1159. Wells, Fargo & Co. (San Francisco, CA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
29f809c0

Response Measures

Full suspension

Description

Multiple contemporary articles (late Feb–Mar 1855) report a run and temporary suspension of Wells, Fargo & Co. in San Francisco amid a panic following Page, Bacon & Co. and Adams & Co. The firm called a meeting of large depositors and obtained forbearance (30/60 days) and then resumed payment later that month. Dates vary slightly across reports; chosen dates reflect the most commonly reported days.

Events (3)
1. February 23, 1855 Run
Cause
Local Banks
Cause Details
Run triggered by panic from suspensions/failures of other prominent houses (Page, Bacon & Co. and Adams & Co.), producing heavy withdrawals from Wells, Fargo & Co.
Measures
Called meeting of largest depositors; obtained their agreement to wait 30 and 60 days for amounts due, which enabled resumption
Newspaper Excerpt
a run commenced upon Adams & Co... It was said yesterday, that a run had commenced on Wells, Fargo & Co., in San Francisco
Source
newspapers
2. February 23, 1855 Suspension
Cause
Local Banks
Cause Details
Suspension attributed to heavy withdrawals during the general panic caused by other banks' failures and a resulting shortage of coin to meet depositors' demands
Newspaper Excerpt
Wells, Fargo & Co. closed their doors... the house of Wells, Fargo & Co., in that city, have advised us of their temporary suspension
Source
newspapers
3. February 27, 1855 Reopening
Newspaper Excerpt
On the 27th Wells, Fargo & Co. called a meeting of their heaviest depositors... whereupon that house immediately resumed, and is now in active operation. Wells, Fargo & Co., resumed payment on the 25th. All demands have been promptly paid.
Source
newspapers

Newspaper Articles (19)
1. February 24, 1855 The Empire County Argus Coloma, CA
Article from The Empire County Argus, February 24, 1855

