1142. Sather & Church (San Francisco, CA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: private
Start Date: November 3, 1857
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 5db0a625

Response Measures

Accommodated withdrawals, Full suspension

Other: Bank made an assignment (closed) and later arranged payments via agents; reopened months later.

Description

Multiple contemporary newspaper accounts report a run on Sather & Church after drafts were protested in New York (and following news of the Central America loss / Atlantic panic). The firm exhausted coin, closed on Nov 3, 1857, but by March–April 1858 papers state the house will resume and pay in full. Classified as run → suspension → reopening. I classify the immediate trigger as correspondent problems (dishonored drafts/protested exchanges tied to Eastern failures and lost treasure).

Events (3)

1. November 3, 1857 Run

Cause: Correspondent
Cause Details: Drafts forwarded to New York (drawn on Willetts & Co. / American Exchange) were protested; news of Eastern failures and loss of treasure (Central America) produced urgent withdrawals.
Measures: Opened doors at unusual hours to pay largest depositors; paid heavy depositors until coin exhausted; agent J. R. Whitney replevined incoming gold dust to meet some drafts.
Newspaper Excerpt: the news of Sather & Church's drafts being protested in New York caused a run on them which compelled them to close.
Source: newspapers

2. November 3, 1857 Suspension

Cause: Correspondent
Cause Details: Immediate suspension followed heavy withdrawals after protested drafts and attachments arising from dishonored New York correspondents and the Atlantic financial crisis.
Newspaper Excerpt: the firm of Sather & Church have suspended ... the bank opened as usual, but the demands of depositors ... exhausted the stock of coin, and the firm were compelled to close their doors.
Source: newspapers

3. April 9, 1858 Reopening

Newspaper Excerpt: This banking firm ... is ready to resume business and pay every dollar. ... the banking house of Sather & Church is to open again.
Source: newspapers

Newspaper Articles (14)

1. November 6, 1857 The Nevada Journal Nevada City, CA

Article from The Nevada Journal, November 6, 1857

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# The Financial Crisis It has long been evident that a financial crisis was in store for our country. Its signs were indelibly written on passing events. It has come. Two weeks since the Atlantic papers came with a long list of houses broken or suspended. A steamer has just arrived adding full two hundred names to the unlucky catalogue. A revulsion such as the commercial world has never witnessed now afflicts our brethren East. Nor is its evil effects confined to the Atlantic side. It must strike commerce the world over with a mildew blight. It cannot be otherwise. California is bound to feel it, not so poignantly, as her sister States from her peculiar position, but sensibly and disastrously. The pressure East had probably much to do with the assignment of an eminent banking house in San Francisco. Whatever may be the future of the house of Sather & Church, its recent suspension can have no other than deleterious influences. Confidence not fully recovered since the failures of Adams & Co., Page, Bacon & Co., is again shaken. Thousands will hereafter dare not deposit their hard earnings with self constituted bankers. Capital will return to the ground to benefit none. Miners will bury their gold, the currency of the country already too limited for trade, will be contracted, and hereafter we may expect a tightness in the money market, to which the present time, cannot compare. Credit must inevitably receive a check, and the cash system be inaugurated. Our summers are unproductive of gold. Our merchants will not, for they cannot, wait as they have done for the mining harvest. Demands will come upon the merchants of San Francisco from their brethren in New York, which they must meet in cash. Our country traders must furnish it for they live at the fountains of money. Thus when the mines are unproductive, thier population must be drained of the last dollar. Crashures are inevitable. We have no money market proper under the control of business men to whom we can go in an emergency and raise a thousand dollars by pledging ten for one. To whom shall we go for kelp to save a fortune on the brink of destruction, placed there perhaps by an unforseen accident? Such is the general distrust created by repeated failures, that the producers of capital, knowing nothing of securities and caring less, cannot be induced to part with it at any price. Regardless only of the consequences to themselves, and not to their neighbors, they will gripe their money in their own clutches. Thus business must be paralized, and honorable men despoiled by shylocks, lawyers and officers of the law. Experience teaches a dear school, but, it is said, fools will learn in no other. We have been, at last taught by experience, that men live possessed of more money than honor or business capacity, and very little of the first commodity. These have the assurance to open banking institutions "Fools rush in where angels fear to tread." They are perfectly irresponsible. No law protects the depositor. He becomes the victim of misplaced confidence. The man possessed of more brass than gold and more impudence than honesty, proves to be a swindler, or a squirt wasting his little substance in riotous living. Such is the repeated lesson. And yet locofocoism will never make an effort to establish a safe system of banking by law. It is the erying necessity of the times. Safe places of deposit are indispensible, and the State does not its duty to its citizens if it does not grant them protection. During the coming session of the legislature the State debt will probably be established on a secure basis. Four millions of State Bonds will make an excellent banking capital. Let the New York banking law be enacted in this State, and compel those who would become bankers to deposit ample security either in State Bonds or other safe pledges, with the State Controller, as guarantees of good faith and sureties for the depositor. The reign of rascality will then soon end, so far as banking institu-

