The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1869-05-28
FINANCIAL CIRCLES.


,r,,. r.,lure Of q Great Stock House In
New York.
Wall street has been without sensation
for the last two or three months. dis
NAL quiet had settled down on the street
since the frost had abated. A haze OF
calm but perfect bliss has hung over the
stone edifces of that nest of bankers and
money brokers for some time past, and
Yesterday the placid surface of security had
plash, and the lake of placidlty was con-
vulsed. The smash was among the houses
doing a foreign exchange and commission
business, and particularly among those
who dabble in petroleum. The mouse OF
Schepeler & Co., whose place OF business
| is at No 50 Exchange Place, came down
with heavy crash. The most Incredible
rumors were afloat. Some said that the
house had gone under for S10,0OO,0o0.
Some laid the failure at 81 0OO, 600; others
at $500. 900, and various other sums were
| named, from $500 to S5,000,OOO. But
| to all it was certain that this formerly re-
spectacle and always well-known firm had
| gone to the dogs, to speak financially
| The Merchants News-room, at No oZ
Pine street, where the greasy petroleum
men and naval stores people do most con-
pregate. was a scene of boiling excitement
| from noon Yesterday until dark.
| Petroleum men came in with their hats
| iamn,ed away back on their heads, and al
| ter looking moment at the blackboard
with its chalk hieroglyphics, would rush
out to convey, in acute sentences. the news
| that somebody in Antwerp, or Hamburg, OF
| Frankfort, or Havre, would have to burst
or take in sail. From Broad street to VIII
liam, in Exchange place, there was per
feet lam of people, all men doing business
| vl,o .ix, addition tn the
i Davis & Aiken embezzlement, all very much
bothered: nay, many We're in great agony
about the failure of thf house OF
Schepeler. 1t was expected that half 9
dozen other well-known firms, who had
| large business transactions with Schepelel
& Co. would also be necessitated to burst
or smash up; hut at 3 o'clock yesterday the
most of the suspected houges had satisfied
all claims against them, and thosa who did
not appear with clean paper were OF small
account; and it was therefore improbable
that their influence could be felt by houses
boine heavy business. 1t was believed al
one time that they were short on their colo
contract for as large sum as eight millions
of dollars 1he cause OF the failure OF
Schepeier l. Co, is said to arise from the
fact that some time since they made con
tracts with different parties IN the street t6
furnish QOlu TO Tile aluOuut VI tCil ihhiioiis
of dollars at certain price, and that since
these contracts were made gold advanced
so rapidly las much as per cent. that thu
firm found it impossible to keep their con
tracts, and consequently tho failure. The
arm did general commission business, an6
also speculated more heavily than was
generally known in gold 1t was also be
ieved that this firm were short on govern
ment bonds, and that they were involved
to large sums in bills of exchange on foreign
houses A number of these bills have beer
sold here on the market, and they vii
have to be returned, and will have to bt
covered by specie shipments or by othe1
bills of frst-class houses The gold marke
was very much affected by the failure, ant
at first the failure sent crowds to buy in thu
gold market, but after the alarm had de
creased little, matters assumed a stead.
aspect, and the brokers and buyers began
to breathe more freely, and gold fell slight
ly 1t will be impossible for few days t.
get correct statement of the liabilities o
Schepeler & Co, but they are credited al
high as $4,000, 900 and as low as $1,000,
900. At all events, Wall street had grea
cause yesterday for gossip, and the club
last night had sensation of the first waite
to talk bout--N ]. World, 18th