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

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

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

3. March 17, 1855 Pioneer and Democrat Olympia, WA
Article from Pioneer and Democrat, March 17, 1855

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# THE NEWS. We cheerfully surrender most of the inside of today's paper, to give place to the news-Earopean, Congressional. and general, which has been afforded us for the benefit of our readers-not through the agency of the mail, but, as will elsewhere be seen, by private favor, and means of the express. And we would here beg leave to acknowledge our sincere thanks to numerous friends, for the privilege of a second hand, side glance, at the late papers, kindly intended for us, by which we are enabled to make a compilation of the most important news items, for the edification of our readers abroad in the territory. From Oregon, there is no news of importance, other than general complaint of business being dull, money scarce, &c. The friends of the respective prominent democratic candidates for the nomination of delegate to congress, are waxing somewhat warm, and afford evidence that the contest in the convention will ripen into heat and bitterness. General Lane, the present delegate, it is said, took his departure from New York for San Francisco, on the steamer of the 20th of February. If this be so, it is supposed he will reach home on the next trip of the Columbia, from that city to Oregon. We hope that such a nomination will be made as will prove satisfactory to the party generally one whom they can not only unite upon, but elect. The California papers of March 1st, bring us intelligence of an unprecedented panic in the exchange and money circles in San Francisco and Sacramento, in consequence of the suspension of the well-known house of Page, Bacon & Co., followed by Adams & Co., Wells, Fargo & Co., and other banking houses. When the news first came of the failure of Page & Bacon, of St. Louis, a run commenced at once on Page, Bacon & Co., which was kept up all that day, and over four hundred thousand was withdrawn from the bank. The next day the run ceased, and matters apparently were moving on as usual, till the morning of the 22d. when their bank was not opened at the usual hour, and shortly after handbills were sent all over town, announcing that they must suspend. It seems that quite a deep run had been going on all day, till their specie was reduced to less than one hundred thousand dollars, and they feared to keep open any longer. Owing to the fact that it was a holiday, but little business was done that day; yet it seems that over two hundred thousand dollars was drawn out during the day from Adams & Co. That evening the steamer arrived with the news that Page, Bacon & Co.'s drafts had all been paid, and it was then supposed that the excitement and trouble was over. But the next morning Adams & Co. announced that they too must suspend, and shortly after Wells, Fargo & Co. followed suit. Robinson's Savings Bank, and Dr. Wright's Miner's Bank, did the same, and then came a general run on all that remained open. The greatest run was upon Drexel, Sather & Church, B. Davidson, and Lucas, Turner & Co. Tallant & Wilde and Sanders & Brenham suffered little from the panic, and paid off their depositors. Palmer, Cook & Co. were not affected by the run in the least, but paid every claim as presented. The creditors of Page, Bacon & Co. held a meeting on Sunday last, and considered a plan by which that house may be enabled to resume payment. The bank exhibits assets, over and above liabilities, of $368,868; but it is proper to state that upwards of $1,300,000 is in New York and St. Louis, whereas the liabilities of the concern are mostly due in California. It was proposed that depositors to the amount of four hundred thousand dollars should receive evidences of indebtedness, bearing interest at the rate of one per cent. per month, and payable in two, four, six and eight months; and it was thought that if depositers accepted this proposition, the house would be enabled to go on. Merchants and others affixed their names to a bond in the sum of about one million of dollars, guaranteeing the payment of these deposits, and it is now believed that the house will be enabled to resume business in the course of five or six days. Messrs. Wells, Fargo & Co. resumed payment on Tuesday, and so far all demands have been promptly paid. Adams & Co. have filed a petition for insolvency. and their schedule of assets and liabilities show a balance on the right side of about $100,000; assets, $1,814,285; liabilities, $1,636,717. Mr. Woods has given all his private property, estimated at $250,000, and this goes to make up the total of the assets. We understand that the express business of Adams & Co. will be carried on without any interruption. The joint convention of the California legislature for the election of a United States Senator, had been dissolved, and there will probably be no Senator elected by the present legislature. The first announcement of the failure or suspension of Page, Bacon & Co., was made known by their house in St. Louis, on the 13th of January, and, as has been the case in San Francisco and elsewhere in California, a general run has been commenced on other banking houses in most of the cities of the Atlantic states. In New York, New Orleans, Louisville, Cincinnati, and St. Louis, many of the banking houses had suspended, and public meetings have been held for the purpose of devising measures to avert a feared impending general bankruptcy, and restore the credit of Page, Bacon & Co., and other houses seriously effected by the suspension. A tremendous excitement had prevailed in some of the cities, and a general smash-up had been feared, not only in the banking, but large mercantile houses also. The latest dates, however, indicate more quietude, and a resumption of confidence and business anticipated. The general character of the news from the states, is anything but flattering to general prosperity, in a business point of view. Bank expansion, and consequent bankruptcy, through speculation and overtrading, is the common talk in the commercial circles, whilst destitution, lack of labor, and want of the means of procuring the necessaries of life, is being felt to an alarming and humiliating extent by the masses of the great commercial emporiums. Politically, the news from the states is of the most cheering character to the democracy-as it is ruinous to the hopes of whiggery, and its mongrel, "klonas" allies. The New York HERALD, having assumed the leadership of the know nothing movement, as directed against the re-election of Seward to the United States Senate from the state of New York, and against Wise for the Governorship of Virginia, and which paper has for months past, vauntingly trumpeted forth in advance, the certain defeat of both those gentlemen, has now cooled down in temperature almost to the freezing point, in consequence of the legislative caucus at Albany having, after the first ballot, made the nomination of Seward unanimous. The caucus numbered just one-half of each house, making their nomination equal to an election. The result has thrown the know nothing line into the utmost confusion, and the Herald pitches into the administration as having connived at their defeat, and charges blindly around, with the impeachment of treason in the know nothing.

