"The Failure of Page, Bacon & Co."

June 5, 1855

The article contains details about a second run on the San Francisco branch of the banking house of Page, Bacon & Co. in May of 1855. The firm paid out the $317,000 in its vaults but due to outstanding obligations of $400,000 to guarantors who had covered its loses during the previous run on the bank in late February of 1855. The local sheriff closed the branch until the matter could be resolved and outstanding certificates, notes, and drafts on the bank adjudicated. The article concludes that notes issued by the bank were trading at less than fifty percent of their face value. “The Failure of Page, Bacon & Co.,” Daily Dispatch, June 5, 1855, 3.