Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1855-03-22

ing house all day, with the hope Of learning
something in regard to the condition of the
but nothing definite could be
ascertained. In the afternoon the following
card was published
BANKING HOUSE OF ADAMS & Co.,
San Francisco Feb. %.
The Undersigned, resident partner of Adams
X Co., California, in view of the suspension Of
payment this day, deems it his duty to present
to their creditors, friends, and to the public at
large, a brief statement of the causes that have
led to the calamity.
The event of today is equally at variance
with their feelings and pecuniary interests, but
was acceded by a duty to their depositors para
mount to all other considerations. The like
misfortune that has overtaken one Of the most
prominent banks in the State, has so far de-
stroyed confidence as to have occasioned a
"run" on yesterday, which drew from our
vaults over 100000, while the depostes did
not reach $l0,000-and this on a holiday,
when business was apparently forgotten in the
festivities of the occasion.
Our abilities to sustain a continued run was
by no means an impossibihty, but with the ex-
perience of the past week before US, so long as
room for doubt remained, it became clearly
our duty to treat all alike, and to repay the
forbearance of friends and creditors throughout
the mines by exhausting our available means
for the exclusive benefit of more urgent claims
Besides, in the regular course of our business,
our coin had been exchanged for dust, in anti
cipation of shipment by to-morrows steamer.
1t is well known that the demand of gold for
shipment has for many months far exceeded
the supply of dust from the mines; to meet
this deficiency coin has been withdrawn from
the circulation of the country at about the rate
of one million dollars per manufacturing
merely sufficient for the most ordinary wants
of business, and producing an unparalleled and
increasing pressure.
These facts, with the extreme panic produced
by Page, Bacon d Co.'s suspension, compel us
for the protection of all to close our doors.
1t is our intention, Immediately to submit
out affairs to committee of known and trust
worthy citizens, whose report, we are confident,
will demonstrate the propriety of our course,
and the ability of Adams d Co. to discharge
their obligations.
Meanwhile, we ask Of our friends to continue
the confidence we have SO long enjoyed, assur-
ing the public that we shall employ the same
honesty of purpose and energy in action, in re-
lieving all who may sustain embarrassment by
our suspension, that We have ever exhibited in
our transactions in California. |. c. WOODS.
Page, Bacon e. Co.
Some attachments were also placed on this
establishment yesterday. The books are locked
up in the vault, the key of which is in the pos
session of the receiver, Mr.. Wells; and as the
sheriff was present, it would not be prudent to
open it till the attachments, which only amount
to few thousand dollars are, paid off. The
attachments were issued out of the Twelfth
Diatr nj nd for he f,li
amounts:
n Holland VS.. d. Chambers ct al, $3,784 90
James Grant VS.. d. d. Page ct al, 1850 65
e. Hoffiin VS.. same, 1882 46
I. J. l.. Smiley VS.. same, 6,S07 81
Total amount of attachments, $l8,324 rs
General Run-Other Suspensions,
The suspension of Adams & Co. created
perfect panic on che 23d, and a general run on
all the banking houses. Wells, Fargo L Co.
soon closed, temporarily, as they could not pro-
cure coin in exchange for bars, slowed away
in their vaults. The Miners Exchange Bank
soon followed suit, for the same reason Rob-
inson 4 Co.'S Savings Bank did not open its
doors that morning, which added to the excite
ment, as great many poor persons had de- I
posted their earnings there.
A tremendous rush was made on Lucas,
Turner d Co., but the doors were thrown open,
and every certificate that was presented was
promptly cashed. About one o'clock the excite
ment here began TO die out, and before the
time for closing the bank arrived not a single
depositor could be seen.
From an early hour the doors Of B. Davidson
& Co. we're beset with crowds of depositors.
but as in the above case, dollar for dollar was
paid out; and before the hour for closing, con
hdence was entirely restored.
A run was also made on Drexel. Sather &
Church, but the utmost order was maintained,
and everybody who had claims on the establish
ment was satisfied. The officers express them.
selves ready to meet all demands upon them.
Palmer, Cook a Co.'S was the only prom.
nent banking house in the city which the ire
mendous storm Of the 23d did not at oil affect
While crowds beset the doors Of all the other
banking houses, everything was quiet there,
and the ordinary business OF the counting room
was transacted in the usual way.
There was no run on the banking house OF
Tallant a Wilds on the 23d. In the early part
Of the day, a few depositors presented their
certificates, but all demands we're promptly
met, and everything went on as usual. San
ders d Brennan promptly met all demands.
End OF the Excitement.
Everything was very quiet on the oath, and
the only visible traces left after the terrible
financial storm which had just swept over the
city, were the closed doors Of some of the most
prominent and respected bankers. There was,
of course, an entire stagnation Of business. A
San Francisco Journal says:
Such a general upheaving of the masses
was never before witnessed in this city, and we
question very much whether even The great
fires by which San Francisco has been more
than once laid in ruins, could be considered as
widespread calamity as the suspension Of
the banks yesterday. There can be no doubt
that much Of il is owing to the people them.
selves. We did not see, nor can we see, what
grounds there we're for so general panic
The advices from New York by the Sierra Ne
vada, IN relation TO Page, Bacon a. Co., we're
decidedly favorable"
Meeting Of the Creditors OF Page, bacon
On the 18th meeting OF the creditors Of
this house was held, when their assets we're re.
ported at $2,l7l,8l8, and their liabilities at
81 ,302, $50, leaving a balance of 1865. 1868.