4. March 19, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 19, 1855

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bank. The next day the run ceased, and matters ap parently were moving on 88 usual, till the morning of the 22d, when their bank was not opened at the usual hour, and shortly after handbills were sent all over town, announcing that they must suspend It ssems that quite a deep run had been going on all day, till their specie was reduced to less than $100,000, and they feared to keep open any longer. Owing to the fact that it was a holiday, but little business was done that day; yet it seems that over $200,000 was dra wn out during the day from Adams & Co. Thateven. ing the steamer arrived with the news that Page, Bacon & Co.'s drafts had all been paid, and it was the n supposed that the excitement and trouble was over. But the next morning Adams & Co. announced that they, too, must suspend, and shortly after Wells, Fargo & Co., followed suit. Two small aff sirs called Savings Banks did the same, and then came 8 general run on all that remained open. The greatest run was upon Drexel, Sather & Church, B. Davidson, and Lucas, Turner & Co. Tallant & Wilde and Sanders & Brenham suffered little from the panic, and paid off their depositors. Palmer, Cook & Co. were not affected by the run in the least. but paid every claim as presented. This house, which bas been most fiercely assailed during the past year for partisan purposes, and every means, both fair and unfair, taken to impair its crecit, when the hour of trial came, 18 found stronger than any house in the city, and able to lend & helping hand to its neigbbors. On Saturday the run continued, though most of the small depositors bad withdrawn their deposits on the day before. Various rumors have been in circulation relative to the affairs of the different houses. but we can assure people of nothing more than has tra uspired. Page, Bacon & Co. willresume. it is said, on the 28th, their creditors having given them an extension on a large amount of their indebtedness. Wells, Fargo & Co. give strong promise of an early resumption, and Adams& Co, in our paper of this morning, make a statement in regard to their affairs, which represent them to be able to go on again, if sufficient leniency is shown the m by their creditors. On the 16th, the Senatorial Conven adjourned, sine die, by a vote of 63 to 64. Those voting in the mino. ruy were principally the friends of Dr. Gwin, and the majority comprised Whigs and various factions of the Democracy. The news from the Kern River is of an exciting character. The accounts from the newly-discovered gings represent the miners as doing remarkably well, some say averaging $10 to $20 per day. The steamers for San Pedro-the nearest point of disembarkation for the mines-go down crowded with pas. sergers. On the morning of the 18th, the St. Charles Hotel and Hillman's Hotel, in this city, were destroyed by fire; loss about $50,000. In Nevada, sixteen houses were burned on the 16tb; and in Stockton, twentyfive houses were destroyed by fire on the 21st. The Indian troubles in the vicinity appear to be increasing. Some ten white men and about seventy Indisns have been killed. The Anniversary of the Birth day of Washington was celebrated in San Francisco by a general turnout of the Fire Department, and by appropriate ceremonies in the Metropolitan Theater. The native Californians have held several meetings in San Francisco, for the purpose of taking steps to emigrate to Sonora. The Mariposa Gold Mining Company, 8 London concern, was sold by the Sheriff a few days ago. In the case of Rodman Backus, indicted for the murder of Frederick Oldman, the Jury rendered a verdict of guilty of manslaughter.

