FOUR MILLIONAIRES.

Hawke's Bay Herald, Volume XXI, Issue 5308, 15 February 1879, Page 3

FOUR MILLIONAIRES.

Four residents of San Francisco have died since the beginning of this yearHopkins, Colton, Reese, and O'Brienall of whom began life in poverty and died reputed millionaires, each of three of them leaving an estate estimated at more than 8,000,000 dols. The The San Francisco Alta gives the following account of the four : — Hopkins was strict, economical, fond of , business for the sake of business, with a strong aeuse of duty, a dislike of display . and of any |participation in political management. He was a quiet, just man, likedvand trusted by all who knew him well ; fitted to thrive by prudence and thrift, avoiding everything that looked to him like speculation, but not unable to comprehend or , unwilling to undertake great enterprises, such as the Central Pacific was at the beginning. Colton was a very different man. He began life as an office-holder, was a natural politician, and was fond of participating in publicjmovements and influencing men about him. He had a natural liking for speculation, and made many investments which would never have found avor with Hopkins ; but he was much more careful than the average speculator. He enjoyed the spending as well as the making of his money. He was proud of his magnificent home, and was the only one of the four that had one, Hopkins dying before the completion of his palace, which he built, rather as a sense of duty to California than to gratify his own taste. Like the others, Colton had an excellent reputation for fair dealing. It would, we imagine, be no injustice to Michael Hesse to call him a genteel miser. He had a genius for lending money. An excellent judge of men and a sound thinker, he carefully studied the investments offered to him before accepting them. It was his rule to rely exclusively on his own judgment, and never to take a large risk merely because of a possibility of large gains. Reasonable certainty of a moderate profit was, in his opinion, the first requisite in a business transaction. After he had acquired his first million he borrowed largely, and nobody knew better where to borrow cheap or to lend dear. He provided himself with a good stock of available securities, from which he could readily obtain money from people who would not lend unless they could obtain their funds at very short notice. He loaned at much higher rates. It was said by those who ought to know that he made 200,000 dols. annually on borrowed money. He paid several visits to Europe, and sometimes indulged in little luxuries ; but his expenditures for personal enjoyment were generally less than those of men with an income of 2,000 dols. a year. His only gift of money for a public purpose in his lifetime, so far a.s we know, was that of 3,000 dols. to pur-., chase Lieber's library for the State University. He could make himself agreeable in company, and was fair and faithful in business transactions. W. S. O'Brien had no uncommon capacity in any respect, and in the ordinary course of events he would never have made more than a moderate fortune. He owed much of his great sucoess to genial manners. As a good fellow he had few superiors. He always had a cheerful word for everybody, and everybody liked him. His popularity contributed much to give a start to the house of Flood and O'Brien, and he was fortunate enough to be associated with men whose special knowledge and talents raised the firm to princely wealth. He did not bother himself much in the acquisition or in the management of his wealth ; it added little to his enjoyment ; and made little change in his tastes or associations. He was to the last the same plain, simplehearted man among his old friends as in the earlier days. Each of these four men deserved his , good fortune, acquired it fairly, and used it in a manner that did no harm to the community. Hopkins obtained much of ' A - . his wealth from Government subsidies ; but in return be helped U> build 2000 miles of railroad, and he m.ide a good return for all he got. Colton helped to build 700 miles of railroad. O'Brien's wealth contributed to erect one of the finest buildings and to found one of the wealthiest banks in the (fnited States. Reese erected many good buildings. Hopkirs, O'Brien, and Reese were childless ; Colton leaves two daughters. The millions accumulated by one generation will be distributed by the next.