Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-03-23
Correspondent cfthe NJ T. Cour. and Eng ]
FAILURES IN NEW ORLEANS.

! fAlLO IN VIEW
The reports on this head were so contra
dictory even at the office of the Notary, who
protests for the different Banks, that have
abstaned from writing until have been able
10 make the fullest inquiries, the result of
which is:
The stoppage of the old house of Hermann
&. Son. (the father)
Do DO. of Hermann s. Briggs. (thc SON.
Do. do. of Thomas Barrett s, CO., in which
there is another son Of Mr.. Hermann, senior,
in partnership.
That il to say, that the three houses of
Hermann, who were closely connected, have
defnitipely stopped; that OF Il. Barrett u Co.
to-day, when Mr.. Barrett resigned his situation
as Director of the Gas Go. Great exertions
have been made to support this house, but
their connexion with the other two rendered
useless and insufficient the means placed at
their disposal The liabilities OF the three
establishments. are variously stated at from
nine to ten millions ofdoliarS; but it is expect
ed that Il. Barrett a. Co. will be enabled to
resume their payments next month
The house of Lee, Maddox Il Wood, after
short suspension Of one day, have resumed
their payments and operations, as it was
found that they had ample means to meet
every demand upon them, and their credit is
unimpaired.
The reports that are in circulation con-
Icerning two more respectable houses are
destitute of foundation, and consequently ]
abstain from giving you their names.
The fixtures in .Nt,c- Orleans and their
consequences gave in our columns yes
terday morning, the particulars Of the failure
of several Of the largest houses in New-Or-
leans, and the fact that large house in this
city was implicated in their transactions to a
very large amount, suppressing, however, the
name Of the house in this city. The house
referred to, was that of MessIs. J. l.. & s.
JosEpm s. Co.; and at an early hour they cal
led together number Of our most prominent
merchants and others, before whom they
placed an account of their liabilities, and their
means of meeting them.
1t appeared by this statement, that they
had accepted for the houses Of Herman ~
Son, Herman & Briggs, and Thomas Barrett
g. Co., all Of whom by the last advices had
suspended payment, to the amount of 81.
050OO0, and that they had forwarded to them
upwards of 100000 of assets--making the
total of their liabilities with the houses in
question, about S2,500,000. They also
showed by their balance sheet, that on the
lst Jan. the house was worth nearly million
Of dollars. On this representation, Mr.. Cop
perth,oait, assistant Cashier of the Bank of
the United States, who had come on for that
purpose, offered in behalf of that institution,
the loan ofone million of dollars, on condition
that the Banks in this city would advance on
their part, sufficient to carry the house
through its embarrassments. 1t was obvious
to all, that if the houses in New Orleans had
not suspended payment, or if they should be
enabled to resume by the aid of the Banks in
that city, the House of JOSEPH s; Co. would
not require any aid; and after mature delib-
Grafton, the gentlemen present advised them
to suspend until Monday, or until more favor
able einformatien should be received from New
Orleans. This advice was adopted by the
Messrs. Joseph,and Immediately made known
to the immense concourse Of merchants IN the
street, who were anxiously awaiting the re-
suit of the consultation.
1t has never fallen to our lot to witness
such general panic as existed in the city
during the whole of the day; and although
there was certainly some cause for apprchen-
Sion in consequence of the extended opera
tions Of the House of the Messrs. Joseph and
the influence which their failure and the fail
ures in New Orleans might have on those
with them; yet we must be permit
ted to say,that the alarm was far greater than
warranted by the facts OF the case.
The ,folloving IS an ertract Of a Letter from
Allen Clark g. Co. TO S. 6, NJ Allen g. Go. IN
this city, dated .New Orleans March 9h.
"Negotiations are still going on with regard
to Hermann, Briggs s. Co. 1t is now proposed
that the old partners form new House, set
tie up the old concern, and bring their private
fortunes in to take up all the bills drawn on
the north by drawing on the house here, at 9,
12, Is, Ia, 81 and "a months. Most Of the
banks have come into the measure, and the
matter will be settled to-day"
These letters were confirmed, in all their
important particulars, by numerous commu-
nications from other houses in New Orleans
to their correspondents in this city; in conse-
quence of which the Messrs. Joseph & Co.
caused it to be announced on our Bulletin,
that they would resume their payments this
tag. Subsequently, however, the gentlemen
who had been called to a consultation upon
heir affairs in the morning of yesterday, and
lnder whose advisement they had determin-
I'd to suspend their payments until Monday,
recommended, that inasmuch as the Messis
JOSEPH had not received any remittance, and
Is there was possibility Of the arrangements
alluded to, not having been carried into effect
t was more advisable, under all the circum-
stances of the case, to defer resumption OF
heir payments until further and more detinl-
i've advices should be received from New
Orleans-[ CoW. a. Eng. Of Saturday.
Extract of letter received from New Or
leans, dated 9th inst. 12 o'clock.
am delighted to tell you that the banks
lave this moment come into the arrange
nents proposed to them by Herman, Briggs
& Co. and the relief to the community will be
shall know all tomorrow.