Washington sentinel., 1853-10-14
The Failure in New York.

The New York Journal of Commerce, of yester-
day, has the following notice of the failure Of Si-
neon Draper
Simeon Draper, esq, who has for some time
past engaged as broker and auctioneer in dis
posing of railroad and other stocks and bonds, and
who has made advances upon such securities not
Immediately reimbursable without too great sac
rifce. was on Tuesday obliged TO suspend pay
ment. If this species of property shall recover
from its present depression, there is little doubt
but what Mr. Draper will be enabled to resume
business and meet his obligations in full.
The N. Y. Times, of yesterday, says.
The event was wholly unexpected to the street,
and not anticipated by Mr.. Draper himself OF
known to his confidential friends, until the pc
remptory refusal of one of the banks with which
he had kept his accounts TO continue loan Of
considerable magnitude, upon the renewal of
which he, had confidently calculated until a late
hour yesterday. He then called several of his
friends to his assistance, and arrangements were
on foot this morning 10 obtain the required sum
through other sources, when they were met by
the rumor that his checks on the Broadway bank
the bank just referred to--had been dshonored
This Of course, led to the unpleasant alternative
under the loss of credit in a stringent money mar
ket, of a suspension OF payments.
The Broadway bank is not, so lar as we are
advised, particularly reflected upon in the premises
Ii is an institution of comparatively recent estab-
lishment, its capital being S600,000, and It's show
ing of specie means, in the weekly statement of
the morning, not large, and the presumption is
that nothing short of its own necessities induced
the dshonor of large dealer who had full though
perhaps for the moment, unavailable collaterals,
pledged for his obligations. The suspension, we
advised, will be but temporary, if the hopes of
the house are not disappointed by the further de-
preston of railroad and other loans, the sacrifice
of which, at the present time, would have devolved
heavy losses upon owners, the customers of Mr..
Draper, even il time had been allowed 10 force
them on the market before this days downward
occurrence.
The New York Journal of Commerce Of yester
day evening" says
Messrs. Alva Spear g. Son, stock brokers, who
were connected more or less with Mr. Draper in
his business, gave notice al the board TO day OF
their suspension.
II the lessons the community are now receiving
shall open the eyes Of merchants engaged in
regular business to the folly of having anything TO
do with speculative investments, the expenses of
the tuition (high they may SEEM will not be
altogether lost. Our own opinion is, that the
school Of experience, much as its merits have
been vaunted by some writers, is one in which
the pupils seldom receive their moneys worth.
The course of folly and recklessness like that OF
the flying shaft which is lost in the closing air,
leaves no trace save in its effects and even while
mourning these, the victims try the round once
more, although the teacher, with the added mo-
tives drawn from former disasters, attempts to bar
the way, which is sure to end in a repetition of
the old failure.
The Neio York Commercial of Yesterday evening
says:
RI" II is reported, in one of the morning papers,
that Messrs. Jones d Johnson insurance brokers,
in Wall streetJ have suspended payment. We
are happy in being enabled, on the best authority
TO contradict the statement"
The BosToN FoReERiEss-The Boston Trapeiler
Of Tuesday says:
In the late alleged forgeries the name used
was that of Laban s. Beecher of Roxbury. The
amount will not exceed $4,000, and the operations
cover space of three years. Il was not sooner
discovered, because the notes, as they fell due,
Were taken up by the forger. No arrest has been
made, and it is said that efforts are making to take
up the paper in question"
Jefferson T. Martin, Esq, has been appointed
United States Marshal for the Western District of
Virginia.