The Bank of California in 1875. The ancestor of the bank was the banking firm of Garrison, Morgan, Fretz & Ralston, established in San Francisco in January 1856 by a group that included Ralston. The bank opened on July 4, 1864, with.
As president and Ralston as cashier. Was on the board of directors. A branch was opened in. Was long the bank's.Built of stone quarried on nearby Angel Island. The Bank of California Building at the NW corner of California and Sansome streets in San Francisco was said to be one of the handsomest structures on the coast.
Bank of California ad, 1870. The Bank of California financed a number of mining operations of the Comstock Lode.Some mines when their owners defaulted. And ultimately generated enormous profits as a result. At the height of their power, Ralston and his "Ring" (as his associates were known) were able to exert monopolistic. Influence over sections of commerce and industry in San Francisco and in Virginia City.
The transfer was carried out in the middle of the night by two of Ralston's associates, Asbury Harpending and Maurice Dore. When the bank opened in the morning, the sight of tray after tray of gold coin at the tellers' windows quashed any thought by depositors of mounting a run on the bank.
Mills retired as president of the Bank of California in October 1873 and was succeeded by Ralston, who kept Mills on the board of directors for the prestige of his name. At a time of volatile trading of Nevada mining stocks, a run on the Bank of California occurred on Thursday, August 26, 1875. The bank failed, and Ralston was ruined.
The next morning he executed a deed of trust, turning over everything he owned to Sharon, and the deed was notarized. Ralston then admitted irregularities in banking practices to the board of directors and was ousted as president. He walked to the North Beach to get away from the angry crowds and went to the Neptune Bath House, where he was accustomed to swim in the ocean on summer days.He swam out as far as he could go, and did not return. When his body was recovered, it was found he had died of a stroke. When the San Francisco clearing house. Was established in 1876, the city's leading banks, in order of importance, were the Bank of California, the Nevada Bank (opened in 1875 with McLane as president), the Anglo-California Bank, Ltd.
And Wells Fargo & Company. Upon the retirement of Mills in 1878, William Alvord.
A prominent merchant, was elected president of the bank. It was Alvord who, in 1887, warned James C.Of signs of irregularities at the Nevada Bank, enabling Flood to avert the collapse of the Nevada Bank following the speculation of its cashier in the wheat market. Alvord was president of the Bank of California until his death in San Francisco on December 21, 1904. In January 1905, Homer S. Left Wells Fargo & Company to assume the presidency of the Bank of California.
The item "Bank Check Revenue Stamped Paper The Bank of California 1873" is in sale since Monday, January 20, 2020. This item is in the category "Collectibles\Paper\Bank Checks & Drafts". The seller is "mortonhlemon" and is located in Morganton, North Carolina.This item can be shipped worldwide.