1138. Robinson & Co. (San Francisco, CA)

Bank Information

Episode Type: Suspension → Run → Closure
Bank Type: private
Start Date: February 23, 1855
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: bb014b5b

Response Measures

Full suspension

Description

Multiple articles report Robinson & Co. suspended on Feb 23, 1855 as part of a wave of suspensions triggered by Page & Bacon's failure. Subsequent reports describe depositors forcing entry/searching the vault and a creditors' meeting that produced unsatisfactory results, implying permanent failure/insolvency rather than a successful reopening.

Events (3)

1. February 23, 1855 Suspension

Cause: Local Banks
Cause Details: Suspension occurred as part of a contagion following the St. Louis Page & Bacon suspension and consequent runs on local houses in San Francisco.
Newspaper Excerpt: followed on the 23d by Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miners' Deposit.
Source: newspapers

2. March 24, 1855 Run

Cause: Local Banks
Cause Details: Depositor agitation/attempted forcible entry followed the suspension amid general panic from other banks' failures; not described as triggered by a specific false rumor but as consequence of the wider banking failures.
Measures: Robinson & Co. convened a creditors' meeting and published a notice to creditors; no successful emergency payments or resumption reported.
Newspaper Excerpt: an entrance was effected into the banking house of Robinson & Co.: There was a fierce trial of strength, for a few moments, between the outs and the insthe one to force an entrance, the other to bar the doors and exclude the crowd.
Source: newspapers

3. * Other

Newspaper Excerpt: Robinson & Co. publish a card notifying their creditors to meet them to-day, when a full statement of the affairs of the institution will be made.
Source: newspapers

Newspaper Articles (12)

1. March 19, 1855 Evening Star Washington, DC

Article from Evening Star, March 19, 1855

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LATER FROM CALIFORNIA. Arrival of the Northern Light. New YORK, March 19 -The Northern Light, from San Juan, with later California dates, now coming up the bay, brings intelligence of several failures. She brings $92,000 in specie. No Senator has yet been elected, and there is no present prospect of a successful ballot. [SECOND DISPATCH ] The Northern Light reached her dock a little after 10 o'clock this morning. San Francisco dates of the 26th were brought brought by the Northern Light, and 260 passengers. Business was entirely prostrated by the su ponsion of five heavy banking houses. The news of the suspension of the St Louis house of Page & Bacon reached San Francisco on the 17th, and caused a great run on the Call formia firm. The house met the run, and paid out half a million. A meeting of merchants and bankers was held which declared the house sound. This restored confidence, and affairs seemed to wear a better aspect; but on the 22d, however, Page, Bacon & Co. sus pended, and were followed on the 23d by Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miners' Deposit. The exeitement was intense. Adams & Co. closed all their branches, without paying a dollar, except in San Francisco. where, on the 221, they stood a run of $200,000. Wells, Fargo & Co. closed in San Francisco; but their country branches paid as long as their ecin lasted, and were still paying out as fast as coin could be obtained in exchange for dust and bars. The house had announced that they would resume in San Francisco on the 29th. It is feared that Adams & Co could not resume under sixty days, if at all. Page, Bacon & Co. will probably resume in a few days, depositors having granted time on $100,000. The assets of this house are large. These failures caused the detention of the steamer until the 26 h. It is rumored that there are also heavy failures amongst theme chants in San Francisco, but of these there are no confirmation. Owing to the great searcity of water but little gold has been taken from the mines; but heavy rains commenced on the 25th, and still continued when the steamer left. There has been no election of United States Senator. The joint convention adjourned sine die on the 16th. The last vote stood 63 to 44; those voting in the minority were principally the friends of Dr. Gwin. The news from Kern river is of an exciting character; miners are said to be averaging from ten to twenty dollars per day. Steamers are going down crowded with passengers On the morning of the 18:h, the St. Charles Hotel and Hillman's Hotel, at San Francisco, were destroyed by fire. The loss is about $50,000. In Nevada. sixteen houses were burned on the 16th, and in Stockton twenty-five houses were destroyed by fire on the 21st. Indian troubles are on the increase Some ten white men and about seventy Indians have been killed. The native Californians have held several meetings in San Francisco, preparatory to taking steps to emigrate to Sonora. The Maniposa Gold Mining Company, a London concern. has been sold by the sheriff. Washington's Birth day was celebrated by the firemen in San Francisco by a parade and appropriate ceremonies at the Metropitan theatre. Owing to the monetary difficulties causel by the late suspensions, many ships recently arrived are not discharging their cargoes. The steamers Oregor, from Panama, and the Sierra Nevada, from San Juan, bad ar rived up. The Oregon legislature adjourned on the 1st of February. lse legislature of Washington has made Olympia the capitol of that Territory. A letter from Page, Bacon & Co states that they would certainly resume business on the first of March, in San Francisco, and in al their branches By the Northern Light, Sandwich Island dates to the 31 of February have been re ceived; but they contain no news of import ance. The U. S Ship Portsmouth had arrived at Sabiti All on board were woll She was soon to sail direct for the United States Australian (Sidney) dates have also been received to the 20th of December. A riot had tsken place at Ballarat, which resulted in 8 conflict between the troops and the miners Twelve minors and twenty-two troopers bad been kiled. In Central America, Chomorro was still triumphant-having taken all the towns occapi d by the revolutionists, except Leon. At San Juan the people were anxiously looking for Col. Kinney's expedition The British war steamer Devrstation was in that harbor. The steamer Fulton left Jamaica on the 7th.

