Annals of San Francisco by Frank Soulé

Author:Frank Soulé [Soulé, Frank]
Language: eng
Format: epub
Tags: Geschichte
Publisher: Jazzybee Verlag
Published: 2017-11-22T23:00:00+00:00

CHAPTER XII.

1850.

September 7th. —There have been during the last few days a monetary crisis and great run upon the banks; when one of them, Mr. Henry M. Naglee's, suspended payment to-day. During the troublous and exciting winter of 1849-50, speculation had gone beyond all bounds both in every kind of merchandise and in real estate. When the reaction came, prices fell nearly as much below the prime cost of goods as previously they had been above it, and in many cases great quantities of valuable merchandise could be had at nominal rates. Real estate, when forced on the market, often did not fetch a tenth of its recent value. Added to this sudden collapse of prices, three great fires had helped to ruin many, and had affected indeed every inhabitant of the city in some measure prejudicially. Thus a general financial embarrassment ensued, and numerous bankruptcies of people previously reputed wealthy followed. Some of the most extensive firms of the city were compelled to assign their property for the benefit of their creditors. On a sudden a panic seized those who held deposits in the different banks, and an immediate "run" was made on these establishments. Messrs. Burgoyne & Co., James King of William, and Wells & Co., nobly met the unexpected demand, and kept their doors open during unusual and extra hours to accommodate the half frantic depositors.

September 17th. —About four o'clock in the morning of this day, fire broke out in the "Philadelphia House," on the north side of Jackson street, near to the Washington market. It was the fourth great conflagration in the city. The principal portions of the different building squares lying between Dupont, Montgomery, Washington and Pacific streets were overrun by the flames. The buildings erected on these quarters were chiefly of wood, and generally one story only in height; so that, although the space over which the fire extended was very great, much less proportionate damage was sustained than on the occasions of the preceding great fires. The loss was estimated to be from a quarter to half a million of dollars. The newly organized fire companies were of much service in staying the progress of the conflagration, and would have been of still more had there not been a short supply of water. It was evident, however, that the want of a proper head or engineering chief sadly hindered the harmonious action not only of these and the hook and ladder companies, but of every person who volunteered help in extinguishing the flames. As usual, the burned space was so soon afterwards covered with buildings that in a few weeks all external traces of the disaster disappeared. It was remarked at this time that there were certain unlucky individuals whose properties had been consumed on each occasion of the four great fires—all within nine months! Many had suffered twice and thrice by these successive calamities. This surely was enough to try the patience of a modern Job, and drive the bravest to despair.

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