Stoppage Of The Bank Of M...
The Times, 1824-11-05T00:00:00

(Froml an Eveninlg paper.) At two o'clock oll Wednesday, tlhe unpleasant event was made known to thepublic, by tbe clerks, that the house would be com- pelled to-su7pend theirpayments fOr thie oresent, from temporary and wholly unexpected causes. At this time the number of applicants did not exceed 10 or 12 persons, but the ill news soon spread with that rapidity which gencraUy attends ealamity,. and the doors were soon surrounded by a group of claimants, forming quite a rnob in front of the bouse. Indeed, the whole neighbourhood ap- peared to be plunged Into the greatest state of consternation and dismay. The house was established about 36 years since, uuder the firm of Birch, Chamber.s, and Hobbs, the first of whom has been dead some tinse, an-l the last has also withdrawn. Latterly the firtn has been carrie on in the name of Chamnbers and Son Vr irious rumours are of course freely circulated. By some, the Opera speculation, and the sudden alarm of many of the oldest ces- tomers, which the recent bankraptcy of Messrs. Marsh and Co. has created, are said to have produced a most determined ran upon the house. for which immediate means could not be-ob- tained. Another report is, that the house are sufferers, by the Berners-street Bank, to the amount of 70,0001. * but thig would ak first sight appear very improbable, as, from the situation, we should cxpect they would have been opposed to eaecl other. We lhave already heard some niamnes mentioned in the literary abd tlleatrical world, whose losses will, we fear, be great, at least from temporary suspensios of payment. ilMr. Chambers, it will be re- mernbered, is the sole proprietorof the Opera House, having receit- ly purchased the concetn out of Chancery. The embarrassamets attendant upon the litigating aud obtainir;g possession of this pro- perty, togetber with the losses sustained by the former proprietors, to whom Air. Chambers stood in the relation of banker and mort- gagee, have, no doubt, accelerated this event; but another, and, we believe, a substantial reason, is the immense s-ums advanced in a new speculation-the improved patent road material to eclipse the plan of Mr. M'Adam, and which has not as yet produced any re- turns. A gentleman, whe held a principal situation in the house, has lately joined in partnerahip a new firm, and has been followed by a large proportion of the customers, by whom he was highly re- spected. |FROM OUR OWX CORRESPOWDENT.] It is said that the failure of the house of Chambers and Son, in Bond-street, has been occasioned by an unezpeeted uan upon them, as it is usually called. A want of confidence, which has been pro- duced by the bankruptcy of Marsh and Co., will prove most disad- vantageous to bankers in general, particularly to those at the west eud of the trwn, and wilU render it necessary for theai to keep in their hands a large available arAount ef cash, to maeet any demands that nmav be made. M,essrs. Chatnbers are said to have employed 75,0001. in the Opera-house, and 25.0001. in some speculation In the New-road. Very numerous applications were made yesterdny by fviends,offlering pecuniary aidto any amount that night be reqaisite,to enable the house immediately to resume its payments, and advice was given and entreaties made to the partners, with a view of IW- ducing them, without delay, to receive into the firm some name of acknowledged credit snd respectability. MIr. Chambers, sen., who is described as a high-minided und honourable man, has declined ac. ceding to these friendly proposals, and is resolved that the aflairs of the concern shall be wound up. It is said to be the opinion of those deeply interested in the eveht, that wbiatever may be the ultimate dividend received by the creditors-and very sanguine expectations are entertained that there will be sufficient to answer every demand_.. itwill appear thatthe house have not been tempted, in the midst of their embarrassmnents, to swerve from integrity, by the misappli. cation of a single security deposited in tbeir harids. STOPPAC.B OF THlE BANY OF MR.SSRS. CHAM. BERS ,ArD SON OLD BOND-STREET.