Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-01-20

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uoxfl NeilEez - II WINK D.. 10 " t. evsii -
tr dsel, .-cius AID l.,.r' Il i-rei sii%' eAoi'rt
lls,sSth.- Yesterday ia al h'i- ness clr,es III cor-
6, t,sr;s,. al a Q rii;, lticu il lie nefuisg papers
nt tie Eaiures IN New Orleaas, VITA With SOM
- mr. ls'nes, and f1u- respectable houses sta"d N
cL,se blsinrss connection. ihs l''riibg a' li''t
Ell, cd :iom any arn tension That tl- Intelligence
would prove G-asiEol.4 70 Jhea, bh lie mere TAFT
4 az tie parties III question: who ar rste.med y
al lassesof oar Community, should sufirr any less
whatever, created expressions o: sympathy Oh atl
sides. il gives as pleasure to say that temporary
all was readily ten,leredhy these whose pubic po-
stou enabled them 10 10 20.
The market was at once brought to a stand. OF
course more Of the bankers willing TO discount.
No business was done in sight exchange an New
Orleans bat some on The East was selling at
premium. Cncurrent money remains without
change.
The New York Evening Post of Saturday, says:
The features of the money market continue to
brighten. Specie and money continue to arcn.
mulate. Money rates grow weaker daily. Eor-
rowers diminish, especially the heavy ones land we
| have an Improvement arising at once from lessen
ing demand and increasing supply still in progress.
| This improvement based on an accumulation of
! hard money, cannot be affected by failures, how
| ever large, especially when expected
There is great discrimination exercising in the
SelecIOu OF paper, Wnue Inc supply Ol HISt CIaSS Is
| diminishing. We qnote 8 TO 10 IT, cent. for prime
grades of paper and 12sl5 for second class, which
| is considerable improvement and there is no
doubt but that still lower rates viii rule shortly.
European exchange is in great abundance on the
market at 1875 90 for francs and LEI aal073 for
sterling bank bills.
Another large house engaged in banking, rail-
road building and other speculative enterprises has
been brought to the ground, through the very ex-
Id 81,
incompatible with each other for class OF enter
prises can be possibly so unsuitable for bankers
whose banking operations extend over a continent
| and the demands on whose funds must consequent
ly be often as sudden as they large and variable
in amount, as the engaging to build large railroad
| Messrs. Page & Bacon, of s.. Louis, have allow
ed their drafts on Messrs. Duncan, Sherman, Il Co.
ofthis city, to be protested for want Of funds.
Messrs. Page & Bacon were the owners and con
tractors for building the Ohio and Mississippi Rail
road which is to connect St. Louis with Cincinnati
The advances necessary to such sn undertaken:
were large and uncessing; and the bonds OF tn
company could not be sold to relieve the firm from
such advances Consequently they had to bear tn
heavy burden through all the prolonged stringenc,
of the money market Messrs Page & Bacon ar
Pso large holders Of the paper OF Messrs. Be'chel
Brothers, & Co, Of St Louis, to an extent acknowl
edged al between 100000 and 100000; whic
paper, from the failure Gifts drawers acoeptors an
endorsers, is worthless. Messrs. Fager& Baco
have been large borrowers for long while pas
and their failure must necessarily brig further re
lief to the money market, oppressed as It was b
| the transactions Of heavy houses absorbing 50 mnc
| Of the capital offering for temporary Investment
The ST. Louis traders will feel the suspension,
the banking deposits with Messrs Page & Baco
| in that city were arge-stated at 100000. III
! numerous drafts issued ST thirty and sixty day
, date, payable at Messrs Duncan, Sherman, x Go.
! | Of this city, must be widespread, and principal
. | in the West. We 10 not anticipate any injury
: | the market in consequence Of this failure. 1T
u credit of the house has been FOR time, esp'
cialy since the failure Of Messrs. Belcher & Brot
er much impaired The failures OF weak houses
c to be expected, and y necessary preliminary
the clearing Of the monetary atmosphere for mo-
stable transactions inspiring general confidence.
:, Messrs Duncan & Sherman still, we are inioTf!
ed, protect ihe credit Of the Messrs Page, Bacon,
Co, of San Francisco, which house has an addition
Il al partner not Interested IN the st. iouiS firm
y Page has recently gone TO San Francisco and
; was hoped that Mr.. Bacon would lie able 10 susia
= the house till Mr Pages return; but all the avail
II be securities were exhausted without being suffice
: The failure of the house was not made know
Yesterday till after the steamer which took Tie mi
for San Francisco had left.
II 1t is not feared that this event will interrupt t
l. current of California gold hherward for, thou.
d MessrS. Page Bacon, i Co were the lorgest REM
. tiers, they bought what they sent forward, and
: they ceased to do So other parties will. The 60
: is bound to come.
3 The extended liabilities OF MesSrs PAGE & Bac
? count by millions Of dollars All their available
: curities were insufficient to raise the amount
, money wanted to protect the drafts which We
= presented yesterday al their agents.