at the wharves.

The total losses in the harbor, since 1850, are estimated to have exceeded a million and a half dollars.

The wreck of the San Francisco was attended by circumstances very discreditable to some of the people in and around the city. So soon as the occurrence was known, a multitude of plunderers hastened to the wreck, and proceeded to help themselves from the ship's hold. It was in vain that the owners or their agents attempted to drive them away. Some two hundred dare-devil Americans, nearly all armed with the usual weapons, five or six-shooters and bowie knives, were not to be frightened by big words. They stood their ground, and continued to take and rob as they pleased, plundering from each other as well as from the ship. It was said that even some of the soldiers from the presidio crossed the strait, and became wreckers themselves. Then a storm came, and scattered and capsized the deep-laden boats that were bearing the spoil away. Some were carried out to sea, and were lost; others were swamped close beside the wreck and a few of their passengers were drowned. The number of lives lost could not be exactly ascertained, although it was supposed that, at least, a dozen persons must have perished in the midst of their unhallowed occupation. There were no lives lost of those connected with the San Francisco. She was sold after the wreck, as she lay, her contents included, for $12,000. A short time afterwards, and when some of the lighter parts of the cargo had been removed, the ship went to pieces, as had been the case with the Jenny Lind, before her.

FEBRUARY 11th.-The city was first lighted with coal gas on the evening of this day. The occasion was celebrated by several hundred citizens at a banquet given by the trustees of the "San Francisco Gas Company," in the Oriental Hotel. Already about three miles of pipes were laid in the streets, to be increased as the public accommodation required. At first, only a few of the principal streets and some of the leading hotels and large mercantile establishments were lighted with gas; but every day the number is increasing. The "Metropolitan" theatre, a few weeks after this date, adopted the new light. It will, of course, soon become general, and prove a great benefit to the city. When in addition to gas, the leading street-grades are completed, the streets them

selves properly paved with stone, and fresh water introduced by the "Mountain Lake Water Company," San Francisco will present an appearance equally agreeable and striking to those who recollect the dangers and troubles of traversing its old swampy paths on dark nights. The price charged by the company for the gas was $15 per thousand feet. In regard to this rate, J. M. Moss, the president of the company, remarked at the entertainment above alluded to, that, considering that in San Francisco the price of coal was $36 to $40 per ton-money, 36 per cent. per annum―labor, $6 to $7 per day-gas was furnished here 50 per cent. lower than in New Orleans, and about 20 per cent. lower than in New York. The San Francisco Gas Company was incorporated with a capital of $450,000, and their works were commenced in November, 1852. These are situated on Front street, one hundred and thirty-seven and a half feet, extending from Howard to Fremont street, along which streets they have a depth of two hundred and seventy-five feet. The company was organized with the following officers :—President-Beverley C. Sanders; Vice-President J. Mora Moss; Secretary-John Crane; Trustees-B. C. Sanders, J. M. Moss, James Donahue, John H. Saunders, John Crane.

The first street lamps in San Francisco were erected in Merchant street, by Mr. James B. M. Crooks, in October, 1850. They were lighted with oil, and to be paid for by private subscription. The same gentleman had also completed the erection of ninety lamps, on the 20th of February, 1852, on Montgomery, Clay, Washington and Commercial streets, to be paid for in a similar manner. These, with the exception of four posts, were all destroyed by the fire of the 4th of May following. In the autumn of 1852, the common council contracted with Mr. Crooks to light the city within the limits of Battery, Kearny, Jackson and California streets. This contract was carried out until the introduction of gas as above related, by a contract made with Mr. James Donahue for the "San Francisco Gas Company."

FEBRUARY 17th.-A serious riot took place this afternoon at the Mercantile Hotel, when the policemen in their endeavors to perform their duty by apprehending the rioters, were maltreated by them, and severely injured.

CHAPTER XXX.

1854.

Commercial depression.-Decrease in the value of real estate and merchandise.-Combination of the steamboat owners.-Rates of freight and passage on river steamers.-Duels and duelling.-Sale of "government reserve" town lots.-Celebration of St. Patrick's day.-Conviction of filibusters -Opening of the San Francisco branch mint.-The Pacific railroad.-Falling of the U. S. bondedwarehouse.-Explosion of the boiler of the steamboat “Secretary."—Arrival of Chinese immigrants.—Quick passage of the clipper ship "Flying Cloud."-Wreck of the "Golden Fleece."