2. November 6, 1857 The Nevada Journal Nevada City, CA

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and make themselves safe. Our views of the solvency of Sath Church are founded on acknowle facts. The house and its connec are supported by men of wealth hitherto unimpeachable honor. fact of Drexel withdrawing from the cern, creates a suspicion from the 1 lection of a similar course pursue Alvin Adams shortly before the r California institution of Adams & went to rack and its patrons to ru But take all causes of distrust toge and they are not enough to shake conviction of the solvency of the h There is a reasonable and legiti cause for a temporary suspensio Sather & Church. They had on 1 the ill-fated Central America as ne we can learn two-hundred and fort fifty thousand dollars in specie, ins entire less forty thousand. This mense sum was on its way to New to meet and make good bills of exch drawn on various houses in the ea The firsts of these exchanges nearly all on board the vessel with specie and a large number of them lost with it. Such a financial crisi ists in the Atlantic States that the i ing houses among which the lost t ure would have been distributed illy able to pay drafts out of their vaults, which, considering the war confidence the failure of SO many his has engendered, must have been su to heavy drains. So well establi however, was the repatation of Si & Church, that one hundred and t thousand dollars of their paper was honored in New York. The pre East must almost necessarily have pelled an instantaneous demand or San Francisco house for this am and the seconds of exchange hel this state coming in upon the concer fore the money could be obtained the insurance companies, who are Il for the loss of the treasure belongin Sather & Church. on board the Ce America, could hardly result in less a suspension. Take a quarter of a lion of dollars from any banking however honorable, by an accident foreknown in the providence of God a suspension is liable to occur. S: & Church are laboring under the porary effects of such an accident, if the insurance companies are sol these effects we conceive to be of duration SO far as the honor of the I ing house in question is concerned. loss is but slight. Fifty thousand lars which is at most the sum not ered by insurance can hardly.shake honest moneyed institution of any nitude. Again, there is nothing in the eor of the house on the arrival of the st

3. November 6, 1857 The Nevada Journal Nevada City, CA

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Splendid Act ! The express of last night filled the city with joy. Drafts to a large amount had been drawn on Sather & Church by Hagadorn & Kellogg, and the dust sent by Wells, Fargo & Co. to meet them. The former firm had suspended, the telegraph was down, and no orders could be transmitted to stop the gold from going into the hands of the suspended firm. In this crisis there was found an old Nevadan at San Francisco, who like General Jackson, was willing to take responsibilities. Knowing the fact that a large sum, over $11,000, was on its way from Hagadorn & Kellogg, J. R. Whitney Esq. watched its arrival. Before it came it was garnisheed by the creditors of Sather & Church. Mr. Whitney made his appearance as soon as the funds came and demanded them as the agent of Hagadorn & Kellogg. Not obtaining the money he went farther and replevined it and had it transfered to the assay office of Kellogg & Humbert, where the checks of our principal Banking House will be duly paid. There's an act for you.

4. November 7, 1857 San Andreas Independent San Andreas, CA

Article from San Andreas Independent, November 7, 1857

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[From the Daily San ARRIVAL OF THE JOHN L. STEPHENS Financial Atlantic States The Crisis,-Failure of Sather & Church of of Sur- San Europe. vivors of the Misaster-Later SAN FRANCISCO, Nov. 3, 12 moru- M. Tuesday The John L. Stephens arrived in her arrival was at o'clock. The delay Star of the West, ing caused by the failure of the California, hence connected with the in proper which 5th, to arrive at New York on the 4th, Sept. She should have been there The outward time. get in until the 8th. until she got mail but did and not passengers could not leave in. dates from New York are 8th. to October 7tb, The and from New Orleans to the Memoranda. pas The steamship and John freight L. Stephens, from October New with York, 8th, sengers, mails 7th. and New Orleans, night of the October at 10 clock on the on the 20th Montrose arriving at for Panama. Oct., left 19th Panama October. passed the At steamer 11-30 Sonora P.M., Acapuleo a Manzanillo 3 P. M. passed at 1-15 P. M. arrived at Oct. 27th, treasure and passengers-a survivor of 11. _received Charles Evans, the only 3-30 P. them A. Crabb's party, and sailed at have been many large failures York, There the leading houses of New most teramongst and Philadelphia. The occurBoston financial panic that has ever up rible in the United States was raging it was to red latest accounts. If not worse, Although the the panic of 1836-3 time, it bad as been anticipated for some so that it would failure it has proved to was it had believed be. not The be Compa- serious as Ohio Insurance and Trust follow. of the the signal for others to to The ny was New York banks contracted an never before known. extent consequence was the Then failure came of The the heaviest houses. other some of upon the banks of the pressure which resulted in the suspension Banks States, payment by most of Maryland, the and of of specie Philadelphia, Washington, it was very much and other that places, the banks of Virginia, Tennessee North to feared South Carolina, Georgia, compelled and Kentucky would feel the above and themselves OH a level with done so. mentioned place banks. A few had were The embarrassments consequent general. The suffering continues. must be Many general failures while the have pressure occurred, and many must ruinous follow.- point, had depreciated to a influence of Stocks instances, under the their legitithe in many panic, -going far below mate value. the feverish spirit of reckless the spec- busiBy an immense proportion of ulation of New York, were impelled and to embark ness men largely in stock speculations, less they were suffering to a greater or extent. This pannie is attributed to an mania uncurb- for spirit of extravagance, a gambland ed speculations out West, stock facilities in New York, and the fatal goods given ling for the importation of foreign on credit. The Governor of Pennsylvania session had isa proclamation for an extra of lesued the Legislature, for the purpose in that of the course of the banks State, galizing in suspending specie payments. York The banks of the city of New and will are almost any contingency. the counstand beyond if all the other banks in try suspend. The drafts of Sather & Church, of San on the American Exchange 5th Francisco, were refused payment on Arrange- the Bank, October and were protested. made by of were, however, speedily and on ments the friends of Sather & Church, rethe 7th, at 11, A. M., payment was of sumed, and up to the hour of sailing the the steamer, drafts of the house to of $120,000 had been paid-and, had amount far as possible, those that called been in as the day before were these protested paid. The money to meet lost on and drafts, it will be recollected, was the On George the arrival Law. of the steamer last night, the news of the protest of the drafts, the with attachments were issued against About some here in San Francisco. house 'clock this morning, Messrs. commenc- Sather Church opened their doors and and ed paying all demands against them, continued open until three o' clock. They unopened again this morning, and and paid made til 94 o olock, when they closed puban assignment. A statement will be lished to-day.* George Law's Passengers. There is but little additional news of survivors of the Central America. Three been of the unhappy sufferers have most more fortunately rescued, after enduring open the most terrible sufferings on the without For nine days they were waves, seas. food or water, drenched with the reduced to exhausted from exposure, and *STATEMENT FROM SATHER & CHURCH.-The the following "Statement" has been furnished Sather San Francisco Bulletin, by Messrs. Church, bankers, there, for publication: ASSETS. Bills receivable in the hands of J. T.H. B. Roberts, Samuel Merritt and $342,000 00 22,000 00 Checks Selby, on other Banks, in Selby the hands 50,000.00 Due of for Roberts, advances Merritt to Gold and Dust Correspondents, 50,000 0 Real Estate in San Francisco,

