Wells, Fargo & Company (San Francisco, CA)

Episode Information

Episode UID
61787490662
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
trust
Bank ID
6178749 hash
Start Date
February 23, 1855
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
27f5f475be09d927

Response Measures

None

Description

Receiver was briefly appointed (Henry M. Naglee) but appointment was vacated and the house resumed after depositor forbearance.

Events (3)
1. February 23, 1855 Run
Cause
Local Banks
Cause Details
Run triggered by panic after suspension/difficulties at Page, Bacon & Co. (news of St. Louis house's suspension) causing indiscriminate runs on local banks.
Measures
Called a meeting of largest depositors; obtained agreement to wait 30 and 60 days (forbearance) to meet obligations.
Newspaper Excerpt
It was said yesterday, that a run had commenced on Wells, Fargo & Co., in San Francisco, but that they would be able to withstand the shock.
Source
newspapers
2. February 23, 1855 Suspension
Cause
Local Banks
Cause Details
Temporary suspension due to lack of coin on hand caused by heavy withdrawals during the statewide/local banking panic following Page, Bacon & Co.'s troubles.
Newspaper Excerpt
the house of Wells, Fargo & Co., in that city, have advised us of their temporary suspension.
Source
newspapers
3. February 27, 1855 Reopening
Newspaper Excerpt
this action has been discontinued 'by consent of the parties thereto, the assets re-transferred, and the house has resumed its business. HENRY M. NAGLEE. San Francisco, Feb. 27, 1855.
Source
newspapers

Newspaper Articles (20)
1. February 24, 1855 The Empire County Argus Coloma, CA
Article from The Empire County Argus, February 24, 1855

Click image to open full size in new tab

Article Text

FAILURE OF ADAMS & Co.--This town was yesterday thrown into quite an excitement by a telegraphic announcement of the failure of Adams & Co. Everybody who had a dollar on deposite ran at a 2.40 pace, and every man destitute of a single red ran at still greater speed to learn the news. So far as we are advised, at the present writing, the Banking House of Page, Bacon & Co., of San Francisco, were on the 22d compelled to suspend and go into liquidation for the protection of their depositors. In consequence of this suspension and the general distrust existing, a run commenced upon Adams & Co. Yesterday they closed their doors and Judge Lake appointed a receiver for the benefit of depositors. It is understood the assets of the various mountain offices will go into the hands of the receiver and be appropriated strictly for the liquidation of the claims of depositors. Meantime the offices in this vicinity were attached at an early hour yesterday. It is hoped that the suspension of Adams & Co. will be temporary in its character. We are informed that the Express business will continue as heretofore. It was said yesterday, that a run had commenced on Wells, Fargo & Co., in San Francisco, but that they would be able to withstand the shock. The suspension of Page, Bacon & Co., and Adams & Co., will be unavoidably very disastrous in its consequences, and for a time almost paralyze business in the State. The end is not yet. One good thing will be accomplished. The humbugging financial articles and swindling schemes will be temporarily overturned at least, and business men will find out that weak inventions and columns of lies about big strikes and the productiveness of the mines will not avail in a financial crisis. Most likely the sun will hereafter rise and set as usual, and California miners will dig millions of gold from the earth. The bone and muscle among the mountains is equal to any emergency. Prudent economy is now the thing most required; with this and more water miners can take care of themselves and their San Francisco brethren, as they have done heretefore. We commend the Kern river mines especially to the denizens of great cities.

2. March 2, 1855 The Nevada Journal Nevada City, CA
Article from The Nevada Journal, March 2, 1855

Click image to open full size in new tab

Article Text

Now that the excitement has somewhat subsided the present condition of the various banking firms is becoming more obvious. It may be that those which were deemed by the public generally as the most secure are the most rotten, and those that were doubted at first may come brightly out of the convulsion. We notice in the extra Prices Current of San Francisco for the steamer of the 26th, a statement in reference to the affairs of Wells, Fargo & Co. that should not have been put forth without proper foundation, and which we must believe from the character of Mr. Johnson, the editor, would not have appeared unless true. The statement is as follows: Messrs Wells, Fargo & Co. attributed their suspension to the want of coin, and stated that they would resume on the 26th inst., but at the close, a petition of the shareholders has been filed in Court, in which they are declared insolvent, and Henry M. Naglee has been appointed receiver, and has given bonds in $600,000." If the shareholders have declared their insolvency, we do not see how they expect to resume. Their failure is not of such momentous importance to the community as that of the two principal firms, but yet will be severely felt, and we must hope for the best No statement of the causes of their insolvency has yet met our eye in the press, and it is difficult to understand how with their limited business they have been drawn into insolvency without perceiving it, or discontinuing while the public were yet safe. The Times and Transcript of the 26th gives the following under the head of legal intelligence, which met our eye after the above was written: Complaint was filed by R. W. Washburn and 120 others, stockholders, against Wm. J. Pardee, managing partner of the house of Wells, Fargo & Co., for an injunction and the appointment of a receiver. The plaintiffs allege that they represent 4850 shares of stock, the capital stock being composed of 5000 shares, and the balance, 150 shares, being held by the defendant. An order of injunction was granted, and Mr. Henry M. Naglee appointed Receiver on an approval bond in $600,000. The following passage occurs in the complaint: "And the complaint further states that the assets of the said House are not sufficient wherewith to pay off the indebtedness, and that in consequence thereof the said house is insolvent and unable at present to meet its liabilities." Per contra, we find the following in the Chronicle SACRAMENTO Feb 26 1855