2. March 20, 1855 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, March 20, 1855

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Our California advices by the Northern Light give the full particulars of the great financial crisis which appears to have been impending over the City of San Francisco for some time past, but which was precipitated by the announcement of the suspension of Page & Bacon in St. Louis. The news of that event reached San Francisco on Saturday Feb. 17, and occasioned an immediate run on the banking-bouse of Page, Bacon & Co, which continued until Thursday, Feb. 22, on the morning of which day they closed their doors. The next day, Friday, the 23d, the suspension of Adams & Co. was declared, which was followed at once by that of Welle, Fargo & Co., Robinson & Co., and the Miners' Bank. A large meeting of the creditors of Page, Bacon & Co. was held on Sunday, the 25th, of which the proceedings are given at length in our columns. In other respects the news by this arrival is not of special importance. A destructive fire occurred at Stockton on the 21st ult., causing a loss of about $50,000. The fiftieth and last vote on the election of United States Senator in the California Legislature resulted as follows: Gwin, 41; Edwards, 36; Roman, 15; Broderick, 12; scattering, 5. The Joint Convention then adjourned. The Northern Light announces the continued success of Chamorro in Central America. The revolutionary leaders have been badly beaten, and will, probably, bring the war to a speedy termination.

3. March 22, 1855 Daily Davenport Gazette Davenport, IA

Article from Daily Davenport Gazette, March 22, 1855

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ele Sim. She brings 262 passengers and $92.000 in gold dust. The news is highly important. Business was entirely prostrated by the suspensi n of five banking houses. The news of Page & Bacon's fficulties was received at San Francisco on the 17th, causing a great run in that house. They met the runand paid half a million of dollars. A meeting of merchants and bankers who declared the house sound, restored coufidence and afterwards matters seemed to wear a better as pect. On the 22d, however, Page, B con & Co. suspended, followed on the 23d by Adams & Co., Wells, Fargo, & Co. Robinson & Co. and Wright's Miners' Deposits. The excitement was intense. Adams & Co. closed all their branches without paying & dollar except in San Francisco, where on the 22d they stood a run of $200.000. Owing to the scareity of water, but little gold had beed taken from the mines, But heavy rains commenced falling on the 25th, and still continued when the steamer left. No election of a United States Senator had taken plice yet, the nvention having adj-urned sine die on the 16th by a vote of 60 to 44-those voting in the minority were principally the frien Is or Mr. Gwin. 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 announces that they would resume in San Francisco on the 26th. Note:-John Butterfield, Vice President and Superinten lent of the American Express Co., assures us that the suspension of Wells, Fargo & Co. in California, does not effect the American Express Company 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 werelage. go. The heavy failures caused the detention of the 26th. Rumors were current of heavy failures smong the merclants. but we have nothing authentic on this le d. The news from Kerr River is of an exciting character. The miners are said to average twenty dollars per day. Steamers for Peoro the nearest point for disembarka. ton for the mines were g ing crowded with passengers. On the 18th the St. Charles Hotel and Hillman's Hotel in San FrancisCO were di stroyed by fire-loss 800,000In Nevada 16 houses were destroyed by fire on the 16th and in Stockton 25 houses, al1000 the 21st. Indian troubles appear to be on the increase. Some 10 White men and about 40 Indians have been killed The Maraposa gold mining concern had b en sued by the Sheriti. Rodmán Backus