5. November 11, 1857 The Nevada Democrat Nevada City, CA

Article from The Nevada Democrat, November 11, 1857

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Affairs of Sather & Church. Mesers Sather & Church have heretofore been considered the most reliable bankers in the State, and the news of their failure. which happened on Tuesday, the 3d inst., created considerable surprise throughout the State. The papers below have been holding out encouragements that the house would be able to resume and continue their business, but from the circumstances attending the suspension, it would seem that these hopes are delusive. It appears the firm had drawn checks on the old established house of Willets & Co. of New York, to the amount of about $100,000. In consequence of the failure of Willets & Co., the checks were dishonored. Arrangements were afterwards made in New York by the friends of Sather & Church for the payment of the checks at the American Exchange Bank. The news arrived in San Francisco on Monday evening, and attachments were immediately issued against the firm. About one o'clock on Tuesday morning the doors of the bank were opened, and many of the heaviest depositors were paid off; the "run" continued on Tuesday until all the money on the house was paid out, when the doors were closed, and an assignment was made. From a statement made of the affairs of the house, their assets are abundantly large to satisfy all demands in this State; but the steamers which left on the 20th of September, and the 5th and 20th of October, doubtless carried more of their drafts on the firm of Willets & Co., which will come back in a few weeks protested. It is stated in the New York papers, that $40,000 of the treasure shipped by Sather & Church on the 20th of August, was uninsured. The loss of this sum, added to what they must sustain by their drafts being protested, and the costs of the attachment suits commenced against them in San Francisco, will amount to a heavy item even for bankers. They may be able to pay all demands against them in this State, but it is scarcely probable that they will be able to continue their business. The conduct of Messrs. Sather & Church, in opening their doors at an unusual hour of the night, has been severely censured by some of the leading San Francisco papers. In speaking of this circumstance, the Herald says: It must be remembered, that a large proportion of our people, do not enjoy the same facilities for information on such points as are had by others. On the arrival of each steamer, a portion of the community receive their business letters, and become thoroughly posted on all matters of a financial character, while others are quite in the dark. There are those again, who make it a point to take the Atlantic papers read them carefully, and inform themselves on all topics of interest, while the great mass of the population-if the steamer arrives late at night-remain in profound ignorance until the news is revealed in the morning by our local papers. It is, then, a fair inference that the opening of a bank, under the circumstances, at such an unseasonable hour, has the appearance of being a gross injustice to the great mass of their poorer creditors-those least capable of bearing the loss-who could not have had the slightest warning or intimation of such an unusual procedure.

6. November 11, 1857 The Nevada Democrat Nevada City, CA

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LOCAL INTELLIGENCE. SUSPENSION OF SATHER & CHURCH.-The news of the suspension of the banking house of Sather & Church. of San Fraucisco, created considerable excitement among our business men. The suspension occurred on Tuesday morning, but as the telegraph wires were down the news was not received here until Wednesday night. On Tuesday night a number of our merchants had made remittences below, through Hagadorn & Kellogg, taking drafts on Sather & Church. Gold dust amounting to about $20,000 had been sent to meet the drafts. It was greatly feared that the money would be attached as belonging to Sather & Church, and that the drafts would come back protested. On Thursday night, however, letters were received from Mr. J. R. Whitney. who was acting as their agent, stating that every thing was right. Mr. Whitney was expecting the money would be sent down, and when the boat arrived went to the office of Wells, Fargo & Co. and demanded it; on their refusal to give it up, Mr. Whitney got out a writ, took possession of the dust, and paid off the drafts. Mr. Hagadorn had several thousand dollars deposited with Sather & Church, on his own account, which was drawn out by another party previous to the suspension. Messrs. Marks & Powers, of Orleans Flat, had also sent about $16,000 in gold dust to Sather & Church, which arrived in San Francisco on the night of the suspension. Mr. J.S. Wall, the agent of Marks & Powers at this place, happened to be in San Francisco at the time and got the dust from the office of Wells, Fargo & Co., after which he opened a "banking house" and paid off the checks which the dust had been sent to meet.

