Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1855-03-22
Wasbingtun gentinsl.
FURTHER FROM CALIFORNIA.
The Great Financial Panic-The Bank
suspensions-Highi Interesting Details.
The Comm enc ement OF the Panic.

On the 18th OF February, the steamship
Oregon arrived at San Francisco, bringing In
teligence of the failure Of the St. Louis house
of Page & Bacon. The San Francisco Herald
says:
The news spread with astonishing rapidity
in every quarter Of the city, and an immense
crowd soon gathered in front of the bank, each
individual struggling to be first at the counter,
as if life and death depended upon the loss or
gain Of moments time Messrs. Maight and
Chambers addressed the crowd, stating that
there were sufficient funds in bank to redeem
every dollar of their paper, if the assemblage
would only maintain order, and make room for
the egress Of those who had withdrawn their
deposits, every demand would be satisfied.
A large police force, headed by Marshal
Mckenzie, were promptly on the spot and
succeeded in some degree In enforcing the
observance of order. For some time the
pressure Of the crowd was so great that
persons after receiving their money were
obliged to make their egress by walking
upon the heads and shoulders of those in
the rear. On the street the scene was even
more exciting. Persons were constantly arriv-
ing, breathless with haste and clamorous for
admittance at the doors guarded by the police.
The clamor inside produced the impression on
the minds of some that there was danger OF
vantage of by parties outside. who in some in
stances obtained certificates from panic-stricken
holders at enormous discounts.
One individual boosted that his profits for
one hour had amounted to 81 ,500l A number
of disorderly persons were arrested by the pc.
lice. A man presented for payment fictitious
check but Notwithstanding the surrounding ex.
element, it was Immediately detected by the
clerk to whom it was presented. Toward noon
the excitement subsidized, and matters assumed
different aspect, as confidence became re-
stored by the appearance OF immense piles OF
coin from source which seemed exhaustless.
Nearly all the principal banking and mer.
camille firms were prompt with tenders of as.
sistance to any extent. These offers, however,
were in every instance declined.
Meeting OF Merchants.
At two o'clock that day, numerous meet.
ing of merchants was held, at which resolutions
were adopted, declaring that they believed the
worst of the pressure had passed that the sew.
eral banking-ho we're sound, and deserved the
confidence Of the citizens, and therefore they
would continue their deposits and accounts
with said banks. A committee of twenty-f
was appointed to wait upon Messrs. Page, Ba-
con & Co., with resolutions Of the continued
confidence of the community in the house.
u
effect that they would continue their business,
as the failure Of the St. Louis house in no way
affected them. The committee stated that from
exhibits made to them they we're satisfied that
the house was entirely able to meet all its en-
gagements at any time.
The run ON Page, Bacon 4 Co., continued.
The run continued throughout the day, and
about 100000 were paid out. The Herald Of
the next day 1.-THE lSth) says:
"Messrs. Haight and Chambers obstinately
refused deposits all day, as they had no need
of them, and every demand on the bank was
promptly answered. At the opening Of the
door on yesterday morning they had in their
vaults the sum of 81 100000, and in the course
of the day the call upon them did not amount
to over 100000. They have, therefore, in
their vaults, at present, $4,000, in addition
to balance Of 1892, 900 in New York to draw
against, bills outstanding to the amount Of
S630,000, and real estate to the amount Of
$l50,000. Over and above the sl,l20,000
they had in their vaults yesterday morning,
they did not owe more than S4s0,000. Against
that they have, in available assets, ST.
$4,000, and this not remotely available but
available within the next two weeks, or sooner
if necessary-so that the firm can tomorrow
pay all demands upon them and retire with a
million of dollars"
On the 18th the run partially ceased, and
all moved on as usual for two or three days.
On the 22d the Sierra Nevada arrived, bring
ing intelligence that the California drafts Of the
house bad been promptly paid at New York,
but neither that announcement nor the mea-
sures which had been taken to allay the excite
ment was effectual in averting the crash. 1t is
supposed that had the Sierra Nevada arrived
twenty-four hours sooner, the excitement would
have been allayed.
The Suspension OF Page, Bacon a. Co.
On the 22d the firm issued the following
card:
"BAyKISG HOUSE OF PAGE, Bacon & Co.,
"San Francisco, Feb. %, 1855.
ave must suspend. The suspension Of Page
4 Bacon has impaired our credit. We have
large funds in New York, and in transitu. 10
Us unavailable. We cannot raise coin on our
bills. The coin is not in the country. We be-
heve and know we are solvent, and will be able
to pay, and that soon, and have large sur
plus. PAGE, BACON 4 Co."
The Ereniag Nzcs Of that date says:
"The run drew out about $50O,0O0. I'm.
paired confidence and the cessation Of deposits
have since acted against them. Drafts contin-
ued to come in, and the specie in their vaults
these circumstances, and the uncertainty attend
ing the action Of the creditors of Page 4 Ba
con in New York, ID. b. Chambers former
partner, deemed il proper to close up the affairs
Of the concern at once, and thereupon, with
consent Of parties, enjoined the firm from trans
acting further business, Jos. y. Wells, esq, be
ing appointed receiver
The Sierra Nevada, it appears arrived in the
evening, several hours after the suspension.
The Suspension OF Adams a. Co.
Although the 22d was holiday, and no BUSH
ness doing, a run was made on Adams & Co,
during which 100000 we're drawn from the
vaults, while the deposits amounted to only
$4,000. Apprehending continuance Of the
panic, and entertaining doubts as to their abb.
lity 10 breast the storm, the doors Of the bank
ing-house we're closed on the 23d, and the fol-
lowing announcement posted in a conspicuous
place:
BANKING HOUSE, OF ADAMS & Co,
San Francisco Feb 81 lg5s