3. March 20, 1855 Daily American Organ Washington, DC
Article from Daily American Organ, March 20, 1855

Click image to open full size in new tab

Article Text

The California Failures. The following letters are published in the~New York Expresslast evening: NEW YORK, March 19, 1855. To THE PUBLIC: To allay all excitement, and put a stop to false rumors, we deem it our duty to state, that in consequence of the suspension of the large bankers in San Francisco, the house of Wells, Fargo & Co., in that city, have advised us of their temporary suspension. It is proper for us to state that the course of business in California requires large amounts of coin to be sent, between the sailing of each steamer, to the mines for the purchase of gold dust. This fact, together with the general panic and "run," left the house without sufficient coin to pay their depositors. This occasioned the suspension at the San Francisco office, while many of the interior agencies continued to pay as usual. Wells, Fargo & Co. are a joint stock company, with upward of one hundred and twenty stockholders, many of whom are men of large wealth. They cannot do otherwise than meet their engagements. The business of the house in this city will on as usual. WELLS, FARGO & Co., New York.

4. March 21, 1855 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 21, 1855

Click image to open full size in new tab

Article Text

LATEST MAIL NEWS THE NEWS BY THE NORTHERN LIGHT. Shortest Passage ever made The Failures in Calas tap "Ρ€ΠΈΠ»ΠΎΠ΄ The steamship Northern Light made the run from San Juan to Sandy Hook In seven days and six hours, making the time occupied in the trij from San Francisco twenty days and one hoursaid to be the shortest passage ever made. The Alta California of February 26, makes the following statement with regard to the recent fallpres The great feature of the news since the sailing of the last steamer, is the failure of the several bank ing houses. When the news first came of the fall. ure of Page & Bacon, of St. Louis, arun commenced at once on Page, Bacon & Co., which was kept SRM 000'001$ 1940 pus 'Asp 1941 II" du from the Bank. The next day the run ceased, and IIII "junsn su uo 0.10M depends masters the morning of the 22d. when their bank was not opened at the usual hour, and shortly after handbills were sent all over town announcing that they must suspend It seems that quites deep run had been going on all day, till their specie was reduced to less than $100,000, and they feared to keep open any longer Owing to the fact that it wasa holiday swees # 10A Asp 18th euop SUM mg Aup the Sajinp ino ΠΏΠΌΠΈΡ€ BEM 000'000$ 19A0 1843 street the 144L CO y surepy would arrived with the news that Page, Bacon & Co's pesoddne the SUM # pus 'pied useq 118 pay #118. that the excitement and trouble was over. But the next morning Adams & Co. announced that they too must suspend, and shortly after Wells, arge & Co. followed suit. Two small affairs cal led Savings Banks did the same, and then came 8 eneral run on all that remained open The great est run was upon Drexel Sather & Church, B Daison and Lucas, Turner & Co., Tallant & Wilde and Sanders & Brenham, suffered little from the panic, and paid off their depositors Palmer, Cook & Co were not affected by the run in the least, but paid every claim as presented This house, which 189A ised em Sounp Mercely (sour useq 88 [8] 4109 means pus rezuied 101 and unfair taken to impair its credit, when the hour of trial came it was found stronger than any house sit 01 pusq belling 8 I 01 pus che equip 10 180m though uns 141 Supening "O depended their - psq 941 up uj useq psq before. Avp #47 uo culstion relative to the affairs of the different houses, but we can assure people of nething more than has transpired Page, Bacon & Co. will resume, it is them U9A18 Buiseq their '4183 941 no *pise personal they 10 innome . no 08 us 10 DATE O Fard resert 10 reded ino at G 78 Address pus understand Ajive their 07 a! 8 exem #141 do of 01 elle eq 02 ment represent which 'argery their sq they about #1 11 The Placer Times of the same date devotes quite 9M mony euros em 01 article [100] 8 extract the following: But the practical question now is, what is best to be donet What course would be most conductive to the interest of the creditors, One of the institutions, that of Page, Bacon & Co., signifies its desireto go on, if it be allowed a limited time on a *odord 811 1891 [1.18] em 811 10 poprod sale in the main have been acceded to, and that It will probably resume during the present week Perhaps this course was best, and that in the end depositors will be benefited by it. Another, Wells, Fargo & Co., announced their ability to resume to day, their suspension having been caused by a address 1801 em 189M 10 coja, 10 of intend are not apprised, further than that recelvers have been appointed, and that they assure the public of their solvency, and final ability to con. cel all obligations. We hope they may not be decelved in this calculation, but in any event we pre. sume that creditors will receive their pro rata, and 01 ] 419A 100 [ 8 11 911M in banking institutions generally. After mentioning the names of those houses which passed through the crisis unscathed, the Times con. cludes 1947 'Ave pmone 9.44 "I our pus ***** which must result from them to her own citizens, the credit of California abroad should not be justly impaired by them. They have resulted more from her desire to aid others than to benefit herself Since -481ABI 159 eys Metith Trternal her 10 #47 ed ber wealth on the world, without reaping any 1841 " I yons Anom 10M pus benefit ejenbape which she has received, will be required to teach her better line of policy, and that before being liberal to others she should be just to herself. MISCELLANEOUS SUMMARY. We copy the following from the Alta California On the 16th, the Senatorial Convention adjourned age " Suijoy 1 +9 01 89 10 G10A 8 &q DUES minority were principally the friends of Dr Gwin, and the majority comprised Whige and various fac1 tions of the Democracy The news from the Kern River is of an exciting character The acc unts from the newly discovered diggings represent the miners as doing remarkably our Aup 190 078 01 018 Ave euics steamers for San Pedro-the nearest point of disamTHE permone ΠΈΠΌΠΎΡ€ 08-sequin eq: 10J On the morning of the 18th. the St. Charles Hotel and Iman's Hotel, in this city, were destroyed by fire loss about $50,000. In Nevada, sixteen houses 1000 at pus :4791 eq: no pearny 919m five houses were destroyed by fire on the 21st The Indian troublesin the vicinity appear to be inStreety inoqe pur new maile Penix us: ueeq emog wasq susipur The anniversary of the birth day of Washington was celebrated in San Francisco by a general turnont of nies the in fire the department, Metropolitan and by Theatre appropriate cereino The native Californians have held several meetings 01 state J0 esodand end 10J Francisco and up emigrate to Sonora The Mariposa Gold Mining Company, a London concern, was sold by the sheriffs few daysago. In the case of Rodman Backus, indicted for the murder of Frederick Oldman, the jury rendered a verdict of guilty of manslaughter. The Sonora Democrat John H Richardson of Jamestown, who has been 103 personded 'earn 90008 101 eventsng Rujop perside useq sny "H Thurspay. uo umousun and in buying gold dust for Page, Bacon & Co., but receiving deposits in his own name. The depositors not 00 Baccon Pages pus '000'08$ photo 919 pas 81719 ene 10 P10 UR 88M H W 1000'89 has always borne a good reputation. Alluding to the expresses of Adams & Co., & San Francisco paper remarks thatThe different expresses of Adams & Co. for the -Ap-01 I IIIM seques Section pus Northern our Aq 1883 the 01 expires Them junen #9 (2414) 0818 IIIM Monday no which 'mag *pun change ou eq IIIM There 88 Aundmos 1418 10 sseuienq the up 10 There have been more destructive fires in Califor 12 person more V *1* SAVE A destructive fire broke out in our city about 11 eq: then орвлос 13 uo #141 pus 'erose elothing up Π²Π΅Π΄Π΅Ρ‚ 10 feuros spread with astonishing rapidity, destroying ty die from the corner of Levee street to the brick buil- propercorner one uo 1019 eway eye JO eienbe one no -ep 21 street "O state ""I" pus sprempt 10 stroyed half the block to Centre street We also learn that a dispatch from Grass Valley, dated Feb 20, that fire broke out in Nevada on that evening in the Virg inis Hotel. Twenty five houses op Hotel eq1 Included 'peuing 910 Paris, and Hall's large livery stable. The lossie 08-ainq meenoq securing Β°N 1000'09' 14 po The Court House, at San Leando, the county no ere 4q person SBM 'Sunoo Alletted Jo 1899 records. the 10 180m 411M 'The eq: SINVISI HOLMONYS THI KORA The British residents at Honolulu are getting up a "patriotic fund" for the relief of the widows and

