Towers of Gold Stage at Hardly Strictly Bluegrass 9

Towers of Gold Stage at HSB

Banner across top of stage

 

"Gold" coins with an image of Isaias Hellman

I already said my thanks to my cousin, Warren Hellman, for throwing Hardly Strictly Bluegrass #9 and for naming its 6th stage the Towers of Gold Stage after my book, Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California.

My highest moment of joy came Sunday afternoon when Marianne Faithfull, one of my all-time favorite artists, sang at the Towers of Gold Stage. As I twittered at the time: "Pure bliss."

Hardly Strictly Bluegrass and Towers of Gold

If you live in the Bay Area, or are a bluegrass fan, you have certainly heard of Hardly Strictly Bluegrass, the 3-day free music festival that financier Warren Hellman puts on in Golden Gate Park.

Between 500,000 and 750,000 people come each year to bask in the sun (or fog) and listen to fantastic music. Emmylou Harris, Hazel Dickens, Steve Earle, Ralph Stanley and the Clinch Mountain Boys, Gillian Welch, and many more are regulars.

This year Marianne Faithful and Lyle Lovett will join around 75 other musical guests.

Well, the festival keeps growing, and Warren Hellman and Dawn Holliday, who organizes the festival, decided to add a sixth stage to the event. And guess what they are going to call it? (Hint:Warren is my cousin.)

Towers of Gold .... after my book of the same name.

When Warren told me this I couldn't believe it. I know he got some flack because the other stages have simpler, folksy names like Arrow and Banjo stage. But when I published the book, Warren and I vowed to have fun together with the project. (He encouraged me to write it, since it is about our mutual ancestor, Isaias Hellman.) We were on the radio together on Michael Krasny's show on KQED. He wrote a song about Isaias, which he plays with his band. The Wronglers, and which I promote on my website. I dedicated the book to him.

So you see, it's been a lot of fun and he decided to continue the fun by honoring Isaias Hellman at the festival. The graphic and banner for the stage is above. That is Isaias Hellman on the coins.

San Francisco Chronicle columnist Leah Garchick wrote about this and this is what she said:

"The term refers to Hellman during the bank panic of 1893, taking his money from San Francisco to Los Angeles, piling it on a counter - in stacks of gold - and opening an institution that was ancestor to today's Wells Fargo.The term refers to Hellman during the bank panic of 1893, taking his money from San Francisco to Los Angeles, piling it on a counter - in stacks of gold - and opening an institution that was ancestor to today's Wells Fargo."

I am so delighted by this. I love HSB and usually go for at least 2 of the 3 days. Now the concert will resonate with me even more deeply.

Ten Things I am Thankful for Concerning Towers of Gold

1) That my cousin Warren Hellman and I will be on Michael Krasny’s Forum on KQED on Tuesday Dec. 23 at 10 a.m. Listen in to hear an original song on Isaias Hellman performed by Warren and his band, the Wronglers. I have listened to Krasny’s show for years and have always dreamed of being on it.

2) For all the people who came to my readings – it was great to see so many friends and to meet so many new people.

3) For all the relatives I have met through the publication of this book

4) For getting the chance, via radio, to talk to people in Montana, Florida, New Jersey, New York, Los Angeles, and elsewhere

5) That I am on the San Francisco Chronicle Bestseller list for a third week

6) That the San Francisco Chronicle named Towers of Gold a notable Bay Area book of 2008.

7) That Towers of Gold made the Marin Independent Journal bestseller list for two consecutive weeks. That really means that one of my favorite bookstores, Book Passage, is selling a lot of copies

8) That Towers of Gold has sold so well it is going into its second printing

9) That after 8 years of working on this book, it is out in the world.

10) That Isaias Hellman’s contribution to the creation of California will now be noted

A Parody of Towers of Gold

In my book on my great-great grandfather, Isaias Hellman, I go on and on (and some say on) about his prescience in backing business partners who would go on to do great things for California. For example, Hellman formed partnerships with the founders of Lehman Brothers, with Harrison Gray Otis, who bought the LA Times, and with the men who jump-started California's oil industry.

A number of these businesses have failed or are about to fail in the wake of our country's economic collapse. This is causing a number of financial wizards to scour Towers of Gold to see the next business to collapse so they can do some short selling. (or so says my brother, Steven Dinkelspiel in this scathing critique)

Here's the news:

Associated Press....December 8, 2008...With the announcement today of bankruptcy filings for the Tribune Company, the media conglomerate purchased just twelve months ago by Chicago real estate tycoon Sam Zell for a then-record $8.2 billion dollars, investors on Wall Street have turned their attention to a recently published book about the early days of California’s financial history. “Towers of Gold”, author Frances Dinkelspiel’s first book, is an examination of the life of Isaias W. Hellman, the author’s ancestor who was one of California’s first bankers. Dinkelspiel describes Hellman as having a kind of “Midas touch”, with many of his financial involvements leading to success for some of California’s most storied businesses, including Wells Fargo Bank (WFC) and the oil fields of Southern California. But what strikes interested parties on Wall Street has not so much been the engaging story of Hellman’s triumphs, but rather how – since the book’s publication - the author’s choices of examples for these triumphs have proved to be a kind of dell knell for the cited businesses.

“When the book came out just after Lehman Brothers went under, we felt sorry for the author about the timing of it all.” said Robert Zemakism President of St. Martin’s Press, the publisher of “Towers of Gold.” “Dinkelspiel had trumpeted the association between Hellman and Meyer Lehman (who were brothers-in-law). However, by the time the book was available to readers, this relationship had a different historical context with the disappearance of Lehman Brothers from the roster of Wall Street investment banks. ”

It seemed nothing more than a quirk of circumstance when the law firm of Heller Ehrman – a century old San Francisco institution which had been founded by Hellman’s sons-in-law – abruptly announced its closure just days before “Towers of Gold” hit bookstores. And few attributed the plummeting price of crude oil to Dinkelspiel’s praise of Hellman’s involvement in that industry.

But with today’s announcement that the Tribune Company – the parent company of the Los Angeles Times - has filed for bankruptcy, investors are turning to “Towers of Gold” for more than an insight into the practices and personalities of California’s early experience in the banking industry. They are looking for hints about the next institution that may fail without notice. “It is uncanny how Dinkelspiel has managed to identify early those companies that are suffering the most in our current economy,” said Thomas Steyer, Managing Partner of Farrallon Capital, a hedge fund known for its risky and successful bets on companies headed for bankruptcy. “The book talked about how prescient Hellman was to lend money to Harrison Gray Otis, the founder of the Times, and less than thirty days after publication they file for bankruptcy. I plan to scour Dinkelspiel’s book for more ideas about investments that are sure to go south.”

In recent days, the impact of “Towers of Gold” has been felt throughout California. An unprecedented rash of foreclosures of Tahoe shoreline real estate has proved inexplicable and the announcement from the City of Seal Beach, California that it only has funds on hand to last through the end of the year has stunned local residents. In another ironic twist, the Hardly Strictly Bluegrass Festival founded by Hellman’s great-grandson (and Dinkelspiel cousin) F. Warren Hellman announced that due to financial difficulties it was changing its name to “Occasionally, Sort of Bluegrass” and moving to an all-synthesized musical format. “I am going to kill my cousin,” announced Warren Hellman. “You can take my money, but don’t mess with my music,” he implored.

Dinkelspiel was unavailable for comment.