4. March 22, 1855 The Jackson Standard Jackson, Jackson Court House, OH

Article from The Jackson Standard, March 22, 1855

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She announces the failure of Poge. Bacon & Co., Adams & Co., Wells, Fargo & Co. She brings $100,000 in specie. No Senator elected yet nor prospect of any. The Northern Light arrived off Sandy Hook lest evening, and reached her dock @ little after ten this morning. She brings San Francisco dates to the 26th, brought down by the Uncle Sam and brings 262 passengers, and $92,000 in gold. Business is entirely protracted, caused by the suspension of five banking houses. The news of Page, Bacon & Co's difficulties, reached San Francisco on the 17th, and caused a great run on the house They met and paid half a million. A meeting of merchants and bankers declared the House sound and restored confidence, and affairs seemed to wear a better aspect. On the 221 however, Page, Bacon & Co., suspended followed by Adams & Co., Wells, Fargo, &c., Rob. e inson & Co., and Wrights Miners' De = posit. The excitement was intense. Adams & Co., closed all branches e without paying a dollar, except in San Francisco, where on the 221, there stood a sum of $200,000. Wells, Fargo & Co closed here, but the country branche $ paid as long as coin could be obtained in exchange for dust and bars. The House announced that they would resume in San Francisco on the 26th. Page, Bacon & Co., would probably of resume in a few days. Dispatches hav ing granted time on $400,000, and their assets being large. The failure was y caused by the detention of the steame until the 26th. e There are rumors of heavy failures among merchants, but nothing authentic Owing to the scarcity of water but lit the gold has been taken from the mines. e Heavy rains commenced on the 25t S. and still continued. ee No election for Senator. The join y Convention adjourned sine die on th S. 16th. Those who voted in the minorit are principally in favor of Gwin. il News from the Kern river are of a exciting character. a The miners are said to be averagin $10 to $20 per day, and steamers ar 1e going down loaded with passengers. On the morning of the 18th the S Charles Hoteland the Hillman's Hotel a S San Francisco were destroyed by fireos Loss $50,000. in In Nevada 16 houses were destroye ne by fire on the 31st. Indian troubles are on the increase. 1e Some 50 white men and about 70 Indian es killed. is. The native Californians held sever IS. meetings at San Francisco for the pu et, pose of taking steps to emigrate to S vill nora. The Mariposo Gold Mining Co. he effects have been taken by the sheriff. nd The W ashington Legislature have mac Olympia the capital of that Territory. en. A letter from Page, Bacon & Co., sa) 9. that they would certainly resume bus ness on the 1st of March in San Franci co. lls San Francisco Markets. a Although business has been very di quotations exhibit no material change. ted Gallego and Haxall Flour $15. tu Coffee firm at 14}@15}c. Rio Adamantine Candles 60@62jc. ght Lard 14}c. to New Butter 45@47 cents. ins Hams 19. Clear Pork 21c. on Sandwich Islands. the We have dates to the 3d of Februar of

5. March 23, 1855 Burlington Free Press Burlington, VT

Article from Burlington Free Press, March 23, 1855

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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.