5. March 22, 1855 Eastern Times Bath, ME
Article from Eastern Times, March 22, 1855

Click image to open full size in new tab

Article Text

Later from CALIFORNIA The steamer Northern Light arrived at New York on the 18th inst., bringing news from California to Feb. 25th. The failure of several banking houses, of high standing and extensive business connections, is announced ; and business was almost entirely suspended in consequence. The steamer brought a very small amount of specie. Among others, Adams & Co., and Wells, Fargo & Co., have-suspended payment. There has been no election of a U. S. Senator, the joint convention having adjourned sine die on the 26th, by a vote of 63 to 44. Those voting in the minority were principally the friends of Dr. Gwinn. In the San Francisco markets, although business was very dull, quotations exhibit DO material change. The steamship Cahawba arrived at New York Monday morning 19th inst., with Havanna dates to the 14th. The cases of Pinto, Cadahzo and Pinelo had been concluded by the Military Court, with the sentence of death to all, thus transcending the decision of the Fixal, which was death to Ramon Pinto, ten vears imprisonment to Juan Cadabzo, and banishment for Nicholas Pinelo. The Consuls of the different foreign nations had called upon the Captain General, to induce him to extend his elemency to the unfortunate men, but they were refused admission. The execution of Pinto was shortly expected. At Havana everything was quiet, and business was improving. The U. S. steamer Princeton, and Br. steamer were at Havana. Messrs. Wells, Fargo & Co., New York, publish acard stating forth the solidity of the firm, and declaring that every engagement will be fully met. Their business there goes on as usual. A letter to the Herald placed on board the Uncle Sam as she was leaving, says, Adams & Co., have made arrangements with their creditors within the last half hour to pay 25 ets. on the dollar in cash, and take the assignee's paper for the balance. They will be going in two weeks. Judge Hall has dismissed the libel against the suspected fillibuster steamer Massachusetts, but gave the usual certificate of probable cause of libel.

