The New York herald., 1875-10-02

stability within and nothing was denied the artisan
ana the mechanic The inside is finished throughout
counters and desks are OF solid san
Domingo mahogany, and she furniture re,,1i o.
| room is in deep panel work, painted in fresco,
with yentators in ornamental stucco work, and the
mantes are OF California marble The vaults and safes
hreprool aud invunerable and in every other way
show the greatest and skill in their construction
In the private Office OF this edi1ce from the 9th OF
June, 1867 10 the 9Th OF August 1875, William Raj
ston regned supreme the head OF the most powerful
institution on the Pacific coast-if not indeed OF IN
many respects the greatest bank In the United States
and there thousands Of travellers from the distant ma
tions made the personal acquaintance OF of Ameri
cas- most gifted men, genial and most hosptaoe gen
| tleman.
It Will be somewhat dfacult for persons who
lived in mining country TO comprehend the scope and
character OF an Institution like the Bank Of California
without word Of explanation In country where
mining and mining interests form the staple business
OF the community bank must necessarily extend us
operations outside the ordinary channels Of trade
There banks here that conne themselves strictly
the limits Of commercial transactions and have moth
| ing more than the calculations OF oeolt ana
| credit advances and discounts to deal with,
snas " .ne @ here Is 70
the exgences of the large interests associated with
| mining stocks. Flood and OBrien, Makey and
Fair four who have made great wealth within the
last few years. now erecting bank to deal exclu-
sively with this large interest," and to confno them
selves wholly to IT, But up TO the present time such
bank as that alluded TO next to impossible even
here in San Francisco 1t required great wealth. and
| they are the bonanza kings They do IT.
OPERATIONS OF THE BANK
The Bank OF California embraced in its operations
both mining aud commercial interests, and has prob
ably now discovered that such combination is not
without its risks, for what is simple clear in trans
actions Of daily life above ground not quite easy
TO handle when concealed the bowels Of the EARTH
In addition to commerce and mining Mr. Ralston con
| sidered that one Of the greatest and most i'm
| portant objects of California bank should
| be TO aid IN the development of the country
! in every feasible way. Hence he was associated
as the banks representative, directly or indirectly,
with every enterprise which promised to contribute 10
advancement
ing he had, no doubt OF IT, the fullest cooperation OF
the heaviest depostors for with all its wealth. Calfor
mia still considers itself but infant State and the
general development necessarily becomes the wealth Of
the individual II is no exaggeration 10 say that through
the assistance afforded by the Bank OF California TO
new and struggling interests the country has made
progress in the work Of development during the
last ten years than it would have made without that
assistance IN twice that number Of years No one with
such associations could have desired better opportun
ties for making money than what lay everywhere in
the path OF Mr.. Ralston, Every new industry and
erprso sought his cooperation and he ready
encourage them. About eight years ago he said to
your correspondent-t any man of talent comes here
capable OF introducing the manufacture of any
thing wanted in California, let him apply
to me If he needs assistance and the bank
will let him have what he reouiresn IT, was in
this spirit that be extended aid to of the best
workmen who came penniless to California in years
past, and through his influence many branches Of
manufacture and industry have been successfully
tablished here II is difficult to find ANYTHING of mag
was in everything that needed aid.
The Mission and Pacific Woollen Mill that has
given to California world wide fame for the manu-
acure of the finest white goods and blankets,
institution that he nourshed and ostered into lite
Donald McLennan Scotchman, as his name imports,
came here from some wooen mills in Massachusetts
with light purse, but head richly laden with expe-
perience, and made the acquaintance of the hard
working banker Soon business was projected land
purchased and money advanced with which to
mence the manufacture OF wooilen goods With
$4,000 everything was purchased, including the first
two machines, and to-day that establishment has
twenty machines, employs 925 men and women, and
gives occupation and support in other ways 900 per-
sons and it's assets ST. 800 000 1t Raston's
pet and with cearness OF vision about the growth Of
the city, he had land purchased far away from the
tire OF commerce, but which is within few blocks
of the new City Hall and the land is worth twenty
| times more than the original purchase price The
affairs OF this mill have been in the hands of discreet
intelligent men, and from the excellence OF its manu-
factured goods the Mission and Pacific Wooen Mill
has contract for furnishing to the government large
amount Of clothing for both the army and the navy
The troubles OF the bank and the death Of Mr. Ralson
will affect in nothing the permanent stability OF this
! industry.
With Ralston's aid the Pacific Rolling Mills we're es-
tablshed and, with the heavy freight tariff in their
favor they have done an extensive and successful
business. Such an industry absolutely necessary
to the development of the country and certain to
| be successful
The Klmhi carriage manufactory was another of his
fostered enterprises and had there been overland
Pacific Railroad IT would have been grandly successful
RALsroNs
to draw workmen to California and keep the money
of manufacture III the country; but however sensible
that may be TO political economist the purchasing
public seldom enter into the philosophy of a measure
that takes an extra dollar out of their pockets and,
consequently, they buy in the cheapest markets
BY his aid and encouragement the Cornell Watch
Manufacturing Company transported their machinery
and workmen here and established themselves the
same block with these Other companies
name these prominent industries that were fostered
by Mr. Ralston-but he had interests in great many
more-to show the character of the and how,
with the most benevolent and phanthropic senti
ments he could lay the foundation of his enbar-
rassment and overthrow when a dark and cloudy day
obscured his path
That the trustees or directors of the bank as they
Of ia nj Vyhf ha
dering TO those industries is certain any in
life and had the recent crash not upon the bank
from variety or circumstances which Raston could
not foresee and which, when they came he could not
possibly battle with all these enterprises would have
labored on TO permanent and grand success and his
denunciators to-day would have been his loudest
euogsts.
From any general statement of his ready assistance
10 found new enterprises no one should deduce that
his was prodigal hand scattering broadcast his
and other peoples wealth II was not SO. He was a
careful nnancier and he could say "No' emphatcaly
when to his mind impractical business was pro-
posed The bank paid interest to its depositors, and
the money so deposited had to be used by the bank
where II would command higher rate OF interest; and
where he could, as he thought that the
same time advance the interest of the country, he
ready, but then only. He omniscient and
could not foresee what was beyond human ken, and
there only did he stumble.
TURN IN HIS FORTUNE
When his history be written II will be seen
that the turn in his fortune not due to reckless
adventure or gambling with fate; but the first inroad
upon his prosperity that frightu earthquake in
1868 that shook the best buildings in San Francisco
and demoralized the stoutest hearts we'll remember
the incident and shall never forget the words OF gen
era Of the French army who was in the city at the
time, There be no brave mems to-day in California"
The bank before this had extended aid the Mont
gomery Street Real Estate Association to carry out a
project which, had it been consummated would have
given San Francisco magnificent business from
Telegraph Hill on the north to the Bay of Francisco
In the south. This earthquake the entering wedge
into the prosperity Of William q. Ralston; it demoral
lied all enterprise for a time, and no one
had confidence TO build cared TO make improve
ments and one by difficulties sprung up around
the project OF extending Montgomery street The
money loaned was drawing interest," aud mad TO be
loaned by the bank to the project onward but in
spite OF everything II became elephant and pro-
tect the bank against this loss the liabilities all
assumed by Mr. Ralston his own personal debt
With his whole fortune either the bank or at its
command II very easy to conceive how difficulties of
kind and another, belonging to others with whom
he had advised with whom he associated be-
came, through his delicate Of honor charged to
his own personal account, and before he could fully
realize IL his fortune had taken flight. II is we'll known
that in where he had favored enterprises and ad
ventures that not successful, rather than his