New-York tribune., 1910-01-05


remotest sign Of any purpose Of self
destruction.
A period of intense popular excitement
followed. The dead man had befriended
thousands, and his lavish expenditures
had made him almost the idol of the peo-
pie. He received such q funeral as a
great statesman or soldier might envy.
and In the chorus OF eulogy that went
up the good that he had done was re-
membered. while the evil was inferred
with his bones.
REORGANIZATION.
Meantime the unfortunate directors
We're confronted with the problem Of
finding means to restore the credit of
the crippled bank. Messrs. Mills. Alvord,
Earl, Bell and Sachs had been appointed
committee to examine into It's condi-
ton. and Mr.. Mills Aad been summoned
back, by unanimous vote, to the presl-
dency. There was no ono else who was
both suitable and willing to take the
post. and he deemed 1t his duty to ac-
cept; but he refused to take q salary, his
only compensation being such as he
might find in promoting the good Of the
public in the very grave financial crisis
that was threatened. He secured the
able assistance Of two OF his old and
trusted associates, William Alvord and
Thomas Brown, az vice-president and
cashier. respectively.
The committee found the affairs Of the
bank in so apparently hopeless a tangle
that II reported In favor Of winding 1t
up In bankruptcy. Then another COM
mittee, Messrs. Mills, Sharon and Bell,
was appointed. with full power to devise
N ~ ~ n N
of liquidation that should not involve
going into court This committee found
that at the time of suspension the banks
liabilities were $196SS.000. including $5.-
00o,00O capital stock and $1.000.OOO re-
serve, while 1t had on hand about $lOO,-
600 In cash and othor assets. Mr.. Rail
ston's personal Indebtedness to the bank
was at last fixed at about $4.5OO.OOO,
and this claim was sold to Frank G.
Newlands, for account of Mr. Sharon, for
$l,5OOUO1with an additional 100000,
payment of which should be contingent
upon favorable settlement of Mr.. Rail
ston's estate.
Finally. on September "a. 1875, an
agreement was formed. under date of
September /, between the stockholders,
on the one side, and d. o. Mills, William
Sharon, Thomas Bell and their asso-
ciates, on the other side, for creating
fund of not less than $5,0O0,0OO in order
to re-establish the bank. Under this
0OO was raised, D. o. Mills starting the
list with subscription of S1,00O,0O0.
The Oriental Bank Corporation of Lon
don now consented to protect the out
standing drafts and credits of the bank
to the extent of 81 ,2500OO on condition
that d. o. Mills. William Sharon and
Thomas Bell should guarantee the due
payment of the same, and these gentle
men gave their joint and several guar
antees to that effect. Then. on Seatem-
her 80. just one month and five days
after the suspension. the board author
lied the resumption of business on Oc-
tober q
AS the iron doors of "the bank We're
thrown open again the bells of the city
rang and great crowds in the streets sent
up cheer after cheer. Mr.. Mills had ex-'
peeted a run and had prepared for 1t,
but at o'clock he was able to announce
to his board that deposits were largely
in excess of Withdrawals. A general
financial crash on the Pacific Coast was
averted. The crowds on the street, IA
they learned the satisfactory state of
affairs inside, cheered and called for Mr..
Mills, until the modest man, who hated
public appearances and had no gift of
speechmaking, was compelled to appear
again and again to bow his acknowledge
ments.
For some time his duties continued to
be of a very onerous, perplexing and
delicate character. But he stayed at his
post until he saw the bank thoroughly
re-esta blished and again In a fiourishing
condition. Then. on March ~. 1878 he
Cnce more rendered his resignation. to
take effect at the pleasure of the board.
not later than May /, and so at last re-
gained his liberty. with the firm purpose
|. . never again to undertake the care Of any
business but his own.
PUBLIC ENTERPRISES.
While he was becoming widely known
as banker, Mr.. Mills had also engaged
successfully in various other enter
prises, aiding in the building and man
agement Of railroads. the construction
Of iron works, the development of oil
fields and lead mines and the erection
Of many buildings in San Francisco and
Sacramento. Among those in the former
city was the we'll known Mills Build
ing, a modern fireproof structure, which
was damaged but not destroyed by the
earthquake and fire of 1906. He had
likewise made large investments in the
mines of the great Comstock lode, and
he had controlling interest in and was
president of the Virginia & Truckee
Railroad, which led to 1t. He was also
the owner of vast forest tracts in the
Lake Tahoe region, and had considera-
BILE interests in the great quicksilver
mines of the Pacific Coast. At the same
time he engaged in many works of prac-
tical philanthropy, the San Francisco
Protestant Orphan Asylum and ST.
Luke's Hospital, San Francisco, notably
benefiting by his sane counsel as we'll
as by his liberal gifts. He did much to
promote the interests of the University
Of California, serving the institution as
regent and treasurer for several years.
AS one of the trustees of the Lick Oh
seryatory he contributed to the growth
OF scientific knowledge in California,
and as recently as 1903 he equipped and
sent to South America an astronomical
expedition under Professor Wright to aid
in the study of the solar system
After the period Of storm and stress
incidental to his rehabilitation of the
Bank Of California Mr.. Mills was at
last able to put into effect his desire to
lead more quiet and less eventful life.
He gradually made heavy investments In
the East, and transferred many of his
interests to New York. although still re-
taintng large properties in California.
He constructed at Wall and Broad
streets and Exchange Place In this city
another Mills Building, at that time the
largest office building in the United
States, II not in the world. Business in
terests, as we'll as the recollections and
friendships OF his youth, thus tended to
draw him TO the vicinity of his birth
place; he purchased a handsome house
at No. 634 Fifth avenue and in time
came IN reeard fhfa city rathar tban