William Chapman Ralston
Encyclopedia
William "Billy" Chapman Ralston (January 12, 1826 - August 27, 1875) was a San Francisco, California
businessman and financier
, and was the founder of the Bank of California
.
on January 12, 1826, the son of Robert Ralston III and Mary Wilcoxen Chapman. He was known as "Chap" when he was young.
With riches derived from Nevada
's Comstock Lode
, he became one of the richest and most powerful men in California. He founded the Bank of California
and was known for having a nothing-is-impossible attitude.
in Belmont, California
as a summer home. Listed on the National Register of Historic Places
, it is now part of the campus of Notre Dame de Namur University
.
He built the California Theatre
on Bush Street in San Francisco, which opened on January 18, 1869.
His dream was the construction of the Palace Hotel
in San Francisco, California
at the corner of New Montgomery and Market. He spent $5M on its construction, draining his banking empire in the process. John Painter Gaynor was the architect and engineer. It opened on October 2, 1875. The hotel had early elevators or "rising rooms" and electric call buttons in the rooms. The hotel survived the 1906 earthquake, but was destroyed in the fire that followed. It was rebuilt and reopened in 1909. There is still a Ralston Room in the hotel off the main corridor to the left.
In 1871, following a severe drought in California, he initiated work on the surveying for an irrigation scheme in the San Joaquin Valley
, and his lobbying was successful in securing the passage through Congress in 1873 of an Act to set up a Water Commission to advise on the irrigation
of California.
He was also involved in Philip Arnold
's diamond-mining hoax of 1872
.
, and a crash in the stock value of the Bank of California. The crash occurred just weeks before the opening of the Palace Hotel.
to have attended the public meeting held in Union Hall on September 8, 1875 to express the community's loss. His partner, U.S. Senator William Sharon
, acquired many of his assets, including the Palace Hotel and Ralston Hall.
. Ralston Street in Reno
is named for William Ralston. There are Ralston Avenue exits from both Highway 92
and Highway 101. Ralston Middle School, Ralston Hall
, and the William Chapman Ralston Award are all named after him. A small mining town in southwest New Mexico was named Ralston City in honor of William Ralston, its largest investor, but has since been renamed Shakespeare, New Mexico
. The town of Modesto
was to be named for Ralston; he declined, however, and it was called Modesto as one of the Spanish
-speaking workers at the naming ceremony for that town said he was "muy modesto" or very modest. Modesto is home to Ralston Tower, an 11-floor building dedicated to elderly living. It is the second-tallest building in the city.
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
businessman and financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
, and was the founder of the Bank of California
Bank of California
The Bank of California was opened in San Francisco, California, on July 4, 1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West.-History:The ancestor of...
.
Biography
William Chapman Ralston was born at Wellsville, OhioWellsville, Ohio
Wellsville is a village in Columbiana County, Ohio, United States, along the Ohio River. The population was 4,133 at the 2000 census.-History:...
on January 12, 1826, the son of Robert Ralston III and Mary Wilcoxen Chapman. He was known as "Chap" when he was young.
With riches derived from Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
's Comstock Lode
Comstock Lode
The Comstock Lode was the first major U.S. discovery of silver ore, located under what is now Virginia City, Nevada, on the eastern slope of Mount Davidson, a peak in the Virginia Range. After the discovery was made public in 1859, prospectors rushed to the area and scrambled to stake their claims...
, he became one of the richest and most powerful men in California. He founded the Bank of California
Bank of California
The Bank of California was opened in San Francisco, California, on July 4, 1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West.-History:The ancestor of...
and was known for having a nothing-is-impossible attitude.
Projects
He built Ralston HallRalston Hall
Ralston Hall Mansion located in Belmont, California, was the country house of William Chapman Ralston, a San Francisco businessman, founder of the Bank of California, and financier of the Comstock Lode. It is an opulent Italianate Villa, modified with touches of Steamboat Gothic and Victorian...
in Belmont, California
Belmont, California
Belmont is a city in San Mateo County, California, United States. It is in the San Francisco Bay Area, located half-way down the San Francisco Peninsula between San Mateo and San Carlos. It was originally part of the Rancho de las Pulgas, for which one of its main roads, the Alameda de las Pulgas,...
as a summer home. Listed on the National Register of Historic Places
National Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
, it is now part of the campus of Notre Dame de Namur University
Notre Dame de Namur University
Notre Dame de Namur University — formerly the College of Notre Dame — is a private, Catholic University located in Belmont, California in the San Francisco Bay Area. Notre Dame de Namur University is an accredited university in San Mateo County, and the fifth-oldest university in California...
.
He built the California Theatre
California Theatre (San Francisco)
The California Theatre , was located at 414 Bush Street, San Francisco. It was built in 1869 by William Ralston, at that time the treasurer of the Bank of California. S. C. Bugbee & Son were the architects and the theatre cost $250, 000 to build.Anpther source puts the figure at $150,000...
on Bush Street in San Francisco, which opened on January 18, 1869.
His dream was the construction of the Palace Hotel
Palace Hotel, San Francisco
The Palace Hotel is a landmark historic hotel in San Francisco, California, located at the SW corner of Market and New Montgomery streets. Also referred to as the "New" Palace Hotel to distinguish it from the original 1875 Palace Hotel that it was built to replace, the present...
in San Francisco, California
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
at the corner of New Montgomery and Market. He spent $5M on its construction, draining his banking empire in the process. John Painter Gaynor was the architect and engineer. It opened on October 2, 1875. The hotel had early elevators or "rising rooms" and electric call buttons in the rooms. The hotel survived the 1906 earthquake, but was destroyed in the fire that followed. It was rebuilt and reopened in 1909. There is still a Ralston Room in the hotel off the main corridor to the left.
