Monthly Archives: February 2012

The corrupt politics of San Francisco

Posted on February 29, 2012 by John Putnam

The crimes of those who caused the financial depression of 1855 were minor compared to the social and political corruption in San Francisco. This group included murderers, robbers, burglars, thieves, forgers, prostitutes, gamblers, bullies and vagabonds but also the regular … Continue reading →

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The impact of the 1855 depression

Posted on February 28, 2012 by John Putnam

Even amid the fanfare in San Francisco over the opening of the Panama Railroad, and the improvements it made in the transportation of mail to the west and payments of gold to creditors in the east, the natural effect of … Continue reading →

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Steamer days

Posted on February 27, 2012 by John Putnam

For years the Pacific Mail Steamships would depart San Francisco on the fifth and twentieth of every month. There would almost always be a large crowd on the wharf but not so vocal as on arrival. Instead of hotel runners … Continue reading →

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The importance of Pacific Mail

Posted on February 26, 2012 by John Putnam

The success of the Pacific Mail Steamship Co., particularly after the opening of the Panama Railroad, justified an increase in service. To the original three steamers on the Pacific side, the California, Oregon and Panama, were added larger and more … Continue reading →

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Panama, the easy route to California

Posted on February 23, 2012 by John Putnam

As soon as trains ran regularly along the Panama Railway between Panama City and Aspinwall, and passengers were not delayed more than a few hours in either direction or more than a day or two across the whole isthmus, the … Continue reading →

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The Panama Railroad

Posted on February 22, 2012 by John Putnam

The news of the failure of Page, Bacon & Co. in St. Louis reached San Francisco by way of the newly completed Panama Railroad. In February 1855 the fastest means of communication between the east coast of the United States … Continue reading →

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The unresolved Adams bankruptcy

Posted on February 21, 2012 by John Putnam

After his arrest for contempt of court Edward Jones soon handed over all the Adams & Co. assets under his control and was released, but Alfred Cohen either could not or would not answer for certain missing funds from the … Continue reading →

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The Adams bankruptcy has problems

Posted on February 20, 2012 by John Putnam

Soon after Alfred A. Cohen was appointed as receiver for Adams & Co., creditors had sued the company demanding more than enough to exhaust the funds on hand. The court then declared the company insolvent and this allowed these funds … Continue reading →

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Adams & Co. a planned failure

Posted on February 19, 2012 by John Putnam

On that Black Friday morning, perhaps with knowledge they could not pay their obligations, Adams & Co. set about to implement a plan for failure. An amicable, some called it collusive, lawsuit for dissolution of the partnership was to be … Continue reading →

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Fraud in the Adams & Co. failure

Posted on February 16, 2012 by John Putnam

After the run on banks in San Francisco on February 23, 1855 the situation was not as bad as it had at first seemed. While Page, Bacon & Co. as well as Adams & Co. and several other firms had … Continue reading →

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