Beschreibung:

Title: Archive of 33 documents relating to the Black Friday bancruptcy of Adams & Co. Express Author: ** Place: San Francisco Publisher: Date: 1855-1857 Description: Archive of 33 original documents, letters, etc. This remarkable file contains 33 original documents and letters regarding the Adams & Co.’s bankruptcy in 1855. Many of the documents share a common thread, having been handled through San Francisco attorney Charles Bowman. (Interestingly, Attorney Charles C. Bowman was an 1851 member of the original (first) Vigilance Committee as well. His papers contain remarkable content, much of which is discussed in Albert Shumate’s The Notorious I. C. Woods of the Adams Express, 1986.) The present archive contains documents signed by James King of William, Edward W. Tracy, Edward Norton, Daniel H. Haskell and others involved. 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 until 1847 and then left for the Pacific. He had a ship full of goods, perhaps planning to open a business in Hawaii or Tahiti, but when the news of gold reached his ears, he changed course for San Francisco, arriving in November 1848. There he sold his cargo, leased his ship, and entered into the San Francisco business world. He returned east, met Daniel Haskell, a clerk for Adams & Co., who introduced him to Alvin Adams. Haskell had persuaded Adams into opening 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. After 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 businrss organization. It handled more money, dealt with more people, and furnished more services to industry and commerce than any other”, noted Shumate. 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 and while the local branch told the world it would pay all its debts and depositors, a worried municipality soon flooded through the doors and a run on the banks was on. Panic ensued as rumors quickly spread. Page, Bacon & Co. suspended business completely about ten days later (Feb. 22), and Adams did the same later that day. Runs on other banks forced more closures that day, which would became known as “Black Friday.” Even the mighty Wells Fargo shut down for three days, but opened for business once again. Lawsuits followed. Page, Bacon sued Adams for selling them low quality gold dust at high rates. Judge Norton threw out this case as baseless, since attorneys could not prove their claim. Norton did however render other judgments against Adams in early March, as shown in this archive. Suits flew into local and regional courts against Adams & Co, Woods and Haskell. Sheriff sales were ordered for most or all of Woods’ personal property, and that which 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 Ad