The Shasta courier., 1855-03-03
Tremcn Ious Bank Suspensions.

For the first time i'll the history of California
has a financial panic pervaded the entire State
Immediately upon the arrival of tue steamer
Sierra NeUada, the house of Page, Bacon Il Co.
suspended payment, and the assets of the firm
were placed in the hands of Receiver. The
houses of Adams & Co, Wells, Fargo & Co,
Wright s. Co, Real & Co., Plume & Co, and
number of other prominent banking houses, after
a short run, also closed their doors.
OF course the news flew with lightning speed
to every corn r of the State. and run COM
menced upon excuses Of Wells, Fargo & Co.
and Adams & Co. in almost every town in Cali
fornia. We presume the history of the world
cannot furnish aiallel to the state of things
that existed throughout the State for three or
four days utter the suspension OF these banks.
In San Francisco, for entire day, Monrgome-
ry street was literally packed with excited de-
positors. In the mining towns, the excitement
was also tremendous, in some cases breaking out
in open violence. In several places the houses
were broken open and the vaults examined by
the excited people. In Sacramento it was feared
for time that some Of the buildings would be
demolished.
In this place the run upon Adams & Co. com.
menced on Saturday morning last and continu-
ed until some $4,000 was Withdrawn from the
vaults. The h ,use was then closed, the treasure
there was still large number of persons pres
ent with certificates of deposit in their hands,
and who were of course sadly disappointed at
not being able to draw their hard earnings. They
however exhibited no symptoms of violence.
Some sixteen thousand dollars worth of gold dust
and other property Of the firm has been attached.
E. w. Tracy, Adams & Cos Agent at this
place. ACTED in a manner that has elected uni
versal commentator. Even many of the miners
who lost their all by the suspension of the house
of which he was Agent were loud in his praise,
and vowed tho determination to run him for
some responsible political Office.
a heavy run made upon Cram, Rogers &
Co., in both Weaverville and Yreka, but all Ct
rheir liabilities were promptly met and their
credit more firmly established than ever.
There was considerable run made upon
Rhodes & Co. in this place, and the house is
doubtless perfectly safe. There was heavy run
made upon their branches in Weaverville and
Yreka but every demand was promptly met.
Wells, Fargo & Co. have since resumed bust
ness throughout the State, and are undoubtedly
solvent. They report 1899, los to their credit
over all liabilities.
Adams Co., it is generally thought, will not
be able to resume. They have great amount
of property, but not enough to liquidate all Of
their debts.
1t is believed that the creditors of Page, Bacon
& Co. will not lose cent. AT meeting of their
creditors, in San Francisco, Col. Crockett, on
behalf of the firm, made statement of the affairs
of the house, showing SS6S,S69 due to them
over all their liabilities, besides the real estate
d. G. Page at ST. Louis estimated at 81, 100000.
The State Journal says-Page Bacon s. Co.
then proposed that they could open if depositors
to the amount of $500, 900 would agree to receive
their deposits in equal payments OF four, SIX.
and eight months, to draw one per cent. month
interest. The question was put and carried
without dissenting voice, that the proposition
be accepted. A paper to that effect was then
signed by most of the depositors present. New
certificates will be issued to those acquiescing to
the agreement.
bond for the greater security of those re-
ceiving the issue has been signed by onr
most wealthy citizens to the amount of l10O-
900. Amongst those signing it are John Parrott,
$4,000; Theodore Payne s5C 900; j. P. Dewey,
Richard Reese. Judge Story, and Arlington &
Co. Some eight or ten merchants stated their
readiness to receive the new issue bearing one
per cent. for goods at cash prices. The indem-
nifty bond to include all those creditors OF Page
Bacon & Co. in this State, who accept terms
They will open when that amount OF deposit is
represented.