6. March 23, 1855 The Union and Eastern Journal Biddeford, ME
Article from The Union and Eastern Journal, March 23, 1855

Click image to open full size in new tab

Article Text

CALIFORNIA NEWS. I The latest news from California was bro't by the steamer Northern Light. which arrived at New York on Monday. The news created much excitement in the mercantile and money circles in New York, on account of the many and heavy failures which had taken place among the prominent bankers in San Francisco. We copy from the Boston papers the following items: The news islhighly important. Business was entirely prostrute, caused by the suspension of five banking honses. The news of Messrs. Page, Bacon & Co.'s difficulties reached San Francisco on the]17th, causing a great run on that house. They met the run, and paid out half a million of dollars. A meeting of merchants and bankers was held. and declared the house sound. On the 22d. however. Messrs. Page, Bacon & Co. suspended payment, followed on the 23. by Messrs. Adams & Co. Wells, Fargo & Co.; Robinson & Co., and Wright's Miners' Deposit. The excitement was intense.Adams & Co. closed all their branches without paying a dollar, except at San Francisco, where. on the 23d. they stood a run of $200,000. Wells, Fargo & Co. closed here, but their country branches paid as long as the coin lasted, and were still paying as fast as coin could be obtained in exchange for dust and bars. They announced that they would resume payment in San Francisco on the 26th. It was feared Adams & Co. could not resume payment under sixty days, if at all.Page. Bacon & Co., would probably resume payment in n few days. depositors having granted time on $400,000. Their assets were large. These heavy failures caused the detention of the steamer until the 26th. Rumors were current of heavy failures among the merchants, but we have nothing authentic on this on this head. Owing to the searcity of water, but little gold bad been taken from the mines, but heavy rains commenced falling on the 25th, and still continued when the steamer left. There has been no election of a U S. Senator, the juint convention having ad journed sine die on the 26th, by a vote of 63 to 41. Those voting in the minority were principally friends of Dr. Gwinn. The news from the Com River is of an exciting character. The miners are said to be averaging from ten to twenty dollars per day.

7. March 23, 1855 Burlington Free Press Burlington, VT
Article from Burlington Free Press, March 23, 1855

Click image to open full size in new tab

Article Text

FROM CALIFORNIA.-The Northern Light which arrived at New York on the 19th, brought word of the almost entire prostration of business, owing to the suspension of five banking-houses. The news of the suspension of Page & Bacon of St. Louis, reached San Francisco on the 17th, causing a great run on Messrs. Page, Bacon & Co., of San Francisco. They met the run, and paid out half a million of dollars. A meeting of merchants and bankers was held, and declared the house sound, restoring confidence, and matters wore a better aspect. On the 22d, however, Messrs. Page, Bacon & Co., suspended payment, followed on the 23d by Messrs. Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miners' Deposit. The excitement was intense. Adams & Co., closed all their branches without paying a dollar, except at San Francisco, where on the 23d, they stood a run of $200,000. Wells, Fargo & Co., announced that they would resume payment in San Francisco on the 26th. It is feared Adams & Co., could not resume payment under sixty days, if at all. Page, Bacon & Co., would probably resume payment in a few days, depositors having granted time on $400,000. Their assets were large. The San Francisco Price Current, of the evening of the 24th, denies that there have been any failures of purely mercantile houses. Owing to the scarcity of water, but little gold had been taken from the mines, but heavy rains commenced falling on the 25th, and still continued when the steamer left. There has been no election of a U.S. Senator, the joint Convention having adjourned sine die on the 26th, by a vote of 63 to 44. On the morning of the 18th, the St. Charles Hotel, and Williams' Hotel, in San Francisco, were destroyed by fire. In Nevada, 16 houses were burned on the 16th, and in Stockton, 25 houses were destroyed by fire on the 21st. Loss, $50,000.

8. March 23, 1855 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, March 23, 1855

Click image to open full size in new tab

Article Text

FURTHER FROM CALIFORNIA !!! Heavy Failures!-Business Entirely Prostrate !!! NEW YORK, March 19.-The 'Northern Light" arrived off the Hook last night, and came up this morning. The Northern Light connected with Uncle Sam" at the Isthmus, and brings California dates to the 26th of February. She brings 252 passengers, and ninetytwo thousand dollars in specie. Business at San Francisco was entirely prostrate, and had coused the suspension of five large Banking Houses. Intelligence of Messrs. Page, Bacon & Co.'s suspension in the United States reached San Francisco on the 17th, and caused a great run on the branch there The House met the run, and paid out a half million of dollars. The meeting of the merchants and Bankers was then held, and resolutions passed, declaring the House sound. This restored confidence, and affairs wore a better aspect until the 22nd, when Page, Bacon & Co., were compelled to suspend. The suspension created a great panic, and was immediately followed by the suspension of the following Houses: The Adams Company; Wells, Fargo & Co.; Robinson & Co.; and Wright's Miners' House of Deposit. The excitement consequent was most intense. Adams & Co. closed all branches, without paying a dollar, excepting at San Francisco, where on the 22nd, they stood a run of $200,000. Wells, Fargo & Co., closed at San Francisco, but the country branches paid as long as their coin lasted, and were still paying as fast as coin could be procured in exchange for dust and bars. This latter house announced that it would resume in San Francisco on the 26th; but it was feared the Adams Company would not resume in 60 days, if at all. Messrs. Page, Bacon & Co., it was thought would probably resume in a few days, depositors having granted time on $400,000 assets. These large failures caused the detention of the steamer until the 26th. It was rumored that there had been heavy failures among the merchants, but notbing authentic could be obtained. Owing to the great scarcity of water, but little gold has been taken from the mines. Heavy rains commenced on the 25th, and still continue when the steamer left.