7. November 30, 1857 The New York Herald New York, NY

Article from The New York Herald, November 30, 1857

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Co the following checks drawn on Sather & Church, viz:Mark Brummagin & Co.; Hedges & Hannon: McWilliams & Tymeson; Evarts, Wilson & Co.; W. H. Ladd & Co.; Wright Simpkins The checks of Reynolds & Brown will be paid at the bank ing house of Freiz & Ralston. A placard, signed by Greenhood & Newhaur, gave notice that all drafts drawn by their firm, at Weaverville, payable at the banking house of Sather & Church, would be paid at sight at their house, No. 72 California street. The number and nature of the attachments out will be to found under the proper head. We have been unable discover the number of creditors on whom the firm have shut down. Messrs. Sather & Church make the following statement to of their affairs, which would probably lull suspicion as their solvency, were it not for the unfortunate precedents who set them in this city, particularly by Adams Co., showed large assets over and above their liabilities, bu failed eternally nevertheless. ASSETS. Bills receivable, in the hands of J. B. Roberts, $342,000 Samuel Merritt and T. H. Selbey Checks on other banks, in the hands of Roberts, 22,000 Merritt and Selbey 50,000 Due for advances to Gold Duet Correspondents 50,000 Real estate in San Francisco Total $464,000 DEBTS. $133.00 Due Depositors on book account 109,00 Due on certificates of deposit Assets over amount due the depositors and the 222,000 certificates of deposits Total $464,000 All special deposits are in the vault, and will be delivered as soon as possible. Mint certificates for collection, and notes left for collection, are not included in the above statement. The protested drafts of Sather & Church were being paid in New York when the steamer left The shipments made by each steamer will be applied in payment of the drafts drawn at the date of the ship ments. Of the bills receivable, the bulk of them will be due in thirty days. They are good, and mostly secured by collaterals. SATHER & CHURCH. [From the San Francisco Chronicle, Nov. 5.] The receipt of the accounts of the financial distresses in the East, caused considerable excitement in this city yesterday, which was augmented by the information that drafts forwarded to New York on the 5th September, by Sather & Church, had been protested. * * Early in the day quite a run was made upon the banks of Wells, Fargo & Co., Tallant & Wilde, Fretz & Ralston, B. Davidson, and Parrott & Co., but as all demands were promptly paid, the excitement soon ceased; and by twelve o'clock the miniature panic was soon at an end. During the day attachments were sued out against the well known shipping and commission house of Moore & Folger, hide dealers, to the amount of $35,000. It is thought, however, that the house will soon be able to re sume, their present difficulties being only temporary, and occasioned by the failure of Willetts Co., of New York. The house of Moore & Folger bears a high reputation for honesty and good business, and it is hoped that they may come out of their troubles without serious injury. The Treasury Compromise. [From the San Francisco Chronicle, Nov. 3.] The Attorney General informs the Union that he was present when the first proposition was submitted by Palmer, and advised the compromise if it could secure the State from ultimate loss by Bates & Co. Some misapprehension existing about the position of the $15,000 mentioned by the Union, in its previous issue, that paper gives the following further figures:In April, 1856, Treasurer Bates paid to Palmer, Cook & Co. $88,000, to meet the interest due on State bonds in the succeeding July. They failed to pay it, but after the Treasuaer contracted with Wells, Fargo & Co. to pay the same interest, Palmer, Cook & Co. gave Bates a draft on New York for $15,000, which was handed to Wells, Fargo Co., and by them collected. This sum Bates failed to charge himself with when paid back by Palmer, Cook & Co. the Legislative committee very properly ordered it to be charged against Bates, and it makes a portion of the $48,000 for which he is a defaulter. This $15,000 Palmer declined to pay in the compremise, as he had once paid it, and as it is not included in the compromise, still stands as a portion of the Bates' defalcation. We are told that the State is to receive $235,000 in real estate to cover the following debts, viz: that due by Palmer, Cook & Co., $88,000, less the $15,000 paid back to Bates: the $124,000 due by Pacific Express Company, and the $48,000 due by Bates, makingPalmer, Cook & Co $78,000 124,000 Pacific Express Company Bates deficit 48,000 Total $250,000 In these cases the Union does not think the State would ever, by suit upon the bonds of Bates, Palmer Cook & Co. receive $50,000. From the properly she may realize $200,000. The indictment against Bates is in the hands of the court; it cannot be disposed of by notte prosequi, except with its consent. (From the San Francisco Herald, Nov. 5.] Governor Johnson, Treasurer English, Attorney General Wallace, and District Attorney Hereford, says the Sacramento Bee of the 19th instant, have been engaged during a great portion of the two weeks just passed in cooking up a settlement on behalf of the State with the above named parties. On Saturday last, in San Francisco, the matter was completed. The judgment against Palmer, Cook & Co. for the nonpayment of the July, 1856, interest in New York amounts to some $75,000, and that against Rates for the money given Rowe to pay the interest of this year in New York, which he failed to do, is for $124,000. As security for the payment of both these sums to the State, the State officers are to receive from Palmer, Cook & Co. real estate now valued at $235,000. but which it is thought will realize nearly if not quite the full amount of $200,000 in cash." A board of appraisers, however, are yet be appointed to place a cash value on the property, and it is to be taken at their appraisement. As part of the settle ment, District Attorney Hereford, who is acting in this matter. by the authority of the Court, is to enter a nolle prosequi in the criminal case against Bates, and Rowe is to be set liberty in consequence thereof This nolle prosequi cannot prevent any future grand jury indicting Bates on the criminal charge, if they shall see to do so. Although a prosecuting officer may at any time refuse to proceed against a prisoner, and cause him to be discharged, he is not therefore exempted from the crime in the eye of the law.

