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W.C. Ralston Letters: Brereton Letter, Heard You Went Bust! (One Month Later)

Currency:USD Category:Collectibles / Mining Start Price:1,000.00 USD Estimated At:2,000.00 - 4,000.00 USD
W.C. Ralston Letters: Brereton Letter, Heard You Went Bust! (One Month Later)
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Looking at letter three, we see that English financiers are ready and willing to invest with the Bank of California and William Ralston. In the May 18, 1875 letter, Ralston and the Bank were clearly offered virtually everything they needed or could ask for. One month later comes this letter that starts with, "It was rumored in London that you had 'busted' to the sum of SEVEN MILLION!! C.S. Forbes was one of the scared ones, and told a friend of mine at the club that your place at Belmont [Ralston's Mansion] was for sale, and that he would telegraph out to Frisco, and secure it for him!!!"



Brereton immediately contradicted such a rumor, "...it was a lie, got up for stock operations merely." He is also optimistic, "I am sure I can get reasonable amount of capital you may want for municipal purposes, such as water bonds...and for enlarging bank capital." There is a lot more financial news that might be advantageous to an English and American partnership.



On August 26, 1875, two months after this letter was sent, a run on the bank closed the doors of the Bank of California, although the bank would survive and re-open shortly. William Ralston would not be so lucky. On the 27th he would go out for his usual swim in San Francisco Bay. A swim he didn't survive!



Letters 3 and 4 are important because there is little (if any) surviving correspondence regarding what Ralston was doing to shore up cash reserves for the Bank of California in mid 1875, before August 26, 1875 when it closed its doors because of a run on the bank and withdrawals could not be met. In fact, this may be the only letter extant mentioning the possibility of the bank being near-broke.



Written on lettersheet with blindstamp of the Oriental Club. For more on Brereton and the Oriental Club see letter 2. Date: 1875 Location: San Francisco, California HWAC# 48811