The Emperor Norton Trust

TO HONOR THE LIFE + ADVANCE THE LEGACY OF JOSHUA ABRAHAM NORTON

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Filtering by Tag: Ruiz brothers

San Francisco Rice Imports From Late 1852 to Early 1853 Point to Market Specifics of Joshua Norton’s Gambit

For years, the popular narrative of events leading up Joshua Norton's fateful rice contract of December 1852 has followed the claim of William Drury, in his 1986 biography of Emperor Norton, (1) that Joshua and his partners had connected to the only rice cargo in San Francisco harbor, and (2) that, before that, no rice had been arriving in the city at all.

But, this version of events is not reflected in the daily and weekly reports of rice cargoes that were published in the "Importations" column of the Daily Alta California, one of the city's leading newspapers during this period.

These reports show that the rice cargo that Joshua Norton & Co. contracted for was the largest shipment that had been seen in San Francisco in about a month — but not the only one. In fact, three rice shipments totaling well over 100 barrels had arrived over the previous 10 days. And, shipments of varying sizes had been coming in all along — generally three or four per week.

In other words: There had been a "slow flow" of rice coming in to the city — but not "no flow."

William Drury hyped the severity of the shortage for dramatic effect.

To illustrate the point, the following article includes, from the Daily Alta's "Importations" column, a comprehensive listing of rice cargoes arriving in San Francisco from September 1852 through January 1853 — the period from four months before Joshua Norton, on 22 December 1852, inked his deal with Ruiz, Hermanos, to buy their 200,000-lb. shipload until the Ruiz brothers sued him for non-payment and breach of contract on 21 January 1853.

To our knowledge, this is the first such listing that has been compiled and published in the context of Norton studies.

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Joshua Norton's Losses, 1854–1856

In October 1854, the California Supreme Court upheld a lower-court ruling against Joshua Norton & Co. in Ruiz v. Norton — the famous “rice case.”

Details of the fallout from this ruling suggest that Joshua already was overextended and carrying heavy debt before the rice fiasco; that he was overinvested — and highly leveraged — in real estate; and that, in general, his wealth was much more fragile and precarious than often is supposed.

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