The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-11-14
E0UR MILLTONAlREs.
The Rich Citizens San Francisco has Lost
Within % Year.
From Tie San Francisco Az, October 90

From the San Frdmcisco A., October 90.
The death since The beginning of the
year OF four residents of San Francisco,
reputcd to be millionaires, three of them
leaving each an estate estimated ut mere
than $4,000 900, 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 rer.
utation and moral character. Hopkins,
Rees and Cotton had rare industry, tact
and business capacity, and yet very diff
terent in habits and tastes. Hopkins was
strict, economical, fond Of business for
the sake of business, with strong sense
of duty, Il dislike Of display and of any
participation in political management.
He was a 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 specn-
lati0ii, Bat not unable 20 comprehend or
unwilling to undertake great enterprises,
such rs the Central Pacific was mt the
beginning.
Cotton was q very different mas. He
began life rs an otlicc-holdcr, was nntu-
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 Us the
making of his money. He 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 us u 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 genius for lending
money. An excellent judge of men AID
sound thinker, be carefully studied the
investments offered to him before accept
ing them. 1t was his rule to rely excu-
sively on his own judgment, and never to
take large risk merely because of q
possibility of large gains. Reasonable
certainty of moderate profit was, in his
opinion. the first requisite in business
transaction. After he acquired his first
million. hc 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 Mt much higher
rates. 1t is said by those who ought to
know that he 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 n 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 I.iber't
library for the State University. He
could make himself agreeable in com
pany, and was fair and faithful in bust
ness transactions
w. l.. O'Brlen had no uncommon ca
Pacity in any respect, and in the ordi
nary course nf events he would never
have made more than moderate for
tune. he owed much OF his great sue
cess to genial manners. AS good fel
low he had few superiors. He Away
had q cheerful word for everybody, a1t
everybody liked him. His ropalarit,
contributed much to give start to tn,
house of Flood & O'Brien, and he wa.
fortunate enough 70 bo associated with
men whose special talents and knowledge
raised the firm to princely wealth. Ht
did not bother himself much i'm the ac.
QUESTION or in the management of his
wealth il added little 10 AIS enjoyment
and made little change in his tastes OF
j siss0eiaiiohs. lie was 10 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
it in 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.
IT