6. March 23, 1855 Wilmington Journal Wilmington, NC

Article from Wilmington Journal, March 23, 1855

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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.

7. March 23, 1855 The Richmond Indiana Palladium Richmond, IN

Article from The Richmond Indiana Palladium, March 23, 1855

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One Week Later from Callifornia. Great Financial Excitement-Failure of five Banking Houses-Business Prostrated. NEW YORK, March 18. The steamer Northern Light, with advices from San Francisco to Feb. 26th, arrived at this port this morning at 10 o'clock. She brings 262 passengers, and $92,000 in gold, only. Business was entirely prostrate in San Francisco, caused by the suspension of five banking houses. The news of the failure of Page & Bacon reached San Francisco on the 17th of Feb. causing a great run on the house of Page, Bacon & Co., in San Francisco, which stood the run for several days, paying out half a million dollars. A meeting of merchants and bankers convened and passed resolntions declaring that they had the utmost confidence in the soundness of the house, which restored confidence, and affairs seemed to wear a better aspect.On the 22nd however. Page, Bacon & Co., suspended, and on the 23d Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Minors' Deposit all closed. Adams & Co. closed all their branches without paying one dollar out, except in San Francisco, where, on the 22d, they were run on and paid out $200,000. The excitement was intense. Wells, Fargo & Co. closed in Sa Franciso co, butkeptthe country branches open while they had any coin left, and had notified the public that they would resume on the 26th. It was feared Adams & Co. would not resume for sixty days, if at all. Page, Bacon & Co. probably would resume in a few days, their depositors having granted them time on $400,000, and their assets were large. These failures caused the detention of the steamer until the 26th. It was rumored as the steamer left that several heavy failures had occurred among merchants, but nothing authentic had yet transpired. Owing to the scarcity of water, but little gold had been taken out of the mines; but heavy rains had commeneed falling on the 25th, and still continued when the steamer left. No election of Senator had taken place, and the joint convention had adjourned sine die, by a vote of 63 to 44. Those voting in the minority were the friends of Mr. Gwin. The news from the Kern river mining region was of an exciting character. The miners there were reported to be averaging ten to twelve dollars a day, and the steamers go. ing down were crowded with passengers. On the morning of the 18th February. the St. Charles Hotel and Hillman's Hotel, in San Francisco, were destroyed by tre-loss $500,000. On the 16th February, sixty houses were burned in Neveda: and on the 21st, twenty. five houses in Stockton. The Indian troubles were on the increase, and about ten white men and some seventy

8. March 25, 1855 The New York Herald New York, NY

Article from The New York Herald, March 25, 1855

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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:

