The copper era., 1901-11-21
THE DIAMOND SWINDLE.

What is known as Shakespeare New Mexico, was originally a station on the Southern overland mail route. It never amounted to much until the
 early '70's, when the Navajo diamond d excitement set the world ablaze. Be- ing the most accessa ole point to the "diggings," it soon became a place of
 importantance and was christened
 Ralston, in honor of w. c. Ralston,
 then at the head of the California
 Bank, at San Francisco, who was a heavy stOckholder in a company which
 had been organized to prospect and
 market the delusive little stones, when
 found. It naturally attracted the rest
 less mining population of the Western slope, and the California ArgOnauts were the first in the field. The busi-
 ness was conducted with such secrecy that few were aware of what was going on. The sleuth hounds of the press even were kept in darkness, nor was the secret divulged for several weeks later, when a scribe who had wrung himself in as prospectOr, made long and perious ride to Salt Lake, from which place he kept the wire hot with four column article to his paper
 the Sacramento Union. Never such an excitement, nor one as ShOrt-llved, ever stirred the nomadic Western slopers. A few Fasteners who had been let in on the ground floor, had representatives present, but the Cali fornians had the cream by long odds.
 The projector of the enterprise, and the reputed discOverer of the diamonds was u slick American by the name Cf Arnold, who making q trip to London, Eng, purchased lot of Cape diamonds in the rough, from some obscure dealer, and returning, salted the fields, and as it afterwards developed, he was an artist in his line. The Califor- nians, to make assurance doubly sure, secured the services of 6 celebrated mining engineer, Louis Jannin, who at that time stood at the head of his pro- fession on the Pacific coast. Mr. Ar mold uuders tood his business, and after scattering his genine diamonds pro- miscuously among the ant hills on the reservation, awaited developments, and they came with startling results. As is usual in all philanthropic enter prises, a few hundreds of thousands, or perhaps million shares, had been re- served as treasury stock, merely to provide against contingencies, but it was gobbled up in short order at the insignificant bedrock price of S5.O0 per share. The stock wiis listed ou the boards of the stock exchange at San Francisco starting at $500, but as there were no offerings it jumped to 5000, then to SI5.00 and finally to 5000 per share where it hung station ary for some time. Quite a number of limited shareholders unloaded at the later price, and subsequent develop ments showed their wisdom, in so dO- ing, as when the crash came shortly afterwards, they could look on com placently and remark, II told you so."
 Mr, Arnold in the meantime, was making hay, and as he was one Of the principal owners, he carried big block Of the stock, which he sold when it touched it. highest figure, realizing enormously on his original investment made in London. He played no favor ties, but sold to any one who wished to purchase in large blocks. He was no jobber, and among others, he disposed of nearly all his holdings to the inno- cents of Wall street, New York.
 The expert who had beeu,sent out by the Californians, after carefully ex- amining the "diggings" and finding sure enough diamonds in apparently great vareties, returned to headquar- ters and made flowery report Of his examinations, this which as soon as made public, enabled the knowing ones to unload, which they lost no time in doing. As all things must have an end, discouraging reports began to on the ground returned. and pro-