The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-08-10

GREAT FAILURE AT BCFFALo. The news
of the failure of Benjamin Rathburn, al
Buffalo, which was received this morning,
caused a very unusual sensation in Wall
street. His affairs have for months past
been the subject of much speculation, and
his notes, endorsed by some ten or twelve oi
the best names in that city, have been
crowded upon the market at the enormous
discount of three or four per cent month.
They have served for the quotations OF some
of our neighbors in giving the condition oil
the money market. The credit OF every
body in Buffalo of course became deeply
implicated, and il was said repeatedly that,
" if Rathburn failed, all Buffalo must fan.
Mr.. Rathburn's business was enormously
extended. la addition 10 large operations
in real estate, in which he was constantly
engaged, he was a contractor tor erecting
the great h neI, and many other buildings.
In this line he had shops and establishments
of his own for making bricks, and furnish
| ing and working all sorts of materials for
building. He had no less than four stores
( kept in his own name, three OF which were
were one hundred and fifty feet deep, filed
with valuable merchandise. He owned the
line of stages from Buffalo to Batavia, aud
in fact almost all the lines running out OF
that city, and for this and other purposes,
owlied six hundred horses. He employed
; twenty-eight clerks, and two thousand other
persons in the various departments OF his
ouerations. His skill and enterprise, sus-
tanned by a large number of well known
fortunate speeulations, gave him reputation
: for talents and wealth by which, until now
he has been able to carry on these dlvers'
fed and almost limiiless operations. But
he has failed at last. From statements
which are as good as can be had in such I
case, we are led to hope that the conse
uuences will not be ruin on SO broad scale
as had been anticipated, il indeed there Il
any ruin at all.
AT any rate it does not appear that III
ciiizens of Buffalo are likely to lose to an.
! considerable extent. Mr.. Rathbun, we un
derstand, represented the whole amount o
his debts at a million and half of dollars
and on more than million o. his paper h
acknowledged that he had forged the name
: of rich neighbors. On particular occa
I sion he procured l.. +. Allen and clever
! others to endorse three of his notes for 50O'
dollars each. The transaction was gener
ally known in Buffalo. These notes will
, the endorsements thereon, he multiplied n
: his pleasure, and the forgeries passed un
/ suspec ed, as whenever forged note wa
mentioned, it was taken for one of the wei
q, known and genuine notes. This forged pa
per was sold in Wall street, IN Canada, an
wherever market could be found for IT.
To pay the million and half OF respon
t sibilities, Mr.. Ra,hbun exhibits Il list q
A property which he has conveyed to assign
ees, valued at two millions and half OH
er persons value the list at two millions, q
: soneth ng under. If these statements ar
s near the truth, il is to be hoped that the al
e fair will not in the end prove seriously IN
G furious to any one. Ra,hburn and broth
!, er who is charged with having executed tn
= forgcries, have fed to Canada.
: Jour. of Commerce.