In 1871, following a severe drought in California, he initiated work on the surveying for an irrigation scheme in the San Joaquin Valley
San Joaquin Valley
The San Joaquin Valley is the area of the Central Valley of California that lies south of the Sacramento – San Joaquin River Delta in Stockton...
, and his lobbying was successful in securing the passage through Congress in 1873 of an Act to set up a Water Commission to advise on the irrigation
Irrigation
Irrigation may be defined as the science of artificial application of water to the land or soil. It is used to assist in the growing of agricultural crops, maintenance of landscapes, and revegetation of disturbed soils in dry areas and during periods of inadequate rainfall...
of California.
He was also involved in Philip Arnold
Philip Arnold
Philip Arnold was a confidence trickster from Elizabethtown, Kentucky, and the brains behind the legendary diamond hoax of 1872, which fooled people into investing in a phony diamond mining operation...
's diamond-mining hoax of 1872
Diamond hoax of 1872
The diamond hoax of 1872 was a swindle in which a pair of prospectors sold a false American diamond deposit to prominent businessmen in San Francisco and New York...
.
The collapse of his financial empire
In 1875, his financial empire collapsed as a result of the combination of the expense of building the Palace Hotel, the failure of his attempt to buy and then resell the Spring Valley Water Company, the after-effects of the Panic of 1873Panic of 1873
The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression...
, and a crash in the stock value of the Bank of California. The crash occurred just weeks before the opening of the Palace Hotel.
Death
The day after the collapse, his body was found in the San Francisco Bay, due either from a stroke during his regular swim or from suicide. About 50,000 people were said to have watched his funeral procession, and 8,000 of his friends were said by Robert BreretonRobert Maitland Brereton
Robert Maitland Brereton was an English railway engineer in India. In the United States he helped secure the first Act of Congress for the irrigation of California.-Engineering training:...
to have attended the public meeting held in Union Hall on September 8, 1875 to express the community's loss. His partner, U.S. Senator William Sharon
William Sharon
William Sharon was a United States Senator from Nevada who profited from the Comstock Lode.-Early life:Sharon was born in Smithfield, Ohio, January 9, 1821, the son of William Sharon and Susan Kirk. He attended Ohio University. After studying law in St. Louis, Missouri, he was admitted to the bar...
, acquired many of his assets, including the Palace Hotel and Ralston Hall.
Namesakes
Ralston Avenue is one of the principal roads in Belmont, CaliforniaBelmont, California
Belmont is a city in San Mateo County, California, United States. It is in the San Francisco Bay Area, located half-way down the San Francisco Peninsula between San Mateo and San Carlos. It was originally part of the Rancho de las Pulgas, for which one of its main roads, the Alameda de las Pulgas,...
. Ralston Street in Reno
Reno, Nevada
Reno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
is named for William Ralston. There are Ralston Avenue exits from both Highway 92
California State Route 92
State Route 92 is an east-west highway in the San Francisco Bay area between Half Moon Bay near the coast in the west and downtown Hayward at its junction with State Route 238 and State Route 185. It is most notable for being the route that traverses the San Mateo Bridge. It has interchanges with...
and Highway 101. Ralston Middle School, Ralston Hall
Ralston Hall
Ralston Hall Mansion located in Belmont, California, was the country house of William Chapman Ralston, a San Francisco businessman, founder of the Bank of California, and financier of the Comstock Lode. It is an opulent Italianate Villa, modified with touches of Steamboat Gothic and Victorian...
, and the William Chapman Ralston Award are all named after him. A small mining town in southwest New Mexico was named Ralston City in honor of William Ralston, its largest investor, but has since been renamed Shakespeare, New Mexico
Shakespeare, New Mexico
Shakespeare, formerly known variously as Mexican Springs, Grant, and Ralston City, is a ghost town in Hidalgo County, New Mexico, United States. It is currently part of a privately-owned ranch, sometimes open to tourists...
. The town of Modesto
Modesto, California
Modesto is a city in, and is the county seat of, Stanislaus County, California. With a population of approximately 201,165 at the 2010 census, Modesto ranks as the 18th largest city in the state of California....
was to be named for Ralston; he declined, however, and it was called Modesto as one of the Spanish
Spanish language
Spanish , also known as Castilian , is a Romance language in the Ibero-Romance group that evolved from several languages and dialects in central-northern Iberia around the 9th century and gradually spread with the expansion of the Kingdom of Castile into central and southern Iberia during the...
-speaking workers at the naming ceremony for that town said he was "muy modesto" or very modest. Modesto is home to Ralston Tower, an 11-floor building dedicated to elderly living. It is the second-tallest building in the city.
External links
- ThePalaceHotel.org (An online illustrated history of the Palace Hotel.)
- Photographs of W.C. Ralston and His Mansion in Belmont, Calif., 1872-1874, taken by Eadweard MuybridgeEadweard MuybridgeEadweard J. Muybridge was an English photographer who spent much of his life in the United States. He is known for his pioneering work on animal locomotion which used multiple cameras to capture motion, and his zoopraxiscope, a device for projecting motion pictures that pre-dated the flexible...
, from The Bancroft Library - Guide to the William Chapman Ralston Correspondence at The Bancroft Library
- The William Chapman Ralston Award
- The virtual museum of the city of San Francisco