Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1855-03-22
Total .
sl,O5O,OOO


The guarantee was then drawn up in due
form and signed, and depositors representing
about 100000 Of the Indebtedness Of the
house then signed stipulation granting the
required extension of the terms proposed.
Page, Bacon & Go. would, therefore, resume in
a few days, having, as they write to New York,
made every arrangement.
Proposition OF Adams a. Co.
In the Alta California of the Goth we find
long statement of Adams & Co.'s resident part
ner, in which, after referring to the unexpected
run of the 22d, he says:
" Immediately, and all that night we made
every effort which men could, everywhere in
town, to procure coin. Gold dust we had
Of our friends, which, with unparalleled gener-
osty, they had placed at our disposal We of
fered million and quarter OF dollars in the
best securities in the world to raise one-ifth of
the sum in coin. Every effort and every sacri-
flee were in vain; it could not be done. The
rest is known. These being the facts Of our
suspension, desire to make the creditors Of
the house throughout the State the following
proposition:
That within thirty days from the date the
receiver shall pay them rs per cent. in cash
upon all our claims.
That the creditors shall receive the balance
oftheir claims from the receiver as fast as he
can declare the dividends, and for this purpose
he shall be allowed TO administer the assets,
notes, real estate &C., of the house, and realize
them as fast as possible, without hindrance,
and to the best advantage for the creditors, and
for the greater security of the creditors that
his present bonds, which are for one million Of
dollars, shall be increased, if deemed neces-
sary.
"That Adams 4 Co. shall be allowed to re-
sumo their business as heretofore, with such
aid as they can obtain from their friends and
customers; and in this connection | am deeply
gratihed - state, that the whole body of our
clerks, with the devotion to the house which
they have done so much to build up, for which
no words can thank them, have volunteered,
each and all, their services for an entire year,
without hire or reward, beyond bare sub
sistence.n
A letter says the creditors have accepted
these propositions, and that the house would
resume in about two weeks.
Wells, Fargo a. Co.
George G. Bates, attorney for this house,
also issued card, assuring the people Of Cali
fornia that this suspension is merely tenn
III.
and that the resumption of the house, and a
continuation ofts hitherto prosperous business,
may be considered as morally certain Wells.
Fargo d Co. are Joint Stock Company, with
upwards Of one hundred and twenty share
holders, many Of whom are men Of large
wealth.
Other Matters.
We have given above as complete detail
Of the circumstances attending the several
failures as our limits would admit, combining
ourselves to events in San Francisco The
various branches of the houses in the interior
Of course have also suspended
Bank Excitement In the Interior.
The panic extended TO the interior of the
State; and the branches Of Adams 4 Co. sus-
pended at Sacramento, Marysvie, Sonora,
Columbia, Stockton, Placerville, Grass Valley,
Aubrn, and Coloma. At several Of these towns
there was much excitement. At Auburn an
armed crowd compelled them to open their
safes and pay as long as their funds lasted
At Mokelumne they held out at last accounts.
Wells, Fargo * Co., suspended at Sacra.
mento, Marysyille, and Nevada, bat they held
out at Sonora, Mokelumne, Stockton, Placer.
vile, Grass Valley, Auburn, and Coloma.
AT Sacramento, Page, Bacon Il Co, and
Read d Co. closed, but the run on other houses
had ceased, after terrible excitement At
Nevada, the banking house Of Hamlet Davis
had also closed, as had the house of Plume a
Co., at Marysville. J. II. Richardson, a banker
at jamestown, disappeared during the excite.
ment, when the miners broke open his safe,
and found only twenty dollars.
The Merchants.
The San Francisco Price Current Of the
evening Of the 24th denies that there has been
any failures of purely mercantile houses. 1t
says;
"We have taken especial pains to inform
ourselves in regard to this whole matter, and
are happy to be able to inform our readers
abroad that not single case Of the kind has
occurred. The only suspension we hear Of at
all is that Of a prominent Stockton milling
house, formerly engaged in the commission
business in this city, which has been Obliged TO
stop operations. The liabilities are stated at
$4,000, but their assets are heavy, and are
all in the country and available"
Unsure