New-York tribune., 1869-05-18
FAILURE or A PROMINENT FIRM
LIABILITIES OVER MILLION DOLLAE5-EX-
CITEMENT IN WALL-ST.

LIABILITIES OVER MILLION D0LLAR5-EN-
CITEMENT IN WALL-sr.
The unfortunate mania for gold speculation
which has Of late years led the most clearbeaded nan
cers into transactions which, 70 the least OF them'
were extremely foohardy yesterday caused the down.
fan OF an old ana prominent commission house, firm
which has borne enviabe reputation in this city and
abroad since Messrs shepeer Co OF No 50 Walst
when they adhered 10 their legitimate business, we're
German bankers and exporters Of petroleum, provisions,
and other products. their transactions being con-
Quoted immense scale. But Of late
they, in common with other spectators have
been operating largely for fall in gold,
trusting that the weekly sales which the Secretary OF the
Treasury was expected TO make, and other eircum-
stances, would produce the effect they desired In spite
tons however gold has been steadily rising for several
days past and at each rise Schepeler Co have boon
forced 10 speculate heavily to cover their former losses
1t said that some time since they agreed to furnish GER
tain parties with OoooOO OF gold at specified price
expecting, OF course that tho above enumerated
would combine to lower the market When gold com,
nchcGd 10 rise they c9nsldercd that us % MOu
tract Finally however, the payment OF heavy margins
toward the last OF and per their ex
their inability 10 meet their obligations. inc aCtual
amount Of their deficiency is alleged TO be sl'5OOOW
The ailureO Sehepeer Co. rumOred on the street
he Arm and so ye eStabIsbed t,cr rnpntation for
shrowdness ana business by many the rnmor
regarded clever dodge" to affect the gold mar
kct However at the hour when th1so struggling hus
yelling humanity, ycept tho Gold and stock
Boards assembled at their rooms IL was demonstrated
beyond doubt that the rumOrs not only not I'M
founded but strange 20 were not exaggerated ln-
medltcly the excitement became intense and Schepeler
a. Co.'s failure the interminable theme for every
Walst gossip for the balance Of tho day. IL was
somewhat amusing TO note tho amOunt OF
knowledge cynccd regarding the doynialen
firm by certain parties who belong 70 the widely
disseminated class OF ItCldyousOs" They had fore
the crash and clear Of IL, and hugBed them
selves cNultngly mt their escape from danger which
the widest Imagination could scarcely suppose them
capable OF oneountcring. But there large class
involved by the failure ~ this hrm whose connection In
this city. we'll In Europe, very extensive. or
these, reported To have failed with the larger
firm, but late yesterday afternoon 1t nsccrtalned
that all had paid up with the exception OF twoNcSsrs
Schnciwiud, Frank Scheppcr Of Exchangoplace ana
Mcssrs. KreZ & lIcrte Of BrOadst These firms were
reported to failed, but there was nothing definite
ascertained to them
When the news of the failure reached the Cold Board,
gold. which had previously iucuated considerably on
the strength OF the early rumOrs went up from 4Ob 10
l2i fell again 10 lii maintaining tins hgre until aiter-
nOOn when II 10 1872 closing q, l In the absence
OF cabo quotations. which most usually cause the yaTa-
tuus the gold market these fluctuations are atrbuta-
bic solely the failure OF Mcssr Schepcer Co There
much the Board the absence OF these
quotations. but the members had probably forgotten tat
the Whitsuutidc holidays arc now occurring at London
and Frankfort aud that the business OF both Of the grand
commercial CCutCr5 Is suspended during their cOhnu'
anCe. -,
Mcssrs schcpeler Co.. n IA thought, will not be able
To meet 1.-THE OF their heavy liabilities. they used al
their available funds on Saturday to meet hcaNy
foreign call