The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-20

crisis but fall together in confusioa and
disaster, such have just witnessed.
The first banking house in the country cannot always
foresee Its position and ability to go through
crisis II ascertain and ought not to Withhold from
months leading banking house in this city has been
quietly strengthening itself and sustaining its parent
house elsewhere at the expense OF every other banking
house here and especially Of The house OF Adams
Co. hold to day thousands OF dollars in bills receivable
from merchants for indispensable accommodations
wherewith TO meet their loans suddenly called in and
for which the hard cash has left our vaults.
Could have known upon the arrival Of the Nicara-
qua steamer Feb of the protest Of the paper OF Page
Bacon of St Louis in Wall street. jan ~, the day Of
the depaI Of Nicaragua the other side
that there was reason to apprehend such msap the
other banking houses, and Adams & Co. among Them
the run on Page Bacon Co.. Of this city Saturday, Feb
IL had 1t been possible by any amount of diligence to
ascertain the true position Of that house, Adams Co.
could even then have prepared for the worst Unforu
nately, II was not possible.
Either from ignorance Of its own condition, or for
soe other best understood by ITSELF thst house
not only filed the public and is friends With uniouuded
ideas OF its strength and resources but imposed
the anxious scrutiny even Of the other banking houses
To repeated inquiries TO entreates the most urgent
house received always the Of the perfect
ability of Page, Bacon Co. to meet any run. There
fore it that did not concentrate our resources
have done had the truth been revealed, even
limited to On the contrary, sent away eur best
sources having forwarded into the interior Monday
Tuesday and Wednesday Of last week thanSl5O 900
in coin for the purchase Of gold dust alone for the week.
shipment, whle we allowed anotner large amount
coin TO be invested in bullion the for the same
shipment. More than this freely expended the coin
which our life blood in efforts 10 sustain that
house, in redeemng their certificates throughout the
Such condition when, on Wednesday night, at
late hour our house was astounded by the news that
Page Bacon Co. unable to 90 on, and would not
again open their doors.
1t an event which not only falifed the repeated
and solemn given by that house bat which
found destitute of the preparations which, but for
those Assurances should most certainly have made
II was an event, too, which was aggravated in the
highest degree by the tone and OF the extra
ordinary circular which announced ii TO the public
February % was day of general celebration, and
hoped, with the large amount Of gold dust in vaults,
could meet the crisis then evidently impending. But
between and p NJ, Of that day. found run had
quietly set in which took from us in about two hours,
$500 COO in coin and that unless supply
Of coin could be repenshed. we must to protect the
rights of all creditors in the city and throughout
night, We made every effort which men could, every
where in town, to procure coin. Gold dust We had
bad my own private property and the property of our
placed at disposal We offered million and quar-
ter Of dollars in the best securities in the world raise
one fifth of the in coin. Every effort and every
crice were in vain it could not be DONE The rest is
known.
These facts which painful for me present to
the public. Hitherto have withheld them out OF regard
to the feelings OF Others for whom had always
tanned high consideration But the evident disposition,
merits OF the case has forced me to disclosure which
could not longer have withheld without prejudice TO
house. These being the facts Of suspension desire
to make the creditors of the house throughout state
the following propostion:-
That within thirty days from this date the receiver
shall pay them twenty five per cent in cash. upon all
claims.
That the creditors shall receive the balance of their
claims from the receiver fast he declare the
dividends and for this purpose he shall be allowed to ad
minister the assets notes. real estate &C. OF the house.
and realize them as promptly as possible, without him
and to the best advantage for the creditors and
for the greater security of tie creditors that bis pre-
sent bonds which for million OF dollars shah be
increased II deemed necessary.
That Adams L. Co. shall be allowed to resume their
business heretofore, with such aid they obtain
from their friends and customers and in this connection
am deeply gratfed TO state that the whole body Of our
clerks with devotion to the house which they have
done much to build up for which words thank
them, have volunteered each and ALL their services for
an entire year, without hire or reward beyond bare
subsistence.
As it Is desirable that should obtain promptly
possible the sense OF creditors upon thus propos
tion which am confident is for their best interests
and will secure the early payment of their claims in
full we earnestly request them to notify at our bank
ing house, in San Francisco, Of their assent thereto
need not say how acceptable that assent will be- that
we shall endeavor to requte with the energy ADD
fidelity, of which we hope The public has had some
&c. Woods
beg to assure the public that Adams Il Co. have sur
rendered the Receiver appointed by the court every
word to the contrary ia utterly untrue Ny entire pri
yate property have surrendered to the creditors OF
the concern, whose labor and fidelity have built II up
and whose earnings remain unpaid. take leave to ex
press again to our creditors in this city and
means shall be applied to pay them equally, without
TO any AN efforts to obtain such preference
mus he resisted to protect the rights of all
and am advised by c6unsel =. mot succeed; uoon,
SAN FRANCISCO, Feb. %, 1855 L. ~ Woops'
RECEIVERS NOTICE.
The undersigned, having been appointed by tne HON
oIabe the District Court Of the Fourth Judicial Distec
pa fant hay md - n
hereby requests all persons indebted to said arm TO make
prompt payment TO him for the speedy liquidation
Of its affairs Being the only person au'hored 70 col
legal or valid ALFRED A. COHEN, Receiver.
OFF FoRT PoINT, SAN FRANCISCO,
February 26-245 y. NJ.
JAS GORDON BENNETT ESQ.,
Adams & Co. have made arrangements with their
creditors within the last half hour to pay twenty five
cents the dollar in cash. and take the assgnees paper
for the balance. They will be going in two weeks
ROBINSON 4 co.
On Saturday Robinson Co, posted the following no.
TO DEPosIToRs.
We deemed il the best and most prudent course for
ourselves and cur depostors close the doors of
bankirg house yesterday morning Our assets although
net immed iatey available large, end sufficient in
opinion II judiciousIy managed. to pay all liabilities
We will shortly make further statement OF our affairs
and future intentions ROBINSON 4 co.
San Francisco, Feb, q, 1855.
WELLS FARGO & 90.
On application TO Reuben Washburn, Henry NJ. Ma
gee was appointed receiver in this house. They have
published the following
''Wells, Fargo Co. have completed balance of their
accounts day and End the credit Of their house
above every abty $3.50 O6 49, and only ask OF thar
friends few days 70 convert OF their assets 20 re-
sumo payment. WELLS, FARGO co.
Saturday, 10 r. NJ.
The attorney If the house issued the following
TO THE PUBLIC.
As there 10 be some msapprehension as to the
q hill cOmpiafnt fled against Mr. Pardee,
Of the above house which Injunction issued and
receiver appointed II Is due to you that II should
at once be removed. The suspension of this house to
my mind the result OF mere panic, aud nohing
more but after IL had occurred IL due to tue PUB
lie that its assets should be at once piced in such
shape that all the creditors would in any possible
tipgercy receive their entire debt, share AMI share
alike Under our Statutes and decs on, other course
was left h.n TO apply TO the court for Injunction add
receiver aud Il necessary 70 state, AS ground in
the bin that the house for a momsnt l5le TO
meet its debts IN con that Is that there was tempo
ntt hmm