8. November 30, 1857 The New York Herald New York, NY

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Markets. SAN FRANCISCO, Nov. 3-P. Parties abroad will be informed, through a variety of sources, of the suspension yesterday of Messrs. Sather & Church, bankers, of this city. The advices received per John L. Stephens, that some of the drafts of the house had been dishonored in New York, induced some parties to put attachments upon the house at a late hour on Monday night. Those attachments were, however, immediately paid off, and the bank opened as usual, for the transaction of business on Tuesday morning; but the demands of depositors, before 10 o'clock, were 80 urgent, that the stock of coin was exhausted, and the firm were compelled to close their doors. The stoppage of Messrs. Sather & Church will be felt as a very serious inconvenience to the mercantile community, as it was almost the only banking house which af forded facilities in the way of discounting business paper. There was little or no disposition manifested to withdraw deposits from the other banks, evidencing a strong belief in the public mind that they are solvent. What effects the financial crash in the East are likely to produce upon California remain to be seen, and we need not discuss them. One result thus far has been to retard shipmerts of goods hither, which is beneficial. The suspension of operations at the Branch Mint, in this city, on the 31st ult., has, of course, tended to make bars plenty, and they have been sold at our quotations below. In bullion we have to note that the market was swept of Mexican doubloons, for shipment to Manilla, prior to the arrival of the John L. Stephens, and from 11/2 a 5 per cent premium on $16 was paid. The Stephens brought a considerable quantity of Mexican dollars, sales of which were made at 16 per cent premium. In stocks little has been done during the fortnight. A sale of $10,000 City 6's was made a few days since at 55. We annex our usual list, which has been carefully revised. With the exception of some operations of magnitude in raw sugars and foreign rice, the past fortnight has been very barren of interest in a business point of view. The jobbere, as a general thing, have bought sparingly of groceries and provisions, for the simple reason that the requirements of their country customers have been small, and necessitated in only a few particulars fresh additions to stocks. The general impression seems to be that during the present month more goods will be called for from the interior, but it is the equally generally received opinion that It is idle to expect an "ac. tive fall trade;" or that, in other words, the country dealers will come forward for supplies to last them through the rainy season. In the first place the facilities of communication are now such throughout the most settled portions of the State that goods can be transported thither in the worst weather at moderate rates of trans. portation, compared with the high tariffs of former years; hence, there is comparatively little inducement to lay in winter stocks, except in remote localities. In the next place the country traders cannot buy goods upon an indefinite credit, payable at convenience almost, as they did two and three years ago. In the same proportion that the city jobbers, either through choice or necessity have curtailed their current indebtedness to the commission and importing houses, have the credits extended to the country trade been contracted. It is only in exceptional cases now that a bill against a country trader is permitted to run over thirty days. It is this buying only for immediate wants by the city and country trade that has steadily checked speculation this year, under what at former periods would be termed very favorable auspices. In fact, business here seems at last to have reached the common sense basis, and we doubt if anywhere else in the world supply and demand regulate prices with less interruption from outside influences than they do to-day in San Francisco. Under the present condition of affairs it is obvious to the plainest understanding that excessive shipments of merchandize to this market must inevitably end in loss rates profitable to the importer or shipper now only rule for articles of which stocks are well nigh exhausted. If three or four months supply of an article is scattered among a score of holders, why buyers seem to think they have a natural right to have their wants supplied at 10 a 20 per cent below the cost of importation, and if their expectations in that respect are not realized, they retire from the market, or buy from hand to mouth, until holders give way. In view of these facts, we think it will be admitted that the fleet on the way from Atlantic ports as we write, although less than half as large as was that advised at the corresponding period last year, will yet keep us amply supplied with goods for current requirements. FLOUR.-We have to note a little better feeling in flour, which is altogether owing to the slight advance in the price of wheat, a number of parcels of the latter having been purchased at the different landings for account of Sacramento millers. The demand for frour from the interior has been extremely light and no demand whatever for speculation exists, while the local requirements are easily supplied by the city millers. The only sales of Eastern have been 1,700 bbls. Haxall, ex Flying Dutchman, on private terms: and 150 do. do. ex Tahsman, at $12. We have not heard of a single sale of any importance of domestic. We quote superfine at $9 a $9 26; extra, $10 50 $11. GRAIN.- The receipts of wheat for the present season fully equal these of last year. Of late, parcels have come in less freely, but the demand has been fully as light, and no disposition is evinced by millers to purchase except for immediate wants. We quote ordinary 3c. and choice, 31/c. a 3/v. Barley-The receipts of barley con tinued in excess of our requirements, and the prices, as long since predicted. have declined. We quote the market dull at $1 40. Oats are also dull, with no demand for export; it would be difficult to place any parcel at even 13/c.

