Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1855-06-07

Suspension OF Page, Bacon A. Co.
As might naturally be expected from the news
brought by the steamer, run on Page, Bacon &
Co. was commenced yesterday, as the
Banking House was opened large force OF
police was stationed inside, and every exertion
was made to preserve order The depositors
were admitted enc by one, entering at one door,
and going out at another. We were informed
that before commencing business, Page, Bacon,
& Co. had S3l7 900 in their vaults; which was
all paid to the depostors, and those who had
procured attachments against the firm on the
preceding night. In the morning, Page, Bacon
& Co. confessed judgment for the sum Of $500 900
in favor Of the guarantors of the time certificates
issued after the first suspension.
In pursuance of this confession of Judgment
an execution was issued, and placed in the hands
of Sheriff Gorham, who few minutes before IL
O'Clock effected an entrance, and levied upon the
remaining property of the firm The doors we're
Immediately closed. II was in the Herald of
yesterday that among other attachments one had
been issued for the sum of $4,000. The COM
plant was, however, afterward withdrawn,
the money had been on special deposite, and I'M
necessary for its recovery. We were informed
that on the closing of the house. there was
nothing in the vault but some $4,000 or $1,000
in gold dust, which had been placed there on
special deposite, and could not therefore be
touched. A Judgment was also confessed yester-
day by Page, Bacon s. Co., in favor of F. M.
Haight, for the sum of ~, 900 promissory
note, payable in sixty days.
What the assets are, we have at present no
means of ascertaining; but it is thought that
both here and at st. Louis they will be more
than sufficient to cover the liabilities. Consde-
rable anxiety was felt yesterday in regard to the
100000 sent home by Page, Bacon & Co. by the
Golden Gate, but it is thought that in accord
ance with the ruling of the Postmaster General
former occasion, the gold dust sent home
can be secured for the payment of the drafts and
that no loss will be sustained.
Some time after the bank had closed, a poor
woman contrived to gain admittance and pre-
sented check for 500. There was not dol
lar in the vault which could be made available.
The poor woman appeared very much distressed,
and Mr.. Page handed to her his watch valued at
$3.50, and S25-all the change he had in his
pocket, and also informed her that he would be
personally responsible for the remainder.
BY telegraph last night, we learn that the
house of Page, Bacon & Co., at Sacramento, paid
all demands presented at the counter yesterday,
and published notice stating that there was
sufficient funds in their vaults to meet all de-
mands. 1t was expected that the bank would re-
sumo business this morning.
PAGE, Bacon s. Co., IN SAcRAMENTo.-Th
news of the failure of Page & Bacon, says the
State Journal, received last evening, caused con-
sternation almost equal to that ola month or two
rush was made toward the offices of the sheriff
and county clerk. A deputy sheriff is on duty
watching tho banking house of Page, Bacon &
Co., to see that no treasure is distracted.
The Shipping List says:
The failure of the two largest banking houses
in Calfornia-that Of Page, Bacon & Co., and
Adams & Co., now complete and irrevocable-
may well call attention to the way in which the
banking business has been conducted in this coun-
try. We find that the heaviest business has been
done here by establishments connected with large
concerns in the East, and in the cases of the
houses mentioned above, that connection proved
their ruin. There can be no doubt that Page,
Bacon s. Co., in California, were solvent until
they commenced to assist the St. Louis house.
Adams & Co. were failed by the acknowledgement
Of the old partners, who, attempting to regulate
in New York affairs in San Francisco, involved
the concern in bad debts, from which the new
partnership could not extrcate itself before it was
overtaken by the crash produced by the suspen-
sion of Page, Bacon & Co. That other houses
did not go down with them is owing to the fact
that some of them did too small business to fail
on, and that others received extraneous aid of an
extraordinary character.
The system of banking here wants immediate
and strict supervision. We can have conf
dence in establishments which are not of us and
among us. A house which can be failed by par
ties thousands Of miles away, over whom it can
exercise control, is not to be trusted here.
We want local banks-ones which are secured
here and managed here; to such only can we
trust.
Since the above was written, we learn by the
arrival Of the Nicaragua steamer that by
signment to ID. Hoadley, Messrs. Page, Bacon s.
CO. have protected far as they could the par
ties who took par exchange by sacrificing those
who purchased from them after their resumption!
This is doing banking business in new style
one never heard of before, to our knowledge, and
one not likely to be followed by any respectable
house hereafter.
II is also stated at the close, that Mr. Page has
made over four hundred acres of his st. Louis
property to protect his bondsmen The value Of
il is yet to be determined.
From the San Francisco Unien of March "a.
The Resources of the Gadsdcn Purchase.
We translate, from the German Journal, the
following notice of the resources of the Gadsden
a. II. az. L..