9. March 26, 1855 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, March 26, 1855

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LATEST MAIL NEWS. ARRIVAL OF THE GEORGE LAW. LATER FROM CALIFORNIA. Steamship George Law, Lieut G V Fox, U S. N., Commander, left Aspinwall on the morning of the 16th inst, and arrived at Quarantice, New York, on the morning of the 24 h. She brings the California mails of the let March' $317,800 in treasure on freight, and 234 passen gers. The news relates almost exclusively to the recent failures. One of the San Francisco banking houses which suspended, that of Wells, Fargo & Co., has re sumed business, and confidence in its integrity has become pretty well restored Efforts have been in progress by the friends of Page, Bacon & Co., to effect arrangements, by which that house also might be enabled to resume. The $400,000 of their indebtedness to depositors, which they proposed should be retired to "enable them to go on, had been all guarantied, and it is presumeable that in pursuance of their design they would, in a few days resume business. The San Francisco Times and Transcriptof March 1st says: Adams & Co as many apprehended from the first, have gone by the board, though were we to judge from their own exhibit of liabilities and as sets. it might be inferred that the loss to creditors would not be great. Still, it should be borne in mind that in winding up 80 extensive a concern by peremptory process, much loss must issue, and this conviction has greatly depressed the market value of evidences of their indebtedness. A.S. Wright, of the Miners' Savings Bank, intimates a desire to resume, but requires a week in which to ascertain whether he will be able to doso. If failing in this, he assures depositors that be will make an exhibit of his affairs, and apply for the appointment of A Receiver. Robiason" & Co met the creditors of that concern yesterday AI the San Francisco Theatre, but the meeting did not result in anything satisfactory to the almost, or quite rulned perties who had entrusted their small earnings to its keeping. We learn that Mr. Robinson thought it possible that if allowed thirty days, he could pay 37 1-2 cents in the dollar. At Sacramento, Head & Co. have followed in the wake of Adams & Co., and have applied for the benefit of the Insolvent Act. Adams & Co. have gone into bankruptcy. J.C. Woods, acting partner in the house, is reported to have given over all his private property, estimated at 1250,000, which went to make up the assets of the house. Another account says that Mr. Woods claims for himself all property exempt from exe cution, and has located his homestead on Pulgas Ranch. The San Francisco correspondent of the Journal of Commerce writes: Palge & Webster, whose failure was noticed in my last, have gone into bankruptcy. Messrs Chapin & Sawyer, a large and extensive Hardware jobbing house, have made an assignment to-day, for the protection of their Boston friends. The steamer leaving to-day does not carry two hundred passengers Every one surprised at the comparative large shipment of treasure to-day. Adams & Co. affairs look worse and worse, and their paper goes hard at 30c on the dollar. The San Francisco Herald of the 28th states that on the previous day an entrance was effected into the banking house of Robinson & Co.: There was a fierce trial of strength, for a few reoments, between the outs and the ins-the one to force an entrance, the other to bar the doors and exclude the crowd. The ins succeeded, and the search commenced. Upon opening the vault nothing was discovered except a specie-bag, which, on examination, was found to contain three pounds of shot, and an indefinite quantity of needles, which severely pricked the party who grabbed it. Robinson & Co. publish a card notifying their creditors to meet them to-day, when a full statement of the affairs of the institution will be made. The correspondent of the Tribune writes: It is not supposed that the creditors of Adams & Co will ever receive 50 cents on the dollar. While the general impression still prevails that Page, Bacon & Co. yetsolvent, and will ultimately pay all their debts, it is feared that they cannot resume payment at the present time. Their means are beyond their control. In the way of general news, there is literally nothing of interest. Copious rains had fallen, much to the gratification of the miners and agriculturalists. A bill has been introduced into the legislature for 8 prohibitory liquor law, submitting the matter to the vote of the people at the general election of 1855. Business circles were rather more confident, but the financial stringency was, nevertheless, 80 great that very little had been done in trade. Cash sales of Gallego flour were made at about $14. Choice new butter, 45 cents. Hams, 18 cents. Lard, 131 cents. Valparaiso dates and Callao dates of the 26th bring nothing important. The steamer Mississippi sailed for home on the 9th ult. and the frigate St. Lawrence left for the United States on the 8th, the Independence having arrived to relieve her The sloop-ofwar Decater had sailed for the coast of Ecusdor.The sloop-of-war John Adams arrived on the 29th January from Rio. Markets were dull in Peru, and there is, in fact, nothing of importance from that quarter, either commercially or politically. The Bogota Congress met on the 12th of February. MR. SOULE.-The National Intelligencer, of Saturday morning, publishes a letter from Mr. Soule in relation to the surreptitious correspondence held between Perry and the Department of State-He says, he has no objection to the publication of the correspondence, and that if in the Secretary of Legation, the man whom he had taken to his bosom, he had & spy and traitor, it will never hurt him to letthe world know how infamously the trade was carried on. THE STRIKE OF THE OPERATIVES.-The strike among the factory operatives at Manchester, N. H., still continues. On Friday last, a procession num-

