at least, one peculiarity is that the evil was soon discovered.

The richest partners had least concern in the management; and when they found that incredible losses were ruining them, they stopped the concern and turned it into a company.

But they had done nothing; if at least they had only prevented farther losses, the firm might have been in existence and in the highest credit now.

It was the publicity of their losses which ruined them.
But if they had continued to be a private partnership they need not have disclosed those losses: they might have written them off quietly out of the immense profits they could have accumulated.

They had some ten millions of other people's money in their hands which no one thought of disturbing.