9. March 23, 1855 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, March 23, 1855

Click image to open full size in new tab

Article Text

The San Francisco Failures. The Emperor Nicholas and Bill Poole have been both cast into the shade by the news of the immense failures in California, received by the Northern Light. The failures, or even the temporary suspension of great houses like Page, Bacon & Co., Wells, Fargo & Co., and Adams & Co, could not but create a general panic and carry before the storm which it raised, all the weaker vessels. It is therefore certain that the number of failures in San Francisco must turn out to be very large, and as almost every house on the Pacific coast is connected with some similar house at the east, the effects of these failures will be felt almost as deeply in New York and Boston as they have been in San Francisco. The amount which may eventually be lost by means of the failures or suspensions of the greater banking houses may not be great, considered directly, but the actual amount of loss which may indirectly result, would be difficult to estimate. It must be large. Our land of gold however, is, after all, flourishing, prosperous and civilized, compared with Australia, where the Miners and the Authorities are at open war. The authorities demand that every miner shall take out and pay for a license or permit to mine-the mining lands being public or government property.This the miners refuse to do. The commissioners demanded of the miners their licenses with drawn swords and fixed bayonets-the miners wouldn't pay. The soldiers were called in and fired,-the miners fired back, taking refuge in the bush and picking off the soldiers. It is doubtful if there ever was a spot in California quite as wild as the Ballarat Mines in Australia. The British government is at war, and perhaps the colonists think that now is their opporunity to throw off the yoke.

10. March 25, 1855 The New York Herald New York, NY
Article from The New York Herald, March 25, 1855

Click image to open full size in new tab

Article Text

receiver of the property, rights and credits of the banking and Express house of Wells, Fargo & Co., in the State of California, and directing him to make a full, true and just account" of the same, I immediately took possession of the books, papers and property of the said firm, who presented the following statement, marked A, made out by them, as a general synopsis of their business. After adopting the most advisable means, and after making proper deductions in the items of the above statements to meet the depreciations that have lately taken place, I found the following statement, B, to be a near estimate of the present position of the affairs of the above firm, 'by which it appears they have sufficient cash to meet all their cash liabilities, and sufficient assets to meet all their other liabilities, and leave a surplus in favor of the house of $103,473. It appearing, therefore, that the firm was able to meet all its engagements, this action has been discontinued 'by consent of the parties thereto, the assets re-transferred, and the house has resumed its business. HENRY M. NAGLEE. San Francisco, Feb. 27, 1855. [A] STATEMENT OF THE AFFAIRS OF WELLS, FARGO AND COMPANY, AS PER BOOKS, SAN FRANCISCO OFFICE, FEBRUARY 00 1855.

11. March 25, 1855 The New York Herald New York, NY
Article from The New York Herald, March 25, 1855

Click image to open full size in new tab

Article Text

The News. No signs of the Atlantic at twelve o'clock last might. Size is now in her fifteenth day out from Liverpool. By the arrival of the stea ner George Law, we have late and interesting news from California, the West Coast of Mexice, the South Pacific, Australia, and the Isthmus of Penama. Our San Francisco advices are to the 1st inst.three days later. Fell details of the news are given in another part of this morning's paper. The monetary excitement continued to increase in San Francisco and other parts of the State, and the people were rapidly being brought to a consciousness of the hollowness of a portion of the business community. They had very nearly or quite reached the bettom, however, and were beginning to look around for some substantial basis on which they might again raise themselves. Among all the establishments which suspended during the first onset the house of Wells, Fargo& Co. is the only one that has re_ sumed and re-established their business operations; but it was presumed that Page, Bacon & Ce., with the assistance that had been tendered them, would shortly be enabled to take their stand among the solvent bankers. As for the others-Adams & Co., Robinson & Co., Wright's Exchange Bank, and Read & Co., of Sacramento-there was very little hope of their ever emerging from the vortex, the former and the last named concerns having applied for the benefit of the insolvent a ct. The extent of the run on the banking houses in San Francisco, during the excitement, may be imagined by reading the. following table, showing the amount of monow drawn ent previous to the gnspension:

12. March 26, 1855 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, March 26, 1855

Click image to open full size in new tab

Article Text

TEN DAYS LATER FROM CALIFORNIA. ARRIVAL OF THE GEORGE LAW. 317,800 DOLLARS IN GOLD!! The steamship George Law left Aspinwall at half-past 12 o'clock on the morning of the 16th inst., and arrived at New York at halfpast 10 Saturday morning. She brings the California mails of March 1, $317,800 in treasure, on freight, and 234 passengers. Col. Fremont is among the passengers by the Geo. Law. The San Francisco correspondent of the New York Tribune writes as follows in relation to the financial difficulties that commenced just previous to the sailing of the last steamer. The amount of money drawn from the banks during the panic is estimated at three millions of dollars. The three principal houses-Page, Bacon & Co., Wells, Fargo & Co., and Adams & Co. -immediately after their suspension had receivers appointed, for the purpose of keeping off their creditors. On the 27th, Wells, Fargo & Co. called a meeting of their heaviest depositors, who agreed to wait upon them 30 and sixty days for the amounts due them, whereupon that house immediately resumed, and is now in active operation. It would have been fortunate for the public, if Adams & Co. could have come out in a similar manner, but it is feared, and very generally believed, that that house is insolvent.J. C. Wood, the principal manager of the concern, has applied for the benefit of the Insolvent Act. The statement made by him, of the assets and liabilities of the house, show it to have been one of the worst managed concerns in the country. In the assets are the following items:-