MARCH.-San Francisco is passing through a time of much mercantile distress. For many months before this period, commercial business had been unprofitable to those conducting it. We have already alluded to the circumstance that an excessive quantity of goods had arrived during the latter part of 1853. In the spring of 1854, importations continued very large. The market was completely glutted, and prices of the great staples of commerce fell day by day. Several bankruptcies ensued, and the whole commercial community were suffering severe losses. The clipper ship Bald Eagle, and some other vessels, were fully freighted to New York and other eastern ports with goods similar to those they had recently brought from thence. Besides the general lack of business and low prices of merchandise, one great cause of commercial losses here was the high rents charged for stores and general business premises. During 1853, an unusually large number of expensive fire-proof buildings had been erected, which at first were in great demand at much increased rates. When sales and prices of goods fell off, dealers could no longer afford to pay the raised rents. It was found, at the same time, that builders had been largely anticipating the natural demand for business accommodation, and had erected far more houses than could be profitably occupied. Soon the large number of empty stores forced owners of house property to reduce rents from

twenty to thirty per cent.; at which reduction not many more tenements were occupied than before.

All this while, as building was briskly going on and rents were rising, the marketable value of all kinds of real estate was greatly enhanced. Unimproved lots, within a wide circle round the settled portions of the city, became suddenly in demand, at many times their recent price. Speculation in real estate was rife, and holders who had the prudence timeously to sell out, realized large sums. Many people thought that surely the advance could not last, but it did; and prices still continued to rise. Had trade been good, it is hard to say how high and how long the increased prices,-great part of which was certainly without just cause, would have gone on; although doubtless the reaction would have come by and by. The bad condition of commercial affairs, and the reduction in store rents, hastened the downfall. About the close of December, 1853, at the time of the great sales of water lots, prices of real estate were about the highest. Two months later, unimproved town lots were almost unsalable at any price, while house property suffered a fall corresponding to the reduction in rents. This led to the failure of a few speculators in real estate. Looking, disinterestedly, at the great extent of ground around the city still unbuilt upon, the number of empty stores, the acknowledged overdoing of commercial business, and, above all, the comparatively slow rate at which, of late, the population of the State and city is increasing, it appears to us highly probable that many years will pass before the recent high prices be again witnessed. Most likely, the present reduced prices for all kinds of real estate, but more particularly for unimproved lots, will continue, for some months, to fall lower. When the population of the State, and by consequence that of its great port, are materially increased, prices of real estate in San Francisco may be expected to rise far above the present or even the recent high rates.

While there seemed not much hope for any rise in the value of real estate for a long period, prices of merchandise in the latter part of this month began slightly to improve. The prospects of a general European war, and the expected diminution of shipments from other ports to San Francisco, as well as the increasing

production of gold at the mines, led to the belief that before long the commercial market would, at last, become again profitable to merchants. All mercantile communities are subject to occasional depression, but these in the end work their own cure. In the instance before us, the chief loss would fall, not upon the general inhabitants of San Francisco,-who only got their merchandise cheaper, nor even on its many commission merchants; but on the foreign shippers who wilfully and recklessly continued to flood our market with goods that were not wanted at the time.

About this time, a combination was formed among the owners of the various steamboats plying on the bay and interior waters. The capital of this great joint-stock association, called the "California Steam Navigation Company," was declared to be $2,500,000; divided into shares of $1000. It was provided that the partnership should exist for fifty years after the 22d day of February, 1854,—that being the date of incorporation. Merchants and others, both in San Francisco and the large interior towns, considered that their interests would be prejudicially affected by this combination, which would, for a time at least, effectually hinder all competition. Very soon, the people of Marysville and Sacramento began to call public meetings, and agitate the question of no monopoly. Preliminary arrangements, while we write, are being undertaken to form companies to start opposition boats.

The rates of freight and passage established by the old combined companies are as follows:-From San Francisco to Sacramento; passage, $10 cabin, and $7 deck; freight, $8 per ton. From San Francisco to Marysville; passage, $12 cabin, and $10 deck; freight, $15 per ton, and $12 measurement. From San Francisco to Stockton; passage, $10 cabin, and $7 deck; freight, $6 per ton.

MARCH 9th.-Much excitement was caused by a duel which took place this day between Mr. Philip W. Thomas, district attorney for Placer County, and Dr. James P. Dickson, of the State Marine Hospital at San Francisco. Mr. Thomas had been challenged by another party for certain derogatory remarks he had made upon the character of the challenger, but had refused to fight a duel with the latter, on some such ground as that he was