10. March 27, 1855 The Daily Union Washington, DC

Article from The Daily Union, March 27, 1855

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THE GREAT FINANCIAL CRISIS IN CALIFORNIA. In our last issue we gave a brief outline, in our telegraphic column, of the highly important financial intelligence received by the steamship George Law, which arrived at New York on Saturday morning last from Aspinwall. Since that time we have received by mail full files of San Francisco papers down to as late a date as March 1st, inclusive. These papers are filled principally with details and speculations relating to the stupendous failures which have recently taken place in that city and State. One of the San Francisco banking houses which suspended, that of Wells, Fargo, & Co., has resumed business, and confidence in its integrity has become pretty well restored. Efforts have been in progress by the friends of Page, Bacon, & Co. to effect arrangements by which that house also might be enabled to resume. The $400,000 of their indebtedness to depositors, which they proposed should be retired to enable them to go on, had been all guarantied, and it is presumable that in pursuance of their design they would, in R few days, resume business. The San Francisco Times and Transcript of March 1st says: a Should the news by the steamer now due be regarded as favorable, we think it likely that the house will encounter few obstacles in again getting under way. Some of the parties interested entertain fears of the success of the plan suggested by them, but such fears we think it likely are connected with a want of confidence as to the integrity of the New York balance to the credit of the house, the possibility existing, as we had heard it expressed, that in some manner or other the balance referred to might have become incumbered by the liabilities of the St. Louis house. But it is likely that the arrival of the steamer will settle all doubts, and determine one way or another the future standing of the institution. " Adams & Co., as many apprehended from the first, have gone by the board, though were we to judge from their own exhibit of liabilities and assets, it might be inferred that the loss to creditors would not be great. Still, it should be borne in mind that in winding up so extensive a concern by peremptory process much loss must issue, and this conviction has greatly depressed the market value of evidences of their indebtedness. "A. S. Wright, of the Miners' Savings Bank, intimates a desire to resume, but requires a week in which to ascertain whether he will be able to do so. If failing in this, he assures depositors that he will make an exhibit of his affairs, and apply for the appointment of a receiver. Robinson & Co.' met the creditors of that concern yesterday at the San Francisco Theatre, but the meeting did not result in anything satisfactory to the almost or quite ruined parties who had intrusted their small earnings to its keeping. We learn that Mr. Robinson thought it possible that if allowed thirty days he could pay 371 cents in the dollar. " At Sacramento, Read & Co. have followed in the wake of Adams & Co., and have applied for the benefit of the insolvent act." A correspondent of the New York Journal of Commerce at San Francisco writes as follows "Adams & Co. have gone into bankruptcy. J. C. Woods,' acting partner in the house, treats the 'public' to a 'card' every day, which only adds fuel to the flames. Their certificates of deposite are selling in the street at 25 to 35 cents on the dollar-of which there are about one million eight hundred thousand outstanding. The community are in no way satisfied with the recent developments of this house. Page, Bacon, & Co. as your readers have been advised, asked for an extension of two, four, six, and eight months, to enable them to go on and resume business. Page, Bacon, & Co., have had their extension paper signed for nearly one million of dollars. It will be remembered that they only asked for an extension of four hundred thousand. Their books are still open, and they are endeavoring quietly to get all concerned to come into the arrangement." The Alta Californian takes advantage of a lull in the financial storm to indulge in the following timely observations: There are persons who will not see anything here causing the present panic. The shaft which buries itself in the heart of our financial system appears to come from the other side. But is not that only an occasion which exposed our financial weakness--- fact which simply proclaims the insolvency The truth is, we have not the basis here now at hand to stand the shock. The outery about coin means something, yet there is coin enough; but credit is undermined. There is nothing to buy cash with. Business does not pay. Profits and labor are both swallowed up in interest. The fact that the bills receivable at the banks cannot be cashed if the drawers are pressed is itself the worst feature of the times. It is nothing, only to the persons immediately involved, that the banks havesuspended. They did little or nothing for the country. They do not increase our circulation. They have no bills of credit. They simply facilitate exchange and business in our cities, and, if safe, would be valuable to depositors. The failure of every bank in the State, uside from the loss to individuals, is nothing to our financial prosperity. It does the most evil by destroying public confidence. But as we were getting largely into the credit system, very unnecessarily and very foolishly, in vain efforts to stimulate trade, it may be the best in a long run to have this confidence shaken. But really nothing is lost; our Gibraitar of gold stands impregnable. There are near $2,500,000 in coin unappropriated in this city this hour. There were, as nearly as we can ascertain, drawn from Page, Bacon, & Co. $800,000

