The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-08-30
A Mushroom Banker.
The Remarkable Career of VIM. q. Rai-
stem, President of tue Bank of California.

stem, President ofthe Bank of California.
William C. Ralston was native of New
York state, and was about 30 years old. Be-
fore he had reached the age of manhood he
began life for himself, his first experience be-
ing as steamboatmau on the Mississippi. In
I749 he formed the acquaintance of Commo.
dore G. K Garrison, then one of Americas
kings of finance, and soon afterwards embark
ed with that gentleman in the banking business
on the lsthmus of Darien. In 1855, after a
prosperous career on the Isthnus, Mr.. Ralston
and his partner established a banking house IN
San Francisco, Commodore Garrison becoming
the hgurehead of the concern. From 1857 un-
til 1864, the career Of the house was exception
ably prosperous, and in the next year, Mr.. Raj
ston, aided by many capitalists whose conf
dence he had gained, established the Bank of
California, capital S2,00OOOO Afterwards the
capital was increased to $5OOO,OOO. Last spring
Mr. Ralston, under a pressure. of pecunary
difficulties, sold his share of the great Palace
Hotel to Senator Sharon and recently he trans
ferred his title to % sections Of land to j. D.
Fry, fellow director in his bank, for $4,000
"a SUN WHICH was cOuSUercu as luulcrOuSly
low. Mr. Ralston's private fortune was recent
ly estimated at $20,000,000.
Mr.. Ralston was of medium height, COM
pactiy built with good breadth of shoulder,a
high, capacous fcrehead thin, firmly-set lips;
an oval, well-shaped face, good features, a
steel gray eye, and great expression of con-
csntration and extreme mental activity In
manner he was curt, generally brief of speech
aad to the point, and able upon occasion to
state his views in their fullness with felicity,
strength and nervous vigor of language. In
habit Mr.. Ralston exhibited intense applica-
ton to business and an excessive industry. He
was brief sleeper, and during most of his
working hours devoted himself to the details
of his vast official busness-besides his con.
siderable private affairs, which should suffice
alone to keep most men busy-with all his tre-
mendous energy. His despatch of business
was somewhat marvellous and the popular be-
lief 10 his infallibility amounted to super
stition. His opinion of men, business pros
poets and in financial matters generally, was
considered conclusive. HIS personal power in
the states and territories was of the Pacific
was great. The influence of the corporation
of which he was chief officer was felt every
where.
Mr. Rastou in 1858 married brilliant and
accomplished niece of j. d. Fey, by whom he
had several children. The country residence of
Mr.. Ralston was situated about % miles south
of the city. in charming valley known as
''Diablo Canyon" Much has been said, from
beauty of Mr.. Ralston's private residence, To-
Gated at Diablo Canyon, which is one of the
most beautiful valleys in California, and as 8
location for country residence is certainly un-
equalled on the continent
Visitors to California, if prominent men,
whether lawyers, lecturers, editors, congress-
men, distinguished foreigners, financiers or
business men, did lot consider that they had
seen the institutions of the country unless they
had visited the magnificent bank building, and
had hanO entertained at no nripn
seat of Mr.. Ralston, at Belmont, Santa Clara
Valley, not far from SaE Francisco 1t con.
tains splendid music hall and all the ap-
pointmente OF palace, and cost over $3.50, 900.
vi the personnel of the party opposed to the
Bank of California little is known. Mr. j. W.
Mackay, whose history reads like page from
the Arabian Nights, was common laborer in
mine or on a railroad, few years ago. To.
day he is said to be the richest man in Califor-
mia, his property being estimated at $780,
900. He is one of the managers of the Consoi-
ldated Virginia, and has an interest in all the
big bonanzas. Messrs. O'Brien and Flood
made their start in life as barkeepers, or liquor
dealers in San Francisco. They were moder.
atey successful in their initiatory stock VEN
lures. and when the 'Big Bonanza" sprung up
they went into the market with a hundred
Thousand or SO and came out uillionaires.
James G. Fair is the practical miHer of the
firm, and is superintendent of the Virginia
Consolidated mine. He is also mushroom
millionaire. Mr.. Mclean. who is to manage
the Bank of Nevada, was formerly connected
with Wells, Fargo & Co., and was at one time
president of the Pacific Mail Ste amship Com
pany. Wall street men who know him give
him credit for being the engineer of the corner
that is said to have ruined the Bank of Cali.
fornia. 1t is said that before the suspension
the McLeau-O Brien party entered into nego-
tiations with the opposition for the purchase of
the Back of California. Failing to come to
terms, they organized the Bank of Nevada, en-
gineered the corner and thus brought their
rival down. They intend to open their bank
on September 1.
As president of the Bank of California, Mr.
Ralston received the liberal salary of $50, 600
per year for his services. AS an operator. he
was noted for the boldness and brillancy of his
achievements. He advanced money largely to
complete the Central Pacific railroad, and more
than once he made a bold dash, clearing thous-
amos as the result of his spirit and foresight
Under his energetic, sagacious and spirited
management the Bank of California throye
and within about twenty four months the &C.
cumulated earnings of the bank amounted to
about 30 per cent. of the capital. 1t was then
decided to issue stock to those entitled for this
amount, and to open books of subscription for
new stock to increase the capital to $4,000, 900,
gold, then equivalent to $10,000,000 currency.
Everything worked well; a cash capital of So
600, 900 was paid up, and the bank continued to
do business on an equality with most of the
banking institutions of the country. But the
great variety of industrial enterprises in Cali
fornia and the adjacent states, the results of
which are now we'll known. In various ways
the policy of the bank was one of encourage
ment to the young Industries of the state.