Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-05-18
NEW YORK.
An Extensive Business FaIlure-Fiut-
fArfax of Wounded Ducks.

An Extensive Business Fatlure-Fiut-
Ger11g of Wounded Ducks.
NEw NoRK, May 1.-THE event in
financial and commercial circles to-day
was theIfailare Of the German banking firm
Of Scbepeler & Co. Their operations were
very extensive being large shippers Of pc
Iroleunl, provisions, elc.. as we'll as heavy
dealers in gold, stock and bonds. AT one
time they were the heaviest exporters of
Of petroleum aud their transactions gener-
aIly extended into millions. The imme-
diate cause OF the failure was their heavy
sales ofgoid on speculative account 10 the
amount Of probably eight or ten
million dollars. In addition a
large amount of their bills Of exchange
have been sold here, which will have TO
be returned here and covered by specie
shipments or by other bills of hrsi-elsss
houses. The firm had extensive credit in
London and on the continent, especially
AZ Antwerp, Bremen and Frankfort. The
Losses consea uent on this failure are under
stood 10 be heavy and pretty extensively
distributed here. The immediate effect
was an advaBce in gold and bonds, to I'M
settle the market, and stifien foreign eX-
chaBge. Bankers holding Schepeler Il
NGo.'s bills were buyers of gold and bonds
40 fortify themselves, and others having
contracts With the firm we're compelled to
do the came TO rectify their position in the
market.
Several other firms were at first reported
failed, bat all paid up their losses before
three o'clock, except two small brokers,
and they have made provisions for pay
ment. The effect in Europe ID awaited
with considerable anxiety. There will
certainly be increased caution among
brokers here for some time to come, and
il this failure unsettles matters in Earopt
Il NAV hasten shipments Of specie. Ru,
mors are circulated of the failure Of .
London firm with Liabilities exceeding
Enr millions sterling, and an advance 0
the Bank Of England rate 10 5 per cent
AZ to-day was 3 legal holiday in England
there is probably no truth in the report.
Scbepeler n Co., the German banking
firm. which failed, were largely short il
cold. estimated at $4,000, 900, besides 5 f,
900 600 more in government bonds an,
exchange. Reports that other parties art
involved ARE uniounded. .
Mr.. Annable, one Of the persons takeI
ofrthe gunboat Lizzie Major by a Spanisl
war vessel, and imprisoned at Havanni
and subsequently released at the inter
cession of the British Consul, has made
sworn statement before United States Com
missioner Shields, which has been for
warded to the Secretary Of State, inswhicl
he claims damages for imprisonment an
that our government shall take action i
The matter. lie claims to be citizen G
Massachusetts,.
Several Deputy United States Marshall
who attempted 10 take possession Of q
illicit still in Little street, Brooklyn, e
day, we're assaulted and two severed
beaten, by scrowd Of seven hundred res
dents Of the vicinity. The officers wei
driven off without efFecling their purpos
The troll to dSy over the Fashion COurs
between Lucy land American Girl, 4
81 900, best three IN five in harness, WI
won by Lucy in three straight heat
Time-2:29l, 2:27l and 2:25.