Appletons' Cyclopædia of American Biography/Ralston, William C.

RALSTON, William C., banker, b. in Wellsville, Ohio, 12 Jan., 1826; d. in San Francisco, Cal., 27 Aug., 1875. His father was a carpenter and builder, and for several years he assisted in his father's workshop, but in 1849 he went to the Pacific coast. He became president of the Bank of California, and also took a deep interest in the building of railroads and the establishment of woollen-mills, sugar-refineries, silk-factories, and steamship-lines to Australia and China. He also invested largely in the construction of the Palace and Grand hotels, which enterprises ultimately ruined him. In August, 1875, James G. Flood made a sudden demand on the Bank of California for nearly $6,000,000, and, although the institution had assets to cover all its indebtedness, it was not able to meet this unexpected call. Its doors were closed, and the immediate resignation of the president was asked. The latter surrendered all his available personal property to meet the deficiencies of the bank, but, stung by the affront that had been put upon him, he drowned himself.