The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-11-14
EOUR MILLIONAIRES.
The Rich Citizens San Francisco has Lost
Within n Year.
From the San Francisco Alta, October 20.

From the San Francisco Alta, October 20.
The death since the beginning of the
year of four residents of San Francisco,
reputed to be millionaires, three of them
leaving each an estate estimated at more
than SS,000,000, suggest some remarks on
their career. all of them began life in
poverty; not one of them made his money
by mere luck; and all were men consid-
erably above the average in business rep
utation and moral character. Hopkins,
Rees and Cotton had rare industry, tact
and business capacity, and yet very diff
ferent in habits and tastes. Hopkins was
strict, economical, fond of business for
the sake of business, with strong sense
of duty, dislike of display and Of any
participation in political management.
He was quiet, just man, liked and
trusted by all who knew him we'll; fitted
to thrive by prudence and thrift, avoiding
everything that looked to him like specu-
lation, but not unable to comprehend or
unwilling to undertake great enterprises,
such rs the Central Pacific was at the
beginning.
Cotton was n very different man. He
began life as an office-holder, was natu-
raj politician, and was fond of participat-
ing in public movements and influencing
men above him. He had natural liking
for speculation, and made many invest
ments which never would have found
favor with Hopkins, but he was much
more careful than the average speculator.
He enjoyed the spending as well as the
making of his money. lie was proud of
his magnificent home, and was the only
one of the four that had one. Hopkins
died before the completion of his palace,
which he built rather rs a sense of duty
to California than to crafty his own
taste. Like the others, Cotton had an
excellent reputation for fair-dealing.
1t would, we imagine, be no injustice
to Michael Reese to call him genteel
miser. He had a genius for lending
money. An excellent judge of men and
sound thinker, he carefully studied the
investments offered to him before accept
ing them. 1t was his rule to rely exclu-
sively on his own judgment, and never to
take large risk merely because of a
possibility of large gains. Reasonable
certainty of a moderate profit was, in his
opinion, the first requisite in a business
transaction. After he acquired his first
million, he borrowed largely; and nobody
knew better where to borrow cheap or to
lend dear. He provided himself with a
good stock of available securities from
which he could readily obtain money
from people who would not lend unless
they could obtain their funds at very
short notice. He loaned at much higher
rates. 1t is said by those who ought to
know that be made 5000, 900 annually on
borrowed money. He paid several visits
to Europe, and sometimes INDUCED in
little luxuries; but his expenditures for
personal enjoyment were less than those
of men with an income of $4,000 year.
His only gift of money for public pur-
pose in his lifetime, so far as we know,
was that of $4,000 to purchase Liber's
library for the State University. He
could make himself agreeable in COM
pany, and was fair and faithful in busi-
ness transactions.
w. l.. O'Brien had no uncommon ca
pacity in any respect, and in the ordi-
nary course of events he would never
have made more than q moderate for
tune. He owed much OF his great sue
cess to genial manners. AS good fell
low he had few superiors. He always
had cheerful word for everybody, and
everybody liked him. His popularity
contributed much to give start to the
house of Flood & O'Brien, and he was
fortunate enough to be associated with
men whose special talents and knowledge
raised the firm to princely wealth. He
did not bother himself Ouch in the ac-
QUESTION or in the management of his
wealth it added little to his enjoyment,
and made little change in his tastes or
associations. He was to the last the
same plain, simple-hearted man among
his old friends as in the earlier days.
Each of these four men deserved his
good fortune, acquired it fairly, and used
il in a manner that did no harm to the
community. Hopkins obtained much of
his wealth from government subsidies !;
but in return he helped to build 1000
miles of railroad. O'Brien's wealth con-
tributed to erect one of the finest build
ings and to found one of the wealthiest
banks in the United States. Reese erec-
ted many good buildings. Hopkins,
O'Brien and Reese were childless; Col
ton leaving two daughters. The millions
accumulated by one generation will be
distributed by the next