naturally pressed the San Francisco firm to ship largely of
"gold-dust," which gave them a great name; also to keep as large a
balance as possible in New York to sustain their credit. Mr. Page
was a very wealthy man, but his wealth consisted mostly of land and
property in St. Louis. He was an old man, and a good one; had been
a baker, and knew little of banking as a business. This part of
his general business was managed exclusively by his son-in-law,
Henry D. Bacon, who was young, handsome, and generally popular.
How he was drawn into that affair of the Ohio & Mississippi road I
have no means of knowing, except by hearsay. Their business in New
York was done through the American Exchange Bank, and through
Duncan, Sherman & Co. As we were rival houses, the St. Louis
partners removed our account from the American Exchange Bank to the
Metropolitan Bank; and, as Wadsworth & Sheldon had failed, I was
instructed to deal in time bills, and in European exchange, with
Schnchardt & Gebhard, bankers in Nassau Street.

In California the house of Page, Bacon & Co. was composed of the
same partners as in St. Louis, with the addition of Henry Haight,
Judge Chambers, and young Frank Page. The latter had charge of the
"branch" in Sacramento. Haight was the real head-man, but he was
too fond of lager-beer to be in trusted with so large a business.
Beyond all comparison, Page, Bacon & Co. were the most prominent
bankers in California in 1853-'55. Though I had notice of danger
in that quarter, from our partners in St. Louis, nobody in
California doubted their wealth and stability. They must have had,
during that winter, an average deposit account of nearly two
million dollars, of which seven hundred thousand dollars was in
"certificates of deposit," the most stable of all accounts in a
bank. Thousands of miners invested their earnings in such