Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-08-31
Sl47,794,675 GO
Total
I'M. g.. R1LSIOY,

Mr.. Ralston was the President of the Bank OF
California, and he received the liberal salary of
$50, 600 per year for his services. He was early
connected with the passenger traffic between New
York and San Francisco, and subsequently was
member of the banking house Of Donahoe, Rails
ton & Co. He was one of the Committee of Pub
lie Safety which prevented the Southerners from
carrying California out of the Union, and he and
his partner headed the Sanitary Commission sub
scription with $4,000 each. He made money by
his pluck in the Washoe excitement and was
among the first to start the Bank of California, d.
0. Mills becoming President and Mr.. Ralston, the
ruling spirit. As cashier he received a salary of
$4,000 year. and on the retirement of Mr.. Mills
he became the President. As an operator he was
noted for the bodness and brillancy of his achiev
ments. lie advanced money largely to complete
the Central Pacific Railroad, and more than once
he made bold dash, clearing his thousands as the
result of his spirit and foresight
Under his energetic, sagacious and spirited man
agement the Bank Of California throve, and with
in about twenty-four months the accumulated
earnings of the bank amounted to about fifty per
cent OF the capital. 1t was then decided to issue
stock to those entitled for this amount andto open
books OF subscription for new stock to increase the
capital SIS 900 600, god then equivalent to $l0
900 900 currency.
Everything worked we'll cash capital of ST.
900, 900 gold was paid up, and the bank continued
to do business on an equality with most of the
banking institutions of the country. But the
crash came. The bank was concerned in Il. great
variety Oh luuustilhi cHtclptiSes III tdilui anu
the adjacent States, the results of which are now
we'll known.
1t various ways the policy Of the bank was one
of encouragement to the young industries OF the
State. With AN astonishing command of the de-
! ails of business, Mr. w. {. Ralston, the manager
took interest in every scheme that promised to
aid the commercial prosperity of the Pacific coast
and yield a fair return an investment. The sys
TEN of spreading OUT docs net seem TO have af-
fected the credit of the bank. On the contrary,
up to quite recent period the bank of California
was considered in that region as stable as the Bank
of England. Among the most recent investments
of Raston was The Palace Hotel building, San
Francisco, an enormous structure, said 10 be the
largest hotel in the world. The carayansary, to
cost about S2,000,000 when finished, was to be
ready for guests on the last of October next Mr..
William Sharon, United States Senator from Ne
vada, was one of the owners in this enterprise,
but lately sold his interest TO Raston for an en-
ormous sum.
In habit Mr.. Ralston exhibited intense applica-
ton to business and an excessive industry. lie
was brief sleeper, and during the most OF his
working houis devoted himself to the details of
his vast official busine his considerable
private affairs, which should suffice alone to keep
most men busy-wh all his tremendous energy.
His despatch Of business was somewhat marvel
lous, and the popular belief in his intallibility
amounted TO superstition. His opinion OF men,
and business projects as in financial matters was
considered conclusive. His personal power IN the
States and Territories of The Paciflc was great.
The influence Of the corporation OF when he was
chief officer felt everywhere. -.
Mr.. Ralston in 1853 married brilliant and ac'