Comstock's Forgotten Financier
|
This entry is to pay William M. Lent $7,900. It is here we will start with this remarkable man. I have used multiple sources to gather this information, but the majority comes from the Annual Review of 1879.
William M. Lent Biography:
Lent was born March 15, 1818. In his teens he left school for Florida where he remained for some years. Upon his return to New York, he became associated with the well known house of Schermerhorn, Banker & Company where he acquired a knowledge of business habits and developed a character of honor that made his services invaluable when he went West.
Mr. Lent came to California in the Spring of 1849 and soon thereafter became connected with Alexander B Grogan in the firm of Grogan & Len. They were located on Montgomery Street near Washington where they carried on business for some years. He was also partnered with Robert Morrow later on.
Mr. Lent was one of the first and most prolific financiers of the Comstock in the early years. One time or another he advanced the necessary means to develop the Central, Mexican, Savage, Bullion, Chollar, Gould & Curry, Desert, Washoe, Meredith, Penrod, California, Osceola, St. Louis, Ophir and Yellow Jacket mines. If he was an older man, he might be called one of the fathers of the Comstock.
Early on his generosity and smart investments had made him quite a fortune. The 1860 census lists his real estate value at $120,000 and his personal wealth at $50,000.
He was often referred to as Uncle Billy on the Cosmtock. In 1862 he became president of the Savage Mining Company. He held this position until 1864. Unlike most minor financiers he was able to withstand the 1862 stock market crash. But in 1865, not even he could withstand the larger crash.
He had recovered by 1870. The United States census lists his personal worth at $150,000 and his real estate at $60,000.
Bill, as he was known familiarly by the miners, did almost as much to develop the Comstock as even the kings of the 1870’s . Mr. Lent always had confidence in the men and miners of the Comstock.
William Lent also dabbled in ranches, timber, water rights and salt.
William M. Lent Biography:
Lent was born March 15, 1818. In his teens he left school for Florida where he remained for some years. Upon his return to New York, he became associated with the well known house of Schermerhorn, Banker & Company where he acquired a knowledge of business habits and developed a character of honor that made his services invaluable when he went West.
Mr. Lent came to California in the Spring of 1849 and soon thereafter became connected with Alexander B Grogan in the firm of Grogan & Len. They were located on Montgomery Street near Washington where they carried on business for some years. He was also partnered with Robert Morrow later on.
Mr. Lent was one of the first and most prolific financiers of the Comstock in the early years. One time or another he advanced the necessary means to develop the Central, Mexican, Savage, Bullion, Chollar, Gould & Curry, Desert, Washoe, Meredith, Penrod, California, Osceola, St. Louis, Ophir and Yellow Jacket mines. If he was an older man, he might be called one of the fathers of the Comstock.
Early on his generosity and smart investments had made him quite a fortune. The 1860 census lists his real estate value at $120,000 and his personal wealth at $50,000.
He was often referred to as Uncle Billy on the Cosmtock. In 1862 he became president of the Savage Mining Company. He held this position until 1864. Unlike most minor financiers he was able to withstand the 1862 stock market crash. But in 1865, not even he could withstand the larger crash.
He had recovered by 1870. The United States census lists his personal worth at $150,000 and his real estate at $60,000.
Bill, as he was known familiarly by the miners, did almost as much to develop the Comstock as even the kings of the 1870’s . Mr. Lent always had confidence in the men and miners of the Comstock.
William Lent also dabbled in ranches, timber, water rights and salt.
Mr. Lent was connected with nearly every prominent mining enterprise on the Pacific Coast. That is simply an undeniable fact. Mines were Lent's hobby. One of his later and the more successful ventures was in the Bodie District, Mono County, California The Bodie mine was certainly developed most wonderfully - far beyond the expectation of even the most sanguine holders. The Lent name will always be associated with this California mining camp. The Lent Shaft, named for his son William H. Lent, is well known to Bodie historians. Mr. Lent had faith in Bodie and his dividends were the best evidence that his faith was not misplaced.
Lent was often seen in San Francisco meandering around the stock boards giving his orders. But he didn’t always remain in town. He crossed the Sierra too many times to count - on horseback, in a Concord Stage, and on a palace railroad car bound to distant mining camps to see the mines for himself. Mr. Lent was a very good judge of a mine. He personally visited and made notes, mental and written, on most mines in the Sierra's and beyond.
