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San Francisco,CA - c1855-1857 - Adams & Co. Bankruptcy Archive :

Currency:USD Category:Collectibles / Western Americana Start Price:4,000.00 USD Estimated At:8,000.00 - 10,000.00 USD
San Francisco,CA - c1855-1857 - Adams & Co. Bankruptcy Archive :
Equal only to Page, Bacon & Co. in importance was the house of Adams & Co. Headed by Alvin Adams, it originated as an express company of the same name in Boston, Massachusetts. In 1849, Daniel Haskell was sent as a resident partner to establish a branch house in San Francisco . . . in a comparatively short time Adams & Co., as an express firm, made more and larger shipments of gold dust to New York than any other house. In the course of a year or two, Adams & Co. bought out both Freeman & Co. and Newell & Co. and extended their routes throughout the state, having an office and agent in every town and mining camp of importance in the country (Ref: History of California, by Hittel, Theodore Henry, 1885, Occidental Publishing, pg. 443). Adams & Co., leading bankers, suspended Feb. 23, 1855. Alfred A. Cohen, receiver, was succeeded by Gen. Henry M. Naglee.

This remarkable file contains 33 original documents consisting of letters and legal documents regarding the bankruptcy of Adams & Co. in 1855. The documents share a common thread in that most were handled by San Francisco attorney Charles Bowman, who represented many of the creditors and also represented Woods in his dealings with Adams. They contain remarkable content, much of which is discussed in Albert Shumate's The Notorious I.C. Woods of the Adams Express, 1986. The archive contains the original signatures of all of these famous men, including: Woods, Adams, Tracy, Haskell, Norton, and James King of William.

Isaiah Churchill Woods was born in Maine in 1825. Woods' father died when he was 14, forcing the young Woods into the business world at an early age. He worked in the shipping business, and in 1847 went to the Pacific. He had a ship full of goods, perhaps planning to open a business in Hawaii or Tahiti, but when news of gold reached his ears, he was off to San Francisco, arriving in November, 1848. He sold his cargo, rented his ship, amandntered the San Francisco business world. He returned east and met Daniel Haskell, a clerk for Adams & Co., who then introduced him to Alvin Adams. Haskell had "persuaded" Adams to open a branch of the successful Adams & Co.'s Express in California, and in 1849 the Company opened for business in San Francisco on a lot leased from Woods. Following the fire of 1851, Adams Express occupied the Granite Block along with Page, Bacon & Co. and others, in the most prominent building in San Francisco. Adams thus claimed to be the first express agency on the Pacific Coast, and the business grew steadily. "By 1853, Adams & Co. was generally regarded as California's leading business organization. It handled more money, dealt with more people, and furnished more services to industry and commerce than any other," noted Shumate. The dreams of Alvin Adams, who founded the company in 1840, were coming to fruition. In 1854, Haskell announced that he and Woods were the new senior management of Adams' California operations, and Adams himself was a "special partner." The terminology indicated to some that Adams had sold his western agency to Woods and Haskell, but remained attached in some other way contractually.

In February, 1855, California banks were notified that Page, Bacon & Co. had suspended business. While the local branch told the world it would pay all its debts and depositors, a worried municipality soon flocked to the doors and a run on the bank was on. Panic ensued, as rumors spread wildly. Page, Bacon & Co. suspended completely about ten days later (Feb. 22), and Adams did the same later in the day. Runs on other banks forced more closures that day, which became known as "Black Friday." Even the mighty Wells Fargo shut down for three days, but opened later.

The lawsuits started soon thereafter. Page, Bacon & Co. sued Adams for selling them low quality gold dust at high rates. Scams abounded, as many banks had relied more on relutation than assay, and these banks were caught in the downfall crossfire. Judge Norton threw out that case as baseless, since attorneys were not able to prove their case. Norton did, however, render other judgjudgmentsinst Adams in early March, as this archive demonstrates.

Suits appeared in local and regional courts against Adams & Co., Woods and Haskell. Sheriff sales were ordered for most or all of Woods' personal property as well as that proved to be owned by Adams & Co. Creditors also sued Adams, and a letter in this archive signed by Woods on the fateful day of closure, February 22, addressed to attorney Bowman that Adams "writes complaining very seriously of the conduct of the business, and of the fact that he has been made a general, instead of a special partner. I hold his Power of Attorney, and I cannot act for him and for myself. I herewith put his interests in your hands . . ."

James King of William, a "clerk" at Adams & Co.'s office when it closed, later railed in his newspaper against Woods, who left the country shortly after Black Friday. Fearful he would not receive a fair trial he did not return for years, and rightfully so. Before the closure of the Adams failure in civil and governmental courts, James King of William was assassinated, and his killer hung by the Vigilance Committee, at least the third such hanging in a half decade. In fact, Woods' attorney, Charles Bowman, was a member of the Vigilance Committee in 1851. Woods himself had witnessed the Vigilance Committee at work, and was certainly fearful for his life.

One of the letters involves a discussion during a meeting between Woods and Adams in Boston regarding California Governor Johnson's (4th Governor, 1856-58) involvement in proceedings against the two men. Johnson himself had been attacked by the San Francisco press, gotten into a pistol fight, but had his pistol misfire. He thus knew of the problems associated with rumor mills, and might listen to the pleas made by Adams and Woods.

This is quite possibly the most complete archive of Adams material regarding the Black Friday permanent closure of Adams & Co.'s California operation.
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