The Portland daily press., 1869-05-18
@ ON M HI CIAL
New York stock and Money marse,


NEW YORK. May 1.-THE event in financial and
commercial circles day the failure OF the Ger
man banking firm OF Schepeler q Co. Their opera
Petroleum, Provisions, &C., as well as heavy dealers
in Gold, stocks and bonds. Atone time they were
the heaviest exporters OF Petroleum. and their tran
sactions generally extended into the millions The
immediate cause of failure their heavy sales Of
Gold on speculative account to the amount of proba-
ply SS,000,000 or $lo0o0,0O0. In addition thereto
large amount of their bills of exchange have been
sold here. which will have to be returned here and
covered by specie payments or by other bills of first
class houses, The firm had extensive credits in Lon
don and the Continent, especially in Antwerp, Bre-
men and Frankfort. The losses consequent upon
this failure are understood to be heavy and pretty
extensively distributed here. The immediate effect
was to advance Gold and bonds, unsettle the Stock
market and stifen foreign exchange. The bankers
holding Schepeler's bills were buyers If Gold and
bonds to forty themselves, and others having con-
tracts with the firm were compelled to do the same
to rectify their positions on the market. Several
other firms were at first reported failed, but all paid
brokers firm, and they have made provision for pay
ment. The effect in Europe is awaited with csnsid-
able anxiety. There will certainly increased eau
ton among the bankers here for some time to come
and II this failure unsettes matters in Europe ii
may hasten shipments OF specie. Rumors are circu-
lated Of the failure of a London firm with liabilities
exceeding IA 900 900 sterling and of the advance
the Bank Of England rate to 8 per cent. As to-day
was legal holiday in England there is probably nc
truth in the report.
Money was rather more active this afternoon, ow-
ing to the shifting of some loans consequence OF the
failure above reported and the fall In Stocks; the de-
mand was promptly met, however, at q per cent
on call Prime discounts a per cent. Sterling
Exchange firm at 1893 a 1904 for prime GO DAYS and
ll0S for short sight. The Gold room was scene OF
wild excitement most of the day and very active and
buoyant; before the formal opening the price touched
142S the first recorded sales at 141J from hich
there was decline to 1405, and return to I41k a
1414 at the close. Cash Gold was in active request
at per cent early in the Gay down to / per cent.
and free OF interest Governments have been strong
at further advance, the principal sales having been
made at @z per cent. above Saturdays prices
The foreign houses, selling Gold at the advance have
been large buyers it is understood 81 900 600
and there were some purchases to shorts 67'i
are in especially borrowing demand and are carried
at per cent, and in some cases fiat. Henry Cewei
q Co. furnish the following 4.30 quotations :-Cou
pom 6s 1881. 1919 a 1924; do 5-26s 1862 121 "a 1904
do 1854 1l6f q 16t; do 1865, 117} q 117i do new III!
g 11st; do 1867. 119 a 119t; do 1865 11s q 1i9A
Border State bonds dull and lower; Missouri's, 8!
g 894; old North Cardinals, 594 a 608; new do 55
q 65t; old Virginia's, 574 a S.; new do, 81 a ga
new Louisiana's, 69H a 70f.
The Stock market during the morning was YER,
feverish and unsettled, with great pressure to sci
and seeming inclination to panic in consequence
OF the failure of Schepeler the disappea rance
broker with considerable amount of funds There
was decline OF q per cent, from which there
was subsequently recovery OF Ia per cent. Neal
the close however, the market again became fever
ish and unsettled and prices once more declined
closing heavy especially on railroads. The follow
ing are $50 prices Pacific Mail, "a a 94t; Western
Union Telegraph, 43a q 4ss; New York Central, ISL
lsla; Erie, 29i; Hudson, 154a q 1856; Harlem, 146
g l46t Reading, s53 q S.; Fort Wayne, 1914 g
i6l3 Michigan Central, 100; Michigan Southern
Rock Island, 1851 q 1855; Chicago q North western
w g go do preferred, 1911 g 1914.
amounted to $137 100000.
The balance at the Sub-Treasury to-day amount
ed to S64 2,437. -