Not long after James King arrived in California he journeyed to the mines along the South Fork of the American River, but after only a short stay there he returned to Sacramento where he entered the mercantile firm of Hensley, Reading & Co. as a partner and bookkeeper. By the fall of 1849 however he relocated to San Francisco and on December 5, 1849 he opened the bank of “James King of William” on the corner of Montgomery and Washington Streets along with Jacob R. Snyder. Here his … [Read more...]
San Francisco loses hope
March 4, 2012 By Leave a Comment
In addition to the political and social corruption of the times could be added over speculation in consumer goods and a decline in the production of the placer mines that began in 1853, all of which combined to lead to the commercial depression of 1854. And while there continued to be extravagant spending on some luxury goods, the consumption of staple good decreased, the prices of merchandise declined, interest rates fell, businesses left town, others failed and bankruptcies piled up … [Read more...]
The corrupt politics of San Francisco
February 29, 2012 By 1 Comment
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 experts in stuffing ballot boxes and those politicians who used, aided or gave encouragement to the manipulators of fraudulent elections. The depth of political corruption reached in San Francisco in 1854 and 1855 had perhaps … [Read more...]
The impact of the 1855 depression
February 28, 2012 By 2 Comments
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 the bank failures of 1855 was to throw everything in the city, and indeed the whole of California, into a state of confusion. And so, in spite of the advance in communication with the east and business affairs that even under these peculiar circumstances had reached a high level, … [Read more...]
Steamer days
February 27, 2012 By 4 Comments
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 there were fruit, nut and sweetmeat vendors. And instead of the loud hurrahs there was often sadness in seeing the departure of friends, relatives and many stalwart men whose strength and vigor had contributed much to the greatness of the land they were now to … [Read more...]
The importance of Pacific Mail
February 26, 2012 By 1 Comment
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 elegant ships while on the Atlantic a greater number of vessels were on hand for both passengers and freight. The original purpose of the company had been to carry the mail and two steamers a month regularly traveled between Panama and San Francisco … [Read more...]
Panama, the easy route to California
February 23, 2012 By 4 Comments
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 journey between New York and San Francisco became a relatively pleasant, but expensive trip. The railroad charged very high fares and those on the Pacific Mail Steamships were also steep, but to residents of gold rich California back then these cost mattered little. With … [Read more...]
The Panama Railroad
February 22, 2012 By 2 Comments
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 and California was by Pacific Mail Steamship and the Panama Railroad. Work on the railway began in 1850. From it’s terminal in Aspinwall, today’s Colon, to the end of the line in Panama City was only forty-eight miles and while there were no difficult engineering obstacles … [Read more...]
The unresolved Adams bankruptcy
February 21, 2012 By Leave a Comment
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 accounts. In addition there was the issue of ten thousand dollars Cohen claimed for his commission that the courts refused to allow. Then on February 27, 1856 workmen discovered a canvas bag containing large account books that had washed in with the tide along North Beach … [Read more...]
The Adams bankruptcy has problems
February 20, 2012 By 4 Comments
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 to be administered for the benefit of all who had filed suit. Cohen was removed as receiver but at a meeting of the creditors Cohen, Richard Roman, and Edward Jones were elected assignees. Cohen, at the order of the court, transferred all assets under his control … [Read more...]
Follow Us!