, 1875-08-29

II. or COURSE, mining; and, il thele lg more
uncertain business. one he5ct oy more :isks i'm
poselble to be foreseen, it has not yet been ad
7ertissd. But since the conversion of the min
ing business into capital Btoca concerns. ths
chief business OF those engaged there has beer
in
WORKING. NOT THE MINES. BUT THE sTocEs.
which, as whole. has been found more profit
sbio business than the development of any lode
The whole population OF California and the
mining regions, it must be remembered, is msde
mp Of adventurous fortuns-aeeke1s. When the
tina for making eo0,000 Or $4,000 day bv a
lucky strike 10 the dgeiDEs had passed, the ad.
yenturoua fellows who had invaded that land OF
gold discovered how to make strikes OF $500, ,000
day in mining stocks.
nAEsroS's ADVENT IN FRISCO.
Ralsson was onu OF the first to make the dis
coveTy. Having been 3 steamboat clerk Oh the
mississippi end steamship agent 1t Panama,
about 1854 be vent 10 San Francisco aa cashier
for GARRISON d Fretz, proprietors Of The kicara-
qua steamship line. Ho was keen-wltted,
money-maklng young man. and soon had
amaseed enough to embark in business
i'm g. q ffeis piRs1sf Rssion, in rhe teS
old Ca|iforni2ns yet remember. The firm was
prosperous under l.is manage nent, and snbse-
quent}y continued its prosperous career as Dom
ohue, Raiston & Co. In 1854 Ratston took aot-
i've steps for
THE ESTABLISHMENT or TIE MONSTER BAHK,
that should laa for ten yeara it did} control tho
entire buslnees OF the Pacific Coast, BY organizing
sne , .nuA shn 81 GGnla. auGa as nls aoolesS ana
~ a. sn sop r. nnn ~ nsa a.8eaoy Ausea .nn'
sa9 ~, vvo,ooo saP4ta' eIocA "as s2ou a. nuo
tai Of any financial institution on the coast be-
gan bus'ness- The heaviest capitalists were
miners the heaviest capital Was needed for the
development OF the mines. It VAS the era Of
the deepening Of shafts in the Waahoe region and
" l tno smEso'eo ana e3EGnslse ~ 1pa ~
~ ~ m4.hs ,,t ~ ~ ~ oo ~
sefs!al Or tne mlnes' pouent LOT tao oanh con,
e.o.I1ne m tute' ests n nnmoet usea Tug c@1''A'
u sne oanA LII oose1oP.nk 10 n'4neo' "no
aApE srn1ks.
@ "atn seaf ., a.tGs 1ss osEaza'on .ue nm nnn
s.u9A VI .ne DALE VIZ a.. e. ~ m sgooUoo;
stock were , charged q bonus . OF 20 PER C. cent 9I5
1ot tne pfa'tIese ot taA1ok 11e stocA' " 70 palo
up ~ i4A, -. ena1 tate, socu nao oeeu sne auo-
e. ess7 " aisa9n @ man.se"s&ns ~ ~ oete1op!nS
sne Tesau1 ano osnoR Luine5, tue eu'ne s%o anu
B. ha1i mlllons was qoick1v ta9en, ano netore
quoseo ~ ~, WIN no sealess;
SHARON Is RA1sfoNs PnoIEoE
Aoous LUIS sime II was tna5 Nill1am ohalon,
wac naa 1ost everything IN disastrous m1nlne
specul?.lons' . was; py hals.oo' t'acea IN cnaiee
OF tue interests OF Tue oanz az virginia Caty.
m2Ie e7peclany OF LIB .ntefea1s IN me 1amoas a
1eiloW J4chet mlne' FROM snat the oates sne
colosss1 io!taue OF SENATOR onaron, WAC "!tn1n
une yea! a1]e1 u19 aPpoAnsueu1 u asens " a ano
AM erom that fin,a did Sharon hocnma TN
f;rm allv of Rsjston IN tha tramendons snaon1a.
i'm 7non wh;ch +ha Iattar SON enterad With
t!on ~ o1n mp01 ono "nlcn tue ae1 soon entereu. "n
thnnrh onI7 Cashier from tHa outeet i'aiston
d;racted tho affa;ra of thu hank] and viii Tia
nrnstice OF 1he e1traordjnary Hstrikesn made in
tha NeTada mine onerat,oua.
n41sro, m w1nEEED The r1E1n OF HIS OPERATIONS.
Stock-ramhj;ng hod already ntt.;ued tremen,
dona nronorti6na an tia co,st with tha
enormous canital 1t Ills command Ralaton om-
barked IN it. on tbe theory tbat iva millions
could any time best hundred thousand, a half-
million. or million even: and il did. he could
eell ahort. could tiehten the money marked
and squeeze holders of stocks to bear down ths
price and rake in the marpins. He could
then decI.ra dividends and otherwise bnli
the stocks aud unlosd. The bank was
naturally noads the depository OF the mines It
aidod 10 developing, Percelyjue the immense
power it welded. operators, Of course cultivated
llB GOOD Offices bv placing their accounts there.
Business men who wanted the support OF the
immense financial power, hastened to also place
thalr deposits with the bank, and soon the de-
post account of the bank WAS the largest in the
United States. II has been tremendously exag-
,erated, but probably for the wear preceding
he SUSPENSION il averaged $40 00D, QUO to s12'-
49,