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

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

6. March 21, 1855 The New York Herald New York, NY
Article from The New York Herald, March 21, 1855

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ment, Washington, on the 17th inst., were:For the redemption of stock $1,172 76 For paying Treasury, debts 51,486 33 For the Customs 103,187 76 113 61 For the War Department. 687 44 For the Navy Department For the Interior Department 63,439 75 The first dividend of fifty per cent to claimants against the Cochituate Bank will be paid at the Webster Bank, Boston, on Thursday next. There has been a fair demand for foreign exchange to-day for remittance by the steamship Nashville, from this port for Liverpool, to-morrow, (Wednes. day,) and full rates have been obtained. We quote on London, 91 a 104 per cent premium; on Paris, 58. 132 a 57. 10; Amsterdam, 41½ a 411; Bremen, 79₫ a 80; Hamburg, 362 a 37. The steamer will take out upwards of half a million of dollars in specie, a large portion of which will be coin. The California advices received yesterday have had no effect upon our markets. About one half of the rumors and reports in circulation about the different houses involved are false, and efforts have been made both here and in California to excite the public mind as much as possible. The report that Mr. Hoadley no longer acted as the agent of Page, Bacon & Co., started by some of our cotemporaries, is entirely without foundation. No change has been made or contemplated. There is no doubt but that the next steamer from California will bring accounts of the resumption of Page, Bacon & Co., Wells, Fargo & Co., and several other banking houses of San Francisco, a revival of confidence, and a renewai of active business operations. If these houses have not resumed, we see no cause for an interruption of remittances, for there are other houses in San Francisco, of undoubted standing, whose credit has been materially strengthened by the ordeal through which they have passed, ready to transact all the exchange business required. The gold must come here. If not through the hands of Page, Bacon & Cc., or Adams & Co.. it will come through other concerns as speedily and as safely. The amount shipped per week may not, for a short time, be so large, but there will not be any very great accumulation in San Francisco. Gold and gold dust are of more use to merchants and miners in his market than in their own possession in Califor" nia, and we look for an immediate dissppearance of the panic which at one time threatened to destroy he credit of half the banking houses in California. The returns of the anthracite coal trade for severai years past give some very interesting facts regarding the source of supply, and a close examination of the reports from the different companies engaged n the transportation business, will show where the enormous supplies which will be required for future consumption, must come from, or rather by what channel they must reach market :Cost TRADE

7. 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

8. March 22, 1855 Evening Star Washington, DC
Article from Evening Star, March 22, 1855

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The Monetary State of California -The news of the very general smash up" in Cal. ifornia over which the Atlantic-side newspapers are now speculating, took few well informed men in this city by surprise. It has long been known here, that extravagance and speculation are the two leading characteristics of the business habits of our brethren in that far western quarter. Characteristics incident to the fact that they are Americans, and, therefore, by constitutional habit, reckless in business operations, and exist among circumstances, more likely to superinduce heedlessness in expenditures than any others to be conceived of. We do not remember ever to have known an individual whose business was nearly allied to gambling, who failed to be extravagant in his personal expenditures-to trust to luck. All the world are aware that nothing can be more common in California than extreme proverty yesterday, and full pockets to-morrow. The newspaper accounts of business affairs there in the last five years have been little more than the jotting down of instances in which men have either suddenly made or lost large sums. In any country in which manual labor may by accident pay, daily, a hundred times as much as will support the laborer, recklessness and an absence of real thrift must be marked characteristics of those who depend on manual labor for their bread; resulting, eventually, in a heavier ag. gregate of lcsses-privations-than of gainswealth. Gold mining in California, up to this period, has been little more than gambling; for it has been carried on, for the most part, without system on the part of those engaged in it, and with little aid from science, which will come into play 80 soon as the gold shall be in a measure exhausted. Then, few will continue to follow-each man or half dozen men without capital-a business in which the changes are that one lucky day will be succeeded by a dozen without success. The surface gold set the community of Cal. ifornia to gambling, and put up everything to gambling rates or prices-money to from three to five per centum a month, to be used in what is termed out there, legitimate business. The immediate cause of the failure of Page, Bacon & Co, Adams & Co., and Wells, Fargo & Co nominally houses engaged in the express bus. iness, but really the great banking houses of the new State-was the fact that they had loaned out their funds to parties in trade at from three to five per centum per month. If their borrowers are good, and some of the California papers 80 insist, they will pay every dollar. We anticipate no such agreeable termination of the general smash-up there how ever. It is impossible that the three largest and most active banks, and half a dozen with less means, in a city of the population and business of San Francisco, can suspend with out thus producing a general crash among their depositors whose money they have loaned out to parties, a large per centage of whom stand ready, of course, to pay up, if at all, in depreciated obligations of the lenders. We question, however, whether these failures will not, in the end, benefit the new State. Her true interest requires that her business habits (system) shall undergo radical and sweeping changes-shall become assimilated to the business system prevaling in older and (commercially) more prudent communities This crash will go far toward bringing about the change we indicate, which cannot fail in turn greatly to benefit the future of those in California who live by the sweat of the brow. Our sympathy is almost wholly with that class, as when they are doing well, all others are prosperous. This axiom holds good everywhere in our country, and its prevalence is really at the foundation of all we are or may hope to be as a signally happy and prosperous people. Liability of Contractors for Transportation, &c.-A case was disposed of a few days ago at the Treasury Department, wherein a contractor, who had bound himself by written agreement to transport certain army supplies from Fort Leavenworth to El Paso, was retarded on his route and

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

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

10. 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.