9. November 30, 1857 Daily Nashville Patriot Nashville, TN

Article from Daily Nashville Patriot, November 30, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE, [Reports Furnished by the Associated Press.] NEW ORLEANS, Nov. 28.-The steamer Daniel Webster, with Havana dates of the 25th, has arrived. She experienced heavy gales on her pas sage to Havana. She brings hal a million specie, The Northern Light left the same day with nearly two million. The news of the loss of the "Central America" caused a general gloom in San Francisco. The courts adjourned and meetings were held. The Mail Company is denounced for the supposed embezzling of $150,000. The news of Sather & Church's drafts being protested in New York caused a run on them which compelled them to close. Several attachments have been put on the house. A run was also made on Tallant & Wilde and several others, but none closed. Gold accounts were good. Money inactive. The Talisman had arrived from New York. New YORK, Nov. 28.-The steamer Fulton was intercepted at Cape Race with Liverpool dates of the 18th. The money market is recovering, and is decidedly easier. Additional heavy failures are reported. The Bank of France is discounting liberally. There is a panic in the English breadstuff market with a declining tendency. No report of the Liverpool cotton market re. ceived. The Fulton is due at New York next Tuesday noon. The Europa arrived out on the 4th. NEW York, Nov, 28.-Cotton dull; Flour heavy; Corn and Sugar firm; Bacon dull; Linseed Oil 52 a 54. NEW YORK, Nov. 28.-The steamer Fulton left Havre on the 17th and Southampton on the 18th. She brings $200,000 in specie. The good effects of the Bank of England's suspension is observable throughout Britain. No suspensions of American houses. Consols 891a894 for money and 90 for account. The Bank of France has announced the determination to immediately extend its issues. Rate of interest at Hamburg is 91. FRENCH FAILURES.-Feltzch & Wix, in the Turkish trade; Jasipher & Co., in the Br zil trade; Bardgett & Pickard, liab lities £120,000; Howard, Boxen & Co.,in the Swedish trade; Edwards & Mitthie, East India and Colonial brokers of London. The Wolver Hampton and Staffordshire banks have stopped payment. Great excitement in several iron firms, who have called their creditors together to avoid, it possible, a full suspension. The failures at Paris of the most note are Dubert & Co., and Pensote, Phillippi & Faber. Consols and other funds have an advancing tendency. Sales of foreign stocks quite limited. Prices not materially changed. LONDON.-Sugar improved-the advance reaching 45 per ewt; Rice and Coffee, little doing; Tallow flat; Manchester goods unaltered. There is a slight improvement in the woolen trade. Nothing later from India. LIVERPOOL.-Wheat dull, decline of the week 4 to 6 pence; Flour dull, at 1s6d to 2s decline. Indian corn nominal. LONDON, 17th.-There was a heavy decline in the grain market late yesterday causing a panic. Better qualities of wheat 2 to 3 pence cheaper; Inferior, unsaleable; Linseed oil 31a32s. CINCINNATI, Nov. 28.-Flour dull, 4 35 a 4 40; Grain active; Wheat 80 to 90; Oats 35 to 45; Whisky 17; Hogs $5; Provisions dull; Mess Pork 13 50 a 13 75; Lard 91 a 104. DETROIT, Nov. 28.-The weather is milder, with a prospect that the large fleet of vessels in the river will be able to get into Lake Erie soon. Seven propellors have just arrived and report many ves. Is ashore on Lakes Huron and Michigan, BUFFALO, Nov. 28.-The cand is thawing out. ALBANY, Nov. 28.-Boats from Rochester are likely to reach the ti:e water. Sr. LOUIS, Nov. 28.-The ice is disappearing rapidly. Navigation South will undoubtedly 8000 be resumed.

10. December 7, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, December 7, 1857

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RATHER EARLY BANKING HOURS.-The San Francisco "Town Talk" says much dissatisfaction is expressed in regard to the opening of the banking house of Sather & Church, on the arrival of the last Atlantic steamer, which took place at two o'clock in the morning: "The steamer reached the wharf at ten o'clock, and soon after it was quietly reported among busi ness men that there was apperently consid erable uneasiness and more than the usual stir at the banks. Shortly after midnight groups of merchants were observed to congregate about the doors of Sather & Church's bank; next the chinking of gold was heard. followed by an announce ment from within that the bank would be soon be opened to the public for the payment of all demands. About two o'clock at night the doors were opened to is score or more, who went in and quietly drew out their deposits, D. W. C. Thompson withdrawing $45,000. 'In this Lianner,' says the Town Talk, 'some of their particular friends and largest customers were enabled to secure their funds. Great injustice was thus done to the community at large. Industrious and hard-working men slept quietly in their beds, not dreaming of bank failures, much less of a run on their favorite bank at two o'clock in the morning; or, what is worse, that the officers and proprieiors of the banking institution should select the small hours of the night wherein to pay off a portion of their depositors, when they very well knew of their total inability to pay off even one-half of their sight obligations."

11. December 9, 1857 The Burlington Weekly Hawk-Eye Burlington, IA

Article from The Burlington Weekly Hawk-Eye, December 9, 1857

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(From the N. Y. Independent.) Moncy Market. The leading features of the money market are great superabundance in the hands of capitalists and great distrust in its use. It is cousequently lying idle in large masses, much of it in gold specially deposited. Call loans range from 7 to 5 per cent. The banks have again con tracted over $400,000, showing the small am't of business they are doing with these overwhelming means. The demand for discounts at bank is less than usual. The deposits have run down a little this week, the depositors making investments themselves with a little more freedom. The heavy payments are now over for the season, but the great proportion that has been postponed bears heavy on all classes. The receipt of custom duties in November were only $1,206,893,01, being a decrease of $1,645,312,86 as compared with the receipts of November, 1856, when they were $2,852,207,87. Here is a falling off of 60 per cent. The receipts from the interior continue to improve, but produce comes forward very slowly, and this backwardness retards much for our recovery. The railroad receipts are much less than at this time last year. The cause is the want of money in the West. Produce is offered at very low prices in Wisconsin and other far western points, but there is no money to buy it, and until this is remedied the circulation of money will be slow in every direction, and the country will suffer from poverty of means. From Indiana we learn that the banks sustain specie spayments steadily. The system of Banking adopted in Indiana, seems to work well. The last mail from San Francisco reports a banking panie as having occurred there on a small scale, and that the firm of Sather & Church has suspended. This is the firm whose bills on the Messrs. Willetts and on the American Exchange Bank were dishonored. The other banking houses sustained the run well, which consequently soon ceased. The remittances from San Francisco are on the increase. The last mail brought over $2,000,000; and the report from the mines is favorabl6 to large future production -and however large, it must come here for a market or flow to Europe. The importations of the foreign goods in the week ending 28th November were only $2,272,268, against $4,060,000 in the corresponding week of last year. The exports in the same periods were respectively $1,238,898 and $2,073,060, showing a falling off of $834,162. The for: eign trade of the country for the fiscal year ending Jnne 30th last, is officially reported as follows: Inward. Outward. ExchangeofProducts $248,428,342 293,813,222 69,136,922 12,461,799 Exchange in Specie

