The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-04

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Red Irving Co. .... London. 100000
sanders, wstheriI & Co. -. Stockton. 10000
Thomas osborn & Co. 90. London. 100000
Westlake Co. ........ .southsmp'n Not stated.
The firm of Thomas osborn & Co., and Thos.
Booker & Sons, in London, have been well
known, and their failure caused considerable
alarm; but when the houses of D. & A. Denny,
a1d Gemmell, Brothers, of Glasgow, were
known to have suspended payment, general
feeling of apprehensio beyond the limits OF the
| corn trade, spread far and wide.
| There have been many more extensive failures,
and great commercial embarrassment was felt all
over Europe.
1t is thought on this side, that the losses of
Messrs Denny will be felt severely in New Or
leans and New York.
The London discount houses are great suffer-
crs
The stoppagc of Messrs Gemmell, Brothers
was caused by the non-arrval of the last China
MALL and its effects have already widely extend
ed, as the connections of the house were con.
siderable, with Canton, Lima, and Valparaiso.
The failure of A. Roux, before reported in the
Herald, j IN Paris, also connected with the Pa
cihc trade, created great sensation, the liabli-
ties being between two and three hundred thou
sand pounds.
The failures in Venice, Genoa, and in Paris,
increased the general gloom. 1t may, therefore,
be readily imagined what CONSERVATION was Gre
ated IN London on the l1th ult, when it trans
pired that Messrs. A. A Cover, Nephews s. Co.
of Coleman street, had stopped payment. The
extensive banking and commercial relations OF
this house with Italy, Spain, France, South
America, India, and the United States, cannot
fail to produce corresponding mischievous re-
suits
This house has been established nearly CEN
fury, and the founder died twenty years ago, at
an advanced age, worth about E4OO,00O. His
nephews have since carried on the business. Mr..
Abel Lewis Cover, the present chief, has been
adirector of the Bank Of Eng and for many years,
and has also taken an active part in the company
ofRoyal Copper Miners, but his connection with
this latter body is said to have lately ceased.
The liabilities of the house upon acceptances
alone, were said to amount to 100000. he
other engagements, we should think, cannot fail
to bring the total amount to nearly a million
sterling
The house of Alison, Cumberledge s. Co., of
London and Va paraiso, of which firm one ofthe
Cover family is a partner, was Immediately
compelled to stop payment. 1t would be impro-
per, at this moment, to animadvert upon any act
of the partner in Messrs Covers firm, which
may accelerate its ruin but it is plainly stated
that losses on railway shares have contributedto
this insolvency, whilst the failure Of Gemmell,
Brothers, of Glasgow, and the turn which politi-
cal affairs have taken IN Spain, with which
country Messrs. Covers were deeply compro-
missed, have no doubt been the immediate causes
Of the catastrophe.
From the nature of the dealings of the firm
with Spain, it having been originally three
Fights Spanish house, there can be no doubt
that the effects will be felt there as well as in
Cuba, whence large shipments of sugar come
annually into their hands.
The failure of another Bank Director 80 re-
Gently after the disqualification of Mr.. Robinson,
has revived angry animadversions against the
establishment of the Bank of England. Mr. A.
L. Cover, being at present out of office by ro-
tation, no change Of officers will be rendered
necessary.
The public had scarcely recovered from these
shocks, when it further transpired that Messrs.
Sanderson & Co., bill brokers, which house
stood second in the metropolis in their branch of
business, had suspended payment. They were
known to be heavy sufferers by Leslie, Alexan-
der & Co., and Cover, Nephews g. Co., and
severe run having been made upon them for
money of their depositors, held at call, they
were compelled to stop. tits quite impossible
10 estimate the extent of their liabilities, as the
amount OF their endorsements on paper in cir
culatlon must be enormous
lhe mischief and interruptio on to discounts
rom THIS failure must extend to numerous
classes In the metropolis, and in the
manufacturing an mining districts. Whilst
closing this fearful catalogue of failures,
the intelligence reaches us that Reid. Irving
X Co., of London, one of the Oldest
houses in the West India and Mauritius trade.