Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-07
ARKANSAS HARBOR BUBBLE.
THE END OF RUSSELL HARRISON'S
GREAT PROJECT.

A Boom That Was Prodigious While II
Lasted-Fancy Prices for Town Lots
Now Activity Has Given Place to
Quiet.
ST. LOUIS, Oct 6.-The St. Louis Republic
prints history of the Aransas Harbor
scheme in which Russell B. Harrison is
concerned. The correspondent, who writes
from Arkansas Harbor, after having made a
thorough investigation of the matter, first
gives brief history of the efforts to have a
first-class seaport at Arkansas, reciting the
conventions held and the work done.
'tAs consequence, he continued, "when
Russell B. Harrison's star combination
came along a year ago with the caravan of
noted fnanciers, capitalists and prominent
statesmen and when they published in
tons of advertising literature and car
loads of printed pamphlets that they
would secure deep water at the pass and
built great city at Aransas Harbor, no
body doubted their integrity or ability to
fulfill pledges, and in expectation of an
early boom everybody was roped into buy
ing town lots at % to 80 times their real
worth -
The officers of the company were paraded
as follows: Russell B. Harrison, President,
New York; T. B. Wheeler, (Lieutenant
Governor of Texas,) First Vice President
and General Agent; John w. Rife, (Con-
gressman,) Pennsylvania, Second Vice
President; A. w. DeBerry, (e1-Secretary
of the State of Texas,) Secretary; G. o.
Knowles, Kansas Treasurer; B. H. Wilson,
Missouri, and c. A. Sanders, Missouri,
managers. In their circulars long lists of
prominent capitalists, fnanciers and states
men known on both sides of the ocean were
given. The correspondent describes how
Lieutenant Governor Wheeler opened the
sale of lots with great speech, and says:
THE people at first nibbled and bit, and
before the sale closed the second day they
had swallowed Aransas Harbor dirt to the
amount of S12O,O0O The conditions of the
sale were: One-third cash, the balance in
one and two years with 6 per cent interest. !"
In passing it may be excusable to state
that, according to the advertisements
used to catch people outside the State and
which have gulled many, there were no less
than seven great railroads heading this way
and the man who put his money in the town
was sure to reap rich harvest. We were
to have grand drives along the beach; a big
hotel, to cost 500, 900; national bank, an
electric light and power house, an ice house
and cold storage establishment, and all the
etceteras that 60 to make up a modern city.
Like the tabled capital of 5000, 900, these
promises proved delusions. But the first
sale took place, and it was pronounced
success.
'Land that cost the company Sc so per
acre netted it about S19, and with its $780,
900 in money and notes derived from the
sale and the boom that had seemingly come
to stay, everything presented roseate hue,
and Prince Russell and his merry mem
the management sighed for other worlds
to conquer"
"Will the matter end here? is now the
question the Aransas Harbor City and I'm
provement Company ought to take to its
bosom. Probably not, as it is reported that
the County Attorney is to report Russell
Harrison and his associates to the grand
jury with the view of having them in
dicted,''