The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1886-11-28
WILLIAM G. RALSTON.
A Brief Sketch of the Fated
Millionaire.
THE BANK OF CALIFORNIA.
The Run on the NEUTRALITY-SUSPICIOUS.
Out n Cool Million Ralston's
Sudden Death.
THE BANK OF CALIFoRNlA.

William C. Ralston, iourneyman
mechanic. went to California in early
DAYS and grew up with the country. De
was hard-working. clever and PRUDENT
TO- one of the ArgoAauts, but his saw
ings. like those of his neiehbors. went
into mines. he was a lucky gambler
and in the Washoe excitement, away
in the sixties, he made quite a stake
He was early connected with the traffic
between New York and San Francisco
around the Horn and overland, and be-
came politically prominent at the begin
hing of the war'as one of the members
of the Safety Committee whose efforts
gent California in the Union.
When D. o. Mills started the Bank Of
California RaIston was his right-hand
man. 1t was a time of feyeTish excite
ment. There was no paper money IN
California at the time. All debts were
payable IN United States gold coin, or
its equivalent. Paper money was at
such a fearful discount that United
States officers were almost beggared. On
steamer DAYS, the first and fifteenth OF
each month, when collections were
made, Montgomery and California
Streets were welI-nigh impossible for
small bows bending under bags OF
twenty-dollar gold pieces and sacks OF
silver dollars. II was glorious time
for bankers, for every one kept an &C
count. To relieve this trouble OF pay
ing in coin, a few banks issued what
were known as gold notes. but they
were not sufficient 20 lower an inch, the
flood of coin. and away in the Bonanza
days the bows were trotting under their
weight of coin worse than ever.
The profits made by the Bank OF
California were immense. In two years
the earnings of the bank amounted 10
so per cent. of the capital of 5000, coo.
d. o. Mills retired from the presidency.
and Ralston took his place. His salary
was $4,000 per annum, and tie other
stockholders left everything 10 him.
This was in the early seventies.
Ralston was at the height OF his
power in 1874. His house at Belmont
was a palace. 1t cost over half
a million, and was always fun OF
visitors. No visitor TO the Pacific
Coast of any note but was entertained
IN princely style by Ralston and his
wife, = daughter OF Colonel Fry, another
California millionaire. The house con-
tanned a private theatre, and companies
were brought down from San francisco
70 give entertainments for the guests
He was delightful company, and all
who shared his hospitality were loud IN
his praise. Such was Ralston after
business hours.
The Ralston OF the bank was a very
different kind of man. He impressed
you at once with a sense OF power and
executive ability. OF medium height.
broad shouldered and deep chested, and
possessing the yital-motiye temperh-
ment to n degree, be struck you as
man who would come TO the surface IN
A land very much less fruitful ~
chances than California. In manner
he was short and curt, giving his oph-
ion without expla ming MS reasons. Oi
course he speculated. All men specu-
lated in the Bonanza DAYS. he did
not run TO mines altogether, rs
others did. but there was no
enterprise of any kind that his OWL
capital or that OF the bank which be
controlled was not at the back OF. de
mad more foresight than any man oil
those days. He said that the time
would come when the grass woulc
grow in the streets OF Virginia City anc
the Comstcck lode would be thing o.
sac past. The Pacific S Ope most have
oJuer resources than her mines. Tina
time and condition have arrived
though Ralston never lived 10 see II.
Inspired with this thought, Ralstoi
advsnced money TO every one with al
industrial project who came along.
watch factory that was TO rlval those o
Elgin and Waltham was built on Fourth
street, and costly machinery, at an e&
rense of hundreds of thousands D
dollars. was imported. y vast turni
| tire factory was established close by
and at Berkeley, over the bay, dyna
mite works was erected. 1t seem
that the luck OF the great banker in tn
/ financial world forscok him in the in
| dustrial one. The jar of the heav
teams on the way TO the docks rendere
II impossible 20 put watches togethe
on Fourth Street, the high-priced labO
on the Pacific Coast made compeiitio
with eastern furniture manufacturer
impracticaole, and the dynamite worS
we're hoisted into the air with their OY
prodi c..
Still things went along swimmingl!
and il had passed into a proverb !
Frisco 70 saw OF a safe man that b
was "soiid as the Bank of California.
Up to 1915, Ralston had ii all his ow
way. There were no rivals near b
throne. The London Bank OF Sa
Francisco could hardly be considered
riyal. though IL was next in importanc
as 1t did a shipping and mercantile bus
ness. In this year Flood and y Briel
two of the Bonanza kings, and JUDI
Hydenfeldt. an associate OF theirs II
corporated the Bank of Nevada. with
capital stock of s. ZOO, 900. with q
privilege Of increasing 10 $1,000. OO
Then commenced a war of giants Il
the control of the banking business
the ComstOck. The Bonanza poop
had made up their minds that the Bar
OF California and the Bank OF Neva'
could not exist together. The conte
increased in bitterness, and Involv,
the press. The Gail and Bulletin,
morning and evening journal, cor
menced to throw out hints that Il
Bank Of California was over tradin
and was not quite as safe rs
might be. The Chronicle and Ereaii
Post Indignantly denied these rumol
and asserted boldly that their esteem
contemporaries were paid 10 circuls
them. The faith Of the public
through the spring and early SUNNI