, but it seemed to me that the company was overburdened
to start with, that it must labor under too many handicaps of distrust
to operate successfully, and against the judgment of the directors
I withdrew the properties and the incident was closed. All the
subscribers received their money back, without cost or abatement. No
investor lost a cent.
An incident shortly after my arrival served to illustrate in a pleasant
way my relations with W. C. Ralston at that time. I was asked to call
at the Oriental Bank, the agency for the Bank of California, and
going there the following day, was ushered into the presence of the
president, an impressive looking man of affairs. “I have here,” he
said, “a cable from W. C. Ralston, president of the Bank of California,
advising us to give Mr. A. Harpending credit for any sum he wants.
This is an unlimited order and as you probably intend to make heavy
drafts on us, I thought it advisable to inquire beforehand how much
you were likely to want.” I laughed and told him I had all the money I
needed, but if I happened to want accommodation I would certainly call
for more. The story is immaterial in itself, except as an illustration
of Ralston’s offhand way of doing business, and his confidence in me as
his friend.
Another pleasant incident was the renewing of my acquaintance with
Alfred Rubery, who again becomes a leading figure in this story. He was
the same old Rubery of the “Chapman days.” John Bright, his illustrious
uncle, was at the height of his prestige and power, and Rubery himself
was in the swim with the biggest kind of social and political fish.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account