12. December 15, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 15, 1857

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Baring Brothers report more disposition to de busisiness, but prices a matter of negotiation. Messrs. Bell & Co. also report more business doing than for some weeks previously. The London Times of Saturday, the 26th, says: American Securities generally left off with increased firmness." The Circular of Messrs. Benson & Co. says: The great anxiety felt among the mercantile community, to which allusion was made in the last circular, has since been re. lieved by the subsidence of the panic in Scotland and Ireland, and by the absence of any large failures of private firms in the country, although the recovery of confidence has been partially checked by the existence of a severe panic at Hamburg (since somewhat abated) and the failure of a Joint Stock Bank in Northumberland. The return of confidence generally has, toward the close of the week, become more manifest in consequence of the arrivale of specie, the continued favorable position of the Foreign Exchange, the understood stronger position of the Bank of England as respects its stock of builion and reserve of notes, and the reduction in the rate of interest by the Bank of France. The satisfactory accounts from India have also con. tributed toward the establishment of a more cheerful tone of feeling. The current rate for discount still continues at 10 P cent, but accommodation is more readily obtained. Money on the Stock Exchange is abundant, and on Government Securities does not command more than 4@6 P cent. The public have continued to be large purchasers of Consols, and of some other classes of approved securities, the prices of the former and of some of the latter description have been very buorent. In our last circular we quoted Consols at 891@h for money and 901@h for the account; and to-day they are 91@f for money and 91j@4 for the account. American Securities Ibave been in fair demand, with some fluctuations in price. Transactions have taken place in Illinois Central 7 P cent Construction Bonds at 76, 78, 76, 75, 76, 77 and 77j; Freeland Bonds, ex option, at 76, and in Shares at 121, 12, 14. 181, 13, 14, 121, 13 and 11j. The latter have been heavy in price in consequence of sales by Continental holders. Michigan Central Bonds of 1869 have been sold at 78, and are now lower in conseqnence of the further issue of bonds by the Company, New York Central Shares have changed hands at 73 and 72 Erie Sinking Fund Bonds of 1875 at 45, Third Mortgage Bonds of 1883 at 66, and the Shares at 14}, 15 and 16. State Stocks remain without much change in price. We are not yet able to report any increase of business in Manchester, or indications of an early improvement. Stocks are beginning to accumulate, and the resort to more limited hours of labor in the mills is more general. In regard to Money matters and business at Sau Francisco, The Shipping List says: Our remarks relative to the course of trade during the fort. night ending on the 8d inst. might be repeated as regards the business done during the two weeks ending to-day. The coun try had bought very sparingly of goods, and the jobbers have taken nothing from first hands that they could get along with. out. There having been no renewal of speculation, and the commission and importing houses showing no marked desire to place invoices faster than the trade appeared to purchase, it may naturally be supposed that we have few changes to note in prices for leading staples since our last, and, in fact, the fortnight's business has afforded few sallent points inviting or worthy of comment. The market for Breadstuffe has steadily tended npward since our last summary was written, and our quotations of values for this mail, it will be seen, show that & material advance has been established. A reaction in this respect cannot be looked for while the farmers continue to hold back their Wheat as they are doing at present, each successive advance in prices appearing to render them less and less disposed to part with their grops. The country has bought #0 sparingly of goods for the past three weeks that it would seem we must certainly have 8 more active trade during the coming fortnight, but to combat such expectations are the facts that money is scarce among the country dealers, and that the continued fine weather permits uninterrupted communication with every part of the State, thus enabling the traders to get along with very light purchases. The sudden setting-in of the rainy season would doubtless work much inconvenience and possible suffering in remote parts of the State, where hardly & fortnight's supply of goods is held at present. In localities thus circumstanced the parties engaged in trade fully appreciate the position of affairs, and would lay in larger stocks, but they have not the ready means, and with rare exceptions cannot buy goods in the city on longer than thirty days time. The suspension of Sather & Church, just prior to the depar. ture of the steamer, the closing of the Mint-which tended to make coin scarce, and towered the value of bars-and undefined apprehensions of how far we might be affected by the great commercial and financial revulsion in the Eastern States. all tended to make money, not searce, but dearer and more difficult to get upon the best securities. Rates are, however, below New.York usence according to the last advices Upon good merchandise, with & fair margin, loans are negotiable to day at 21 and prime paper passes at cent per month The call for money, how. ever, is not great, there being no speculation on foot, either in merchandise or real estate. On Monday next the Mint will be reopened, which will benefit matters every way. Since it has been closed gold bars of av. erage fineness have been sold as low at 11 P cent discount, and as gold coin is at a premium in New-York by last accounts, coin would have been shipped from here to & great extent in preference to bars, & course of things which would long have made ecin scarce here. The indebtedness of Sather & Church here, bad, prior to the will of the last mail, leen well nigh liguidated; but it ag-

