Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-11-22
Four MilliOnaires.
"REMINISCENCES OF THE RICH CITIZENS OF SAN
Francisco WHO HAVE DIED WITHIN YEAR.
From the San Francisco Alta.

From the San Francisco Alta.
The death since the beginning of the year Of
four residents of San Francisco, reputed to be
milionaires, three of them leaving each an estate
estimated at more than $4,000, 900, suggests some
remarks on their career. All Of them began life
in poverty; not one Of them made his money BY
mere luck; and oil were men considerably above
the average in business reputation and moral
character. Hopkins, Reese and Cotton had rare
industry, tact and business capacity. and yet very
different 10 habits and tastes. Hopkins strictly
economical, fond of business for the
| sake of business, with Q strong sense Of
duty. . dislike of display and Of any par
ticipation in political management. He was q
quiet, inst 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 spec
ulatiou, but not unable to comprehend unw
ing to undertake great enterprises such as the
Central Pacific was at the beginning.
Cotton was a very different man. lie began life
as an ofice-holder, was natural politician. and
was fond Of participating in public movements
and influencing men about him. He had q natu-
| raj liking for speculation, and made many invest
| ments which would never have had favor with
| Hopkins, but he was much more careful than the
average spcculstor. He enjoyed the spending as
well as the making of his money. He was proud
| of his magnificent home, and was the only one OF
| the four that had one. Hopkins dying before the
com leton Of his palace. which he built rather
. sense of duty to California than to crafty his
own taste. Like the others, Cotton had an ex
cellent reputation for fair dealing.
1t would, We imagine, be no injustice to Michael
Reese to call him genteel miser. He had gen
ius for lending money. An excellent judge of
| man and . sound thinker, he carefully studied the
| investments offered to him before accepting them.
1t was bis rule to rely exclusively on his own
judgment, and never to take large risk merely
because Of large gains. Reasonable certainty Of
uisits in business transaction. After he had &C
quired his first million be borrowed largely. and
nobody knew better where to borrow cheap or to
lend dear. He provided himself with 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 he made $200,00
| annually on borrowed money. He paid several
| visits to Europe, and sometimes INDUCED n little
Injuries; but his expenditures for personal enjoy
ment were generally less than those of men with
an income Of $1,000 year. His only gift of mon
ey for public purpose in his lifet time, far
We know. was that Of $4,000 to purchase Lieber's
library tor the State University. He could mike
himself agreeable in company, and was fair and
faithful in business transactions.
w. s. O'Brien had no uncommon capacity in
any respect and in the ordinary course of events
he would never have made more than moderate
| fortune He owed much of his great success to
genial manners. As Q good fellow he had few
| superiors. He always had . cheeful word for
everybody, and everybody liked him. His popu-
| larity contributed much to give Q start to the
house Of Flood & O'Brien, and he was fortunate
| enough to be associated with men whose special
knowledge and talents raised the firm to princely
wealth. He did not bother himself much in the
acquisition 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 Is in the earlier days.
| Each of these four men deserved their good
fortune. acquired it fairly, and used it in manner
| that did no harm TO the community. Hopkins
| obtained much of his wealth from governmen ut
subsidies; but in return he helped to build 1000
miles of railroad, and he made good return for
ell he got. Cotton helped to bald 700 miles of
railroad. O'Bren's wealth contributed to erect
one of the finest buildings and to found one of
the wealthest banks in the United States.
Reese erected many good buildings. Hopkins,
O'Brien and Reese were chdless; Cotton leaves
two daughters. The millions accumulated BY
one generation will be distributed by the next.