13. March 26, 1855 Daily American Organ Washington, DC
Article from Daily American Organ, March 26, 1855

Click image to open full size in new tab

Article Text

From the New York Heral L From California and South America. Our San Francisco advices are to the 1st inst.three days later. The monetary excitement continued to increase in San Francisco and other parts of the State, and the people were rapidly being brought to a consciousness of the hollowness of a portion of the business community. They had very nearly or quite reached the bottom, however, and were beginning to look around for some substantial basis on which they might again raise themselves. Among all the establishments which suspended during the first onset, the house of Wells, Fargo, & Co., is the only one that has resumed and reestablished their business operations; but it was presumed that Page, Bacon, & Co., with the assistance that had been tendered them, would shortly be enabled to take their stand among the solvent bankers. As for the others-Adams & Co., Robinson & Co., Wright's Exchange Bank, and Read & Co., of Sacramento-there was very little hope of their ever emerging from the vortex, the former and the last named concerns having applied for the benefit of the insolvent act. The extent of the run on the banking houses in San Francisco, during the excitement, may be imagined by reading the following table, showing the amount of money drawn out previous to the suspension :

14. March 26, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 26, 1855

Click image to open full size in new tab

Article Text

The following is the specie list of the steamship Golden Gste, which left San Francisco on the let inst. D L Ross & Co $6,96 Diex'l.Sather& Church$ 3,500 000 Hamburger & Mros B. Davieson $,100 70,000 J. Seligman & Co Lucas, Turner & Co.. 2,000 50.860 Charles H Stryburg Wells, Fago & Co... 2,016 Haba & Klin 25,000 S. Rich & Bros 2,000 8 W. Rosenstock 10,550 Bingham & Reynolds. 9,517 10,700 Other shippers Flint, Peabody & Co. 7.741 W. T Coleman k Co. $391,279 Total 7,5 4 J. & M Phelan We are indebted for favors to Mr. Purser Mitchell, and to Adams & Co. and Wells, Fargo & Co.'s Expresses. From Our Own Correspondent. SAN FRANCISCO, Thursday, March 1, 1855. During the past week we have had one of the greatest excitements that has ever been witnessed in California. The steamer which arrived here on the 17th of February brought the intelligence that the house of Page, Bacon & Co., of St. Louis, had suspended payment. A run immediately commenced upon the house of Page, Bacon & Co. here, and continued throughout the entire day. About $400,000 were paid, mostly to small depositors. Large depositore and the mercantile community generally believed that this house was solvent and abundantly able to meet promptly its liabilities; and it was not untilsome conflicting statements been made by the house that the public confidence began to diminish. It was well known that many of the largest mercantile houses in the city were heavily indebted to Page, Bacon & Cq., and if they were called upon to pay immediately, bankruptcy would be the result. This, added to the uncertain position of the remittances which Page, Bacon & Co. had made to the Atlantic side, so ex. eited the public mind that the house closed its doors on the 22d. This step was unexpected, it having taken place after many supposed that the danger of suspension had passed-and everybody became filled with distrust. On the 22d a quiet run was commenced on Adams & Co., and about $200,000 drawn. The next morning, instead of opening the doors as usual, they announced their suspension. A general panic then commenced. Montgomery st., where most of the banking-houses are situated, was densely thronged with people, rushing to ward the doors of all the banks. Hundreds acted like madmen. On the same day Wells, Farge & Co. closed their doors. Also, Robiason & Co., and A. S. Wright, two private bankinghouses, under the name of Savings Banks, that professed to pay interest on deposits. All the other banking-houses stood the panic, and are now doing business as usual. The amount of money drawn from the banks during the the panic is estimated at three millions of dollars. The three principal houses-Page, Bacon & Co., Wells, Fargo & Co, and Adams & Co -immediately after their suspension had receivers appointed, for the purpose of keeping off their creditors. On the 27th Wells, Fargo & Co. called a meeting of their heaviest depositors, who agreed to wait upon them 30 and 60 days for the amounts due them, whereupon that house immediately resumed, and is now in active operation. As this house is a joint-stock concern, and most of its stockholders are on the Atlantic side, I subjoin a statement of its affairs, made Feb. 27:

15. March 27, 1855 Washington Sentinel Washington, DC
Article from Washington Sentinel, March 27, 1855

Click image to open full size in new tab

Article Text

GRONGE HERVELS THE ao THE LAW. Three DayS Later from California. The Financial Panic Subsided-Resumption of Wells, Fargo & Co.-The House of Page, Bacon & Co. open to special Depositorsplication of Adams & Co. for the benefit of the Insolvent Laws-The House Threatened -yung sburang D fo D fiq Shipments of Gold Excitement at ShastaRain at fast-The Mines, dec. The steamer George Law arrived at New York on Saturday with dates from San Francisco to the 1st instant, only three days later. She brought 234 passengers, among them Colonel Fremont, and $317,800 in gold. The following are the principle consignees: Messrs. Drexel & Co., $100,000: Metropolitan Bank, $70,000; Rich & Brothers, $25,000; Wells, Fargo & Co., $50,000; Adams & Co., $10,000, with other smaller amounts, reaching in all $317,800. The steamship "Golden Gate," Allan McLane, commander, left San Francisco at 10.30 p. m., on the 1st, and made the run to Panama in 11 days and 4 hours, (running time,) the quickest time ever make by any steamer on the Pacific. The outward passengers by the "George Law" were landed at Aspinwall on the morning of the 15th, and left Panama on the "Golden Age" the same day. From the San Francisco Herald, March 1st. The Bank Excitement. The excitement of the past few days seems to have, in some degree, subsided, and as the public became informed of the true position of banking affairs, a disposition is manifest to await the result rather than risk a serious loss by pressing immediate liquidation. of . "II M We take great pleasure in announcing that Wells, Fargo & Co. resumed business yesterday, and everything connected with their estab. lishment went on as usual. The suit of Washburn and others against Pordee, commenced in the Fourth District Court, in which the injunetion was granted, has been discontinued, and an order was entered vacating the appointment jo suairs the jo statement V Receiver. B jo the house shows the assets to be $743,499, and the liabilities $354,394. Nearly all their offices in the interior were able to stand the run upon them without being compelled to shut their doors. Page, Bacon & Co. The banking house of Messrs. Page, Bacon & Co., was open yesterday to special depositors, and parties having property placed in the custody of this house for safe-keeping were afforded an opportunity to withdraw the same. The bank will be open again to-day. Messrs. Page, Bacon & Co. promise, in their new arrangement for resuming their business, to issue certificates of deposit, bearing interest at one per cent per month, which certificates are guaranteed by some of our first men to the 199 dollars. Jo million B JOAO Jo funous bond guaranteeing the certificates has been uoos se puu puu executed as the amount required by the firm is made up, which will, doubtless, be done shortly, the certificates will be issued and the house placed basis. pood B uodn of TP swepv This firm have confessed themselves insolvent, and applied for the benefit of the insolvent act. A stay of all proceedings on the part of the creditors of the firm, and of I. C. Woods is ordered by Judge Lake, and notice is given that the creditors appear on the 31st of March, to show cause why the prayer of the insolvent to be discharged from his debts should not be granted. Application of Adams & Co. for the benefit JO U--AUT Instruction the 10 their affairs. A petition in insolvency was filed in the Fourth District Court by Mr. Isaiah C. Woods, of the firm of Adams & Co., praying to make a cession of his estate and that of his copartnership, to his creditors, and to be released from his debts. The petitioner recites that "in consequence of the general panic which took possession of the people throughout the State, the said firm have recently been called upon to pay an unusual large proportion of the moneys and debts which they owe, and not having on hand sufficient money to meet said demands, within the true meaning of the act," &c., &c. In submitting the schedule of his assets, the : BABS pettion "I entered into the co-partnership of Adams & Co. on the 12th day of May, 1854. I was then perfectly solvent, and possessed property and means over and above all my debts and engagements of the value of two hundred and fifty thousand dollars. I have individually sustained no losses of any considerable amount, nor has the firm of Adams & Co. since I into said co-partnership, except in the preciation of the market value of the erty owned by me and them. The cause of the failure of said firm is only the fact of being called upon to redeem all its liabilities in cash at once, which, from the nature of the business, and the well recognized implied understanding between depositors and banks, is not expected." The following is a statement of the affairs of the House, and of Mr. Woods, individually, made up from the schedules on file: Balance of bank accounts against the house, say $275,000 Balance of certificates 705'167 Bills of exchange on Adams & Co. N., York. 100,000 Liabilities of the country offices, established at 000'00S Total $1,582,19 Individual debts of C. Wood, on which judgments have been confessed. 000'19 Grand total of liabilities. The following is the account of the assets of House the Debts due by depositors, who haveoverdrawn their accounts, say $200000 Negotiable notes and bills 2735796 Notes in suit and over due, say 000'94

16. March 29, 1855 Green-Mountain Freeman Montpelier, VT
Article from Green-Mountain Freeman, March 29, 1855

Click image to open full size in new tab

Article Text

FROM CALIFORNIA. The Northern Light which arrived at New York on the 19th, brought word of the almost entire prostration of business, owing to the suspension of five banking-houses. The news of the suspension of Page & Bacon at St. Louis, reached San Froncisco on the 17th, causing a great run on Messrs. Page, Bacon & Co., of San Francisco. They met the run, and paid out half a million of dollars. A meeting of merchants and bankers was held, and declared the house sound, restoring confidence, and matters wore a better aspect. On the 22d, however, Messrs. Page. Bacon & Co., suspended payment, followed on the 23d by Me srs. Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miner's Deposit. The excitement was intense. Adams & Co., closed all their branches without paying a dollar, except at San Francisco, where on the 23d, they stood a run of $200,000. Wells, Fargo & Co., announced that they would resume payment in San Francisco on the 26th. It is feared Adams & Co., could not resume payment under sixty days, if at all. Page, Bacon & Co., would probably resume payment in a few days, depositors having granted time on $400,000. Their assets were large. The San Francisco Price Current, of the evening of the 24th, denies that there have been any failures of purely merchantile houses. Owing to the searcity of water, but little gold had been taken from the mines, but heavy rains commenced falling on the 25th, and still continued when the steamer left. There has been no election of a U.S. Senator, the joint Convention having adjourned sine die on the 26th, by a vote of 63 to 44. On the morning of the 18th, the St. Charles Hotel, and Williams' Hotel, in San Francisco were destroyed by ffre. In Nevada, 16 houses were burned on the 16th, and in Stockton, 25 houses were destroyed by fire on the 21st. Loss, $50,000.

