certificates, which they converted into drafts on New York, when
they were ready to go home or wanted to send their "pile" to their
families. Adams & Co. were next in order, because of their
numerous offices scattered throughout the mining country. A
gentleman named Haskell had been in charge of Adams & Co. in San
Francisco, but in the winter of 1854-'55 some changes were made,
and the banking department had been transferred to a magnificent
office in Halleck's new Metropolitan Block. James King of Wm. had
discontinued business on his own account, and been employed by
Adams & Co. as their cashier and banker, and Isaiah C. Wood had
succeeded Haskell in chief control of the express department.
Wells, Fargo & Co. were also bankers as well as expressmen, and
William J. Pardee was the resident partner.

As the mail-steamer came in on February 17, 1855, according to her
custom, she ran close to the Long Wharf (Meiggs's) on North Beach,
to throw ashore the express-parcels of news for speedy delivery.
Some passenger on deck called to a man of his acquaintance standing
on the wharf, that Page & Bacon had failed in New York. The news
spread like wild-fire, but soon it was met by the newspaper
accounts to the effect that some particular acceptances of Page &
Bacon, of St. Louis, in the hands of Duncan, Sherman & Co., in New
York, had gone to protest. All who had balances at Page, Bacon &
Co.'s, or held certificates of deposit, were more or less alarmed,
wanted to secure their money, and a general excitement pervaded the
whole community. Word was soon passed round that the matter
admitted of explanation, viz., that the two houses were distinct
and separate concerns, that every draft of the California house had
been paid in New York, and would continue to be paid. It was
expected that this assertion would quiet the fears of the