13. March 31, 1858 The Nevada Democrat Nevada City, CA

Article from The Nevada Democrat, March 31, 1858

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T. WHOLE NO. 234. NEWS ITEMS. QUARTZ MILLS IN PLACER COUNTY. The two quartz mills at Ophir, and the Union and May & Co's. mills. a mile distant from that place, are now all in operation. May & Co's mill has been in operation but few days, runnin two batteries of four revolving stamps each. When their works are entirely completed, which will be in week or two, there will be an additional battery for dry stamping. and two arastras, each fifteen feet in diameter. The quarts crushed in this mill prospects very well: the gold is fine, and much care is necessary in saving The dry crushing battery is new feature to the quartz men of this county, and should it possess the merit claimed for it, will be found of great advantage in working lodes in those localities where water is not abundact [[Placer Herald. Snocking DEPRAVITY At Todd's Valley, in El Dorado county, on the evening of March 19th, some graceless rowdies made a sham bet with a drunken bummer that he could not drink three quarts of whiskey. The drunken man accepted the bet, and commenced the de lectable task. After guzzling a bottle or two the fellow weakened, and tried to back out from the Alexandrian feat: but one of his tor. mentors stood over him with a drawn o and threatened to murder him if be did not perform the undertaking, and the besotted wretch actu. ally swallowed the contents of three bottles The next day he was found lying dead in the street. A Justice of the Peace summoned jury of inquest, whose verdict was simply that deceased came to his death from drinking too much whiskey! FATAL ACCIDENT. A dispatch from Red Bluffs dated March 19, to the Shasta Republican, A man by the name of Edward Rail. formerly of Missouri, who was liivng at Colley's on Red Bank creek, about twelve miles from Red Bluffs, went coon hunting on Wednesday last, but not returning that night. his friends fearing some accident had befallen him. started next morning to search for him. During the day they discovered a tree that had been recently felled Beneath the trunk of the tree was the deceased. It appeared that he had cut the tree down in order to secure his game, (a coon which was found dead near by,) and that it had fallen upon bim, evidently causing instant death.' THE LECOMPTON RESOLUTIONS. We perceive that Mr. Walker, Representative from this county, voted for the Lecompton resolutions introduced by Mr. Stratton, and adopted by the An sembly on the 5th inst. In so doing. we believe that he misrepresented the sentiments of a large majority of the Democracy of the county. If the issue had been raised before the election last fall. and Mr Walker had declared in favor of admitting Kansas or any other State, under a Constitution rejected by a large majority of the people to live under it. we feel certain he could not have been elected.- [Yreka Union. CHINESE EVIDENCE DECISION. The other day, says the Placerville Index. some celestials were arrested for petit larceny, and brought for trial before a Justice of the Peace who resides in a certain city not a thousand miles off. During the examination. the counsel for the defence offered to introduce the testimony of sundry other celestials. by whom he proposed to establish an alibi. The Justice, however, ruled that the law of California excluded Chinese testimony against white man, and as in his opinion the State of Califernia was a white man, the Chinese testimony was not admitted. THE KLAMATH INDIANS. An Oregen paper says of these savages: "We understand that the citizens of Jackson intend to have a petition in circulation, requesting the Superintendent of Indian Affairs to take some energetic measures to prevent the large number of Indians from roaming through the settlements and loafing around Jacksonville. If something is not done to prevent these Klamath Lake Indians from mixing with the settlements, there will be an. other Indian war -for there is no love for the red skins in Southern Oregon, and the Klamath Lake Indians are as great thieves as any other." LAST CHANCE. The Placer Courier learns that the citizens of Last Chance have laid off their camp into streets and squares, preparatory to building their town with some regularity. The population of the place has doubled within few weeks. Last Chance is far up the slopes of the Sierra Nevadas, where they never have snow to exceed sixteen feet in depth during the winter As summer residence is very pleasant. The gold discoveries in that vicinity are making well up toward the summit. WATER SUPPLIED BY AN EARTHQUAKE. The San Jose Tribune says that in the valley. not far from the town of San Luis Obispo, the earth quake of the 9th of January of last year, which was felt with more or less violence in every section of the State, opened large fisures in the earth, from one of which gushed forth, and has continued to flow ever since, a stream of pure water. in quantity sufficient to turn a mill. Numerous attempts to sound this well have all failed to find bottom. WRECK OF SCHOOKER On the 15th instant, the schooner Muckshaw was foundered and sunk in the Bay near Ravenewood, San Mateo county She was laden with charcoal, barley and bark. all of which was lost. The erew consisted of four persons. three of whom were lost-the captain being saved. The lost persons were William Judd. a native of Southampton, England; John Hunnewell, of England, and a Spanish boy about twelve years of age. CHEAP LIVING. A communication in the San Andreas Iadependent, dated at Limerick, Cala veras county says: The 'sports' have adopted a new system of living when they are hard up; it is by bumming around all night to save the rent of a bed, and sleeping all day to save board.' SATHER & CHURCH. News by the steamer Sonora indicates that in the course of a month or two all claims against the banking house of Sather & Church, which did business in San Francisco, will be liquidated in full, when they will resume business. d A HAKESOME DONATION.-The Congregational Chureh of Downieville, whose building was destroyed by the conflagration which lately swept that town, has received from the churches throughout the State and from individuals, the sum of $1,412. ROBBING PRINTING OFFICE.- On the morning if of March 20th, the ffice of the Butte Record if was entered by some thief, but he did not suc. ceed in finding much spoil. The Record seems to think that in making the attempt he showed himself lacking in wisdom. STEALING CHICKENS.- A Chinaman was sene tenced. on the 20th March. at Oroville, to the

14. April 9, 1858 The Nevada Journal Nevada City, CA

Article from The Nevada Journal, April 9, 1858

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SATHER & CHURCH.-This banking firm which accidentally became embarrassed a few months since in the great panic, we learn from the San Francisco papers, is ready to resume business and pay every dollar. This is as we confidently predicted. The circumstances of the suspension of the firm were such as to show conclusively to our mind an honesty of purpose and we did not hesitate to so announce. We have never wavered in the belief that the institution of Sather & Church was another sort of a concern from that of Adams & Co. The San Franciscans are cordially glad that the banking house of Sather & Church is to open again.