11. March 28, 1855 The Hillsborough Recorder Hillsboro, NC

Article from The Hillsborough Recorder, March 28, 1855

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LATE FROM CALIFORNIA. New York, March 19. 1 The steamer Northern Light, from San Juan, arrived at 10 o'clock this morning. She brings seven days later intelligence from California, nearly three hundred passengers, and $92,000 in specie. The joint convention of the California legislature had adjourned sine die, without electing a United States Senator. Business was entirely prostrated by the suspension of five heavy banking houses. The news of the suspension of the St. Louis house of Page & Bacon. reached San Francisco on the 17th, and caused a great run on the California firm. The house met the run, and paid out half a million. A meeting of merchants and bankers was held, which declared the house sound. This restored confidence, and affairs seemed to wear a better aspect but on the 22d. however. Page, Bacon & Co. suspen. ded, and were followed on the 23d by Adams & Co., Wells, Fargo & Co., Robinson & Co., and Wright's Miners' Deposite. 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 in San Francisco, but their country branches paid as long as their coin lasted, and were still paying out as fast as coin could be obtained for dust and bars. The house had announced that they would resume in San Francisco on the 26th. It is fearf ed that Adams & Co. would not rer sume under sixty days, if at all. Page, t Bacon & Co, will probably resume in e a few days, depositors having granted e time on $400,000. The assets of this house are large. e These failures caused the detention of the steamer until the 26th. It is e rumored that there are also heavy failures amongst the merchants in San Francisco, but of these there are no e confirmations. A letter from Page, Bacon & Co. states that they would certainly resume e business on the 1st of March, in San Francisco, in all their branches. Owing to the great scarcity of water, but little gold has been taken from the mines: but heavy rains commenced on the 25th, and still continued when the steamer left. The news from Keru river is of an f of exciting character; miners are said to 0 be averaging from ten to twenty dollars per day. Steamers are going e down crowded with passengers. On the morning of the 18th the St. 0 Charles Hotel and Hillman's Hotel, at San Francisco, were destroyed by fire. The loss is about $50,000. In Nevada sixteen houses were burn. or ed on the 16th, and in Stockton twene ty-five houses were destroyed by fire on the 21st. Indian troubles are on the increase ; S. some ten white men and about seventy Indians have been killed. st The native Californians have held ilseveral meetings in San Francisco preparatory to taking steps to emigrate to Sonora is he The Mariposa Gold Mining Compa re ny (a London concern) has been sold 0. by the sheriff. Owing to the momentary difficulties caused by the late suspensions. many ships recently arrived are not discharg ing their cargoes. è FROM AUSTRALIA-Australia (Sid he ney) dates have also been received t in the 20:h of December. A riot had tak et en place at Ballarat, which resulted i a conflict between the troops and th he miners. Twelve miners and twenty two troops have been killed. ot FROM OREGON.-The Oregon legisla of ture adjourned on the 1st of February The legislature of Washington ha od made Olympia the capital of the Ter ritory. ie, FROM CENTRAL AMERICA.-In Centra ne America, Chomorro was still triumpl ell

12. March 29, 1855 Green-Mountain Freeman Montpelier, VT

Article from Green-Mountain Freeman, March 29, 1855

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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.