Later, Mr. Lent became largely interested in Mexican enterprises having secured valuable rights connected with that country. He was instrumental in starting the Holliday & Flint line of steamers which furnished the means necessary to survey the State of Sonora and to locate the Iturbide and various other grants from the Mexican Government.
Circle of Friends:
All of those kind words about this man’s financial prowess is nice. But the real indication of his financial importance comes from the people he associated with. Let’s just look at two examples.
1. In 1872 William Sharon (yes, the Comstock King!) became the backer of the great California Diamond Mine. He turned to William Lent to partner with him on this great venture. Although it turned out to be a great hoax, it is important to understand that the one man Sharon wanted with him in this potential life altering venture was William Lent.
2. In 1874 Mrs. William Lent and Mrs. George Hearst (yes, Hearst Castle!) took their boys for an extended vacation in Europe.
Wild Ride:
The discovery of silver and the
development of the mines at Virginia City gave rise to a rapid increase of trade and competing stage lines. Quick trips from Virginia City were often required to be made by parties on special business to Sacramento and they were sometimes made in an incredibly short time. On the 20th of February, 1864 the Pioneer line is reported to have made the trip in 5
minutes less than 24 hours. The fastest time recorded was on June 20, 1864 when the Larue line is reported to have made the trip over the mountains from Virginia City to Sacramento in 12 hours and 23 minutes carrying the mail and William M Lent, John Skea and S. Cook as passengers. They having chartered the coach.
William H. Lent passed away in October of 1904 in San Francisco.
Lent was often seen in San Francisco meandering around the stock boards giving his orders. But he didn’t always remain in town. He crossed the Sierra too many times to count - on horseback, in a Concord Stage, and on a palace railroad car bound to distant mining camps to see the mines for himself. Mr. Lent was a very good judge of a mine. He personally visited and made notes, mental and written, on most mines in the Sierra's and beyond.
Later, Mr. Lent became largely interested in Mexican enterprises having secured valuable rights connected with that country. He was instrumental in starting the Holliday & Flint line of steamers which furnished the means necessary to survey the State of Sonora and to locate the Iturbide and various other grants from the Mexican Government.
Circle of Friends:
All of those kind words about this man’s financial prowess is nice. But the real indication of his financial importance comes from the people he associated with. Let’s just look at two examples.
1. In 1872 William Sharon (yes, the Comstock King!) became the backer of the great California Diamond Mine. He turned to William Lent to partner with him on this great venture. Although it turned out to be a great hoax, it is important to understand that the one man Sharon wanted with him in this potential life altering venture was William Lent.
2. In 1874 Mrs. William Lent and Mrs. George Hearst (yes, Hearst Castle!) took their boys for an extended vacation in Europe.
Wild Ride:
The discovery of silver and the
development of the mines at Virginia City gave rise to a rapid increase of trade and competing stage lines. Quick trips from Virginia City were often required to be made by parties on special business to Sacramento and they were sometimes made in an incredibly short time. On the 20th of February, 1864 the Pioneer line is reported to have made the trip in 5
minutes less than 24 hours. The fastest time recorded was on June 20, 1864 when the Larue line is reported to have made the trip over the mountains from Virginia City to Sacramento in 12 hours and 23 minutes carrying the mail and William M Lent, John Skea and S. Cook as passengers. They having chartered the coach.
William H. Lent passed away in October of 1904 in San Francisco.
1. “An Inventory & Index to the Records of Carson County, Utah & Nevada Territories, 1855-1861” by Ellison
2. Mining Review and Stock Ledger, 1879
3. San Francisco Chronicle
4. United Census
5. “History of the Comstock” by Smith & Tingley
6. “William Randolph Hearst - The Early Years, 1863-1910” by Proctor
7. United States Congressional serial set, Issue 2854
Below is a chart of early Nevada Territory transactions that William Lent was involved in.
2. Mining Review and Stock Ledger, 1879
3. San Francisco Chronicle
4. United Census
5. “History of the Comstock” by Smith & Tingley
6. “William Randolph Hearst - The Early Years, 1863-1910” by Proctor
7. United States Congressional serial set, Issue 2854
Below is a chart of early Nevada Territory transactions that William Lent was involved in.