Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-10-21
COMMERCIAL AND MONEY MATTERS.

steamers from California, rather cheers the
market The stock transactions Of the morey
are small and valuable Nicaragua fell ! Can
ton Parker Vein J, and Harlem !, Erie rose
l, New York Central J, Hudson River ], and
Central Michigan II.
The money market tightened exceedingly on
Saturday afternoon and continued So this morn
ing. Mercantile paper was disposed of with
difficulty and exceeding sparingly for cash, ct
y per cent for the best grades. Railway pa
per is taken at l a 2 per cent per month, IN ve-
ry limited amounts.
The large jobbing house Of Messrs. Hunt
Merriam & Co. of Cedar and Pine streets, fail
ed at three o'clock on Saturday, by suffering
their aeceptances to be protested. About $780,
600 matured then, but the liabilities OF the
house amount to 100000. At first they talk
ed of only requiring time, but the failure ap-
pears complete one.
We hope that the Rev. Henry Ward Beecher,
who accounted lin bis pulpit for the suspen-
sion of Carleton & Co., and Perkins, Warren,
&C., on the ground that they were anti-aboli-
zionist, and under Gods displeasure, viii tell US
how much this abolition concern viii pay.
A clothing house, of the firm of I. G. Stew
art of St. Louis, have also suspended payment.
The banks have had their deposits from the
country very closely drawn down this week,
and we learn that the specie they hold
has materially diminished, and when the ac-
counts are published, on Tuesday, will reveal a
lessoned amount by perhaps million.
This has been the Cause or narrowing their line
of discounts still closer; though their call loan
have not materially eurtailed. The amount of
gold shipment, will be moderate only this week.
Sterling Exchange, however, is firm at 100 (
0llO, and Francs II II u -.
The amount of federal stocks redeemed last
week was 100000.
The balance in the treasury to-day is So
399,392 u. The stock market was less heavy
at the second board on Saturday yet there was
no improvement except in Erie, which recover
ed the decline of the morning It's friends are
still the most powerful operators in the street,
but yet it does not rise. Large transactions IN
New York Central took place, yet the stock de-
clined and is now l70l8 per cent over than
the price Immediately after the consolidation of
! the roads. There is some maneuvering going
forward; else why these sound stocks should de-
cline, while Erie should go up, is mystery
Parker's Vein has gone down to shilling, that
is, to u - per cent, one of the most remarza-
Bile declines on record. Mining stocks are al
very heavy. North Carolina has declined to j.
:. Its mining captain was found to be not only
in competent but neglect ed his duty TO scorr
the country in search of other mines. lie had
consequently to be changed and his place to be
filed by one who could and woald perform his
duties The friends of the New Jersey Zinc
and Pennsylvania Zine Companies are trying
to cut each others throats that is, to deprecate
stocks, the one of the other. Both are sue
ceedng for the moment, but reactive IS both
seems likely.
The -four and grain market is no; 50 firm to
day.
In 1887, the average price of -four was aLout
eleven dollars per barrel, but this was not onIy
year of bad crop and scarcity in the United
States. insomuch that wheat was even imported
into the country, but it was year Of inhateT
prices resulting from excessive issues of banl,
paper. In lS43 -four wen, down to g. 80, and
in 1852 sold languidly in New Yorl, for 81 per
barrel. We all remember that 1913 was a year
Of unaccorntabe monetary depression and
stagnation; but in 1852, when -four was lower
in the principal eastern markets than it had
been for fifty years, money was abundant, Labor
was high. and all business enterprises were
intensely active. These facts show the vacilla
tons q Our domestic market for breadstufIs.
and how necessary foreign demands is to keep
up the price. Even from 1874 to 1913. inclu-
ding both years, period which comprised the
famine years Of 1916 and Al, the average price
Of flour was less than It had been for fifty
years before. The reason was obvious. Du-
ring three years and half out of the five the
demand was confined to the quantity required
for domestic consumption and the price ranged
from $500 to s4,75 per barrel, but the export
price during the famine was from $3.50 to So
80.
The corn question and the Eastern question
are closely united. Should war occur, by which
the outlet of the Black Sea on the South and
the Polish Provinces on the North would be
closed, the United States will be the only source
of supply for half of Europe; if we except, per
haps, Egypt, from which but small amount of
wheat can be expected; and in that event we
shall get for our surplus provisions whatever
prices the conciences of our farmers and expor
tiers will allow them to charge.
Percussion Caps Superseded.-A new COM
position has lately been invented by Messrs.
Winiwartier & Gershe i'm Of Vienna, for the
purpose of superseding the ordinary percussion,
caps, and, in many instances, the gunpOwder
charge also. The most prominent features OF
these gun primers, as the composition is called
are the absence of metallic coat or cover,
and their uniform explosi We power, the materi-
ais being of such nature that, after detona-