, 1876-12-09

H0f ia ~ .5~-r3SJ
Sharon's ring. Moreover, there was
ring formed to carry ore to the mills
and another to supply all the mines and
mills with wood. This latter firm was
Haines, Leet & Van Gorder. They
charged fifteen dollars per cord for every
cord Of wood delivered at hoistine works
or mill and the team ring got five doll
lars per ton for hauling rock to the
mills from the mines. The mills were
all in Gold Hill or along the Carson riv-
or. With these percentages in their
favor, it was no wonder that Hayward,
Sharon end Ralston became rich, while
the smaller stockholders toiled along in
poverty and
PAID UNTOLD ASSESSMENTS
Upon their stock. By 1865, the Bank
had raised its capital to five millions of
dollars and Mills took trip to Europe.
So far as managing the Banks affairs
was concerned, he might as we'll have
gone on the very day the Bank incor-
porated. for any use he was. Ralston
was the heart and brain of the Bank
and played a mighty game upon the f.
nancial chessboaId. His courage and
obstinacy endeared him to all but Lun-
ing who foresaw disaster at some future
day, in Ralston's schemes. He was be-
coming SO strong and overbearing that
schemes were set afoot to destroy him
and Luping could see it with pr ophetic
eye. All this time he was like Damo-
cles at the banquet with the sword
hanging over him by hair. A new
power had sprung up in the mean time
in the San Francisco Stock market, COM
posed of
FOUR OBSCURE MEN,
Two of whom were proprietors of q
saloon known as the Auction Lunch.
while their coadjutors we're practical
mining men, living at Virginia City.
These four men are known now as the
four Bonanza Kings" JAS. C. Flood,
w. s. O'Brien, Jas. G. Fair, and John
W. Mackey. Their reputation was at
tanned entirely from being straightfors
ward in all their business affairs. Be-
fore any one could become aware of
their strategic movements they became
the owners of controlling interest in
the mine known as the Hale & Nor
cross, from the profits of which they
purchased piece of undeveloped min
ing ground lying between the "OpEir"
OH the north, and the BEST & Belcher"
on the south. This ground was in sev-
eral claims known as the California. :"
Central, white & Murphy" and
"Dick Sides" The whole was thrown
into one company known as the
CONSOLIDATED VIRGINIA,
Now famed throughout the length and
breadth of the continent. They moved
Independent of Sharon's mill ring. and
reduced their quartz in establishments
of their own. They soon got to paying
divideuds of ten dollars per share. and
stock went up from $50 to 1920 per
share. The enormous yield of this
mine soon enabled them to control
other mines. so that by January. 1875.
they had reduced the Bank of Califor-
! mia to second-rate power. During
this time Ralston and Sharon had ccm-
menced the construction of the Palace
Hotel, the largest and most premature
building IN America. Fifty years hence
would have been ample time for the
erection of such building. for San
Francisco already boasted better hotels
for her size than any other city IN
America. From the moment that Sha-
ron and Ralston commenced this work,
in which nearly two millions of money
we're squendered, (for it never has paid
interest and never willy from that day,
we say, Ralstons s star began to wane.
DARK DAYS
Began to come, thick and fast. He
was obliged to sell off all the best div
idend-paying stocks. AS soon as his
enemies saw that he, was selling his
stocks in the Virginia and Truckee rail
road. Spring Valley water works and
street railroads, they knew they had
him beaten. The great crash of Sep
tember came, and with it that awful day
when his resignation was demanded.
not only as an officer of the bank. but
as a director also. He went out of the
door with death in his face and in bis
heart. A hurried walk among the men
whom he knew so we'll and whom he
now disregarded, and he was beside
the bay. Disro bing that no suspicion
of premeditated death might be had, he
took one lingering look at the city
which contained all that was dear to
him on earth and
PLUNGED INTO THE WAVES.
The city was already aware of his re-
moval from the Presidency of the bank
and from the Board of Directors, but
scarcely had those rumors been fairly
bruited about, ere the startling intelli-
gence came from North Beach that he
had been drowned while bathing. 1t
was too true. It was frightful COM
mentary upon the frivolity of worldly
pride and the emptiness of wealth. This
man, whose millions had subverted the
popular will at the ballotsbox, and con-
trolled the legislation of two States,
had died worse than a pauper. He
came into the world naked and went
out of it the same way. God save us
all from such death ;and keep US from
wealth, if its possession entails similar
results. He had not only speculated
with funds entrusted to his care. but
had over issued stock of the bank,
which act was forgery according to
the laws of the State in which he lived.
This was what precipitated
HIS TRAGICAL END.
His life insurance policies. in all about