The Morning herald., 1875-08-30
THE DEAD BANK PRESIDENT.


THE DEAD BANK PRESIDENT.
Mr.. Ralston was the President Of the
Bank of California, and he received the
liberal salary of $4,000 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 Dona-
hoe, Ralston & Co. He was one of the
Committee Of Public Safety which pre-
vented the Southerners from carrying CAL
ifornia out of the Union, and he and his
partner headed the Sanitary Commission
subscription with $4,000 each. He made
money by his pluck in the Washoe excite
ment, and was among the first to start the
Bank of California, D. o. Mills becoming
President and Mr.. Ralston the ruling
spirit. As cashier he reoei led 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 boldness
and brilliancy of his achievements. He
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 spir-
tied management the Bank of California
throve, and within about twenty.four
months tae accumulated earnings of the
bank amounted to about fifty per cent. Of
the capital. 1t was then decided to issue
stock, those entitled to this amount and to
open books of subscription for new stock
to increase the capital to $1,000, 900, gold,
the equivalent to s1O,0OO,0OO currency.
Everything worked well cash capital
Of $5,OOO,cO0 gold was paid up, and the
bank continued to do business on an
equality with most Of the banking institu.
tions of the country. But the crash came
The bank was concerned in a great variety
of industrial enterprises in California aad
the adjacent States, the results of which
are we'll known.
In various ways the policy Of the bank
was one of encouragement to the young
industries of the State. With an astonish-
ing command of the details of business,
Mr.. W. c. Ralston, the manager, took an
interest in every scheme that promised to
aid the commercial prosperity Of the Pa
cifc coast, and yield fair return on an
investment. The. system of spreading
out" does not seem to have affected the
credit Of the bank. On the contrary, up
to quite recent period the Bank of Cali.
fornia was considered in that region as
stable IS the Bank Of England. Among
the recent investments Of Ralston was the
Palace Hotel building, San Francisco, an
enormous structure, said to be the largest
hotel in the world. This caravansary, to
cost about $2,000,000 when finished, was
to be ready for guests on the 1st Of October
next Mr.. William Sharon, United States
Senator from Nevada, was one Of the
owners in this enterprise, but lately sold
his interest to Ralston for an enormous
90 |f:sH - sIrI ts@ a.. . .:3.a%.L 3, ;.
allm.
Mr.. Ralston was Of medium height
eompactly built with = good breadth of
shoulder, high, capacious forehead thin,
6rmly-ses lips; an oval, we'll shaped fAcs,
good features, a steel-gray eye and ! great
expression Of concentration and extreme
mental activity. In manner he was curt,
generally brief Of speech and to the point,