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

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

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

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

13. March 26, 1855 The New York Herald New York, NY
Article from The New York Herald, March 26, 1855

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The monetary excitement continued in San Francis00 and other parts of the State. Among all the estabWshments which had suspended, the house of Wells, Fargo & Co. was the only one that had resumed busimess. From the statement of the affairs of this firm, made February 27, 1855, it appears that their assets amounted to $400,407, making a balance, over and above all liabilities, of $103,473. Indeed, it could not justly be said that they have suspended, for in all towns of the interior, except San Francisco, Sacramento, Marysville, Nevada and Diamond Springs, Wells, Fargo & Co. have paid certificates of deposit as fast as they were presented. On the 27th of February Adams & Co. applied for the benefit of the insolvent act. From the statements filed in the Fourth District Court (which it is said may be looked upon as perfectly correct as far as the business transactions of the firm in the city of San Francisco are concerned,) it appears that their total assets amount to $1,751,1924 and their liabilities to $1,640,288 25, leaving a balance of assets of $110,904 24. Thus the liabilities amount to nearly the same sum as the assets, but from the nature of the latter, it is considered more than probable that no more than fifty per cent on the whole amount will be realized. Our correspondent, writing from San Francisco on the 1st of March, says that the failure of Adams & Co. is considered a very bad one, and evidences of their indebtedness will scarcely command twenty-five cents on the dollar. Page, Bacon & Co. have made a statement of their affairs, but it has been severely criticised and is considered unsatisfactory by some. Arrangements are being made to give this house the time they desired. A large number of persons of reputed wealth have signed a deed by which they become liable for upwards of a million of dollars for Page, Bacon & Co's debts, in the event of their creditors allowing them to pay their depositors in four equal instalments at two, four, six and eight months date, with interest at one per cent a monih. The great body of the creditors will, it is said, accede to these terms. Little is as yet known about the affairs of Wright & Co. Robinson & Co. propose to pay 37½ cents on the dollar in ninety days. Reed & Co., Sacramento bankers, have applied for the benefit of the insolvent act, much to the astonishment of creditors, as their embarrassment was thought to be but temporary. The long looked for rain had come at last, and the miners and the agriculturists will gain thousands where they have lost hundreds by the bank fathres. It had rained steadily for nearly forty-eight hours, and, judging from the accounts already received, we are led to be. Meve it has extended all through California. The news from Kern river is of an exciting character The accounts from the newly discovered diggings repre sent the miners as doing remarkably well, some say averaging $10 to $20 per day. The steamers for San Pedro-the nearest point of disembarkation for the mines— go down crowded with passengers.