17. March 31, 1855 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, March 31, 1855

Click image to open full size in new tab

Article Text

Telegraphic Despatches. NEW YORK, March 19. The steamer Northern Light arrived off Sandy Hook last evening, and reached her dock this morning. She has San Francisco dates of 26th February brought down to San Juan by the Uncle Sam. She brings 262 passengers, and $92,000 in gold dust. The news is highly important. Business was entirely prostrated by the suspension of five banking houses. The news of Page & Bacon's difficulties was received at San Francisco on the 17th, causing a great run on that house. They met the run and paid $500,000. A meeting of merchants and bankers who declared the ho use sound, restored confidence, and 'terwards matters seemed to wear a better aspect. On the 22d, however, Page, Bacon & Co. suspended, followed on the 23d by Adams & Co., Wells, Fargo & Co., Robinson & Co. and Wright's Miners' Deposites. The excitement was intense. Adams & Co. closed all their branches without paying a dollar except in San Francisco, where on the 22d they stood a run of $200,000. Wells, Fargo & Co. closed, but their country branches paid as long as their coin lasted, and were still paying as fast as coin could be obtained in exchange for dust and bars. The house announced that they would resume in San Francisco on the 26th. NOTE.-John Butterfield, Vice President and Superintendent of the American Express Co., assures us that the suspension of Wells, Fargo & Co., in California does not affect the American Express Co. in any way. It was feared that Adams & Co. could not resume under 60 days, if at all. Page, Bacon & Co. would probably resume in a few days, depositors having granted them time on $400,000. Their assets were large. The heavy failures caused the detention of the steamer until the 26th. Rumors were current of heavy failures among the merchants, but we have nothing authentic on this head.

18. April 2, 1855 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, April 2, 1855

Click image to open full size in new tab

Article Text

St. Louis Banking Houses. The Banking establishments of St. Louis occupy an enviable position before the country. The mammoth concern of PAGE & BACON which suspended temporarily both at St. Louis and San Francisco, has resumed business in both cities on a firmer basis than before. When the news reached San Francisco of the embarrassment of Messrs. PAGE & BACON, of St. Louis, the rush on the branch house there was so great that a suspension was forced upon them the fifth day thereafter. In that time over half a million of money was paid out. They resumed on the first of March. Another house of immense means in St. Louis and San Francisco, withstood the pressure triumphantly in both cities. LUCAS, SIMONDS & Co., of St. Louis, and Lucas, TURNER & Co., of San Francisco, endured a run in both places, fully equal to that made on PAGE & BACON, without flinching for a moment. A house that can stand the pressure under such panics as existed in St. Louis and San Francisco, may be regarded as good for all time. WELLS, FARGO & Co., and ADAMS & Co., of San Francisco, connected with heavy houses in New York, failed during the same panic, and have not resumed payment.

19. April 7, 1855 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, April 7, 1855

Click image to open full size in new tab

Article Text

Trouble at San Francisco. A terrible financial storm swept over San Francisco, last month, prostrating the banking houses of Page, Bacon & Co., Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miners' Deposit. The immediate cause of the trouble was the reception of intelligence of the suspension of the banking house of Page, Bacon & Co., of St. Louis. This led to a run on Page, Bacon & Co., which they met for five days, paying out in that time half a million of specie, but were finally compelled to suspend. The suspension of the other houses followed soon after under the effect of a general and indiscriminate run. The steamer brings rumors of several failures among the merchants of San Francisco, but nothing of a definite character was known at the time of her departure. It was thought that most of the suspended banking houses would resume shortly. This news, says the Chicago Press, has been expected for several weeks, and those parties in the Atlantic States, who are immediately concerned in the result, have had time to prepare for it. The American Express Company will not be damaged by the suspension of Wells, Fargo & Co., and we have assurances from parties entitled to confidence, that Page & Bacon, of St. Louis, are fortified so strongly that the calamity to their San Francisco bouse will not affect their St. Louis business at all. The small amount of treasure brought by this steamer, together with her unpleasant financial news, will have a momentary unfavorable effect upon business, but it can last for a short while only. No election of a U. S. Senator had taken place yet, the Convention having adjourned sine die on the 16th, by a vote of 63 to 44. Those voting in the majority were principally the friends of Mr. Gwin.

20. April 12, 1855 Herald of the Times Newport, RI
Article from Herald of the Times, April 12, 1855

Click image to open full size in new tab

Article Text

CALIFORNIA.-San Francisco advices to the 9th ult., received at New Orleans, state that none of the suspended bankers had resumed payment, but it was thought that Page, Bacon & Co., would resume. Wells, Fargo & Co. resumed on the 27th February, as before mentioned.