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

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

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

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

16. March 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

17. March 29, 1855 Glasgow Weekly Times Glasgow, MO
Article from Glasgow Weekly Times, March 29, 1855

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From California. NEW YORK, March 19. The Northern Light is coming up. She announces the failure of Page, Bacon & Co. Adams & Co. Wells, Fargo & Co. She brings $10,000 in specie. No Senator has been elected, nor is there any prospect. Our San Francisco dates are to the 26th. Business was entirely prostrate, which was cause by the suspension of five of the Banking Houses. News of the Page & Bacon difficulty reached San Francisco on the 17th, causing a great run on the house, which was met. They paid half a million of dollars. A meeting of the merchants and bankers declared the house sound. which restored confidence, and affairs seemed to wear a better aspret. the 22d. however. Page, Bicon & Co suspended, and were followed by the others named above. The excitement was intense. The Legislature adjourned sine die, on the 16th, by a vote of 63 to 44; those VOe ting in the minority were principally the friends of Mr. Gwyn. Adams & Co., have closed all their offices I without paying a dollar. except in San Fran. cisco. where, on the 22d. they stend a run o' $200.000. Wells. Faigo & Co.. closed here. but their country branches paid as long as coin could be obtained in exchange for dust and bars. The House internet the t they would resume payment in San FrancisCO on the 26th. It was feared that Adams & Co would ot resume in sixty days, if at all. Page, Bacon & Co. will probably resume in a few days, depositors having granted e time on $100,000 assets. These large failures caused a detention of the steamer unif til the 26th. There are rumors of heavy failures a amongst merchants, but we have nothing authentic. 1, Owing to the scarcity of water, but little n gold was taken from the mines. Heavy rains commenced on the 25th, and still conS tinued when the steamer left. a The news from Kern river is of an excie ting character. Miners, it was said, were 1. averaging $10 to $20 per day. The steam. ers were going down crowded with passengers. o On the morning of the 8th, the St. to Charles Hotel and Hillman's Hotel, in San I Francisco, were destroyed by fire. Loss of $50,000. in Nevada sixteen houses were burned o on 16th, and in Stockton twenty-five houses y were destroyed by fire on 21st. of The Indian troubles were on the increase; no some ten white men and about sevenly-nine 1. Indians had been killed. The native Californians had held severly al meetings in San Francisco, for the pure pose of taking steps to emigrate to Sonora. is The Mariposa Gold Mining Company, e London concern, was sold by Sheriff. be Washington's birthday was celebrated in San Frarcisco by a firemen's parade. A. ed propriate ceremonies were performed at the Metropolitan Theatre. rOwing to the monetary difficulties. the recently arrived ships were not discharged aThe steamers Oregon from Panama, and $t. Sierra Nevada from San Juan, had larrived is, The Oregon Legislature adjourned on nthe 1st of February. The Washington Legislature has made Olympia the capital of the Territory. rd A letter from Page, Bacon & Co., states that they would certainly resume business on the first of March, in San Francisco and re all their branches. nd

18. 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.

19. March 29, 1855 Democrat and Sentinel Ebensburg, PA
Article from Democrat and Sentinel, March 29, 1855

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From California. NEW YORK, March 24. -The George Law left Aspinwall on the 10th, in the morning, with California dates to the 1st of March The following are the principal consignees of the treasure brought by the steamer Drexel & Co., $100,000; Metropelitan Bank $10,000; A. Rich & Bro. $25,000; Wells & Fargo, $15,000; Adams & Co., $20,500; and others, amounting in all $217,800. The George Law brings 264 passengers, which were brought to Panama, by the Golden Gate in 11 days and 4 hours running time The outward passengers of the George Law, were landed at Aspinwall on the morning of the 15th; they left Panama on the Golden Gate on the same day. Col. Freemont is amongst the passengers of the George Law. Wells, Fargo & Co., resumed payment on the 25th. Al! demands have been promptly paid. Adams & Co., have filled a petition for insolvency. Their schedule of assets and liabilities, show a balance on the right of about $100,000. Mr. Woods has given all his private property estimated at $250,000, which went to make the total of assets. The failure of Robinson & Co., is not so, bad a one. Arrangements for the resumption of Page, Bacon & Co., are completed, and it was expected they would be in a condition to resume in a few days. Reed & Co., of Sacramento. have applied for the benefit of the insolvent act. A.S. Wright and the Miner's Savings Bank are in expectation of shortly resuming. Of general news, there is literally nothing of interest. There have been copious rains, much to the gratification of the miners and agriculturists. A bill has been introduced into the Legislature for a prohibitory liquor law It submits the matter to a vote of the people at the general election in 1855. In the business circles of San Francisco, there is rather more confidence, but the financial stringency is nevertheless so great that very little has been done in trade. The cash sales of Gallego Flour, were about $14. Choice new Butter 45. Hams 18. Lard 131. Valpariso dates to the 14th February and Calleo dates to the 26th have been received. The news from Chili is unimportant. The Bogota congress met on the 1st February, Manuel Williams was declared Vice President of the Republic.